Charity registration number 1181702
Company registration number 11468334 (England and Wales)
MERKAZ HATORAH LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
MERKAZ HATORAH LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees A Brecher P Deutsch D Hager Charity number 1181702 Company number 11468334 Independent examiner CHS Accountants Limited Lower Ground Floor, 13 High Road London N15 6LT
MERKAZ HATORAH LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 14 |
MERKAZ HATORAH LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their annual report and financial statements for the year ended 30 September 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: 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)" (effective 1 January 2019).
Objectives and activities
The charity's objectives are to further those purposes both in the UK and overseas which are recognised as charitable under English Law.
The charity receives income from charitable donations and rental income from investment properties which it is currently redeveloping in the charity’s best interest, which it utilises in the provision and distribution of grants and donations. Income will be applied to further the charity’s objectives.
The charity's activity is principally, but not limited to, the provision and distribution of grants and donations to charitable organisations and needy individuals for the purpose of the advancement of the orthodox Jewish religion, the advancement of education in accordance with the orthodox Jewish religion and the prevention and relief of poverty.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Grant making policy
The trustees are approached for donations by a wide variety of charitable institutions.
The trustees take due care to ensure that all grants are made only to charitable institutions and organisations that are deemed charitable according to English law and which accord with the objects of the charity. In making grants and donations, the trustees use their personal knowledge of the institution, its representatives, operational efficiency and reputation. The trustees consider all requests and make donations based on the level of funds available.
Achievements and performance
Significant activities and achievements against objectives
During the year the charity pursued its philanthropic objects. Total income aggregated £237,088 (2024: £220,899). Total resources expended was £230,555 (2024: £316,539).
Financial review
The financial results of the charity for the year ended 30 September 2025 are fully reflected in the attached Financial Statements together with the Notes thereon.
The charity engaged in its usual charitable activity during the year. In 2025 the charity's Statement of Financial Activities show a surplus of £6,533.
As at 30 September 2025, the charity had Unrestricted Funds of £405,379.
Reserves policy
It is the policy of the charity to maintain Unrestricted Funds, which include the Free Reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year.
Structure, governance and management
The Charity is constituted as a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association.
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MERKAZ HATORAH LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
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:
A Brecher
P Deutsch
D Hager
Recruitment and appointment of trustees
New trustees are appointed based on personal competence, availability and knowledge and familiarity with the community which the charity serves. New trustees are inducted into the workings of the charity by the existing trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
A Brecher
Trustee
28 July 2026
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MERKAZ HATORAH LIMITED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MERKAZ HATORAH LIMITED
I report to the trustees on my examination of the financial statements of Merkaz Hatorah Limited (the charity) for the year ended 30 September 2025.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act 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 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Pini Shebson ACA
CHS Accountants Limited Lower Ground Floor, 13 High Road London N15 6LT
Dated: 28 July 2026
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MERKAZ HATORAH LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 3 | 5,700 | - |
| Investments | 4 | 227,288 | 258,128 |
| Other income | 5 | 4,100 | - |
| Total income | 237,088 | 258,128 | |
| Expenditure on: | |||
| Raising funds | 6 | 37,400 | 60,044 |
| Charitable activities | 7 | 29,582 | 53,923 |
| Other expenditure | 13 | 163,573 | 202,571 |
| Total expenditure | 230,555 | 316,538 | |
| Net income/(expenditure) and movement in funds | 6,533 | (58,410) | |
| Reconciliation of funds: | |||
| Fund balances at 1 October 2024 | 398,846 | 457,256 | |
| Fund balances at 30 September 2025 | 405,379 | 398,846 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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MERKAZ HATORAH LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
| Notes Fixed assets Investment property 15 Investments 16 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 19 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 20 Net assets The funds of the charity Unrestricted funds 21 |
2025 £ £ 2,851,467 100 2,851,567 190,594 2,526 193,120 (12,144) 180,976 3,032,543 (2,627,164) 405,379 405,379 405,379 |
2024 £ £ 2,812,959 100 2,813,059 223,027 9,916 232,943 (12,144) 220,799 3,033,858 (2,635,012) 398,846 398,846 398,846 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 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 statements.
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 statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 28 July 2026
A Brecher
Trustee
Company registration number 11468334 (England and Wales)
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MERKAZ HATORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1 Accounting policies
Charity information
Merkaz Hatorah Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 61 Elm Park Avenue, London, N15 6UN.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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)" (effective 1 January 2019). 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 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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MERKAZ HATORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
[Property rented to a group entity is accounted for as tangible fixed assets.]
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial 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 balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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 include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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MERKAZ HATORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 5,700 | - |
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MERKAZ HATORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
4 Income from investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Rental income | 217,063 | 205,819 | |
| Interest receivable | 10,225 | 52,309 | |
| 227,288 | 258,128 | ||
| 5 | Other income | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Other income | 4,100 | - | |
| 6 | Expenditure on raising funds | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Investment management | 37,400 | 60,044 | |
| 7 | Expenditure on charitable activities | ||
| Total | Total | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Charitable Expenditure | 12,754 | 1 | |
| Grant funding of activities (see note 8) | 12,926 | 49,000 | |
| Share of support and governance costs (see note 9) | |||
| Support | 184 | 265 | |
| Governance | 3,718 | 4,657 | |
| 29,582 | 53,923 | ||
| Analysis by fund | |||
| Unrestricted funds | 29,582 | 53,923 |
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MERKAZ HATORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
8 Grants payable
| Grants to institutions: Other 9 Support costs allocated to activities Bank charges General administrative costs Governance costs Analysed between: Charitable activities Governance costs comprise: Independent examiner fees Legal and professional 10 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
Total Funds 2025 £ 12,926 12,926 2025 2024 £ £ 184 131 - 134 3,718 4,657 3,902 4,922 3,902 4,922 2025 2024 £ £ 2,400 2,400 1,318 2,257 3,718 4,657 2025 2024 £ £ 2,400 2,400 |
Total Funds 2025 £ 12,926 12,926 2025 2024 £ £ 184 131 - 134 3,718 4,657 3,902 4,922 3,902 4,922 2025 2024 £ £ 2,400 2,400 1,318 2,257 3,718 4,657 2025 2024 £ £ 2,400 2,400 |
|---|---|---|
| 12,926 | ||
| 2024 £ 131 134 4,657 |
||
| 4,922 | ||
| 4,922 | ||
| 2024 £ 2,400 2,257 |
||
| 4,657 | ||
| 2024 £ 2,400 |
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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MERKAZ HATORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
12 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
13 Other expenditure
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Financing costs | 163,573 | 202,571 |
14 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
15 Investment property
| Cost or revaluation At 1 October 2024 Additions At 30 September 2025 |
2025 £ 2,812,959 38,508 |
|---|---|
| 2,851,467 |
The investment property is held at fair value as per the Directors' valuation.
16 Fixed asset investments
| Other | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 October 2024 & 30 September 2025 | 100 |
| Carrying amount | |
| At 30 September 2025 | 100 |
| At 30 September 2024 | 100 |
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MERKAZ HATORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 16 Fixed asset investments Other investments comprise: Notes Investments in subsidiaries 23 17 Debtors Amounts falling due within one year: Trade debtors Other debtors |
(Continued) 2025 2024 £ £ 100 100 2025 2024 £ £ 16,438 20,201 137,106 165,776 153,544 185,977 |
(Continued) 2025 2024 £ £ 100 100 2025 2024 £ £ 16,438 20,201 137,106 165,776 153,544 185,977 |
|---|---|---|
| 2024 £ 20,201 165,776 |
||
| 185,977 |
Other debtors include amounts due from Companies with one or more common Directors to this Company. These loans are secured and repayable on demand. They carry an interest rate of 10% which is rolled-up and due in full upon repayment.
| Amounts falling due after more than one year: Other debtors Total debtors 18 Loans and overdrafts Bank loans Payable within one year Payable after one year |
2025 £ 37,050 190,594 2025 £ 2,634,408 7,244 2,627,164 |
2024 £ 37,050 |
|---|---|---|
| 223,027 | ||
| 2024 £ 2,642,256 |
||
| 7,244 2,635,012 |
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MERKAZ HATORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
19 Creditors: amounts falling due within one year
| Notes Bank loans 18 Amounts owed to subsidiary undertakings Accruals and deferred income 20 Creditors: amounts falling due after more than one year Notes Bank loans 18 |
2025 £ 7,244 100 4,800 12,144 2025 £ 2,627,164 |
2024 £ 7,244 100 4,800 |
|---|---|---|
| 12,144 | ||
| 2024 £ 2,635,012 |
21 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors 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 specific purposes.
| At General funds Previous year: At General funds |
1 October 2024 Incoming resources Resources expended At 30 September 2025 £ £ £ £ 398,846 237,088 (230,555) 405,379 1 October 2023 Incoming resources Resources expended At 30 September 2024 £ £ £ £ 457,256 258,128 (316,538) 398,846 |
|---|---|
22 Related party transactions
Other than those mentioned above, there were no disclosable related party transactions during the year .
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MERKAZ HATORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
23 Subsidiaries
These financial statements are separate charity financial statements for Merkaz Hatorah Limited.
Details of the charity's subsidiaries at 30 September 2025 are as follows: Name of undertaking Registered Nature of business Class of % Held office shares held Direct Indirect Rochester Developments United Kingdom 100.00 Limited
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