**COMPANY REGISTRATION NUMBER: 12437048 CHARITY REGISTRATION NUMBER: 1191919**
## **The Sympathetic Trust Company Limited by Guarantee Unaudited Financial Statements**
## **28 February 2025**
## **HAFFNER HOFF LTD**
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Financial Statements**
## **Year ended 28 February 2025**
||**Page**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1**|
|Independent examiner's report to the trustees|**5**|
|Statement of financial activities (including income and||
|expenditure account)|**7**|
|Statement of financial position|**8**|
|Statement of cash flows|**9**|
|Notes to the financial statements|**10**|
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)**
## **Year ended 28 February 2025**
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 28 February 2025.
## **Reference and administrative details**
**Registered charity name** The Sympathetic Trust **Charity registration number** 1191919 **Company registration number** 12437048 **Principal office and registered** 53 Waterpark Road **office** Salford Greater Manchester M7 4JL **The Trustees** Mr D Neuwirth Mr B Hassan Mr B Stone (Resigned 24 June 2025) R T Halpern (Appointed 24 June 2025) **Independent examiner** Mr Howard Schwalbe ACA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
**- 1 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 28 February 2025**
## **Structure, governance and management**
The Sympathetic Trust is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 03 Feb 2020 as a company and the company number is 12437048. It was registered as a charity on 20 October 2020 with a charity number 1191919.
There is no chief executive officer. The day to day affairs are undertaken by Mr D Neuwirth on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts.
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
Training and induction of trustees is applied as applicable.
**- 2 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 28 February 2025**
## **Objectives and activities**
The objects 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 organizations 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 organizations working to prevent or relieve poverty or financial hardship; To advance the Orthodox Jewish religion worldwide for the benefit of the public in accordance with the principles of the Code of Jewish Law (Shulchan Aruch); To promote and protect the physical and mental health of sufferers of any medical conditions around the world
## **Public benefit**
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
## **Grant making policy**
The charity is funded by donations. The charity pays out grants in line with the above objects.
There were no grants paid to individuals during the year.
The charity has established its grant making policy to achieve its objects for the public benefit. The charity invites applications for funding to contribute towards projects that the trustees feel are appropriate for the charities objects.
The application of the funds by way of grants is to either institutions or individuals and is almost always to institutions.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
**- 3 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 28 February 2025**
## **Achievements and performance**
During the year the charity received donations of £876,500 (2024: £1,015,900).
The charity paid out £882,748 (2023: £1,014,529) by way of charitable grants and support costs. These grants were made in line with the stated objects of the charity and are for educational, relief of poverty or communal purposes.
The charity incurred governance costs comprising professional fees.
Most office costs are borne by a local benefactor and the trustees wish to record their appreciation to the benefactor for the free use of their offices.
There were no material fundraising costs during the year.
There was net expenditure and net movement in funds for the year amounting to £(6,248). This compares with net income and net movement in funds for 2024 of £1,371.
## **Financial review**
The trustees feel the year was a good one in terms of grants made by the charity. The trustees are delighted to have made a contribution to the local community and hope to be able to do so for many years to come.
## **Reserves policy**
The unrestricted fund represents the unrestricted funds arising from past operating results.
In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve roughly equal to the net current assets of the charity.
The trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
The free reserves, represented by the net current assets of the charity, stand at £6,104 (2024: £12,352), all of which are unrestricted.
The trustees' annual report was approved on 17 November 2025 and signed on behalf of the board of trustees by:
Mr D Neuwirth Trustee
**- 4 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Independent Examiner's Report to the Trustees of The Sympathetic Trust**
## **Year ended 28 February 2025**
I report to the trustees on my examination of the financial statements of The Sympathetic Trust ('the charity') for the year ended 28 February 2025.
## **Responsibilities and basis of report**
As the trustees of the company (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 accounts of the company 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 accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 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 matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
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
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).
**- 5 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
**Independent Examiner's Report to the Trustees of The Sympathetic Trust** _**(continued)**_
## **Year ended 28 February 2025**
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.
Mr Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
17 November 2025
**- 6 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Statement of Financial Activities (including income and expenditure account)**
## **Year ended 28 February 2025**
|||**2025**|**2025**|2024|
|---|---|---|---|---|
|||Unrestricted|||
|||funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Donations and legacies|**5**|876,500|876,500|1,015,900|
|||--------------------------------|--------------------------------|-----------------------------------------|
|**Total income**||876,500|876,500|1,015,900|
|||================================|================================|=========================================|
|**Expenditure**|||||
|Expenditure on charitable activities|**6,7**|882,748|882,748|1,014,529|
|||--------------------------------|--------------------------------|-----------------------------------------|
|**Total expenditure**||882,748|882,748|1,014,529|
|||================================|================================|=========================================|
|||--------------------------------|--------------------------------|-----------------------------------------|
|**Net (expenditure)/income and net movement in funds**||(6,248)|(6,248)|1,371|
|||================================|================================|=========================================|
|**Reconciliation of funds**|||||
|Total funds brought forward||12,352|12,352|10,981|
|||--------------------------------|--------------------------------|-----------------------------------------|
|**Total funds carried forward**||6,104|6,104|12,352|
|||================================|================================|=========================================|
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 10 to 15 form part of these financial statements.**
**- 7 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Statement of Financial Position**
## **28 February 2025**
|||**2025**|2024|
|---|---|---|---|
||**Note**|**£**|£|
|**Current assets**||||
|Cash at bank and in hand||8,204|18,352|
|**Creditors: amounts falling due within one year**|**14**|2,100|6,000|
|||-----------------------|----------------------------|
|**Net current assets**||6,104|12,352|
|||-----------------------|----------------------------|
|**Total assets less current liabilities**||6,104|12,352|
|||-----------------------|----------------------------|
|**Net assets**||6,104|12,352|
|||=======================|============================|
|**Funds of the charity**||||
|Unrestricted funds||6,104|12,352|
|||-----------------------|----------------------------|
|**Total charity funds**|**15**|6,104
=======================|12,352
============================|
For the year ending 28 February 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 17 November 2025, and are signed on behalf of the board by:
Mr D Neuwirth Trustee
**The notes on pages 10 to 15 form part of these financial statements.**
**- 8 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Statement of Cash Flows**
## **Year ended 28 February 2025**
||**2025**|2024|
|---|---|---|
||**£**|£|
|**Cash flows from operating activities**|||
|Net (expenditure)/income|(6,248)|1,371|
|_Adjustments for:_|||
|Accrued (income)/expenses|(3,900)|5,000|
||----------------------------|-----------------------|
|Cash generated from operations|(10,148)|6,371|
||----------------------------|-----------------------|
|Net cash (used in)/from operating activities|(10,148)|6,371|
||============================|=======================|
|**Net (decrease)/increase in cash and cash equivalents**|(10,148)|6,371|
|**Cash and cash equivalents at beginning of year**|18,352|11,981|
||----------------------------|----------------------------|
|**Cash and cash equivalents at end of year**|8,204|18,352|
||============================|============================|
**The notes on pages 10 to 15 form part of these financial statements.**
**- 9 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements**
## **Year ended 28 February 2025**
## **1. General information**
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 53 Waterpark Road, Salford, Greater Manchester, M7 4JL.
## **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 Companies Act 2006.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis.
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 did not require management to make judgements, estimates or assumptions that affect the amounts reported.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
## **Incoming resources**
All income is 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.
**- 10 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 28 February 2025**
## **3. Accounting policies** _**(continued)**_
## **Incoming resources** _**(continued)**_
- income from donated goods is measured at the fair value of the goods unless this is impracticle 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 reliabily measured. No amounts are included for the contribution of general volunteers.
## **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, noncharitable 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.
## **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.
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.
**- 11 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 28 February 2025**
## **3. Accounting policies** _**(continued)**_
## **Financial instruments** _**(continued)**_
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. Limited by guarantee**
The Sympathetic Trust is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.
## **5. Donations and legacies**
||Unrestricted|**Total Funds**|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|---|
||Funds||**2025**|Funds|2024|
||£||**£**|£|£|
|**Donations**||||||
|Donations|876,500||876,500|1,015,900|1,015,900|
||================================||================================|=========================================|=========================================|
## **6. Expenditure on charitable activities by fund type**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2025**|Funds|2024|
||£|**£**|£|£|
|Charitable grants|878,084|878,084|1,006,130|1,006,130|
|Support costs|4,664|4,664|8,399|8,399|
||--------------------------------|--------------------------------|-----------------------------------------|-----------------------------------------|
||882,748|882,748|1,014,529|1,014,529|
||================================|================================|=========================================|=========================================|
**- 12 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 28 February 2025**
## **7. Expenditure on charitable activities by activity type**
||Grant funding|Support|**Total funds**|Total fund|
|---|---|---|---|---|
||of activities|costs|**2025**|2024|
||£|£|**£**|£|
|Charitable grants|878,084|2,564|880,648|1,008,529|
|Governance costs|–|2,100|2,100|6,000|
||--------------------------------|-----------------------|--------------------------------|-----------------------------------------|
||878,084|4,664|882,748|1,014,529|
||================================|=======================|================================|=========================================|
## **8. Analysis of support costs**
|||Analysis of|||
|---|---|---|---|---|
|||support costs|**Total 2025**|Total 2024|
|||£|**£**|£|
||General office|2,564|2,564|2,399|
||Governance costs|2,100|2,100|6,000|
|||-----------------------|-----------------------|-----------------------|
|||4,664|4,664|8,399|
|||=======================|=======================|=======================|
|**9.**|**Analysis of grants**||||
||||**2025**|2024|
||||**£**|£|
||**Grants to institutions**||||
||Congregation Chasdei Ezrial Yehuda||–|150,338|
||Congregation Imrei Chaim Viznitz||15,975|40,049|
||Congregation Khal Yeriem||20,850|40,000|
||Congregation Mosdos Toldos Aharon||–|47,786|
||Congregation Ohel Torah||32,159|12,224|
||Congregation Ohev Yisroel of Apta||33,311|–|
||Congregation Sharei Yeshives||–|40,579|
||Congregation Shefa Chaim Sanz Lakewood||–|41,130|
||Congregation Shomlou||359,661|277,330|
||Congregation Zichron Shlomo||20,195|–|
||Jeschiwah Etz Chaim||56,519|48,615|
||Kollel Emes Vemuna||21,928|25,347|
||Magen Avrohom Foundation||44,312|59,821|
||Marbeh Tzedaka||–|56,238|
||Satmar Cheider VZW||48,975|19,482|
||Simchas Hachaim||40,732|–|
||Toras Chaim||27,198|15,000|
||Grants Under £20,000||156,269|132,190|
||||--------------------------------|-----------------------------------------|
||||878,084|1,006,129|
||||--------------------------------|-----------------------------------------|
||Total grants||878,084|1,006,129|
||||================================|=========================================|
**- 13 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 28 February 2025**
## **10. Auditors remuneration**
|||**2025**|2024|
|---|---|---|---|
|||**£**|£|
||Fees payable for the audit of the financial statements|–|6,000|
|||==============|=======================|
|**11.**|**Independent examination fees**|||
|||**2025**|2024|
|||**£**|£|
||Fees payable to the independent examiner for:|||
||Independent examination of the financial statements|2,100|–|
|||=======================|==============|
## **12. Staff costs**
The average head count of employees during the year was Nil (2024: Nil).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
## **13. Trustee remuneration and expenses**
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees nor were any expenses reimbursed to the trustees.
## **14. Creditors: amounts falling due within one year**
||**2025**|2024|
|---|---|---|
||**£**|£|
|Accruals and deferred income|2,100|6,000|
||=======================|=======================|
## **15. Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**||||||
|---|---|---|---|---|---|
|||At|||**At**|
||1|March 202|||**28 February**|
|||4|Income|Expenditure|**2025**|
|||£|£|£|£|
|General funds||12,352|876,500|(882,748)|6,104|
|||============================|================================|================================|=======================|
|||At|||At|
||1|March 202|||29 February|
|||3|Income|Expenditure|2024|
|||£|£|£|£|
|General funds||10,981|1,015,900|(1,014,529)|12,352|
|||============================|=========================================|=========================================|============================|
**- 14 -**
## **The Sympathetic Trust**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 28 February 2025**
## **16. Analysis of net assets between funds**
||Unrestricted|**Total Funds**|
|---|---|---|
||Funds|**2025**|
||£|**£**|
|Current assets|8,204|8,204|
|Creditors less than 1 year|(2,100)|(2,100)|
||-----------------------|-----------------------|
|**Net assets**|6,104|6,104|
||=======================|=======================|
||Unrestricted|Total Funds|
||Funds|2024|
||£|£|
|Current assets|18,352|18,352|
|Creditors less than 1 year|(6,000)|(6,000)|
||----------------------------|----------------------------|
|**Net assets**|12,352|12,352|
||============================|============================|
## **17. Analysis of changes in net debt**
|||At||**At**|
|---|---|---|---|---|
||1|Mar 2024|Cash flows|**28 Feb 2025**|
|||£|£|**£**|
|Cash at bank and in hand||18,352
============================|(10,148)
============================|8,204
=======================|
## **18. Related parties**
During the year the charity received £616,500 from related parties.
## **19. Taxation**
The Sympathetic Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
**- 15 -**