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 othe￿ise 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 dIsC￿tion 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 re￿ived.
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 Ca￿led 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
can￿lled.
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 Ne￿Ork 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