**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**