2025-08-31-accounts

CHARITY REGISTRATION NUMBER: 1176439

Shalsheles

Unaudited Financial Statements

31 August 2025

CHARTWELL ACCOUNTANTS & BUSINESS CONSULTANTS LLP

Chartered Certified Accountants

47 Bury New Road Prestwich Manchester M25 9JY

Shalsheles

Financial Statements

Year ended 31 August 2025

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	3
Statement of financial activities	4
Statement of financial position	5
Notes to the financial statements	6

Shalsheles

Trustees' Annual Report

Year ended 31 August 2025

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2025.

Reference and administrative details

Registered charity name	Shalsheles
Charity registration number	1176439
Principal office	4 Middleton Road
	Salford
	M8 5DS
The trustees
	Mr A Pines
	Mr A Posen
Independent examiner	M Guttentag FCCA of Chartwell Accountants & Business
	Consultants LLP
	47 Bury New Road
	Prestwich
	Manchester
	M25 9JY

Structure, governance and management

Shalsheles is constituted under a deed dated 30th June 2017.

Risk review

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage exposure to the major risks.

Objectives and activities

The objectives of the charity are: for the public benefit to promote the education of people of all ages around the world in such ways as the charity trustees think fit, including awarding to such persons scholarships, maintenance allowances or grants; or by grants to charities or other organisations worldwide that provide education; the prevention or relief of poverty or financial hardship anywhere in the world by providing grants or loans to individuals in need and/or charities, or other organisations working to prevent or relieve poverty or financial hardship.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.

1

Shalsheles

Trustees' Annual Report (continued)

Year ended 31 August 2025

Achievements and performance

The charity offers seven A-level subjects and four Level 3 qualifications, alongside vocational courses for girls aged 16–18. It also runs activities led by our students for younger girls (8–13) to help them overcome social challenges. Through personal and emotional development programs, we strengthen character, foster responsibility, and empower girls to become capable, contributing members of society.

During the year the charity received £69,497 (2024: £151,160) by way of donations, £146,089 (2024: £113,551) in student parental contributions, £416,057 (2024: £447,945) in government funding, and £49,165 (2024: £69,302) in grant funding. The year ended with a surplus of £132,033, which will be used to expand services, improve premises for students, and further the charity’s objectives.

Financial review

The charity's financial position remained stable throughout the year, enabling it to continue delivering its charitable objectives. The year-end surplus provides a solid foundation to support future activities and ongoing development.

Reserves policy

The trustees have reviewed the reserves and future requirements of the charity. All future needs are considered together with any risks or contingencies that may exist. The trustees are confident that sufficient reserves will be generated to achieve the objectives of the charity.

The trustees' annual report was approved on 30 June 2026 and signed on behalf of the board of trustees by:

Mr A Pines Trustee

2

Shalsheles

Independent Examiner's Report to the Trustees of Shalsheles

Year ended 31 August 2025

I report to the trustees on my examination of the financial statements of Shalsheles ('the charity') for the year ended 31 August 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

M Guttentag FCCA of Chartwell Accountants & Business Consultants LLP Independent Examiner

47 Bury New Road Prestwich Manchester M25 9JY

3

Shalsheles

Statement of Financial Activities

Year ended 31 August 2025

			2025		2024
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	631,643	49,165	680,808	781,958
		─────────	────────	─────────	─────────
Total income		631,643	49,165	680,808	781,958
		═════════	════════	═════════	═════════
Expenditure
Expenditure on charitable activities	5,6	500,293	48,482	548,775	472,513
		─────────	────────	─────────	─────────
Total expenditure		500,293	48,482	548,775	472,513
		═════════	════════	═════════	═════════
		─────────	────────	─────────	─────────
Net income and net movement in	funds	131,350	683	132,033	309,445
		═════════	════════	═════════	═════════
Reconciliation of funds
Total funds brought forward		689,923	200,000	889,923	580,478
		─────────	─────────	────────────	─────────
Total funds carried forward		821,273	200,683	1,021,956	889,923
		═════════	═════════	════════════	═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 6 to 14 form part of these financial statements.

4

Shalsheles

Statement of Financial Position

31 August 2025

		2025	2024
	Note	£	£
Fixed assets
Tangible fixed assets	13	1,324,330	1,325,823
Current assets
Debtors	14	43,859	36,235
Cash at bank and in hand		111,870	163,485
		─────────	─────────
		155,729	199,720
Creditors: amounts falling due within one year	15	17,354	11,084
		─────────	─────────
Net current assets		138,375	188,636
		────────────	────────────
Total assets less current liabilities		1,462,705	1,514,459
Creditors: amounts falling due after more than one year	16	440,749	624,536
		────────────	────────────
Net assets		1,021,956	889,923
		════════════	════════════
Funds of the charity
Restricted funds		200,683	200,000
Unrestricted funds		821,273	689,923
		────────────	─────────
Total charity funds	18	1,021,956 ════════════	889,923 ═════════

These financial statements were approved by the board of trustees and authorised for issue on 30 June 2026, and are signed on behalf of the board by:

Mr A Pines Trustee

The notes on pages 6 to 14 form part of these financial statements.

5

Shalsheles

Notes to the Financial Statements

Year ended 31 August 2025

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 4 Middleton Road, Manchester, M8 5DR.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

6

Shalsheles

Notes to the Financial Statements (continued)

Year ended 31 August 2025

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

7

Shalsheles

Notes to the Financial Statements (continued)

Year ended 31 August 2025

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings - 15% reducing balance Equipment - 15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.

Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

8

Shalsheles

Notes to the Financial Statements (continued)

Year ended 31 August 2025

3. Accounting policies (continued)

Financial instruments (continued)

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Donations
Donations received	69,497	–	69,497
Grants
Grants received	–	49,165	49,165
Government grant income	416,057	–	416,057

9

Shalsheles

Notes to the Financial Statements (continued)

Year ended 31 August 2025

4. Donations and legacies (continued)

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Contributions
Parental student contributions	146,089	–	146,089
	─────────	────────	─────────
	631,643	49,165	680,808
	═════════	════════	═════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Donations
Donations received	151,160	–	151,160
Grants
Grants received	69,302	–	69,302
Government grant income	447,945	–	447,945
Contributions
Parental student contributions	113,551	–	113,551
	─────────	────	─────────
	781,958	–	781,958
	═════════	════	═════════
Expenditure on charitable activities by fund type
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Educational courses	498,807	48,482	547,289
Support costs	1,486	–	1,486
	─────────	────────	─────────
	500,293	48,482	548,775
	═════════	════════	═════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Educational courses	470,102	–	470,102
Support costs	2,411	–	2,411
	─────────	────	─────────
	472,513	–	472,513
	═════════	════	═════════

5. Expenditure on charitable activities by fund type

6. Expenditure on charitable activities by activity type

	Activities
	undertaken	Grant funding		Total funds	Total fund
	directly	of activities Support costs		2025	2024
	£	£	£	£	£
Educational courses	543,453	3,836	–	547,289	470,102
Governance costs	–	–	1,486	1,486	2,411
	─────────	───────	───────	─────────	─────────
	543,453	3,836	1,486	548,775	472,513
	═════════	═══════	═══════	═════════	═════════

10

Shalsheles

Notes to the Financial Statements (continued)

Year ended 31 August 2025

7. Analysis of support costs

		Analysis of
		support costs
		activity 1	Total 2025	Total 2024
		£	£	£
	Bank charges	466	466	1,571
	Accountancy fees	1,020	1,020	840
		───────	───────	───────
		1,486	1,486	2,411
		═══════	═══════	═══════
8.	Analysis of grants
			2025	2024
			£	£
	Grants to institutions
	Grants to institutions		–	2,955
	Kol Yom Trust		1,025	–
	Three Pillars		1,281	–
	Grants under £1,000		1,530	–
			───────	───────
			3,836	2,955
			───────	───────
	Total grants		3,836	2,955
			═══════	═══════
9.	Net income
	Net income is stated after charging/(crediting):
			2025	2024
			£	£
	Depreciation of tangible fixed assets		1,493	1,757
			═══════	═══════
10.	Independent examination fees
			2025	2024
			£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements		1,020	840
			═══════	════
11.	Staff costs
	The total staff costs and employee benefits for the reporting period are		analysed as	follows:
			2025	2024
			£	£
	Wages and salaries		173,564	151,200

11

Shalsheles

Notes to the Financial Statements (continued)

Year ended 31 August 2025

11. Staff costs (continued)

The average head count of employees during the year was Nil (2024: Nil). The average number of full-time equivalent employees during the year is analysed as follows:

Number of staff

2025 2024 No. No. 28 28 ════ ════

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

12. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

13. Tangible fixed assets

		Freehold	Fixtures and
		property	fittings	Equipment	Total
		£	£	£	£
	Cost
	At 1 September 2024 and
	31 August 2025	1,315,868	11,473	4,919	1,332,260
		════════════	════════	═══════	════════════
	Depreciation
	At 1 September 2024	–	3,701	2,736	6,437
	Charge for the year	–	1,166	327	1,493
		────────────	────────	───────	────────────
	At 31 August 2025	–	4,867	3,063	7,930
		════════════	════════	═══════	════════════
	Carrying amount
	At 31 August 2025	1,315,868	6,606	1,856	1,324,330
		════════════	════════	═══════	════════════
	At 31 August 2024	1,315,868	7,772	2,183	1,325,823
		════════════	════════	═══════	════════════
14.	Debtors
				2025	2024
				£	£
	Prepayments and accrued income			6,165	–
	Other debtors			37,694	36,235
				────────	────────
				43,859	36,235
				════════	════════

12

Shalsheles

Notes to the Financial Statements (continued)

Year ended 31 August 2025

15. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	14,576	11,084
Accruals and deferred income	1,020	–
Social security and other taxes	1,758	–
	────────	────────
	17,354	11,084
	════════	════════

16. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	7,480	18,155
Other creditors	432,919	606,381
	═════════	═════════

17. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2025	2024
	£	£
Recognised in income from donations and legacies:
Government grants income	416,057	447,945
	═════════	═════════

18. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
		At				At
	1	September		31 August		20
		2024	Income	Expenditure		25
		£	£	£	£
General funds		689,923	631,643	(500,293)	821,273
		═════════	═════════	═════════	═════════
		At				At
	1	September			31 August	20
		2023	Income	Expenditure		24
		£	£	£	£
General funds		380,478	781,958	(472,513)	689,923
		═════════	═════════	═════════	═════════

13

Shalsheles

Notes to the Financial Statements (continued)

Year ended 31 August 2025

18. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
	At			At
1	September		31 August 20
	2024	Income	Expenditure	25
	£	£	£	£
Restricted Funds	200,000	49,165	(48,482)	200,683
	═════════	════════	════════	═════════
	At			At
1	September			31 August 20
	2023	Income	Expenditure	24
	£	£	£	£
Restricted Funds	200,000	–	–	200,000
	═════════	════	════	═════════
Analysis of net assets between funds
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2025
		£	£	£
Tangible fixed assets		1,324,330	–	1,324,330
Current assets		(44,954)	200,683	155,729
Creditors less than 1 year		(17,354)	–	(17,354)
Creditors greater than 1 year		(440,749)	–	(440,749)
		────────────	─────────	────────────
Net assets		821,273	200,683	1,021,956
		════════════	═════════	════════════
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2024
		£	£	£
Tangible fixed assets		1,325,823	–	1,325,823
Current assets		(280)	200,000	199,720
Creditors less than 1 year		(11,084)	–	(11,084)
Creditors greater than 1 year		(624,536)	–	(624,536)
		────────────	─────────	────────────
Net assets		689,923	200,000	889,923
		════════════	═════════	════════════

19. Analysis of net assets between funds

14