Charity Registration No. 230825 **THE HESHAIM OR THEOLOGICAL COLLEGE INCLUDING THE MAHANE RAPHAEL 1734** **TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025** ## **THE HESHAIM OR THEOLOGICAL COLLEGE INCLUDING THE MAHANE RAPHAEL 1734** |Information
Trustees report
Statement of financial activities
Balance sheet
Notes to the accounts|**CONTENTS**
**Page**
1
2-4
5
6
7-8| |---|---| ## **THE HESHAIM OR THEOLOGICAL COLLEGE INCLUDING THE MAHANE RAPHAEL 1734** ## **INFORMATION** Board of Trustees Professor J Schonfield L Kilshaw I Levy R Sabah L R Nahon F Martin S Tobelem Professor J Cohen J Zelouf Ex-Officio members Ministers of the Congregation Charity information Charity Registration Number 230825 Registration date 10 June 1965 (Established 1664) Principal address 2 Ashworth Road London W9 1JY Bankers NatWest Bank City of London Office P O Box 12258 1 Princes Street London EC2R 8PA 1 ## **THE HESHAIM OR THEOLOGICAL COLLEGE INCLUDING THE MAHANE RAPHAEL 1734** ## **Independent examiner's report to the Trustees** ## **Independent examiner's report to the Trustees of The Heshaim or Theological College including The Mahane Raphael 1734** I report to the Trustees on my examination of the accounts of The Heshaim or Theological College including The Mahane Raphael 1734 ("the Trust") for the year ended 31 October 2025. ## **Responsibilities and basis of report** As the Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Jonathan Levy FCCA Netofa Limited 17 Kings Drive, Edgware HA8 8ED > Date: **28/07/2026** ## **THE HESHAIM OR THEOLOGICAL COLLEGE INCLUDING THE MAHANE RAPHAEL 1734** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2025** |**Incoming resources**
**From charitable activities**
Income from charitable activities
**From generated funds**
Investment income
Total incoming resources
**Resources expended**
**Cost of charitable activities**
Production of religious books
Total resources expended
**Other recognised gains and losses**
Gains on investment assets
**Net movement in funds for financial year**
**Fund balances brought forward**
**at 1 November 2024**
Net movement in funds for financial year
**Fund balances carried forward**
**at 31 October 2025**|**Notes**|**2025**
**2024**
**£**
**£**
12,398
6,450
2,122
5,850|**2024**| |---|---|---|---| ||2
3
4
8||| |||14,520
12,300|| |||38,450
24,592|| |||38,450
24,592|| |||(23,931)
(12,292)|| |||23,211
9,498|| |||(720)
(2,794)|| |||229,327
232,121|| |||(720)
(2,794)|| |||228,607
229,327|| Page 6 ## **THE HESHAIM OR THEOLOGICAL COLLEGE INCLUDING THE MAHANE RAPHAEL 1734** ## **BALANCE SHEET AS AT 31 OCTOBER 2025** |**FIXED ASSETS**
Investments
**CURRENT ASSETS**
Debtors
Cash at bank
**CREDITORS:**Amount falling
due within one year
**NET CURRENT ASSETS**
**NET ASSETS**
Representing:
Total funds|**Note**
5
6
7
8|**2025**
**2024**
**£**
**£**
178,779
155,568
8,668
12,058
41,159
61,700|**2024**| |---|---|---|---| |||49,827
73,758
-
-|| |||49,827
73,758|| ||||| |||228,607
229,327|| |||228,607
229,327|| Approved by the Trustees on ………………………………………... and signed on their behalf by: **27 July 2026** ## **I Levy** …………………………………………………. Trustee …………………………………………………. Trustee Page 7 ## **THE HESHAIM OR THEOLOGICAL COLLEGE INCLUDING THE MAHANE RAPHAEL 1734** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025** ## **1. Accounting policies** ## **Accounting convention** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 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 2015), and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## _**Incoming resources**_ ## **Income from charitable activities** Income is generated from the sale of prayer books and other publications for the advancement of education and religion. ## **Investment income** Investment income has been included to the extent that it arises on the fixed asset investments held during the year. ## _**Resources expended**_ ## **Charitable expenditure** Charitable expenditure comprises all expenditure directly relating to the objectives of the charity. ## **Governance costs** Governance costs include audit costs and legal advice for the trustees and those associated with constitutional and statutory requirements. ## **Support costs** Support costs include secretarial fees paid to the Spanish & Portuguese Jews' Congregation for the management and administration of the charity and have been allocated to the charitable activity to which they relate. ## **Payment to Trustees** The Trustees do not receive any remuneration or any reimbursement of expenses. There were no employees during the year. ## **Investments** Investments are held in the name of the Spanish and Portuguese Jews' Synagogue Common Investment Fund (also known as The London Sephardi Trust Investment Pool) as custodian trustee and are included in the accounts at valuation at the Balance sheet date. |**2.**
**Income from charitable activities**
Sale of prayer books
Sale of miscellaneous publications|**2025**
**2024**
**£**
**£**| |---|---| ||12,398
6,450
-
-| ||12,398
6,450| Page 8 ## **THE HESHAIM OR THEOLOGICAL COLLEGE INCLUDING THE MAHANE RAPHAEL 1734** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025** |**3. Investment income**
Income from investment assets
Donations
Bank interest
**4.**
**Resources expended**
**Costs of charitable activities**
Production of publications
Music archives, Inquistion list and other costs
Grants given out
Storage costs
Support costs
**5. Investments**
**Share of Spanish and Portuguese Jews' Synagogue**
**Common Investment Fund valuation**
At 1 November 2024
Capital withdrawal
Increase/(decrease) in value of investments
At 31 October 2025
**6.**
**Debtors**
Common Investment Fund
Accounts receivables
Accrued Income
**7.**
**Creditors: amounts falling due**
**within one year**
Trade Creditors
Sundry creditors and accruals
**8.**
**Accumulated Funds**
at 1 November 2024
Net outgoing resources for the year
Increase/(decrease) in value of investments
at 31 October 2025|**2025**
**2024**
**£**
**£**| |---|---| ||1,327
5,850
795
-
-
-| ||2,122
5,850| ||**2025**
**2024**
**£**
**£**| ||19,208
10,189
3,000
2,910
4,038
3,978
12,205
7,515| ||38,450
24,592| ||**2025**
**2024**
**£**
**£**| ||155,568
191,070
-
(45,000)
23,211
9,498| ||178,779
155,568| ||**2025**
**2024**
**£**
**£**| ||-
1,877
2,530
10,181
6,138
-| ||8,668
12,058| ||**2025**
**2024**
**£**
**£**| ||-
-
-
-| ||-
-| ||**2025**
**2024**
**£**
**£**| ||229,327
232,121
(23,931)
(12,292)
23,211
9,498| ||228,607
229,327| Page 9