Company registration number 06504815 (England and Wales) Charity registrdtion number 1123509 (England and Wales) MS FOUNDATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
MS FOUNDATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees S L Oren5tein Mrs M C C R Orenslein AA P Orenstein Secretary Mrs M C C R Orenslein Charlty number 1123509 Company number 06504815 Principal addre88 PO Box 643 Edgware Middlesex HA8 4GQ Roglstered office Hallswelle House 1 Hallswelle Road London NW11 ODH Bankers HSBC UK Bank PIC Lloyds Bank PIC Investment advlsors James Hambro & Partners
MS FOUNDATION LIMITED CONTENTS Page Trustees. report Independent examinerfs report Statement of financial actiwties Balance sheet Notes to the financial statements 6-11
MS FOUNDATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present Iheir annual report and financial slatemenls for the year ended 31 March 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Artides of Association. the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Finanrial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). las amended for accounting periods commencing from 1 January 2016) Oblecllves and activlties The charity's objectives are the advancement of the Orthodox Jewish faith and religious education and the relief of poverty and sickness amongst members of the Jewish faith. There ha5 been no change in these objectives during the year. The tTUStees and directors have paid du8 regard to guidance issued by the Charty Commission in deciding what activities the charity should undertake. These objectives are achieved by the paymenl of granls lo relevant organisation5. The trustees and directors have kept in mind the Charity Commission's general guidance on public benefit when reviewing ihe charity's aims and objectives. An indication of this is the number of granls mad8 to participating organisations during the year. Achlevements and perfonnance The trustees consider that the perfomance of the charity during the period has been satisfactory and the present level of funding is adequate lo support the continuation of the objects of the charity. The TTusl Deed govems the trustees, powers. Grants are made at the discretion of the trustees and in accordance wilh the prinapal objectives of Ihe charity. The charity is not limited lo making payments to organizations or instilulions. Flnanclal revlew The Statement of Financial Activities shows a surplus for the year of £154,37312024 - £47.672). 21 charitable donations were made during the year lolalling £38,850 {2024 - 35 totalling £24,325) and there were net reserves al 31 March 2025 of £2,242,636 (2024 - £2.272.263). The charty has retained its portfolio of investments which are managed by James Hambro & Partners. It is the policy of the charity that unrestricted funds are maintained al a level which the trustees and directors think appropriate after considering Ihe fulure commitments of the charity- The trustees considers that reserves at this level will ensure that, in the evenl of a significant drop in funding, they will be able lo continue Ihe tharity's current activities while consideration is given lo ways in which additional fijnds may be raised. Thi5 level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place lo mitigate exposure to the major risks. Structure, governance and management The charity is a company limited by guarantee. and is Iherefore govemed by ils Memorandum and Artides of Association, dated 8th February 2008. The Company registration number is 6504815 and the Charity Commission Registration number is 1123509. The trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were-. S L Orenstein Mrs M C C R Orenstein
MS FOUNDATION LIMITED TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 AA P Orenstein The Board 15 empowered to appoint additional directors as il considers fil or to fill a casual vacancy. None of the trustees has any beneficial interest in the company. Each of Ihe trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees meet regularly lo manage the Charity's affairs and to consider applicalions for grant5. The trustees, report was approved by the Board of Trustees. S L Orenstein Trustee and d'rector
MS FOUNDATION LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MS FOUNDATION LIMITED I report to the truslees on my examination of the financial statements of MS Foundation Limited (the charity) for the year ended 31 March 2025. Responsibilities and bas18 of report As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparalion of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statemenls of Ihe charily are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In rying out my examination I have followed the Directions given by the Charity Commission under seclion 145{51{bl of the Charities Act 2011. Independent examinerfs statement I have completed my examination. I confimi that no matters have come to my attention In connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respecl of Ihe ¢harty as required by section 386 of the Companies Act 2006. Ihe financial Statements do not accord with those records: or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view. which is nol a matter considered as part of an independent examination,. or Ihe financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Pfacli¢e for accounting and reporting by charities applicable lo charities preparing their financial slalemenls in accordance wrth the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no olher matters in conneclion wilh the examination lo which attention should be drawn in this report in order to enable a proper understanding of the financial slalemenls to be reached. Date: ............................
MS FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted funds 2025 Unrestrlcted fijnds 2024 Notes Income from: Investments 46.057 54,872 Expendlture on: Raising funds Charitable activities 26,693 43,741 18,128 29,351 Total expenditure 70,434 47,479 Nei gains on investments 10 178,750 40,279 Net Income and movement In lund• 154,373 47,672 Reconclllatlon of funds: Fund balances at 1 April 2024 2,272,263 2,224,591 Fund balances at 31 March 2025 2.426,636 2,272,263 The statement of financial activities indudes all gains and losses recognised in Ihe year. All income and expenditure derive from continuing activities.
MS FOUNDATION LIMITED BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Inveslmenls 12 2,305,125 2.110,555 Current assets Debtors Cash at bank and in hand 13 76.519 56,634 75,820 91,245 133.153 167,065 Creditors: amounts falling due within one year 14 (11,642) (5.357) Net current assets 121,511 161,708 Total assets less current liabilities 2.426.636 2,272,263 The funds of the charity Unrestricted funds 15 2,426.636 2,272,263 2.426,636 2,272,263 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, lor the year ended 31 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statemenls. The trustees acknowledge their responsibilities for ensuring ihat ihe charity keeps accounting records which comply wilh section 386 of the Act and for preparing accounts which give a true and fair wew of the state of affairs of the company as al the end of the financial year and of ils incoming resources and application of resources, including its income and expendilure. for Ihe financial year in accordance with the requirements of sections 394 and 395 and which otheise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial slatements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The finanaal statements were approved by the trustees on ....... ,2025 S L Orenstein Trustee and director
MS FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policlès Charity inforniation MS Foundation Lirnited is a private company limited by guarantee incorporated in England and Wales. The principal office address is PO Box 643, Edgware, Middlesex, HA8 4GQ and the registered office is PO Box 7010, 2nd Floor, 38 Warren Street. London W1A 2EA. 1.1 Accounllng conventlon The a¢counts have been prepared in accordance with the charity's Memorandum and Artides of Association, the CoTnpanies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The accounts are prepared in sterling. which is the fijnctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cosl convenlion, modified to indude the revaluation of investmenls and certain financial instruments at fair value. The principal accounting policies adopted are set oul below. 1,2 Golng concem At the time of approwng the financial statements. the trustees have a reasonable expectation that the charity has adequale resources lo continue in operational existen for the foreseeable future. Thus the trustèes continue to adopt the going concern basis of accounling in preparing the financial statements. 1.3 Charftable fiinds Unrestricted funds are available for use at the dIsCtion of the trustees in furtherance of their charitable objectives. 1.4 Incoming resources Income is recogni5ed when the charity is legally entilled to il after any performance condilions have been met, the amounts can be measured reliably, and it is probable that income will be received. Inve51rnenl income is recognised vthen reived. 1.5 Resources expended Expenditure is recognised once there is a legal or conslructive obligation to transfer economic benefit lo a Ihird party, il is probable Ihal a transfer of economic benefits will be required in settlemenl, and the amount of Ihe obligalion can be measured reliably. Expenditure is dassified by activity. The costs of each adiwty are made up of the total of dired costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated direclly to thal activity. Shared costs which conlribule to more than one activiiy and support costs which are not attributable to a single acliviiy are apportioned between those adivities on a basls consistent with the use of resources. Central staff costs are allocaled on the basis of lime spenl. and depreciation charges are allocated on the portion of the asset's use. Expenditure is acrA)unted for on an accruals basis, indusive of any VAT which cannot be recovered. Governance costs comprise the cost of running the charitable trusl not directly related to ils charitable activities.
MS FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢Gounting policies (Continued) 1.6 Fixed asset Investments Fixed assel investments are initsally measured at transaction price. and are subsequently measured at fair value al each reporting date. Changes in fair value are recognised in net incomel{expenditure) for the year. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tetm liquid investments with original maturities of three months or less, and bank overdraft5. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balan sheet when the charity becomes party to the contrartual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts Presented in the financial slatements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which indude deblors and cash and bank balances, are initially measured al transaclion price induding Iransaction costs and are subsequently carried at amortised c051 using ihe effective interest method unless the arrangement constitutes a financing transaction, where the Iransaclion is measured at the present value of the fvlure receipts discounted at a market rate of interest. Finanual assets dassified as receivable within one year are not amortised. Basic financlal Ilabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslitutes a financing transadion. where the debt instrumenl is measured al the present value of the future payments discounted at a market rale of inleresl. Financial liabilities classified as payable wilhin one year are not amortised. Debt instruments are subsequently Caled at arnortised cost. using the effective interest rate method. Trade creditors are obligations lo pay for goods or serwces Ihat have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, Ihey are presented as non-current liabilities. Trade creditors are recognised initially at transadion price and subsequenlly measured at amortised cost using the effective inlerest melhod. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contradual obligalions expire or are discharged or canlled. 1.9 Foreign exchange Transactions denominated in foreign currencies are recorded at the rate ruling al the date of the transaction. 1.10 Funds structure All funds held are unrestricted income funds.
MS FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accountlng estimatss and judgements In the application of the charity's accounling policies, the Irustees are required lo make judgements, eslimates and assumptions aboul the carrying amount of assets and liabilities that are not readily apparent from olher sources. The estimates and associated assumptions are based on historical experienr2 and other factors that are considered to be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only thal period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from Investments Unrestrlcted Unrestrlcted funds funds 2025 2024 Income from unlisted investments Interest receivable 25,971 20,086 33,045 21,827 46,057 54,872 Ralslng lund8 2025 2024 Inveslfflenl management 26,693 18,128 26,693 18,128 Charitable actilities Donation$ Donations and grants and grant5 2025 2024 Grant funding of actiwties (see note 6) Share of goveman¢e costs (see note 7) 38,850 4,891 24,325 5.026 43,741 29,351
MS FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable Donation5 and grants 2025 Donations and granls 2024 Grants to institutions {20 grants).. 37.850 19,965 Granls to individuals11 grants) 1,000 4,360 38.850 24,325 Inslitulions receiving significant grants during the year were.. Belt Shvidler Primary School Trust - £9.28612024 - £nil) The Friendship Circle £8,00012024 £nill United Synagogue- £4,969 (2024- £2,215) Camp Simcha- £3,750 (2024- £nill Lubavilch of Edgware £1,80012024 - £nil) Gift £1,250 {2024 - £nil) Union of Orthodox Hebrew Congregations £1,250 (2024- £nil) The PTA of Etz Chaim Primary School - £nil12024- £7,560) Torah Family Support NeOrk Limiled- £nil12024- £2,500) Magen David Adom - £nil (2024- £1,500) Support C05t5 allocated to activities 2025 2024 Govemance costs 4,891 5,026 Analysed between: Charitable activities 4,891 5,026 Trustees None oflhe truslees (or any persons connected with them) received any remuneration during the year. Employees The average monthly number of employees during the year was: 2025 Number 2024 Number Total There were no employees whose annua5 remuneration was more than £60.000.
MS FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Net gainslllossesl on investments 2025 2024 Revalualion of inveslments 178,750 40,279 11 Taxation The charity is exempl from laxalion on its activities because all its income is applied for charitable purposes. 12 Flxed asset Investments Cost or valuation At 1 April 2024 Additions Valuation changes Disposals 2,110,555 3,068,557 178,750 (3,052,73n At 31 March 2025 2,305,125 Carying amount At 31 March 2025 2,305,125 At 31 March 2024 2,110.555 2025 2024 Investments al fair value comprise: UK Equities International Equities UK Fixed Interest International Fixed Interest Altemative Investments Commodities 225,690 1,354,114 313.331 40,724 1,539.413 40,914 429,783 44.444 15,277 314,280 97,710 2.305,125 2.110,555 13 Debtors 2025 2024 Amounts falling due withln one year: other debtors 76,519 75,820 10-
MS FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Credltors: amounts falling due within one year 2025 2024 Accruals and deferred income 11,642 5,357 15 Unrestrlcted fund$ The unrestricled funds of Ihe charity comprise the unexpended balances of donations and grants which are not subject lo specific Gondttions by donor5 and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for speafic purposes. At 1 April 2024 Incoming resource5 Resources expended Galns and At 31 March losses 2025 General funds 2.272.263 46.057 (70.434) 178,750 2,426,636 Prevlous yèar: At 1 Aprll 2023 Incomlng Resources resources expended Gains and At 31 March losses 2024 General funds 2,224,591 54,872 (47,479) 40,279 2.272,263 16 Related party transactions There were no disclosable related party transactions during the year {2024 - none). 11