COMPANY REGI￿RATION NUMBER: 116660324 CHARITY REGISTRATION NUMBER: 112YJ88 Btls Ruehel D'satmar (IA•ndoll) Llmlted Company Llmlt¢d by Guarantee FIDaDcIAI Stvdtements 31 Augus12O25 COHEN ARNOLD Chartered accountants & statutory auditor New Burlington House 1075 Fillchley Road LONDON NWII OPU Beli Ru¢hel D'Sa¢m*r (London) Llmited Cornpany Llmlted by Guar•ntee Inancl*l StateJnent¥ YeAr ended 31 August 2025 Tn￿tee5, atmual rcport {incotporatin8 the directovs rcport) Ind4)end¢nt auditor's rew)rt to the members Ststern¢nt of financiol activities (including income and expendittre accouttt) Statemeni of financial position Statemenl of ¢a5h flows io Notes to the financi￿ statements 12 Beu Ruchel D'satmar (London) Limlted CompaDy Llmlted by Guarantee Trustees, Annull Report (Incorporating the Director'8 Report) Year ended 31 August 2Q25 The trustees. who ore also the directOTS for the PUTPO8¢8 of con¥&ny law. present their re[￿ and the finaftcial statements of the charity for the year eDded 31 August 2025. R¢fer¢Dce 4nd admlnlstratlve det*lli Registéred ch*rlty nam¢ Bei8 Ruch¢l IYSatuMr (London) Limited Charlty reiiitr*tion n￿rnber 1125988 COm￿nY reKl$tritloD number 06660324 Prlnclpal offle¢ #Dd reglstered New Burlin8ton House oflke 1075 Fits¢hley Road London NWI I OPU The truitsei MT J Kernkraut Mr J Herlka Mr A Y Klcin Company se¢retsry Audltor A Y Kl¢in Cohen Arnold Chartered ac¢owii&llt5 & $tatutory audikjr New Burlington Hou8¢ 1075 Finchiey Road LONDON NWI I OPU Stru¢turfy governan¢e maDA¥emell¢ The charity is con8tituted as a company lirnit¢d by Buaranttt and 8$ such, its governing documcnts Ire 11 M¢nK)randum and Arti¢l¢s of Association. The tru$tces thinister the day-to4&y affairs of the cbarity 8UPPOrted by 8 fljll time admilli3trator, Beneral office stuff. teichers and ￿]stants. None of the trust¢u have any b¢ty¢ficial interest in th¢ chariry. All trustees give their time voluntArily And no beDefit or exp¢nses were paid lo them in the y¢Jr. li is not the intention of the tntstee5 of the ¢harTty to appoint any truste¢s. Should th¢ Si￿allOn change in th¢ future, the tN5tees will ppply suitable r¢cruitm¢nt training and itsdu¢tion pmcedures. Rlgk Ma￿￿emeDI The tN5tees have identified and reviewed ihe major risks to which the charity is ¢xposed. Both manual and automaled cbecks are re8ularly invoked, particularly those rclating to the operations and finance of the charity. Th¢ tNstee5 aT¢ satisfied that these systems and pro¢¢dures redu￿ any perceived riskry. Bels Ruchel D'S*tmar (London) Limited Company Limlted by Guarantee Trust¢¢5' Annual Report (Incorporating the Direetor'y Report) Year eDd¢d 31 August 2025 Objectlvei 8Dd 4ctlvltles The object of the charity is the furtherance of edueAtion ill the Orthodox Jewish faith. In furtherance of this objecL the ¢hariry operates an ind¢pendent Orthtsiknx Jewish sGhool in North London providing educ&tion for 1,120 {2024.. 1,121) girls. Publlc beneflt The trustees of the charity ¢onfirni that Ihey have considered Thc Charkty Commission's general guidanc¢ on public benefit and th¢ requirements of S¢¢tion 4 of the Charities Act 2011 in this ar¢a, in paniculaT public benefit guidunce on advan¢ing educ&tiort, when reviewing the cbaTity'8 aitns and objectivcs. and in plhnniDg futur¢ o¢1ivits'¢s Aud settin8 ￿ant mAkin¥ policy for the yeaT. A¢hlevem¢Dti and ptrfonnance The school whith was open¢d in 2008 now over 1,000 pupils. The s¢hool currently educates children from the age of 3 and spel￿$ eonsiderable timB on 'Kodesh" subj¢cts b8sed upon the Orthodox Jewish faitb in addition to the national ¢urri¢ulum. FlnanelAI revleTY The charity has very loyal supporters who have provided fiaan¢ig18UPPOrt lo the school to help ¢over deficits when ne¢es8ary. The ¢ontinued of the s¢hool is 8 Yi8n of its sucress but il with 4dditiunal c051s gnd the irnstee8 h8ve pui all their ¢ffurt5 in fjjnding the growth and as such have llot b¢en able to build up fret reserves. The ttuslees are now 4ctiY¢ly workiDg on a plan to r¢p¥y the creditor$ and build up r¢serv¢B. As at 31 August 2025 the charitys fimds were £56.544 in deficit. TruJtee$' re8poll8lbllltle8 stAtement The trn5tee$, who are alsu directors for the purpose8 of conwany law, are re8ponsible for prepaTillg thc trustee5' report and Ibe financial 8tat¢men15 in accordance with applicable law and United Kingdom Accowiting Standard& (Unit¢d Kingdom Generally Acceptcd Accountin8 Practice). Cou]p4ny law requires the chaTity Iruste¢s to prepare finan¢i21 st&terneDts for each yw which give a in2e and f4ir view of thc State of affairs of th¢ Charitsble comp•Dy and the Inco￿1n8 resourccs 8nd application of resour¢¢8. including the income and expendiiur¢, for that pcriod. In preparing these fittan¢ial statements, the tNstee5 ore requir¢d to: select suitable ac¢ouDlin8 policies attd tben apply them consistently. obse￿¢ the metbod8 ￿]d principleg in the opplicable Charities SORP: nllke judgments and accouniing estirnate5 thai are Teasonabl¢ gDd prulknt: prepare th¢ finan¢ipl 5tatement5 on ¢he going concern basis unless if is inappiopriate to presume that the charity will CODtinu¢ in business. The t￿￿e¢S are responsibl¢ for keeping adequ4t¢ accounting records that are sufficient io show and explain the charity's transactions and disclose wilh r¢&%onable accuraey at any liine tbe fmancial position of the charity and enable tb¢m to et]sure that the financial slAtmients comply with the Cotnpanies Acl 2006. They are also responsible for sofeguardillg th¢ a53ets of tbc ¢harity and hen¢¢ for taking rcasollable steps for the prev¢rh¢ion and detection of frwud and other iTre8ularitie$. Bels Ruchel D'Sa¢mar (Lomdon) Limlted Company Llmited by GuArantee Trustees. Annual Report (InrorporatiD% the Dlrcctor'l Report) Year ended 31 August 202S Audltor Each of the persons who is a trustee at the date of approval of this rep)rt CODfrn th4t'. so far 08 they are aware. Ihere is no relevAnt audit inforniatiOD of wllich the Charitys auditor 18 unaware. and they have taken all s¢epg th&t they ougbt to bavr takcn a8 a trus¢¢¢ io make themselves aware of wny r¢levAnt Audit infomialioth and to establisb tho charity'8 E4uditor 18 Aware of thal infonration. Sm*ll ¢ompAny prov1￿0￿5 This r¢port has been prepaTed iti 4¢Mrd￿Cc with tbe provisions appli¢4ble to companies entitled io the small ¢ompgnies exemplion. The trustee8' annual TL¥lQrt WAS Approved on .2.9..J.uno..2Q.2.6... and 8igned on behalf of the board of trust s by.. Mr A Y K]eln TThsi¢e Bels Ruchel Dlsalrnar {LDndon) Limited Company Llmited by Guarantee Independent Auditor'5 Report to the Members of Bels Ruchel D'satmgr (Londoll) Llmited Year ended 31 August 2025 Opljblon W¢ hav¢ audited the finuncial Statements of Bels Ruchel D'satmar (IA)ndonl Limit¢d (the'¢harirf) for the year endcd 31 August 2025 which comprise the st&tement of finaD¢ial activities {in¢luding income And expenditurc 4C¢QUttt). statement of financi￿ po8itiOfy Stalement of cash flows and the related note4 illLluding a summary of significant accounting policies. Thc financial reporting framework that has been applied in their prepira¢ion 18 applicable law and United Kingdom Accowjting Stalldard5, including FRS 102 The Financial R¢porting Standard applicabl¢ in the UK And Republic of Ireland (United Kiti8dom Generally Acwted Accounting Pra¢tice). In our opinion th¢ fmatsGial statements.. give A true and fftir view of the slate of the ¢hirity's affatrs a8 at 31 August 2025 and of its incoming resoutces #nd application of resources, including its income 4nd expenditure. for th¢ year then havc bc¢n property PreP￿ed in accoTdance with United Kin8dom O¢nerally Acc¢pt¢d Aecouniing Pro¢t1￿., have been ww)arcd in accordance with th¢ requirements of tbe CoD¥Tr&ni¢s A¢1 20(￿. Bull for oplnlon We conduc¢¢d our audit in occord8n¢e with lThtsrnational Standards on Auditin8 (UK) (ISA8 (UK)) and applicable law. Our r¢sponsibilities under those standards are further described ID the •uditorf8 responsibilities for tb¢ audit ofihe fin￿ela1 stateuKnts srction of our T¢POrt. We are independoni of the charity in accordance with the ethi￿1 requiretnents that are relevant to our 4udit of the financial gtAtemenls in the UK. includinB tl)e FRC'S Eihical S¢and8rd, and we have fvlfilled our othcr ¢ihical re4Jonsibilitie$ in Accordance wilh thes¢ requirements. We believe thgt the audit evide[￿ we have obtained is sufficient and appropriate lo provide a basis for our opinion. CoDcluBk•M reladng to ylng ¢rfJneerD In a￿lling the finoncial State￿At9, we have Concludcd that the trusteeg, uge of the gOiDg Goncern ba818 of Accounting in th¢ preparation of the financial statem¢nts is Appropriate. Based on the work we have perforn)ed. w¢ have Dot identified Jny zllateriwl un¢¢rtAinties relaliug to events or conditions that. individually or coll¢¢tivelyJ m3y cast si￿]rIcant doubl on th¢ charity's Bbility to continue a% a going concern for a period of at least nvelve months from when the financial ststeoKnts are authoTi&ed for issue. Our reswjnsibililies and the r¢sponsÉbilities of th¢ tNsle¢8 With r¢spect to going wncern ire described in the relevant sections of this report. Bets Ruchel D'satmar (London) Limited Company Limited by Guarantee Independent Audltor'$ Report to th¢ Members of Bels Ruchel DISatmar IIAkndon) Limited (cuhrfJtr¥dJ Year ended 31 Au£￿t 2025 Other i•formitloD The other infomiation comprisey ¢he infommlion included in the anDual repor( otbeT thln the financial $tgtem¢nts &nd our auditor's report therwn. The trustees are responsible for thc oiher infomation. OUT opinion on the financial 51Atements does noi wver the other inforn]ation and. except to th¢ ¢xlent otbeThTrise ¢xpli¢itly stated in our report, we do not expr¢s$ any form of a&surance conclusion thcreon. In connectlOD Wlth our audit of the financial statements, our responsibility is ¢0 r¢ad the other infornation And, in doin8 SO. CODsidcr whtther ihe other infom￿tion is materially in¢on8i81¢nt with ibc financial statem¢nl$ or our knowledgc obtained in th¢ audit or otherwiye app¢8r$ to bB ma¢erially misstated. If we identify such malErial inconsisl¢nci¢s or app8￿nt material mi35t&tcment$. w¢ are rcquired to determine whether there 18 a material misstatement in the financial statements or a materi&l misstatement of the other infornmtion. If, based on the work we h8v¢ pcrfoTmed. we conclude that therc 1$ a material misstAlement of this Oth¢1 infOrn￿tioN w¢ &re required to r¢port that fact. We have Dothing io rq)ort in this regard. Oplnlons on other matt¢rJ preicrlbed by the Compan1•8 A¢t 21106 our opinion. based on the work undertakeD in th¢ cours¢ of the &udit: the infomjation given in the ¢nL%t¢es' report for the financial yw for which ihe finarKial &tatemen18 are Prepar￿ 15 consistent with the financial stat¢ments,' and the Iru8tees' report has been prepared ID accordance with 8pplieable legal requiTcm¢nts. M•tt¢ri Dn whleh Tye Are requlred io report by exeeptloll In the li8ht of the knowled8e and uThdcr8tonding of the ehorily and its environmenl obt8in¢d in the course of the audil, we have not identified matcriil mi8statem¢nts in the trustees, report. We have nothing ¢0 r¢port in r¢sp¢ct of th¢ following D￿tt￿5 ID relation to whi¢h th¢ Compani¢8 Act 2006 requires us to report to you if. in ow opinion.. •d¢quate accounting r¢¢ords have not b¢¢n kept, or r¢¢ums adequale for #udit have noi been rec¢iv¢d from branches I￿t visited by u5" or th¢ financial stslements are not in a8r¢¢m¢nt with ihe 4ccountin8 rc¢ord8 and returns. or certain dis¢losures of tn￿te¢s, remuneration sp¢¢ified by liw are not n￿de. or we have not received all thc infornution and explaDalions we requirc for our audit,. or the iTU5tces were not entitled to prepare the fmancial statcmenfs in accordance with the small companics r¢gime and take adY8ntsge of the sm411 eompanics, ¢x¢mptions in preparing the diTCCtors' Teport from the r¢(wirement to prepare a strategic reporL Be45 Ruchel D'satmar (London) Limlted Company Lijnited by Guarantee Independent Auditor's Report to the Members of Beis Ruchtl D'SatDyar (London) Llmlted fcv*rth*dJ Year ended 31 August 2025 Responiibilitlei of trust¢e8 As explained tnore fvlly in the trustees, responsibilities statement, the trustees (who are also the director$ for the purposes of company IAW) are responsible for the preparation of the finaDci&I stalements and for being satisfied that they give a tru¢ and fair view, and for su¢b int¢rnal Control as the trustees determin¢ 1$ necessary to enabl¢ the preparation of financial ststctnents that are free from matcrial misstatejnettt, whether due to fraud or emir. In preparing the finan¢i815tal¢nKnts, the tTUStees are responsible for assessing th¢ ¢lwity'8 Ability to contin￿ &s a going Concer￿ d1￿10$7n8. as appli¢ablc, matters rclated to going ¢on¢¢rn and using the 80in8 concern basis of accouDtin¥ unless the trust¢¢$ ¢ither intend to liquidate thc charity or to ¢¢AS¢ operations. or hv¢ no r¢alistic alt¢rn4tive but to do so. Audltor'i re8ponJlbliltles for the audlt Dfthe flnAD¢lAi ititemen¢$ Our objeclivcs are to obtain rea80nable assurnn¢e about whethei the fitsan¢ial st*tem¢nl8 as a whol¢ are free from mY41eri81 misstatement, whetber due to fraud or eTror, and to i8su¢ an audi¢or'8 report that includes our opinion. Reasonable as8uran¢e 18 a high level of assurance. but 18 not a w￿￿Tantee that an audii COt)dL￿ted in acwrdance with ISA$ (UK) will always det¢Gi a material misstat¢meJt when it exists. Mis5tatemen15 can arise from fraud or error and are considered material if, iDdividually or in rhe aggrcgal¢, Ihey could rea50n4bly be expected ty influence the economic decision5 of users taken on the basis of these financial statements. Irregularities, including fraud. are insta￿¢$ of nOn￿oMPli￿nQe with laws and regulations. W¢ desi pro¢edur¢$ in linc with our responsibiliti¢8, ouilined above, to detect Material misstatements in r¢$p¢ct ol irregalarili¢s, includin8 fraud. The extent to whi¢h our procedures &r¢ ¢apable of detecting t[re￿ilarities, iacluding fr#ud is detailed b¢low'. We obtained an under5t4rtding of lhe 1¢8al 4md re8ula¢ory framework5 1hat ￿ applicyblc to the ¢harity through di5GUS5ioll with the trustee5 and identified financial reporting legislation and ¢harity Icgislalion As being most Bignificanl to these fin8ncial statements. We conmiuni¢#t¢d these identified frameworks amongst our audit team remained alert lo any indicalions of non-¢omplian¢e throughout the iudil. We eD¥ur¢d thai the engagement team had sufficient comwence and Capability to identify or reco￿15¢ ttott-compliance with The laws and regulations. We discussed with the trustees the policies and procedures re8ardin8 compliance with these Icgal and r¢8ulatory frameworky. We A&se¥sed th¢ sU￿tpl]bi1ity of the charity'5 fwaDci41 si*¢ments to mat¢rilll misstatement the to noD4omplian¢e wilh legal and ￿su]8t0ry framewoik5. IDcluding how fraud might occur, by enquiry with the trustees during th¢ planning and f￿a]Isation phases 5tag¢5 of our audit. The su8ceptibility to such material misstatemen¢ was deierniincd to be low. Bas¢d on this underitandin8. we desi￿ed our audit procedures to identify llon-compliance with the identified legal and reg￿latOry fr￿leWOrkS. which w¢r¢ part of OUT procedures on th¢ related fuwieial staten)ent items. Bels Ru¢hel D'satmar {London) Llmlted Company Llmited by Guarantee Independent Auditor's Report to the Member8 of B¢i& Ruthel D'satmar (London) Llmited Cc47ArfM￿J Year ended 31 August 2025 As part of an audi¢ itt accordanc¢ witb ISA5 IUK), we exercise prof¢8$ional judgment and maintain professional sceptlclsm througknut the audit. We &l$o: Identify and as8es$ the rifjks of material mi55t*len)¢nt of the financial statements. wh¢th¢r due to ftaud or error, desi￿ and perforn) audit procedures r¢$pJnsive to those risks, and obtsin audit evidence that is suffi¢ienl and ￿prOpri￿¢ to provide a basis for our opinion. The ri$k of not detecting a rt]at¢ti&l mi88tstem¢nl resultiftg from fraud is Fligher ¢hoD for one resultiug from erroT. 48 fraud may involv¢ ¢ollusioo, foryery. intentional omi8siong, misrepresentations, or the override of internal CODlrol. Obtain on understandin8 of intemal control relevant to the audit in order to design audil proceth that are appropriate in the circumslanc¢5, but not for thc PUTPOSC of expTe58iDg opinion on th¢ ¢ffectiven¢ss of the internal control. Evaluate the approwi41¢ll¢$s of accountin8 policie6 used and the reasomabl¢nesg of a￿oUnting estimates and ielllted disc105ures md¢ by the tru8tee5. CoDclude on the wropriat¢ne95 of the tn￿te¢s, use of the 80in8 concern b&sis of ac¢ountin8 and, based on the audii evidence obtained, whether a m*rial un¢ertain¢y exists rel&ted to events or conditions that may cast Si￿]rIcant doubi on the charli￿8 abdity io conlinue a5 a going CODC¢rn. If we cvnLlud¢ that o materiAI uncertainry exists, we are required to draw attention in OUT auditor, reporl to the rclat¢d di$clo$ure8 in the fmancial statements or, if such disclosures ar¢ inadequate. to modify our opinion. Our ¢onclugions are based on th¢ &udii evidence obtaill¢d up tu the dwie of our audilor's report. However. fvtur¢ events or conditioD5 may ¢ouse the cbarily io eease to Colllinue as going ¢on¢¢rn. Evalu8le the overall preselllation, struclurc artd content of ihe financi41 statements. including tbe diy¢losuTes. and whether the financial statements rcpresent the underlyin8 trangactions and ¢vents in t tsJw)ner that achieves fair presentation. Bels Ruchel D'S*tmAr (London) Llmited Comp4Dy Limited by Guarantee Independent Audltor'$ Report to the Members of Beli Ruthel D'S#tmar (London) Ye4r ended 31 August 2025 W¢ ￿Mmuni¢&t¢ witb tbose charged with gov¢rnanee regarding. among other matters, th¢ planned scope and timing of the audii and significant audit findin￿. includin8 any significant deficiencies in intern&1 control that we iikniify during our audit. Uie of our report This report is made 801¢ly lo the charity8 mem1￿, 18 a I￿. accordance with ChapteT 3 of Part 16 of the Companies Act 2006. Our audit work been und¢rtak¢n $0 thot we Ini￿1 8lAte to th¢ charitys rntmbers those matters w¢ ar¢ required to 51741c to them in an audiior's report and for no other purpose. To the fullcst ¢xrent pern)itted by law, we do not ac¢¢pl or assume responsibility to anyone other thsn tbe charity and the charity's members as a body, for OUT 4udit work, foT thi8 report, or th¢ opinions w¢ have fornied. David Gold (Senior Statutory Auditor) halt of old arEer¢d a¢counlattts & stalutory auditor ewBurlington Hou8¢ 1075 Finchley Road LONDON NWII OPU Fora 29 June 2026 Bels Rucbel D'SAtmar (London) Limlted Company Limited by Guarantee Statement of Fillancfixl Acdvltles (Includlng income 4nd expendlture 4eeount) Ye#r ended 31 August 2025 2025 Unrestricted funds Totsl fund# Totsl fimd& 2024 Income and endowm¢nts D(mations and Icga¢ies (tharitable a¢tivitie8 681.961 3.036.899 3,718.860 681,961 3,036,899 3,718,860 722,851 2,284,611 3.007,462 Total Income p¢ndlture Exp¢nditure on rai&in¥ funds.. Costs of raising donatigns And le8aci¢8 Expenditure on Charitable 8clivities Tot*1 ¢XP¢Ddltur• (9.740) (9,740) (4,472) 8.9 {3.583585) (3583,585) (3,075,197) (3,593,325) (3,593,325) (3,079.669) Net Incomel(tJp•ndlture) And Met movement th fuThth 125J35 125,535 (72,207) R￿0￿111*110Th of funds Total fithds brou8ht forvArd Total earrled fDrwArd (182,379) (182.379) (110,172) (56,844) {36,844) (182,379) The statement of fiDancial aGtivili¢s include8 0118ains and 105s¢s r¢cognised ID the ye4r. All iffteome and expenditur¢ d¢riv¢ from continuinB Activities. The iotes QD P•Zti 12 10 ZO forrn part ollbmo stAtemuts. Bels Ruchel D'satmar ILolldon) Llmlted Company Limited by GUa￿ll1ee Statement of FiDan¢i#l Po$ldon 31 August 2025 2025 2024 Fixed #sleti TItt￿bIe fix¢d assets Currellt UAet8 Debtors Cash at botjk alld in band 16 772,171 781,211 17 14,111 357,613 138.715 138,715 371,724 Cr•dltor•: •mounts falllllg due wlthln on* year Net eurrent ljobUld¢i 19 1.135,981 1,052,542 764,257 913,827 7.914 (132.616) 64,758 49.763 (56,844) {182.379) Tfjt￿ 41s¢ts l¢Js eurrent Ilablllti Credltorj: falling due •fter more than ofte year Net Mablllllej 20 Fundj of the ¢b*rlty Ullr¢stri¢ted funds (56,844) (182.379) {56,844) (182J79) Totsl ¢h*rlty fundi 22 These fJnanci&l statements have been prepared in accordanct with the provisions applicabl¢ to companies subj¢u to th¢ 8mall compati1￿. r¢gime. These fmanciwl 8t&tements were approved by the board of tn]stees and authori8¢d for i3we on 29. Jv.Tro..2Q F, and are sig led on behalf of the board by.. Mr A Y Kleln Tn￿t¢¢ Tbt notr¥ 01 p*ys A2 to 10 form p•rt of tb¢se Iln•ndil 5tateThnll. io Bels Ruchel D'satmar (Lolldon) Limited Company Limit¢d by GuArantee Ststem¢nt of Cash Flows Y¢*r ended 31 August 2025 2025 2024 Not• Cuh flowi from operating activities Net illcomel(¢xpcnditure) Adjusimentsfor.. Depreciatioii of tan￿1)Le fjx¢d 858ets IThteiest payable aiid similar charges Accrued (incomcyexpen8¢S Chlknges in.. Tr8d¢ 8nd other debtor8 Tr•d¢ attd other creditors 125.535 (72,207} 80,080 11,528 (11.040) 75,382 3.739 11,400 (14.] I l) 17,584 3(19,576 {11,528) 298,048 29,203 (17,134) 30.H3 (3,739) 26,704 Cash genornted from operntions Int¢r¢st paid Net cash from op¢rytin8 aLtivitieB Cub flow• from ￿Ve￿nI aftlvlthi Puroha$e of tangible assets Net cjsh used in inve8tin8 acliTriti¢J (71.040) (71,040) (89.575) (89,575) CMh flowi frtsnj flng4Dcln¥ Aetlvldei Procrds fmm borrowin83 Nel cash us¢d in financing activitie5 (9,227) (9,227) (19.977) {19.977) Net In