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2025-07-31-accounts

Charity registration number 1191346 (England and Wales) Company registration number 12750793

SMS FOUNDATION

(A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr S S Stimler Mr M Stimler Mrs P L Stimler

Charity number 1191346 Company number 12750793 Registered office

Honeypot House 56a Crewys Road London NW2 2AD

Independent examiner

David Finn FCA RDP Newmans LLP Lynwood House Harrow Middlesex

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONTENTS

Page
Trustees' report 1 - 3
Statement of Trustees' responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 15

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2025

The Trustees present their annual report and financial statements for the year ended 31 July 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 objects are to advance the Jewish religion, advance Jewish religious education and the alleviation of poverty among the Jewish community throughout the world. SMS Foundation operates with the aim of raising funds in order to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit. The Charity primarily makes grants to Jewish causes but can also choose to make grants to general charities if they feel that this would be an appropriate and effective way of advancing the charity's objectives.

In this context the Trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission in relation to the activities being for the public benefit, as well as, the Equalities Act 2010 when reviewing the Charity's aims and objectives and in planning future activities.

Strategies for achieving aims and objectives

The charity has power to do anything which is calculated to further its objects or is conducive or incidental to doing so. The charity has investments in Limited Partnerships and the purpose of these investments is to create income, then distribute these as charitable donations. The trustees believe the long term quarterly income received from these investments will give longevity to the donations in the future.

Through grants to organisations or individuals the primary work of the charity is grants to UK registered charities. In some instances, grants may be made to overseas entities, which would also be registered charities in their respective jurisdictions.

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

Grants above £5,000 can be made only after a meeting at which at least two of the trustees are present and at which minutes have been taken proposing the award of a grant and indicating the trustees’ joint agreement thereon.

Grants are to be made after considering the finite level of funding available and how closely the recipient’s objectives are in line with those of the charity. All applications for grants are to be made either in writing or in person to one or more trustees.

Trustees will keep a written record of grants awarded and the considerations undertaken.

Grants could be one-off payments or commitments to ongoing payments. The trustees will ensure an appropriate contract is in place for ongoing grants which will include clawback provisions and instalment payments as relevant.

Grant recipients will primarily be organisations registered with the Charity Commission who can provide evidence of full compliance with the reporting requirements, thereby enabling the trustees to place reliance as to the competence and integrity of the organisation.

In the less likely event that grants will be made overseas, the trustees will in such cases require similar and sufficient evidence of compliance with the local reporting requirements for registered charities in that jurisdiction.

In the rare event that a grant is made to an individual, the trustees will be personally familiar with the situation so as to be reliably sure that the cause is genuine, and will, when relevant, require proof of financial standing and other relevant information.

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Achievements and performance

The results for the year are set out in the Statement of Financial Activities on page 6.

The Trustees collected donations of £125,000 (2024: £14,650), distribution income from investments amounting to £97,500 (2024: £123,396) and share of income from investment property amounting to £6,315 (2024: £4,460).

Surplus income from the investments held by the charity is distributed as charitable donations in the form of grants to fulfil the charitable objects.

During the year, the charity made charitable grants of £191,850 (2024: £137,500).

Financial review

The distribution income received by SMS foundation totalled £97,500 (2024: £123,396) and share of income from investment property totalled £6,315 (2024: £4,460).

SMS Foundation has a healthy financial position, with closing fund balances amounting to £1,617,207 (2024: £1,588,504), of which no funds relate to restricted funds. An amount of £1,404,961 (2024: £1,392,975) within the closing unrestricted fund balance is held as investments in Limited Partnerships and £111,188 (2024: £111,188) is held in investment property. These proportions of the fund can only be realised by disposing of the investments. Any income from the investments is used for charitable purposes.

The principal funding source was donations and legacies.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Investment policy

In accordance with the Trust Deed, the Trustees have the power to invest in such assets as they see fit.

Major risks

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

Subsequent to the year end the charity has continued to make distributions from the surplus funds. The charity will continue to make charitable donations going forward which will be made from the income distributed from the investments held by the charity.

Structure, governance and management

The charity is a company limited by guarantee and is governed by its Memorandum of Association and Articles of Association adopted 17 July 2020 and registered at Charities Commission on 18 September 2020. The Charity was established under its Articles of Association, which established the objects and powers of the Charity. The Charity's reference and administrative details are as set out within these financial statements.

History

SMS Foundation is a registered charity (charity number: 1191346), with the purpose to advance such charitable purposes (according to the law of England and Wales) the Trustees see fit from time to time particularly but not limited to advancing the Jewish religion, advancing Jewish religious education and the alleviation of poverty among the Jewish community throughout the world.

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:

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Mr S S Stimler Mr M Stimler Mrs P L Stimler

Recruitment, appointment and terms of office of Trustees

Trustees are appointed in accordance with the Articles of Association.

The Charity has the power to appoint additional Trustees as it sees fit.

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.

Operations and staffing

The Trustees collectively manage the charity with all executive decisions being made by the Trustees.

Risk management

The Trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The Trustees are satisfied that these systems and procedures mitigate any perceived risks.

Introduction and training of Trustees

All Trustees are now already familiar with the practical work of the charity. Induction procedures are in place for new Trustees, with mechanisms in place to keep all the Trustees abreast of developments in the sector.

Fundraising

The Board of Trustees supports raising funds from the public in relation to the core activities. No professional fundraisers or third party commercial participators are used.

Related parties

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.

During the year, donations received from related parties without conditions amounted to £125,000 (2024: £nil):

The Trustees' report was approved by the Board of Trustees.

Mr S S Stimler Mr M Stimler Trustee Trustee

17 February 2026

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2025

The Trustees, who are also the directors of SMS Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SMS FOUNDATION

I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of SMS Foundation (‘the charitable company’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

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.

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.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

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:

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.

David Finn FCA

RDP Newmans LLP

Lynwood House 373-375 Station Road Harrow Middlesex HA1 2AW

Dated: 18 February 2026

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 3 125,000 14,650
Charitable activities 4 103,815 127,856
Total income 228,815 142,506
Expenditure on:
Raising funds 5 2,841 2,818
Charitable activities 6 191,850 137,500
Other expenditure 10 5,421 4,954
Total expenditure 200,112 145,272
Net income/(expenditure) and movement in funds 28,703 (2,766)
Reconciliation of funds:
Fund balances at 1 August 2024 1,588,504 1,591,270
Fund balances at 31 July 2025 1,617,207 1,588,504

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

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 31 JULY 2025

Notes
Fixed assets
Investment property
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
The funds of the charity
Unrestricted funds		 2025
£
£
111,188
1,404,961
1,516,149
28,850
140,008
168,858
(4,800)
164,058
1,680,207
(63,000)
1,617,207
1,617,207
1,617,207		 2024
£
£
111,188
1,392,975
1,504,163
9,258
142,883
152,141
(4,800)
147,341
1,651,504
(63,000)
1,588,504
1,588,504
1,588,504

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 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 17 February 2026

Mr S S Stimler Trustee

Mr M Stimler Trustee

Company registration number 12750793 (England and Wales)

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies

Charity information

SMS Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Honeypot House, 56a Crewys Road, London, NW2 2AD. The Charity is registered at Charities Commission with registration number 1191346.

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 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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The 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 investments 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.

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.

Distribution income is recognised on a receivable basis.

1.5 Expenditure

Costs of generating funds are those costs incurred in attracting and administering voluntary income.

Expenditure on charitable activities include both direct costs and those costs incurred in support of the charitable expenditure and have been allocated to the sole charitable activity.

Other expenditure includes the costs of any legal advice to the trustees on governance or constitutional matters, external accountancy and audit costs.

The charity is not registered for VAT so all expenses shown in the Statement Of Financial Activities and notes to the accounts are shown gross (i.e. inclusive of VAT).

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies

(Continued)

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.

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.

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.

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.

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

1 Accounting policies

(Continued)

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.

In the view of the Trustees, there are no significant accounting estimates and judgements applied.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 125,000 14,650
Income from charitable activities
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Investments
Investments Limited Partnerships - Distributions 97,500 123,396
Investment Property - Share of profits 6,315 4,460
103,815 127,856

4 Income from charitable activities

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

5 Raising funds

6
7		 Unrestricted Unrestricted
funds
funds
2025
2024
£
£
Fundraising and publicity
Other fundraising costs - bank charges
2,841
2,818
2,841
2,818
Charitable activities
Grants to
instituitions
Grants to
instituitions
2025
2024
£
£
Grant funding of activities (see note 7)
191,850
137,500
Grants payable
Grants to
instituitions
Grants to
instituitions
2025
2024
£
£
Grants to institutions:
Grants to various other institutions (£4,999 or less)
70,350
40,200
Grants to various other institutions (£5,000 or more)
121,500
97,300
191,850
137,500

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year, nor were any expenses reimbursed to them.

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

9 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.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

The Trustees of the Charity are considered to be key management personnel. Total remuneration in respect of these individuals was £nil (2024: £nil)

10 Other

**Unrestricted ** Unrestricted
funds funds
2025 2024
Legal and professional fees 621 154
Accountancy fees 4,800 4,800
5,421 4,954

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Investment property

Investment property
2025
£
Fair value
At 1 August 2024 and 31 July 2025 111,188

SMS Foundation is a 5% beneficiary of an investment property that is held in Trust.

The trustees having suitable market knowledge considered the above valuation to be a fair reflection of the investment property at 31 July 2025.

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

13 Fixed asset investments

Unlisted
investments
Other
investments
£
Cost or valuation
At 1 August 2024
315
1,392,660
Additions
-
32,000
Repayments
-
(20,013)
At 31 July 2025
315
1,404,647
Carrying amount
At 31 July 2025
315
1,404,647
At 31 July 2024
315
1,392,660
2025
Investments at fair value comprise:
£
Investments in Limited Partnerships
1,424,660
14
Debtors
2025
Amounts falling due within one year:
£
Other debtors
-
Prepayments and accrued income
28,850
28,850
15
Loans and overdrafts
2025
£
Bank loans
63,000
Payable after one year
63,000		 Total
£
1,392,975
32,000
(20,013)
1,404,962
1,404,962
1,392,975
2024
£
1,392,660
2024
£
7,200
2,058
9,258
2024
£
63,000
63,000

The long-term loans are secured by fixed and floating charges held over the investment property.

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

16 Creditors: amounts falling due within one year
2025 2024
£ £
Accruals and deferred income 4,800 4,800
17 Creditors: amounts falling due after more than one year
2025 2024
Notes £ £
Bank loans 15 63,000 63,000
18 Unrestricted funds
At 1 August Incoming Resources At 31 July
2024 resources expended 2025
£ £ £ £
General funds 1,588,504 228,815 (200,112) 1,617,207
Previous year: At 1 August Incoming Resources At 31 July
2023 resources expended 2024
£ £ £ £
General funds 1,591,270 142,506 (145,272) 1,588,504
19 Analysis of net assets between funds
Unrestricted
funds
2025
£
At 31 July 2025:
Investment properties 111,188
Investments 1,404,961
Current assets/(liabilities) 164,058
Long term liabilities (63,000)
1,617,207

SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

19 Analysis of net assets between funds (Continued)
Unrestricted
funds
2024
£
At 31 July 2024:
Investment properties 111,188
Investments 1,392,975
Current assets/(liabilities) 147,341
Long term liabilities (63,000)
1,588,504

20 Related party transactions

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.

During the year, donations received from related parties without conditions amounted to £125,000 (2024: £nil):

21 Limited by guarantee

The liability of members is limited to a sum not exceeding £1, being the amount that each member undertakes to contribute to the assets of the charity in the event of its being wound up while he, she or it is a member or within one year after he, she or it ceases to be a member, for;

(1) payment of the charity’s debts and liabilities incurred before he, she or it ceases to be a member;

(2) payment of the costs, charges and expenses of winding up; and