Sokv Co. Limlted REPORT AND FINANCIAL STATEMENIS REGISTERED COWANY NUMBER: (MJ923876 REGlStERED CHARITY NUMBER: 254623 FOR THE YEAR ENDED 318t MARCH 2024 Sokv iimlted CONTEKKS Truslees, Annu31 Report Ind¢pend¢ntAuditoes R¢port Statrment of Adivi¢i Balance Sh¢¢t 10-14 Note5 10 the Fin•ncl￿ Ststem¢nts TRusfEES' ANNUAL REPORT FOR THE YEAR ENDED 31st P*lARCH 2024 R¢ferMce •nd InforDut¥Jo TTUSte¢s MrRTa Mr Sl Taw (rt8igned (17min025) MrJP Tager (r¢si8ned 17101r2025) Mr MJ Blske18wxJintyl I511￿024) Mr PM {8Nx)u￿4I 15112n024) rJM3876 awity r¢8ist#ed numl*r Rwtued offlce BridpJ*R(thd Nl8 ISY Inde￿id¢n1 Auditor ml￿ Kinsstm Smith LLP 9 Apwsld Sirctt EQA 2AP Solev C& Limited TRusfEES?ANNUALREPORT FOR THK YEAR ENDED 31sf MARCH 2024 financial Stat¢rnet￿ wyd ind¢￿th ¥￿11t￿5 re[￿ ofthe dwithbk Compny ftir the year ended 31 March 2024 ObJectIV￿ Alld Objects The company was estsblished to fiJrthe* th￿¢ trn brAh in the Unitul KiD8kn and abro*i which #r¢ re¢¢)gnised os ¢harithble by FJLglish law. The charity rec¢ives incom¢ frorn its inv¢5kn¢nts and from associ8*d undertskin85, including 8hft aided donations which it thilis¢s in the provisi1￿ of dOtiati￿s to oth¢r tharities and no chwwe is ￿VIsIB￿l in th¢ imnKdi8te firtu Pmblk b¢neJll Th¢ tn]ste¢s confwm that thry h•v¢ c(Knplied with the requirements of 5edion 17 of th¢ ClwitiesAd 2011 have due rewd to the publi¢ b￿¢fil Suida￿e publisiK41 by th¢ awtty Commission for England and Wthl¢J. Tr￿￿te￿ •od ollke The trus￿ gnd offi¢en serving duriti8tho yearand sin(* the yw ¢ttd wu¢ u foll Th18te¢s: MT R Tag Mr SJ Ta8er Mr JP Ta8er MJ Bloke Mr PM Krem S¢cretsry'. Mr CM Fromm N4fyre of80￿rnIn1 dK¥ffj•rAI Th¢ ¢ompw's governing docum¢rt is its 8ryJArticl¢s ofAs9)ci￿l0n. Objeed￿ The ¢hJrity's activities exw)s¢ it to i numbw of finan¢ial risks irtluding agjit risK wh flow ti5k and liquidity risk. The use of finan¢i81 deriV￿1Ve$ hs govern￿ by thc tharity's ￿)liCI¢S wTOv￿ by the boArd of trugt¢e which provide written pri￿lPleS on thc of finwnciji deriWiV¢S ty m•na8e these risks. The tharity does Dot us¢ deriY&liYe fll)8￿1)I 1Th￿[Dents for speculalive The charity's adivities exp)s¢ it primars]y ￿ the fmwKiai risks of interest rat￿ Interest be8rin8 ass¢ts 8nd li&bilities are held at fixed ratr to L￿th1nty of flows. Pag& 2 Solev Cth L4mited TRUSTEES* ANNUAL REPORT FOR ThEYEAR ENDED 315f MARCH 2fQ4 cr*d￿ rtsk Th¢ charity's principal fin￿¢181￿￿ts arc bank b818DCW *)d Lth trade •nd othu Te¢¢ivtibles. The charity's ¢redit risk is PThm3Tily attributhble to its trade rKeivable& The wunts 5MY*nt¢d in the balanL* $I￿t are net of allowances for doubtfid receivables. An allowznce for iM￿]M￿nI is made where there is an identified loss ev¢nt Whic￿ bas￿ oth prv4lo￿% is evid¢nc¢ of a Tedudion in the r¢coverAbility of the ¢&sh tlows. The charity no si8nifie4nt of ¢reditrisK with ¢xp)5ure SPTeAd ovtt its bank and relatively nall debtor Llquidity r&sk In order to m&intshn liquidity to ¢￿U(c tha¢ sufficient fuThts are availabl¢ for ongotn8(qmiiorts and future developments, the charity Ug¢S I MIXti￿ of lon8.tum and S￿rt.teThJ dth finance. Further details Y¢gardirt8 liquidity risk ¢an be fwrtd IA the S¢aWn¢nt of accounting wli¢ie5 in th¢ finan¢i81 ststem¢Dts. Flnan¢tsl Rthlew {thel¥dlng reJ¢rKspoUcy) The out5tsnding Pidom Exwt Ltd d¢btor is fully st￿re0 by the guarantee of Fair¢￿¢ Ltd Ltd gnd the108n W8s rep&id in ￿11 by February 2025. The inter¢st paid on that loan 8mountrd ￿ £276.951. There were ch8rithble dona¢ions ￿￿OuntingtO £79,167. There is ¢8sh Wan¢e of £19.761 Ixin8 h¢1& to wver futurt govem&w¢ and other costs w)d the ¢tWbt#bl¢ 8r8nts that tht trustees will be considering in the fvttwe. Thes¢ res¢rv¢5 tog¢th¢r with the inv¢stsn¢nt iDcome and thc full r¢payment by Pidom Export Ltd will be than Suffici￿ ￿ cov¢r fvbjre proposed charitable 8tants. The trustees will be forniu1￿in8 8 comprth¢nsive invesiment policy following the rwtipt of tht full Pidom Exp¢)rt Ltd loprt bg]an¢e. e:3 Solev Co. Limittd FOR THE YEAR ENDED3Ast MARCH 2Q24 Stltemeot 0fTr￿tea, rey1w￿l Illths Th¢ tNstees (who ate also dir￿15 of tharity for th¢ purpcw of eompany law) ar¢ resp)nsible forprtpaTingtheTrust¢es' Report ond the fittaDcial 51at¢ments ln accorda￿t ￿ appli¢abl¢ law aNIUnited Kingdom Accounting Stand¥ds (United Kingdom GeThe]ally A•d AccountingPr¥li¢¢l. Cotnpwny18w f4UiT¢d tr￿tr¢s to preparc fina￿111 ststements f(r wly tlnon¢ial ye4rwhich give atrue 8ThJ fair view of the si&t¢ of the affairs of the ¢lwit8ble compaDy and of the outgoing resour¢e5 and appli¢￿11￿ of resources. including the in¢om¢ and expendittlre, of th¢ charitable eompfiny forthat period. ID pr¢pKi08these financi￿ Swe1￿ the trUSt¢es are reqUI￿d to.. select $uttable ¥eountiDg plici¢s and then appty tkn ¢￿$1￿c￿ty. compty with applicable awjwiting stat)dOTts, it)dudin8 FRS 102. sybje¢t to atty mateTia] depar￿ disclosed and ¢xpl8ined ITh the financial statancn state whether a Statement of Re¢oJllnendd Prartic¢ ISORP) applies attd h8s been follow¢4 subjert w any matrrial departur¢5 wbich are ¢xpl8itied in the sutem¢n ' mAke judgetnents and estim*S that we reoson&bl¢ and pnbdert ' pr¢pwe the f￿DC1￿ •8oin8mKan b•is unl¢ss 1¢ is to presume th¢ th8rity will coniinue in busin¢s5. The tNstee5 8r¢ rts￿)nSIble for keepin8 prow accowiting ￿rdS disclos¢with re•6onable occurw ot any lim¢ the financial position of the charitable company and them to rnsure th81 th¢ fu)8nci81 swem¢nts comply wth the Companies Aci 2006. Th¢y aTe ttsponsibl¢ for s8fegufirding the &qsets of the c￿lt￿le ￿paTry and hence for tsking r¢a$Or￿le steps for th¥ pr¢v¢ntion grtd dd¢dion of frgud and other itte8ularill¢S. Each of the peTSOnS who is * trwiee at the d•Je of wroval of this Y¢F*Xt Conflnm that - $0 far a5 the trustee 1$ 3war< ihere 1$ no rel¢v*rtt audit infornutioD of which th¢ Ly)rop8ny'$ auditor is wiawart; ond - thc trustee has tak¢n ail the steps W5he ou8hl to ￿Ve t8k¢D &8 a dir¢clor in order to mamak¢ himselflheT5elf •war¢ of any T¢levant audit in(iJMj￿1on aDd to ¢sthblish that the awliior is awwe of that inf0m￿tIOn. This Teport has be¢n prepared in with the SP¢CiAI provisions w¢1￿1￿8t0 th￿11 comp&Dies within P8rt 15 of the Componies Ad 2(K)6. Approved by the Trnstets on"........... ond signed on its behalf ty.... Romie Tager, Trustee INDEPENDENf AUDrroR'S REPORT TO THE TRusfEES OF SOLEV CO. LIMrrED FOR TIIE YKAR ENDED Jlst MARCH 2024 Opi#lon Wc hav¢ 8uditrJthe finaKiaJ st8tuNtsts of Solcv Co. Lirnitrd (tr ¢I)mp￿Y'l forthe>r8r 31 Marth 2024 whi¢h cot))pris¢ the Stat¢ma)i of Finan¢ial Activiti*¥ the SumDMry Incomc and EX￿DdIti￿ Ac¢ouDL the Bakncc Sbeet 8Thd notes io the fujoncial 51atcmcnL%. in¢ludirt8 SigDifi(%nt accoth)tingpTrlicie& Ther￿￿￿1￿1 rqthing th&h&% bcul Jppli¢d in theirpreparation is applicllble i&w and Unitsj Kil￿d0M AccouDting StaDd8rd& iDcltyJingFRS 102'lthc bin80¢i81 Stand￿d Appli¢abl¢ th¢ UK and Republk oflye1aT￿. (United KingdomGu• Awed Aco)UDting P￿tIce). In our opinion thc S¢•teM￿.. give 8tyue and fair view of the state of th¢ clmitsbk c•y'S affairs 29 * 31 March 2024. and of its iDtonllng re50U and wlie&tioTh ofre50wc&K the yvr thux cffjded. havE bew ryowly prcpAred in aLtordathce with Unitrd Kiugdom Gcnmity ActtM¢d Acwmlin8 PracticK and B•ils tor oplnloD We ¢ondu¢ted our audi¢ in r*coTdancc with kntrm8thonAI ¢Aandarts 00 Audilin8{UK) (ISAsIUK)) and applicabl¢ 18w. Our responsibilities und¢r those stsndards ￿¢ deKrilKd in the AditLY'S iliiic5 fw the 8udii of the fLn8ncia] ststyllcnts 8e¢tion of our repon. We arc ind¢rthdeJJl of the cban'tsbl¢ COTnpany in a¢£wdgntt with thE ¢thial rtquint)¢nts thal art rei¢vantto our audit of the fthan¢i•l 5thtcments irl th¢ UK in¢lwding th¢ FRC'S FAhic418tsTthrf aThJ have fulfilled our othcr cthi¢41 r¢spoDsibili(ies in aG¢oTdwrt¢c with the5C rtquir¢m¢n& We b¢li¢v¢ tha¢ thc wdit ¢vid¢Dcr *c ha￿ obthined is wtTKient and 8PPTOPri8t¢ to Provide a b￿l$fr￿ ow opini CoA¢lus100s rtlltlni to iokni eoM¢ern In audiiitiB the hawe ¢oKlutsJ th￿the TnJa¢d w of the 8ob)ge4Mwn b￿1$ of ITh the pr¢p¥a¢ionofth¢ rman¢1￿ ts wowi• B•1 on th¢ work we have perfomxd we h8ve ￿1 ideniifi¢d IDY mwcria] Un¢¢rtai￿ reItiting￿ events or condilhons th&L individually OT collcdivety. may cast Si￿lfIe￿I doubt on the ¢huiry'S thility kn contsnuc a going ¢onc¢m fora p￿d of le&%¢ ¢wclve tTh)nths from when the f1tt￿l￿ sye issu Our TeSPOn8ibilhi¢5 alld theres￿IbilitieS ofthe tn￿Ks￿1th going are d¢xriboJ in the relevant s¢ction$ of this rerrt)Jt other Inform*tiom Th¢ other inform￿10￿ COTfor8C5 the inf0rnM￿ in¢ltylrAJ ID theattoy￿ rerrf otherthan the stat¢m¢nts and our audiwr's r¢port thcr¢on. Tr trUSt¢es LT¢ fe5ponsibie forthe oth¢r infonnWiOD. OuropiDion onth¢ fJn*ncial statunctlts do&% not cover the other InfOnT￿1V￿ and. vb¢OPtto th* otherwisc explicitly stht•l in wrTeporL we do no¢ ex￿%95 tyy fonn of t85uran¢e eon¢lusion thereth. The other infvrnwott ¢ompris¢sthe iDformati¢Jn iticludul in the 8Dn￿l rewl oth¢rthaD th¢ futhftcial 3tlltenKnlS our allditor's report thcr¢on. The trus*ts &re rrsFM>Dslh >lc fortht other inforn*iM cotsts1r￿ withiD the annual rcport Our oplnion on tht finan¥ial 5wtrm¢nts doc5 t)otcovcr theothtr infl￿n￿￿on ¢xcO to the rxtthi oth￿15¢ cxplicitty in OUT let￿ w¢ do not XPTess Any form of8s5uran¢¢ cisnClus￿ thuew. Our responsibility is to read the othtr￿¢1¥ed all the infom￿10￿ and explaDaiion$ we ￿￿1￿¢ for our audiE or . the trusteey wer¢ not ¢ntid¢d to prEpre the fitw¢thl sTrternrnts X¢ord8￿C with thE smll ¢OmP￿leS rEgime Jnd tyke advHnta8e of thc small companies ex¢mption ID •D)&th¢ frfffl •itig 8 5ty8tegi¢ rcpoTL RoMpoMiblllfi# ofTh• Truth AsexplaiDed more fvlly in the trwieu. r•l>iJiiies statuwbi St OD p4e4, the tr￿*(whO fjre also th¢ diredors of th¢ charitable Company for the PUTFA)ge5 of comwy law) are Tcstthsibk forth¢ prepiiali¢)n of the fwanciDI s￿￿￿ents 4nd for b¢ing ￿tiSfied that they w've atsue 8nd fair View. attd for such intern￿ cLmtrtsl the tr￿￿¢¢$ detcrniin¢ L4nxc&$￿ to u¥ble prwwation of fiDan¢ig1 that In PTtpwln8th¢ financial statttnett￿ th¢ tr￿￿tES •rewThk foT a$￿the thitsbk company's 4bility to coirtinu¢ 8oing con¢ern, dis¢lo%ing, a5 wli¢abl4 maws related to 8oin8concem •nd thcgoing coaeun bAW of accountstig unies8the trUSte). Audltor'l Tewniibllldm for tht l￿d￿ of th¢ Our objectives ort w ¢Jblain ff&4wbl¢&8wT•tt¢¢ as a wbole &Te fttt from rnwial mi55tatctrtnL whcth¢r due to fraud or error, Jnd to iSgLe auditor's rcwjrtthal irKludes ouropinion. R¢4ymable wuranc¢ 15 a bigh level ofwuran¢e. but is no¢ a 8uar¥nke that aD AudiiLy￿dvthJ iti acc(thce with ISA${UK) will 2Jwoy5 d¢tciX a m8trriaJ misstst¢rr*ni when it exists. Misstat¢ments L*n arise frtyn frnud or t¥1￿ and CO￿ld￿ed if, individu41ty or in 4rnal4 thcyeouid rt4sonably k exp¢¢tcd to int)u¢ncc the ewlomic decisiong of OD th¢ the9e A5 Part of fjn audit in &R YEAR ENDED 31ST MARCH 2024 6 STAFF COSTS 2024 2023 7 DEBTORS 6,153,9)8 6.153.￿8 5.924 671 5,924,671 Other debto 2024 2023 8 CREDITORS Du• wlthits on* y￿r 32,603 14.700 Other creditorn Accnmls 29,940 9 ANALYSIS OF NET Assrts BETWEEN TrVNDS G¢rternl Fund Total FllDd9 2024 21J24 Cumth¢ year. Current Assets D¢btors Cash & Bank 6,153.9)8 19.761 6.153,908 19,761 {29,940) Creditors due within one y {29.940) 6 143 729 6 143 729 Totsl Fund 2023 Total Funds 2023 Prlor ye•r: 5,924.671 46.137 5.924,671 46,137 DebtOT5 C35h & Battk (47.303) (47,303) Cr¢ditors dur within y 5 923.505 5,923505 Total Page: 13 NOTLS TO THE FINANCIAL sfATEMENfs ICONllNUED) FOR IHE YKAR ENDED 31ST MARCH 21124 10 RKLATED PARTY TRANSACTIONS During the ye4r the c￿lty mad¢ the follow [¢l&t￿ prty trans¥ti￿.. Pidom Export Unjited The eomFwny is related tts Pidom F40rt LimityL &¢ompw inT*hi¢h Mr KTagv. Mr SJ Tager and Mr JP Tager r¢ directors in the ¢urrellt 8tMI previous ye4r. Interest is receivcd under the of a Iofin SWI￿1 the cowoantes ata rate of 5%per antsur￿ Th¢ Intert￿ for this year £276.951 (2W23- £307,433). This IrAn is seen by th¢ dire¢tors u 8 way of investmenl or surplus fimds that will b¢ requI￿d fw charitsble proje¢ts in thc fthTe M)t imM￿y. At th¢ balance sh¢et date the arnoum due from PidoniExw¢ Limitrd was £5,7W.038 (2023 - £5.493.087). The whole of the outstsnding anN)unt due on the lom to Pidom Export Limited •nd ￿ by Fairostle tttd, {als0 * rel8ted party by virtue of the saEM ￿mmOn trUStee￿d1rt(￿o￿j has been repaid by Fair￿￿¢ Ltd ￿￿tr its guarant¢e since the balance sheet datr. HAtslocho Llmlted Th¢ Company is relat￿ to HatrIOd￿ Limit¢d *thi¢h ij ty)thlled by the Spo￿}9 of the Tw family trustees of Stslev Co. Ltd. Interest of £147 (2023- £39.635) w dwr8ed to the charity by H&ttlocho Limited in the year. At the balfi￿ she¢t dA¢¢ InMx￿t due to H8tsIO¢￿ Limi*d was £nil (2023. £31603). Th• Brlil•h FrfeTrd$ of B*r•ll*n Unlvenlty Durin8 the year the charity rnth 8rants of £625012023.. £84.700) th British Friends of Bgr Ilan University. Mr R Twr is a tn￿lee of British Friends of Bar Ilan Universiiy. AI TRANSAcfioNS wmi TRusfEFS No TNstees reL%ived r¢muneration durin8 the year orthe wioryear. No eN)ais¢s reimbursed ￿ tsu4tegs in the current or prior yur. 12 COMPANY ￿ATUs The Charity is 8 company limited by 8uarall￿ ¥twJ Iws ￿ shfir¢ ¢apital. In the of the ¢htirity ￿1￿$ wound up. the l￿bilIty In resp￿1 ofthc suarA[tt￿ ia limit•d to £1 w rt￿mbtt of the clwity. 13 CONTINGETrrt LIABILTTY There is an ongoing HMRC enquiry into th¢ ¢hrity'stsX affahrn As th¢et¥4Uiry is 0￿01ft8 the find otstcome is unc¢rtain 8nd ai this stsge 8ny #dditiotial liabiliti4 ￿l¢b could I￿11￿c pNHIti¢s. are ￿t n￿urable. P￿. 14