MAYFAIRCHARITIES LIMITED
Company No: 927985
CONSOLIDATED
Fif4Af4CIAL STATF.MENTS
for the year end￿1
31 MARCH 2024
COHEN ARNOLD
CHARTERED ACCOUNTANTS
& STATtTroRY AUDITOR
LONDON NWI I OPU

MAYFAIR CHARITIES LIMITED
TRUSTEES
Mr B S E Freshwater (cl￿]￿nan)
Mr D Davis
Mr S l F￿ShWa1er
Mr R Fischer
SECRETARIES
Mr J S Sothgate
MrMDEBale
REGISTERED OFFICE
Fr¢shwater House
158- 162 Shallesbwy Avenue
LONDON WaH 8HR
AUDITORS
Cohen Ar[￿Id
New Burlington House
1075 FiKhley R(Hd
LONDON NWI I OPU
PIUNCIPAL BANKERS
Lloyds J5B
COMPANY NUMBER
927985
REGigfERED CHAIUTY NUMBER
255281

MA YFAIR CHARITIES LtMrrED
INDEX TOTHE FINANCIAL STATEMENrs
FO
THE YEAR ENDED 31 MARCH 2024
AudiliXS' Report
10
CoA801idated Statement of FinatKial Adivities
Cortsolidated Balan¢¢ Sheet
12
Charity Balance Sh￿l
13
Consolidated Statemert of Cash Flo￿￿
14-32
Notes to the FinaTKial Statements

MAYFAIR CHARITIES LIMITED
LIMITED BI. GUARAiYTEE
TRUSTEES, REPORT
The Gov¢rnoT3. hereafterrefC￿d tt> as TNstees,who are a]so direciots forthe purposes of comFaDy law, havepk&su
in presenting their Annual Report together with the Consolidated Financial Statements of the Company for the year
ended 31 March 2024.
REFERENCE AND ADMINISTRATIVE DETAILS OFTHE CHARITY, ITS TRUSTEES AND ADVISORS
The official name of the Charity is Mayfairctwtties Limite(L a ComrAny limited by guarlntre.
Its company registration number is 927985 and its registered charity number is 255281.
The registered address of the Cbartty is:
Freshwa￿ House
158- 162 Shaftesbury Avenue
LONDON WC2H 8HR
The Trnstees of the Chatity who served during the yearand who ore stiu in office ￿e.
Mr B S E Freshwater(Chairnian)
Mr D Davis
Mr S I FK8hwater
Mr R Fischer
STRUCtURE, GOVERNANCE AND MANACEMENT
The day to day affaiT5 of th¢ Charity are administered by an Exe¢u¢ive Committee. the ChaintsT] of which i5 Mr BSE
Freshwater.
All Thstees give d*ir time Yolunthrily and no I￿efits ¢J exF¢nses were paid to them during the y￿.
New TTU5t¢es are appointed tased on personal compelence, specialist skill& avai]ability and knowledge of and ci)ntact
with insti￿tionS wofessing and teaching the principles of traditional Judaism and the advancement of Yeligion i
accordance with the Jewish faith. New Tn￿te¢S are inducted into the wot*ings of the Ch￿lty byihe existing TNstees.
As the Charity is a co￿panY limited by guarantee, its governing d￿Uments are its meMorn￿llM and Articles of
Association.
Group Stru¢¢ur¢ and Relationship5
The Charity has the following wholty owned non-charitrble q)erating subsidiaries:_
Fjrshwater Pr(yety Management Limited, a proIty management company
HaYsgr￿s P￿ety Co. Limited a property investtnent company
MetrowTrlitsn Properties Co. (Overseas) Limited, a holding Company whKh owns subsidiaries inCOTwrated
in the USA.
Certain ofth¢ Trustees of this Charity are also directors of the th>ve companie&
Re]*ted Pttrty Transactions
Details of transactions with Related Parties, are di￿￿}$ed in Notes 10. 11, 12, 18 and21 to the Financial Ststem¢nts.

MAYFAIRCHARITIKS LIMITED
LIMITED BY GUARANTEE
TRUSTEES, REPORT
OBJEcrtVES AND AcfIviTIES
The Charity w85 e5tAblithed to SUPFQrt the activities of r¢ligious Jewish orgamisations reco￿)1$ed as Ch￿itable by
English Law both in the Untted Kingdom and abroad, especially tIM)se in the field of education and relief of poverty.
The Trustees regUl￿ty wpport a significant nulnber of instiwtions and organisation5 both in the United Kingdom and
abroad which meet the Clwity's Criteria
The Charity is 4180 Sup￿7ve of ¢)rgani5ations which are 501ely committedtothe relief of pov¢rty. Such orgdnisations
assist n￿dY Jewish families thr￿h both ftt)ancial and non-fin8ncial grdnts and distributions.
The Charity receives income from its invesbnent proFtrtie& cash deFrf)$its, fixed a￿￿￿ listed investtnent5 and subsidiary
and assoGiated undertakings which it utilises in the provisicffi a]d dlstnl)Uti￿ of grants, donation5 and loans to
gani5ations t[￿1 fall withsn the objectivcs of the Charity.
The Trustees ¢¢)nf￿1￿ thatthey have reftrred ￿ the guidance contained in the Charity Commission's generdl guidance
on publi¢ benefit when reviewllig the Charity's aim5 and objectives aT￿ in platjning a¢tivities and setting the
8rant making rATrlicy lor the year.
TRUSTEES, RESPONSIBILITIES
The TNstees are responsible for pryTing the Truskes, Annual lie￿and the r￿cIal statements in accordancewith
applicable law and regulatii)ns.
Company law requires the Tn]sttts ￿ prepare f￿an¢11] statements for each financ￿[ year. Under that law the Tvjstees
have electrd to prepare the financial statements in accordance with Unitrd Kingdom Generdlty Accepted ACCo￿l￿g
Praciice (United Kingdom Accounting Strndatdg and applicable law). Under company law the Trusiees must not
approve the financial ststements ￿1¢55 they are satisfied that they give a twe and fair view of the state of affairs of the
Group and Charity and the incorne and expendittwe of the Group for that p¢riod.
In preparing th¢s¢ f￿￿]Cial statements, the governor5 (trustees) are wuir¢dto.'
select suitable ac¢ountmg wilicies and then apply them wjsistenily:
observe the Jnethods and wincipl¢s in the Charitie5 SORP;
make judgements and accounting estimates that are reasonable and prudent: and
preparethe finan¢ial statements on the goingconcem basi5 unless it is inapprowiateto presume thatthe Charity
will continue in operation.
The Tn￿tee5 are ￿s￿nSIble for keeping adequate a¢￿]nt[Thg records that arc sufficient to show explain the
Chartty's transactiorts and disclosewith reL%onable accuracy at any time the fll)ancial position of the Charity and enable
them to ensure that the financial staternents compty with the Compgmies Act 2(M)6. They are also responsible f
safeguarding the &ssets of the Charity and hence for tsking reasonable steps for the prevention and d￿￿tIOn of fraud
and crther iTregu12rities.
AUDITORS
The awjitors, Coh¢n Amoll are willing to continue in offKe and a resolution re-aNx)inting them in accordance with
Section 485 of th¢ Companies Act 2006 and authorising the board to fix their remunerati(xt will be proposed at th¢
Annual Genernl Meetin&
Each of the pers￿￿$ who is a TTUSte¢ at the date of approva] of this report confimis that..
so faras e￿￿ Tnthe isawarq there 15 no relevantaudit infornjation ofwhich the Charity's auditoris utiawa)E,'
each T￿￿tee h&8 tsken a]1 steps that they ought to have taken a Trnstee to make themself awa￿ of any
r¢kvant audit info￿atIOn and th establish that the Charity'5 auditor is aware of that infomation.

MAYFAIR CHARITIES LIMITED
.IMITED BY GUARANTEE
TRUSTEES, REPORT
STRATEGIC REVIEW
The Trusteeshave prepared astrategic re￿rt which includ¢5 awiew oftheGroup's buginess andfvture thvelopm¢nts,
description of the principal risks and uncertainties facing the Group and key ￿rf0m￿l￿ indiCa￿rS.
SIRATEGY AND BUSINESS MODEL
The Charity inv¢sts in ￿veS￿ne￿IpTopeftie4 cash detxTrsits, fix￿ asset ltsted investments subsidiary and associated
undertakings to generdte in¢orne with which it ￿akeS grant& donations and loan5 to charitsble organisallons and
instituti¢)ns that fall within th¢ objECtives of th¢ Charity.
ACHIEVEMENTS AND PERFORMANCE
During the year the Chatity continued its phiionthropic activitie5 in sup]x)rt of religious, educational and other
Charitable Institutions and the awegate of donations made was £3,100,000 {2023= £3,810,000)= Over 110 institut2ons
and organisations were the recipients of the above donations. There was no expendiDJre on direct CI￿ltable activities
in the year (21r23: £4,IM)O).
No change in xlivities is envisaged in the immediate futtw¢.
In re¢xnt years, the Tn￿CeS have ccmtinued to support certain major projects which, during previous Ye￿¥, have
received substantial financial grdnts from the Charity. At the present tirne the Ttvstees have eniejrd intt> ¢ommittnents
forthe financial supportofcolleges and Institutions which is 8nticipatedto absorb approximately £6 million comwising
Tangible Fixed Assets made available by the Charity aJ]d the provision of financial support over the next five years
(Note 16). Funds to tneet these COTllTnitments have iren set aside and aTE referred to as "Designated F￿d5' in the
Fin8neia] Statements.
The f￿ancIal results ofthe Charity and its Subsidiary Undertakti]gs fortheyearended 31 March 2024 are fulty ￿fleCtrd
in the at￿h¢d Financial Stat¢m¢nts together with the Notes theTeon.
FINANCIAL REVIEW
Reserve5 Policy
The Charity is required to maintain Reserves in order to en$u]t that it is in a Position to continue its grant-making
activities and cover contingencies of additional calls being Tna& up)n the Chariry for support of organi&*i¢Ms or
institulions in times of need.
Consequent]y, the Tntstees ¢￿SIder it appropriate to mainlAtn 'Free R￿￿es, (unrestricted fuDJs not committed or
invesied in Tangible Fixed Assets, Fixed Asset Investments orLoaJJs to Subsidiary Undertakings) at a level wh5ch will
not impinge on its ability to 5UPP)rt Charitable Institution
As at 31 March 2024. the Charity has tota] fiuJd5 of £83.186.0(KJ (Group.. £83.187,000). These funds nKlude
£49.664,000 (Group.. £48,214,OCM)) which alls¢s from the revaluati(Trn of ￿ Charity's investsnents and is not readi]y
available for g￿er￿1 purw)ses. The fim(b of the Charity and Group a]50 lliclude £6,432,0(M) of Designated Funds set
aside for a Special Projects Funl from which ¢k)nati￿S are made to various long-tem) charitsble projects.
Consequenily, the Charity has resetves of £27,091.000 (GTOUP: £28,540,0(x)) after making allowances for the
DesI￿ared Fun& and reserves not readity available. These re5erve5 include th Free Resetves of the Charity and are
con5idtred to adequate and will ix revi¢wed periTrJically by the Trustees.
Investsnent Policy
Underthe Melnorandum and Articlesof Associati¢)n, the Charity ha5 th¢ to n￿k¢ invesknents whichth¢ Tnjstees
consid¢r appropriate. The Trustees seek investments which, over a medium terni, are anticipated to generate a
dependable flow of in¢om¢ wupled with capital wvth.
The Tntstees consider the retum on investments. in tern￿ of both inci)me and capital ￿0W￿, given the challenging
arket conditions the Charity operdtes within, io be satisfactory.

MAYFAIR CHARITIES LIMrrED
LIMITED BY GUARANTEE
TRUSTEES, REPORT
Grant Making Polky
The CIHrity mak¢s Grants and Donation5 to Colleges and Insti￿tiOnS for the ￿VanCeMent of religion and education
and to Institutions for the relief of poverty in aC￿)rdance with the Charity's objective5. The re¢ipient Institutions are
bas¢db)th in the United Ki1]gd￿ and abroaiL
In making Grants and Donations, the TrU￿e¢S use their F¢tsonal knowledge of the Institution. its represffltatives,
Ope￿lOnal efficiency and reputation. The TNstees monitor the application of the Grdnts and Donations by meeting
with repre5entative5 of the Institutions and rA)taining infmation as to the utilisation of fi￿d*
During the current and PriOT year, the G￿ts and Donations mad¢ by the Ch3Jity w¢Tr forthe advancernent of religi(
and educati￿ and forthe relief of povety.
R￿k Management
TheTrnstees have ariskrnanagem￿tStrategy whi¢h¢omprisesan annualreview oftheprllicipal risks anduncertainties
to which the Ctwity is exposed. in pw1ÉculaT those to the operntions and fmanc¢5 of the Chatity. the estsblishment of
policies, systems 8nd pr(Kedures to mitigate those risks identified in the aTmual review and the implementation of
pNKedures designed to minimi5e (Y manage any potential llnpacton the Charity shoukl those risks materialise.
The principal Tisks to which the Charity is exFosed are:
Liabiliti¢$ arising from proFCrty investtnent activity
Tenant defaults
Damage ttTr prt)pety from flotxl, f]re or terrorist aciion
Planning constrU￿10n and letting risk in relation to redeveloprnent activity
The availability of liquid fund5 to make grants and donations
The economic cycle generdlly
The llmcroeconomic enviromnent
The Charity seeks to tnanage or mitigate Such risks wherever possible through such measures as insurance. teTw]t
Screening and monitorin& rigorous reviews of acquisition and investment opportutLities, ext¢mal expert advie
mgnitoring cash ond regular monitoting of the economic outlook. Ultima*ly, the Trustees are not overly concerned &s
they can manage the level of donatio1)5 according to the available reseThe5.
Key Performan¢e Indieators (KPI8)
The Tnjstees monitor the Group's wform￿￿e prows against Is strdtegi¢ objectives and the financial ￿rfOrMance
of 11$ Olmtions on a regu]ar Imsis. P¢rfomwice is assessed against the strdtegy and exFectations using fjnancial and
noD-financial measures. Themost significant KPIS used by the Group are as fol]ows'.
2024
2023
Grants and donations paid out
Net rental income
Dividend ineome
Quoted and other investments at fair value
Investmeiit proixrty at fair value
£3.1 million
£0.5 million
£0.7 million
£26.6 tnilliot]
£54.7 million
£3.8 million
£1 million
£0.7 million
£26.9 million
£48.8 million
PLANS FOR THE FUTURE
The Ttustees plan io continue to make distributiODS in accordance with their grdnt making policy and that the
ability to generne sufficient ￿COme is maintainedio achieve that end.
The Truste04 have rrt¢Aiated a conditional contrath forthe sa]e of an investmentprort which they are hope￿1 will
¢ome to fiuition in the near fuknwe.

MAYVAIR CHARITIES LIMITED
LIMITF.D BI. GLPARANTEE
TRUSTEES, REPORT
FIXED ASSETS
The movements in Fixed knets are fvlly reflect&J in Notes 9 and 10 to th¢ Fitjancial Statements.
The Charity's investment properties are i￿]uded in the Balanc¢ Shcet at far valu4 as fully disclosed in Note 10 to the
Financial Statement&
An inikF¢ndent professicnal revaluation of all the grwp's ptDperty ¢8rried out at 31 March 2024 by CollieTS
Internatiollal PrO￿ty Advisers UK LLP, RICS Registered Valuers. The valuation figures are on ow) market
value ass¢s5ed in accordance with the KICS Valuation - CutTent Global Stsndards (￿rating the Int¢rnational
Valuation Stsndards).
Tntstees Report and stratig￿ Rep)rt Signtd On Behalf of the Couneii
Mr B S E Freshwater- Trust¢e
21 January 2025

INDEPENDENT AUDITORS, REPORTTOTHE MEMBERS OF
MAYFAIR CHARITIES LIMITED
LIMITED BY GUARANTEE
OPINION
We have Audiled the financial ststements of Mayfair Chariti¢s Limited (the 'charity') for the year ended
3 1 March 2024 which ¢ixnprise the Consolidated Statement of Flliancial ArtLVitie5, the Consolidated and Pdr¢nl
Charity Balance Sheets, the Group Cash Fli)w Statements and the related notes, including a surnrnary of significoni
accounting policies. The f]nancial rep(ifting framework that has been applied in their preparation is applicable law
and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Stsndard applicable in
the UK and Republic of Ireland (United Kingdo￿ Generally Accepted Accounting Practice).
In our opinion the finan¢ial statements..
give a true and fair view of the 5tste of the Group's and Parent Charity's affairs as at 31 March 2024 and of
the GTOUP'S incoming resources at]d application of resources, in¢luding its income and expenditure, for the
year then ended:
bave be¢n properly prepared in accordance with United Kingdom Generally Accepted Accounting Praaice.
have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accoTdan¢¢ with Intemationil Standard5 on Allditing (UK) (ISAS (UK)) and applicable
law. Our respon5ibiliiies under thos¢ standards are further described in the auditorfs responsibilities for the audii of
the fll)ancial siatements section of our report. We are independent of the charity in accordance with the eihical
requirement% that ￿e relevant to our audit of the f￿ancIal stst¢ments in the UK, including the FRC'S Ethical
Stsndard, and we haye fulfilled our other ethical responsibilitl¢5 in atcordance with these requirements. We believe
that the audit evidence we have obtained 15 sufficient and appropriate to provid¢ a basis for our opinion.
CONCLUSIO]YS RELATING TO GOING CONCERN
We haye nothingto report in respect of the following matters in relation to which the ISA5 (UK) require us lore￿rt
to you where..
the trustees, use of the going concern basi5 of accounting in the preparation of the financial statements is not
appropriatr; or
the trustees have not disclosed in the fmancial statements any identified material uncertaiDties that may cast
significant doubt about the chariry'5 ability to continue to adopt the going concern basis of accounting foT a
p¢riod of at least twelve months fr￿￿ the date when the [￿8￿ClaI statements are Authotised foT issue.
OTHER INFORMATION
The other information Comprises the infomats.on included in ihe annual repo¢ other than the fmancial stat¢menlS
and ourauditor's r¢port thereon. The trnstees are reswnsible forthe other information. Our opinion on the f]nancial
statements does not cover the other infomiation and, except to the extent othe]Ivise explicitly ststed in our reporL
we do not ¢xpre55 any forn) of ￿sUrance conclusion thereon.
In connection with our audit of the financial 5tatemenis, our responsibility is to read the ￿her infomation and, in
doing so, consider whether the other inforn]ation is materialty inconsistent with th¢ financial statem¢nts or our
knowledge obtained in the audit or otherwise appears to be Tnaterially misstated. If we identify such material
incon5l5tencies or apparent material misststements, we are required to detern]in¢ whether there is a material
misstatetnent in the f￿anCIal slAtements or a material misstateTnent of the other information. If, b￿¢d on the work
we have perfornied. we conelude thai there is a Tnaterial misstatement of this other inforniation, we are required to
re￿)rt that facL
We have nothing lo report in this regard

INDEPE
DEf+rr AUDITORS, REPORT TO THE MEMBERS OF
MAYFAIR CHARITIES I.IMITED
LJMITED BY GUARAJ¥TEE
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES Acr 2006
In our opinion, based on the work UDdertaken in the cours¢ of ihe audiL
the infomiaiion given in the trusitts, report for the financial year for which the fmancial statements are
prepared is consistent with the fman¢ial Sta￿Ments,. and
the trustees. report has been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of th¢ knowledge and understanding of the charity and its environment obtsined in the course of the
audiL we have not identified tnaterial misstatements in ihe trustees, repott
W¢ have nothing to report in respect of the following matlers in relation to which the Companie$ Act 2006 requ￿tS
us to r¢port to you if. in our opinion..
adequate a¢counting records have not been kepL orreftjrns adequate forour audit hav¢ not been received from
branches not visited by us,. or
the fjnancial statements are not it] agreement with the accounting re¢ords and retums. or
certain disclosures of trllstees, remunerdtion specified by law are not made: or
we have not received all the inforniation and explanation5 we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained mor¢ fvlly in the trustee5' responsibilitie5 StstemenL the trustees {who are also the directors for the
purposes of ¢ompany law) are responsible for th¢ preparation of the f￿ancial staiements and for being satisfied that
they give a true and fair view, and for such internal control as the tr￿tee$ deiemine 15 necessary to enable the
preparation of fmancial statem¢DLS thai are fre¢ frorn material mis5tstemen¢ whether due to fraud or error.
In PTepaTing the f]nan¢ial statements. the tnLStees are responsible for assessing the charity's ability to continue as a
going concern, disclosing, as applicable. tnatter5 ￿lated to going concern and using ihe going concern basis of
accounting unless th¢ trustees either intend to liquidate the charity or to Cease operations, or have no realisti¢
aliernative but to do 50.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCtAL STATEMENTS
Our objective5 are ￿ obtain reasonable assurance about whether the financial statements as a whole are free from
material misstaternenL whether due to fraud or error, and to issue an audiwr's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee th￿ an audit conducted in a(￿rdance with
ISAS IUK) will always detect a material rnisstatement when il exists. Misslaiements can arise from fraud or error
and ar¢ cimsidered material if, individually or ID the aggregate, they could reasonably Ix expected to influence the
econoTlliC decisions of u5er5 taken on the basis of these fmancial statements.
ltTegularitie5, including fraud. are Instsn￿8 of non-con)pliance with laws and regulation5. We design
procedures in line with our responsibilities, outlined above. to d¢t¢¢t material missiatements
respect of irregularitie5, including fraud. The extent to which our pro¢edures are capable of detecting
irregularities, including fraud is detailed below:
We obtained an undersranding of the legal and regulatory frameworks that are applicable to the group
through di5¢ussion with the directors and senior ynanagement and identified financial reporting legislation,
landlord legislation and charity legislation as b¢ing most significant to these financial statements.
We communicated these identified frameworks arnongst our audit team and remained alert to any
indi¢alion$ of non-compliance throughout th¢ audit. We en5ur¢d that the engagement team had sufflcient
ompetence and Capability to idenufy or r¢co8nise non-compliance with the laws and regulations.
We discussed with the direciors and senior management th¢ policies and procedures regarding c(Knpliance
with these legal and Tegulatory fram￿OrkS.

INDEPENDENT AUDITORS, RF.PORT TO THE MEMBERS OF
MAYFAIR CHARITIES LIMITED
LIMITED BY GUARANTEE
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS {eont'd}
We assessed the susceyibility of the group's fmancial statrments to Tnaterig41 mis5tatemeni due to non-
compliance with legal and regulatory frajneworks, including how fraud might occur, by enquiry with the
directors and senior management during the planning and finalisation phas¢s stages of our audit and by
using proprietary disclosure checklists. The gusceptibility to such material misstatement was detemiined
to be low.
Ba*d on this understandin& we designed our audit procedures to identify non-compliance with the
identified legal and regulatory fraMeWo￿S, which were part of our procedures on the related financial
statement item%.
Owing to the inherent limitation$ of an audiL th¢re is an unavoidable risk that we may not have detected some
maierial misstatements in the finartcial starement5, even though we hav¢ properly plaT)n¢d and perforned our audit
in accordance with auditing standards. For exalnple, the further removed non-compliance with law5 and regulations
(irregularities) is from the events and transactions reflected in the f]nattcial statements, the less likely the inherently
limited procedures required by auditing standards would identify it. In addition, as with any audi¢ there remained
a higher risk of non-detection of 1￿cEU[ar1￿es, as th¢s¢ rnay involve collusion, forgery, intentional omissions.
misrepresentation5, or the ove￿Ide of intemal controls. W¢ ate not responsible for preventing non-compliance wjd
cannot be expected to detect non-¢omplian¢e with all laws and regulations.
As part of an audit in accotthnc¢ with ISAS (UK), we exercise professional judgment and maintain professional
sceptici$m throughoui th¢ audit. We also:
Identify and asse￿ the risks of material misstaternent of the financial statements, whether due to fraud or
e￿Or, design and perforni audit procedures responsive to those risks, and obtain ￿dit evidence that is
sufficient and appropriate to provide a basis forour opinion. The risk of not detecting am&terial misstatement
resulting fro￿ fraud 15 higher than for one regulting from erroT, as fraud may involve collusion, forgery,
intentlODal ojntssions, misrepresentations, or the override of internal eontml.
Obts￿ an understanding of internal Control relevant to the audit in order to d¢5ign audit proceduTCS that are
appropria￿ in the circurnstances. but not for the puwse of expre5Stng an opinion on the effe¢tivencs5 of the
internal control.
Evaluate the appropriatene￿ of accounting policies used and the reasonableness of account￿8 estimates and
related disclosures made by the tnLStees.
Conclude on the appropriateness of the trnstees, us¢ of the going concern basis of a¢wunting and, based on
the audit evidence obtained, whethera material uneertainty exists reiat¢d to events or conditions th&trnay cast
significant doubt on the charity's ability to continu¢ as a going ¢oDrern. If we conclude that a material
uncertainty exists, we are required to draw attention in our audilor's report to the related disclosures in the
financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusion5 are based
on the audil evidence obtained up to the date of our auditor's report. However, future events or condiiions
may ¢ause the charity to ce&8e to continu¢ as a going conc¢rn.
Evaluaie the overall presentatio￿ structure and content of the financial statements, including the disclosures,
arjd whether the financial statements r¢present the underlyiug transactions and events in a matmer that
achieves fair presentatio￿.
Obtain sufficient appropriatr audit evidence regarding the fttwicial infoTmation of the entities or busine55
activities wiihin the group to expr¢5s an opinion on the consolidated financial statements. We are resEx)nsible
for ihe dir￿tion, supervision and wfomiance of the group audit. We remain solely responsible for our audit
opinion.
We cotnmuni¢ate with those charged with governanee regarding, among other matters, the planned scope and
timing of the audii and S]￿1f]Cant audit findings, including any significant deficiencies in intemal control thai we
identify during our audit.

DEPENDENT AUDITORS, REPORT TO THE MEMBERS OF
L¥IAYFAIR CFL4RITIES LIMITED
LIMITED BY GUARANTEE
USE OF OUR REPORT
This report is made sole]y to the chaity's mernbers, as a b￿Jy, in accordance with Chaptrr 3 of Part 16 of the
Compa]ies Act 2(M)6. Our audit wot* has been undertaken so that we might Stat¢ io the charity'5 Member5 those
matters we are required io state tothem irt an audito¢s report and forno Otherpu￿Se. Tothe ￿lI¢SteXtent perniitted
by law. we do not accept OT ossume responsibility to anyone other than th¢ charity and the charity's members a5 8
body, for our audit work. for this re￿IK or for th¢ opini(￿S we have fiKrn¢d
BARRY LEIGH
(Senior Stattrtory Audittw)
For and on Lxhalf of
COHEN ARNOLD
Chthered A¢¢ountants
& Statutory Audit
New Burlington House
1075 Finchley Road
LONIX>N
NWII OPU
2? January 2025

MAYFAIRCHARITIES LIMITED
CQNSOLIDATCD STATEMEi4rr OF FINANCIAL AcfiviTIES
INCORPORATING THF. CONSOLIDATED INCOME AND EXPENDITURE ACCOU
FOR THE YEAR ENDED 31 MARCH 2024
2024
Unrestricted Funds
£'fflo
2023
Unrestrlcted Funds
£'wo
Note
In¢om¢ and Endowments from:
Donations and Grants Received
Investments:
Income from Fixed Asset Investsnents
Interest Receivable and Similar
Income
Rents and Charges Receivable
Other.
Property Management Fees Receivable
Total Income
1,250
1.250
680
058
439
1.869
2,238
l.514
5.752
1,280
5,448
Expenditure on:
Raising Funds..
Property Outgoings
Inte￿st Payable and Similar Charges
Investment Management Costs
Charitable Activities:
Grants and tk)nations
Direct Charitable Activities
Paym¢nts from Special Projects Fund
Other.
Governance Costs
(1.324)
(8)
(1.173)
(1,238)
(98)
(992)
(3,094)
(3,810)
(4)
(843)
(745)
(52)
(46)
Totsl Expenditure
IYET INCOME I (EXPENDITURE)
BEFORE GAINS ON INVESTMENTS
{6.396)
(7,031)
(644)
(1,583)
Nel Gains l (L055es) on Invesknents-
Gains on Disposal of Investment ProF*rty
Valuation of Investment ProFrty
Valuation of Other
Investtnents
247
5.724
(1,265)
(364)
(7,442)
5,607
(8.70D
NET INCOME I (EXPENDITURE)
BEFORE TAX
4.963
(10.290)
101
Taxation
78
NET INCOME I (EXPENDITURE)
FOR THE YEAR AND MOVEMENT
IN FUNDS
5,041
(10,189)
Reconcilijtion of Funds:
Total Funds Broughi Forward
TOTAL FUNDS CARRIED FORWARD
78,146
83.187
88,335
78.146
The notes on pages 14 to 32 forni tmrt of these Fin￿la1 Statements.
io

MAYFAIRCHARITIES LIMITED
CONSOLIDATED BALANCE SHEET AS AT31 MARCH 21)24
2024
2023
Note
£.￿0
£'(x)o
£'wo
FIXED ASSETS
Tangible Assets
Investments
.025
81.333
82.358
1.025
75,764
76,789
io
CURRENT ASSETS
Debtors
C&sh at Bank and in Hand
15,351
5.724
7.812
11,115
18.927
21.075
CREDITORS: Asnounts falling due within
one year
12
(17.179)
(14,393)
NET CURRENT ASSETS
3.896
4.534
TOTAL ASSETS LESS CURRENT
LIABILITIES
86.254
81,323
CREDITORS: Amount5 failing due
after more than one year
13
11.577)
(1,609)
PRO￿s1oNs
14
{1,490)
83,187
(1,568)
78.146
TOTAL NET ASSETS
UNRESTIUCTED FUNDS
Designatrd Funds
Other Charitable Funds
Non-Charil&ble Funds
16
16
16
6,432
70,467
6.288
83,187
5,952
66.120
6,074
78,146
TOTAL UNRESTIUCTED FUNDS
The Fina[￿la1 Ststements were approved by the Council onl¥January 2025 ond sigr£d on its behalf by
MR B S E FRESHWATER
TRUSTEE
Company Registration Numi*r: 927985
The notes on pages 14 to 32 forni pwt of these Fin8n¢ial Statement&

MAYFAIR CHARITIES LIMITED
LIMITED BY GUARANfEE
BALANCE SHEET AS AT31 MARCH 2024
2024
2023
£'wo
£'ooo
FIXED ASSETS
Tangible A55ets
Investments
1.025
80.695
81,720
1,025
74,599
io
75,624
CURRENT ASSETS
Debtors
Cash at Bank and in Hand
li
4.287
1.223
4.236
962
5,510
5,198
CREDITORS: Amounts falling due within
one year
l2
(2.467)
(1.068)
NET CURRENT ASSETS
3,043
4.130
TOTAL ASSETS LESS CURRENT
LIABILITIES
84.763
79.754
CREDITORS: Amounts falling due after
more than one year
{1,577)
83,186
(1,609)
78.145
TOTAL NET ASSETS
UNRESTIUCTED FUNDS
Designated Funds
Other Charitsble Funds
16
16
6,432
76.754
83.186
5.952
72,193
78,145
TOTAL UNRESTRICTED FUNDS
The Financial StateTnents were apprO￿d by the Council on2?January 2025 and si￿ed on its behalf by
MR B S E FRESHWATER
TRUSTEE
Company Registration Number: 927985
The notes on pages 14 to 32 forni part of these Fina)Kial Ststements.
12

MAYFAIR CHARITIES LIMrrED
COIYSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
Unrestricted Funds
2023
Unrestricted Funds
£'wJo
£,￿0
Cash Flow5 from Operoting Activities..
Net Cash used in Operating Activities
Cash Flows from Investing Activitie5
Dividends. Interest and Rents from
Investments
Proceeds from Sale of Investments
Purch&8e of Investhients
23
(6,833)
3.463
1.379
247
(209)
1,182
(159)
Net Cash Provided by Investing Activities
Cash Flows from Flnancing Activiti
Interest Paid
1,417
1,023
(8)
(8)
Net Cash Used in Flngn¢ing ActiYitie5
CHANGE IN CASH AND CASH
EQUIVALENTS IN THE YEAR
CASH AND CASH EQUIVALENTS AT
I APRIL 2023
(8)
(8)
(5.424)
4,478
6.637
CHANGE IN CASH AND CASH
EQUIVALENTS DUE TO EXCHANGE
IL4TE MOVEMENTS
33
CASH AND CASH EQUIVALENTS AT
31 MARCH 2024
24
5.724
The notes on PAges 14 10 32 fonn ofthe5e Financial Statements.
13

MA YFAIR CHARITIES LIMITED
NOTES TO THE FINANCIAL STATEMENtS
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTJIYG POLICIES
The charity is a private ¢ompany limited by guarante< registered in England and Wale5 and a
registered charity in England and Wales. The addres5 of the registered office is 158-162 Shaftesbury
Avenue, London, WQH 8HR.
These financial siatements have been prepared in compliance with FRS 102. 'The FinaJ)cial
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 Re￿rtIng Standard applicable in the UK Republic of Ireland (FRS 102) (Charities
SORP (FRS 102)) and the Chariti¢s Act 2011.
The Consolidated Finan¢Tro] Statements incorporate the results of the charity and its subsidiaries for
the year ended 31 March 2024. These atE adJlLst￿ where approprit4te. to confomi to group
accounting policies.
The following accounting poli¢ies have been used consistently in ihe prepardtion of the Group's
Financial Statements.
BASIS OF ACCOUNTtNG
The Financial Statements have ken prepared under the Historical Cost Convention. as modified by
the inclusion of fixed asset investments at fair value. The financial ststements are prepared in
Sterli￿ whtch is the functional currency of the entity. and rounded to thousands.
The Trust¢¢s have concluded that it is appropriate for the financial statements to be prepared in
cordan¢e withtheaccounting principles appropriate to a going concem and thatthere is no matthial
uncertainty to this position, ￿ the Trustees have a reasonable expectation that the charity has
adequate resources under atl plausible circumstsnces to continue in operational existence for the
foreseeable future by meeting its liabilities and committnents as Ih¢y fall due. basEd on available
sources of finance.
Judgements made by the Trustees, in the application of these accounting yTrlicies that have
significant eff¢¢t on the financial statemenls and estimates with a signifiwit risk of tnaterial
adjustment in the next year are discussed in Note 22.
The Charity meets the definition of a publi¢ benefit entity under FRS 102.
GROUP FINANCIAL STATEMENTS
A separate Statement of Financial Activities. or Income and Expenditure Account for the Charity
itself is not pre5eTrted in aecordance with Section 408 of the Companies Ad 2006.
The Group Financial Ststements incoryorate the financial statements of the charity and its group
undertokings. These are adjusted where appropriate, lo conform to group a¢¢ounting policies. The
Group Financial Statements do not consolidate the results. nor the assets liabilities of Fr¢shwater
Family Holdings IDC. as the Trustee5 are of the opinion that to do $0 would not reflect a true and fair
view in the Fitvdncial Statements (see Note log). Freshwater Family Holdings Inc. and its operations
are controlled and carried out in North America by its director5.
14

MAYFAIR CHARITIES LIMITED
NOTES TO THE FINANCIAL ST ATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES (cont'd)
INCOMtNG RESOURCES
This includes income from listed investments and dewsits, rentsls received from property assets,
receipts under Deeds of Cov¢nant from individuals and otheT grnnts and donations received by the
Group. Non-monetary donations are recognised at fair value when this can be quaniified. The
ai%)vementioned items are included in the Financial Statements on an accruals basis with the
exception of in¢ome from listed companies which is included when re￿]ved.
Rentai in¢ome from investment property leased out under 0￿ratIng leases is re￿gnised in the profit
and loss account on a straight line basis over the periodto first break clause. Lease incentives grdnted
lo tenants are Tecognis¢d on a straight line b&sis ovcr the peri(NJ to first break clause. Service ¢harge
income is recognised as the services are provided.
PROPERTY OUTGOINGS
The costs of repairs are recognised in the profit 2nd loss account in the year in which they are
incurre
L¢ase payments under operating leases are recognised in the profit and loss account on a strdight
line basis over the ietm of the lease.
GOVERNANCE COSTS
Governance costs include cosis of the preparation and audit of financial 5tatem¢nts and the cost of
any legal adviee to Trt￿te¢S on governance or constitutional matters.
tNVESTMENf GAINS AND LOSSES
This includes any wains or losses on the sale of investments and any gains or losses resulting from
revaluing investtnents to fair value at the end of the year.
15

MAYFAIR CHARITIKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARC.H 2024
ACCOUNTING POLICIES (cont'd)
DEFERRED TAX
Defe￿ed tax is provtded on tirning differences which arise from the inclusion of income and
expenses in tax assessments in periods different from those in which they are recognised in t
financia] statements. The following tilning differences are T￿ provided for.. differences between
accutnulated dep￿latIOn and tax allowances for the cost of a fixed asset if and ￿1)en all conditions
for retaining the tax allowances have been met. Defeyred t&x is noi re¢ognised on pernjanent
differences arising be¢ause certain types of in¢ome or expense are non-taxable or are disallowable
ror tax or because certain tax charges or allowances are water or smaller than the ¢oNesponding
income or expense.
Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences
between the amount at which an asset (other than goodwill) or liability is re¢ogntsed in a business
combinatii)n and the corresponding amount that Can b¢ deducted or assessed for t&x.
Deferred tax is m¢asLred at the tsx rate thal is expected to apply to the reve]3&1 of the related
differen¢¢. using tax rates ena¢l¢d or substantively enacted at the balance sheet dale.
Unrelieved tax losses and other deferred tax assets are recognised only to theextent that il is probable
that they will Ix recovered against the reversal of deferred tax liabilities or oth¢r future taxable
profits.
There are no deferred tax provisions for th¢ Chaiity: it is exempt from tax due lo its ¢lwitable status o
the Eq5is all income aThJ gains will k applied solely for qualifying chaTitable Plwposes.
PROPERTIES HELD FOR USE BY CHARITY
These proFtrties are stated at cost. Properties donated to the Charity are included at fair value at the
date of acquisition. No depreciation is charged on property In￿reSt in land.
tNVESTMENT PROPERTY
Investment properties are properties which aJE held either to eam rental income or for capital
appreciation or for both. Investment properti¢s are recognised initially at cost.
Subsequent to initial ￿cognItion
Inve5ttnenl prOt￿leS are held ai Air value. Any gains or108ses arising from Changes in the
fair value are recognised in the profit and10ss account in the period that they aris¢; and
No depreciation is provided in respect of investment properties applying the fair value model.
Investment propety fair value is based on a valuation by an external. independent valuer, having an
appropriate recognised Professional qualification and went experience in the location and class of
property being valued. Any gaitL or loss arising from a chanEe in fair value is recognised in the
Statement of Financial Activities (SOFA) and taken to Other Unrestricted Funds.
16

MA YFAIR CHARITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES {cont'd)
I.10 DISPOSALS OF PROPERTIES
The Group generally holds its properties for the long temi in order to generate rentsl income and
capital appreciation although in the right circumstances any property could be available for sale.
When an outright sale d(*s occur the resulting suryylus based on the excess of sales priKeeds ov¢r
valuation is included within the Group's profit on ordinary activities. and 18xation applicable thereto
is shown as part of the t￿alL0ft charge. Disposals are reeognised on the date the signifi¢ant risks and
rewards of ownership have been transfeffed In addition the Group also 'sells' leasehold extensions
when requested by leaseholdeTS. The proceeds of these leasehold exfrnsion sales. less direct]y
applicable costs, are also included in profit on disposal of investmenl properties.
1.1 I LISTED INVESTMENTS
Shareholdings acquired are initially recorded al cost and subseqwitly included at fair value (in
accordance with the SORP 2015)- any surplus or deficit on revaluation is recognised in the SOFA
and taken to Other Unrestricted Funds.
1.12 INVESTMENTS IN SUBSIDIARY UNDERTAKINGS
Shareholdings acquired are initia]ly recorded at cost and subsequendy in¢lud¢d at Tnthes. best
estimate of fair value (in accordaYKe with the SORP 2015) based on the net ass¢t value. The n¢t asset
values of the subsidiary undenakings reflect fair va]ues of their underlying properties held for
investment. any surplus or deficit on revalualion is recognised in the SOFA and taken to Other
Unrestricted Funds.
1.13 OTHER INVESTMENTS
Other investments coinpTise shareholdings in unlisted COTnpanies and are initially recorded at cost
and subsequently included at Tru5tee5' best egtimate of fair value (in accordance with tk SORP
2015). any surplus or deficit on revaluation is recognised in the SOFA and taken to Other
Unrestricted Funds.
I.I4 FINANCIAL INSTRUMENTS
Financial liabilities and equity instruments are classified according lo the 5ubstan¢e of the
contractual amngements entered into. An equity instrument is any contract that evidellc￿ a residual
interest in the assets of the entity after deducting all its financial liabilitie5.
17

MAYFAIR CHARITIES LIMrrED
NOTES TO THE FINANCIAL ST ATEMENrs
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES (cont'd)
BasicJ7Aanciallnslniments
Re￿￿1 and other debtors
Rental and other debtor5 are recognised initially at transaction price plus attributable ttansaction
costs. Subsequent to initial reco￿LI10n th¢y are measured at amortised cosl using the effective
interest meih(d, less any impairment losses. If the arrkngement constitutes a financing tranwtion,
for example if payment 15 d¢ferred Etyond nornjal business ternis. then it is measured at the present
value of future payTnents discounted at a market Yate for a similar debt instrument.
Ren¢ in adVa￿e andoiher creditors
Rent in advance and other Creditors 8re Tttognised initially at transaction pri¢e less attributable
transaction c(Ists. Subsequent lo initial recognition they are measured at amortised ¢ost ￿8]ng the
effective interest method. If the arrangement constitules a financing transactio[4 for exarnple if
payment is deferred beyond nor￿￿1 business ternts, then il is me&sured at the present value of fu￿re
payments discounted at a market rdle for a similar debt instrument.
Cash andcash equEvalents
Cash and ush equivalents comprise cash balances and call deposits. Bank overdrafis that are
repayabl¢ on demand and forJn an integral part of the group's cash management are included as a
componeni of cash and cash equiv&lents for the pwpose only of the tlow statement.
1.15 LIABILITY RECOGNITION
Liabilities are recognised as soon as there is a legal or coTh8tructive obligation committing the
Charity lo pay out resou￿¢5.
1.16 FOREIGN CUIIRENCIES
Assets and liabilities denomirthted in foreigryj currencies are translated into sterling at rates of
exchang¢ ruling al the Balance Sheet date. Transactions in foreign currencies are translated into
sterling at the average rnte of exchange in respect of the month during which th¢ transactions
occurred, or where practicable, at the rate ruling on the date of the tra[￿loll. Exchange differen¢¢s
are taken into account in arriving at the Net IncoTnel{Expenditure) Before Tax.
18

MA YFAIR CHARITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES (¢ont'd)
1.17 FUND ACcOtrNT￿G
Unrestricted Fund5 are available for use at the discretion of th¢ Tnstee5 in fUrth¢￿e ofthe general
objectives of the Charity and iz] accordance with relevani law.
Designated Funds are Unrestricted Funds, whi¢h have been 5et-aside at the discretion of the Trustees
for specific purpas¢s as noted below (Note 1.18).
Non-charitsble Funds are Unrestricted Funds and comprise the net awegate reserves of the
Charity's subsid]￿leS Computed by reference to the accounting policies of the Subsidiaries.
Other Unrestricted Funds comprise Other Charitsble Fund4 represenfing the accumulated surp1￿8
or defi¢il on income and expenditure account 2nd the excess of fair value over the ¢osl of
investments.
Restricted Funds are fund5 subje¢t lo sp￿lfIC restricted conditions imposed by donors. There are
o Restricted Funds as at the Balance Sheet dale.
1.18 DESIGNATED FUNDS
The Charity has committed itself to variou5 lonE-temi charitsble projects and tr8msfers are made to
Designat¢d Funds in accordan¢e with anticipated expenditure in reSp￿t of each individual project.
INTEREST PAYABLE AND SIMILAR CHARGES
2024
£'wo
2023
Bank Charges aThl Interest
Losses on Foreign Exclllnge
90
98
GRA]wrs AND DONATIONS PAYABLE
2024
£.400
2023
£'th)o
Grants and tk)nations Paid
NoTh-monetary Donations (see Note 21a- Provision of Facilities)
2,694
400
3.410
400
3,094
3.810
All Grants and Donatiot]s were paid to charitable institutions for the advancement of religion and
education and for the relief of poverty.
19

MA YFAIR CHAIUTtES LIMITED
NOTES TO THE FINANCIAL STATEMEr(rs
FOR THE YEAR ENDED 31 MARCH 2024
GRANTS AND tM)NATIONS PAYABLE (eont'd)
The cimnposition of Monetary donations is shown below.
BC Trust
Amud Hatzdokoh Trusl
North London Welfare & Educational Foundation
Kahal Chassidim Botov
Chasdei Aharon
Chevras Mooz Lathl
Shaarei Orah Ltd
Shir Chesed Bels Yisroel
Friends of Bo￿V
String of Pearls
Mifal Tzedoko V'ches
Regent Charities Limited
Mifal Hache5ed Vehatzedokoh
Bels Aharon Tntst
Yad Vochessed Associalion
Three Pillars Trust
Fritt￿$ of Yeshivas Brisk
Mercaz Hatorah Netzach Yisroel
British F. O. Kollel Chazon Ish
Mercaz Hatorah B¢lz Macnivka
Other Donations
712
463
145
133
95
75
73
53
42
39
35
35
32
28
28
25
23
23
20
20
595
2.694
GOVERNANCE COSTS
2024
2023
A￿Ltors, Remuneration
Lega] and Professional Fees
31
21
31
15
52
46
20

MAYFAIR CHARITIES LIMITED
NOTES TO THE FINANCIAL STATEMENrs
FOR THE YEAR ENDED 31 MARCH 2024
NET INCOME BEFORE TAX
This is slated after charging..
2024
£'ooo
2023
£'o
Audilors, Remuneration:
Audit Fees
Other Prof¢ssional Services
65
21
62
15
These amounts are included in Governance Costs and Investment Management Costs.
STAFF COSTS AND EMOLUMENTS
No remuneration or other ben¢fits from employment with th¢ Charity or a related entity were
received by the Trustees or connected parties. No Tnjstee expenses have E*en incurred.
TAXATION
Major ¢omponents of tsx expense
2024
£'OOD
2023
Deferred tax:
Origination and revers&l of timing differe￿e$
Taxation
178)
{78)
(101)
(101)
All t&x is re¢ognis¢d in the Consolidated Income and Expenditure AccounL
R¢coTr¢iliation of tax eJpeLse
The tax ￿SeSSed on the net income for the year is higher than the standard rdie of Corporation tsx in
the UK of 250/0 (2023.. IY/o) by refrren¢e to the analysis below.
2024
£'ooo
2023
£'ooo
Net incomel(expenditure) before tax
Net expenditure by rale of tax
Non taxable in¢ome and expenses
Timing differe￿*S on unreaiisd gains
Timing difference on gift aid
Impact of change in tax rate
Other differences
4.963
(10,290)
(1,955)
1,920
(24)
(42)
1.240
(1,151)
(167)
Taxatlon
(78)
(ioi)
The deferred tsx liability ￿ 31 Ma￿h 2024 has been calculafrd based on the rdte of 25D/D (2023:
21

MA YFAIR CHARITIES LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
FOR THF. YEAR ENDED 31 MARCH 2024
NET MOVEMEKf IN FUNDS
Of the Net Movement in Funds of the Group, a surplus of £5,041.000 (2023: deficil of £IO,189.IXIO)
has been dealt wilh in the Statement of Financial Activities of ihe Charity itself.
TANGIBLE FIXED ASSETS
Group *nd Charity
Property Held
for use by
Charity
At l April 2023 and 31 Ma￿h 2024
1,025
The Properties Held for Use by Charity are staled at historical cost.
io.
INVESTMENrs
Long
Leasehold
Propertle5
£'¢oo
Freehold
Properti£s
£10
Listed
Oth¢r
Inv¢$trnents Investments
£'o(M)
Group
Total
£'ooo
FAIR VALUE
Al l April 2023
Additions
Disposals
Trnnsfers
Revaluation
37,549
209
11.276
49
26,890
75,764
209
5,935
(211)
11,065
(370)
26,520
5,359
81,332
At 31 M4r¢b 21ll4
43,693
54
Lofyg
Investments In
Leasehold
listed
Sub$Sdi•ry
Other
Properties Investments Undertakings Investm¢nts
£'wo
£,￿0
£,￿10
Freehold
Properties
Charity
To¢*l
FAIR VALUE
Ai l April 2023
Additions
Disposals
Transfers
Revaluation
37,549
209
4,037
49
6,074
26.890
74,599
209
5.935
43.693
102
215
(370)
26,520
5.887
80.695
At 31 March 2024
4,139
54
6,289
All Investments, subject to lh¢ ¢omments iKlow, aTe stated at fairvalue as at 31 March 2024.
22

MAYFAIR cHAR￿IEs LIMITED
NOTES TO THE FINANCIAL ST ATEMENrs
FOR THE YEAR ENDED 31 MARCH 2024
io.
INVESTMENTS (cont'd)
b)
An Inde￿ndent professional revaluation of all the wup's property was carried out at 31
March 2024 by Colliers International Property Advisers UK LLP. RICS Registered Valuers.
The valuation figures are based on open markel value assessed in accordance with the RICS
Valuation- Curreni Global Standards (incorp)rating the International Valuation Standardsl.
Th¢ historical Cost of the Group's Investment Properties at 31 March 2024 is £23,613,￿0
(2023: £23,404.OW). The historical com of the Charity's Investment Properties at 31 March
2024 is £23.014,000 (2023= £22.806.000}.
Valugtion teehnlques and key inputs
Th¢ group's residential apartments and houses (£16.6 million} were valued using a sales
valuation approach, derived from recent comparable transactions in the market, adjusted by
applying discounts to reflect status of occupation a])d condition. The large￿ discounts were
applied to those properties subject lo registered tenancies, refle¢iing the relative difference
in secwity of tenure, whilst the smallesi discounts were applied to ihose properties subject
to assured shorthold tenancies.
The group's commercial units (£38 million) were valued using the income capitslisation
method, requiring the application of an appropriate market based yield to net operating
income. Adjusttn¢nts are made to allow for voids when less than five years are left under
the Current tenancy and to refl￿t market rent at the point of lease expiry or rent review.
Other Investh)ents comprise 565,000 shares in Daejan Group Holdings Limiie( valued by
theTru5te¢s ￿sing aeA)mbined discounted netasset and dividend yield approa¢h and 133.650
shares in M￿rOpolIt2n ProrErties Company Limited. The value of th¢ Metropolitan
Properties Company Limited shares has been estimated by the Trustees b&sed on the
underlying value of assets less liabilities.
Both companies have directors in cotnmon with the TrtL8tees of the Charity.
The historical cost of the Group's and the Chariry's Listed and Other Investments at 31
March 2024 is £8,016.000 (2023- £8.016,000).
d)
The value of the Investrnents in Subsidiary Undertakings has been e￿IMated by the Trustees
based onthe und¢rlying value of assets (as above, Note lob) less liabilities of the Subsidiary
Undertakings.
The historical Cost of the Investmems in Subsidiary Undertakings as at 31 Mawh 2024 is
£1,000 (2023.. £1,OIKI).
23

MAYFAIR CHARITIES LI￿try£D
NOTES TO THE FINANCIAL STATEMENrs
FOR THE YEAR ENDED 31 MARCH 2024
io.
INVESTMENTS (COD¢'d)
The Charity holds dire¢tly and indire¢tly the whole of the issued share capital in the
following Companies, all of which are incorporated in Great Britain and registered in
England & Wales {unless othenvise indicated) and have certain directors in ¢ommon with
the Charity.
Company
N￿mber
Dire¢tl Held Subsidiaries
Freshwater Property Management Limited
Gladville Limited
Haysgrdns Prop¢ty Co. Limited
Metropolitan Prot£rties Co. (Overs￿) Limited
00891786
02454653
00662308
00863934
Indirectl Held Subsidiaries
Freshwater Family Holdings Inc. (USA)
The aggregate amount of ass¢ts, liabilities and funds of the subsidiary undertakings are as
follows..
Capital &
Reserves
Assets
Liabilities
£iooo
Freshwater Prop¢rty Management Limited
Gladville Lirnited
Haysgrans Proixrty Co. Limited
Metropolitan Properties Co. (Overseas) Limited
20.034
(16.409)
3,625
7,083
418
{4,837)
2,246
418
A of tumover, expenditure and profit or loss for the year 15 shown ￿lOW for
each operntional subsidiary undertaking.
MetropolitAII
Pro￿rtIeS
Co.
(Overseas)
Limited
Fr¢shwJhter
Property
Manxgtment
Limited
HAysgran5
Property
Co. Limited
£'ooo
1.514
£,￿0
369
(206)
(19)
Tumover
Cost of sales
Administrative expenses
valuation gains on investment
property
Interest receivable and similar income
Interest payable and similar charge5
Profit before l&x
Taxalion
Profil for financial y¢ar
(1,154)
(313)
402
(5}
757
122)
735
1232)
{401)
(301)
The Charity holds s￿10 of the issued share capital in West Heath Villas Matvdgement Ltd
(Company Numb¢r'. 13180061) which is registered in England & Wales and has certain
directors in common with the Trwtees of the Charity.
24

MA YFAIR CHARITIES LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
io.
INVESTMENTS (cont'd)
Freshwater Family Holdi[￿ In¢. and its operations are controlled and carried out in North
Ameri¢a by its director5. Th¢ Capital and Reserves of the above company at its year ¢nd of
31 December 2010 Iihe latest figures available) were in deficit in the amount of S9.406,515
. (2009= deficit of S8,768,021). None of the deficiency in N¢t Assets of Freshwater Family
Holdings Inc. would impinge upon the Charity itself. In ¢onsequence. th¢ Group Financial
Statements do not consolidaie the results, nor the assets and liabilities of Freshwater Family
Holdings Inc. a5 the Trustees are of the opinion that to do so would not refiect a t￿e and
fair view in the Financial Siatements.
Freshwater Family Holdings Inc. 15 a direct subsidiary of Metrory>litan Pro1￿rtieS Co.
(OYersea5) Limited, the Share Capital of which was acquired for nominal consideration
many years ago.
ii.
DEBTORS
GTOUP
2024
Charity
2024
2023
2023
£'wo
Amount owed by subsidiary
undertakings
Amounts due from connect¢d
undertakings
Loan debtors (charithble purposes)
Rental debtors
Other debtors
11
2,903
2,903
Ilb
13,494
709
418
730
6,274
131
709
414
130
583
314
578
108
15,351
7,812
4,287
4.236
All debtors are inler¢st-free and repayable on demand excepl as disclosed below.
The Amount due from Subsidiary Undertaking comprises an interest-bearing loan du¢ from
Haysgrdns ProFKrty Co. Limited, a company with directors in common with the Trusle¢s of
the Charity. The loan was advanced sotue years ago and is effectively repayable on demand.
Interest is charged at a ral¢ of 8Q/o.
25

MA YFAIR CHARITIES LIMITED
NOTES TO THE FINANCIAL ST ATEMENrs
FOR THE YEAR ENDED 31 MARCH 2024
DEBTORS (cont'd)
b)
Amounts due from Connected Undertakings comprise amounts due from companies and
other entities as detailed on the following page. of which certain Trustees of the Charity and
the Group are also directors and trustees.
Other than in respect of amounts due to the Charity itself, Amounts due from Connected
Undertakings mainly comprise balances due on property Ma[￿ement CUTrent ac¢crtJnt
which axe inl¢rest free and effe¢tively repayable on demand.
Group
2024
Charity
21)24
£'•oo
2023
2023
Chery Orchard Properties
Limited
Newprop Company Limited
L K B Investments Limited
Bastion Produets Limited
Freshwater Family Retirement
Benefits Scheme
The Raphael Freshwater
Memorial Association
Limited
Highdorn Co. Limited
The Bampton Property Group
Limited
Bampton (B&B) Litnited
Bampton (Redbridge) Limit¢d
City and Country Properties
Limited
City aThl Country Properties
(Midlands) Limited
The Halliard Property Co.
LI￿Lted
Other Freshwater Group
Companies
56
45
.014
749
131
11,948
116
5,102
39
61
Il6
148
49
24
39
36
86
89
15
13.494
6.274
131
26

MAYFAIR CHAILITtF.S I.TM￿KD
NOTES TO THE FINANCIAL sTATEl￿Ewrs
FOR THE YEAR EIYDED 31 MARCH 2024
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2024
CbArlty
2024
£'Mo
21fr23
2023
Amounts owed to subsidiary
undertakings
Amounts owed to connected
undertakings
Taxation and s(Kial security
Rent in advance
Other creditors and accTuals
,365
325
12a
15,787
32
242
1,118
17,179
13.134
16
259
377
32
228
465
163
16
240
324
14,393
2.467
I,lJ58
Amounts owed to Connected Undertakings comprise amounts due to companies and other
enlitie5 as detailed below, of which rertsin Tr￿tee5 of the Charity and the Group are also
directors and trustees. The amounts are due on property management current account, are
inleresl free and are effectively repayable on dernand.
Group
2024
Charity
2024
£'o
2023
2023
£.￿0
Bastion Products Limited
Highdorn Co. Limited
Metropolitan Properties Co
{Cloist¢rn) Limited
L K B Investmenls Litnited
Other Freshwater Group
Companies
1,260
1.512
1.123
377
163
1,296
11.644
9,626
75
59
15.787
13,134
377
163
13.
CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR
Group and Charity
2024
2023
£'ooo
Other Credito
1,577
1,609
1.577
1.609
Included within ¢r¢ditors'. amounts falling due after more than one year is an amount of £1,577,(H)0
(2023-. £1,609,000) in respect of liabilities not repayable by insthlments which fall due for payment
by October 2028 and which is interest-free.
27

L4YFAIR CHARITIES LIMITED
NOTES TO THE FINANCIAL STATEMENrs
FOR THE YEAR ENDED 31 MARC.H 2024
14.
PROVISION FOR LIABILITIES
Th¢ mov¢ment in the d¢f¢rred taxation provision d￿n8 t]￿ year was:
Group- Investment Proper¢y
£*oDo
At l April 2023
Movetnents during ￿ year
1.568
(78)
At 31 March 2024
1,490
There ar¢ no defeJTed provisions foT the Clwity. it is exempt from tax to its Charitable Status
on the basis all income and gains will be applied solely for qualifying charit&ble Pu￿05eS.
OPERATING LEASES
As Lessor
The totsl future minimum lease payments receivable under non-cancellable operating le￿$ are as
follows=
2024
£,￿0
2023
Not later than l year
Later than l year and not later than 5 years
Later than 5 years
869
1,593
535
816
1,503
481
2.997
2.800
16.
UNRESTRICTED INCOME FUNDS
Other
Non
Designated Charitsble Charitable
Funds
Funds
Funds
Group
Total Funds
£'fflo
Balance at l April 2023
Net incom&(expenditure) for Ihe year
Balance at 31 Ma￿h 2024
5,952
480
66.120
4,347
70,467
6,074
214
78,146
5.041
6.432
6,288
83.187
Other
Designatsd CbAritgble
Funds
FuTrds
£'o
£'ooo
Charity
Total Funds
£10
Balance at l April 2023
Net expenditure for the year
Balan¢e at 31 March 2024
5,952
480
72,193
4.561
78,145
5,041
83,186
6,432
76,754
28

MAYFAIR CHAIUTIES LIMrrED
NOTES TO THE FIP4ANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Iyet Current Long Term
Assets
Liabilities
£'O(M)
Group
Fixed Asqets
£,￿0
Totsl
£'o
Ullrestricted Income Funds
82,358
82,358
3,896
3,896
(3,067)
{3,067)
83,187
83,187
Total Funds
Net Current Long Term
Assets
Liabilities
£'ooo
£'ooo
Charity
Fixed Assets
£'ooo
TotAI
£,￿0
Unrestrithed Income Funds
81.720
81,720
3,043
3.043
(1,577)
(1,577)
83,186
83,186
Total Funds
TRUSTEES, INTERESTS IN CONTRACTS
Prottty Management Fees Receivable are derived from propety managetn¢ni activities undertsken by
Freshwater Prort Management Limited in resr*th of properties owned by Companies within the
Freshwater Group of Companies with which this Group is related and were charged at normal
otnmercial rdtes. Mr B S E Fr¢shwater is a Directorof those Companiesand hetogether with mem1￿r$
of his family indirectly inte￿￿ted in their Shor¢ Capital.
Included within Investment ManageTnent Costs are mJJ]agement and administrntion clwges totslling
£1,135,IYJO (2023.. £960,(m) charged at nornial COTnmercial rates for the day-lo-day fftar]agem¢nt of
FTe5hwaler Propety Management Limited which is carried by Highdorn Co. Lirnited a company
withinthe Freshwater Group of Companies. Mr B S E Freshw&ter 1$ a ditr¢tor of Highdornco. Limited
but has no ￿nefICia] interest in its share wital.
19.
FINANCIAL INSTRUMENTS
Group
2024
£'wo
Charlty
2024
£'o
2023
£'ty)o
2023
Fin4n¢lal Ossets measured 4t fair value
through income and expenditure:
Listed and other investments (see Note 10)
Inv¢stment in subsidiary u￿lertakIngs (see
Nole 10)
FiftAncial assets m¢agure4J at amortised
cost {see N￿e 111
Financial liabllltles measured at
amortised cost (see Note 12 & 13)
26,574
26,939
26,574
26.939
6,289
6.074
15.351
7.812
4,287
4,236
18,756
16.002
4,044
2,677
The income, expense. net gains and losse& including changes in fair value, forfinancial assets measured
fair value are inCl￿d within the Statement of Financial Activities.
The fair values of the principal investments held at fair value through profil and loss at the baiance
sheet date are detemiined by tr￿tteS valuation.
29

MAYFAIR CHARITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20.
ANALYSIS OF CHANGES IN NET DEBT
At
Non-cash
At
l Apr 2023 Cash flows movements 31 Mar 2024
£'ooo
£'(K)O
11,115
(5,391)
(1,609)
Cash in hand and at bank
Debt du¢ after one year
5,n4
(1,577)
32
9506
(5,391)
32
4.147
Non-cash movements represent exchang¢ rdte Move￿¢￿ts.
21.
RELATED PARTY TIL4NSACTIONS
In addition to the rnatters set out elsewhere in these Financia] Statement& the following tElated p81ty
transactions $I￿Uld be noted.
The Charity re￿iVed donations of £1.250,￿0 (2023: £1,250,000) from Metropolitan Properties
Company LIMI￿ a comwy whose Directors are TnLstees ofthi5 Chatity.
Tr Charity received dividends aggre￿Ing £678.000 (2023.. £655.000) from Daejan Group Holdit
Limit& a (￿panY of which certain Trustees of the Charity ajr director5.
Grants and Donations made by th¢ Charity inclu(k the following amounts which were donated to
charitable companies, the trustees of which Tnlstees of ihe Charity.
2024
2023
Sa550v Bels Hamedrash
Beth Ja¢ob Grammar S¢h(KJl for Girls Limited:
Proiision of facilities
53
400
The school building occupied by Beth Jacob Grammar SclM)ol for Girls Limited is owned by
the Charity. The continued occupation of the premises is on a 'rent free, basi5. The notional
benefit arising from such ￿nt free accommodation is estimat¢yJ io k £4(K>,(M)O per annum. In
order to fully reflect the underlying nanjre of this mngemeni, the notional l*nefit has been
Includ￿ within'Rents and Ch￿E¢S Receivable, with an equal amount included within'Grants
and Donations..
ACCOUNTING ESTIMATLS AND JUDGEME]Yrs
(i) ProFerty val￿tiOn
The valuation of the grow)'s property wrtfolio is inherently subje¢tive. depending on many fadors,
including the individual nature of each property. ils I￿atiOn a￿1 expected fLrtur¢ net rental values,
market yields and comparable m8rkei transactions (as set out in Note 10). Theref(￿e the va]ualioJ)s are
subject lo a degree of uncertainty and aJE made on the basis of &85￿1ptIOns which may noi prove to t
accurare, particularly in wiods ofdifficult maTket oreconomic coThJitiom. As noted in Note 1.9 above,
all the group's p￿pet11￿ are valued by external valuers with appropriate qualifications and eX￿rienCe.
30

MAYFAIR CHARITIES LIM￿ED
NOTES TO THE FINANCIAL STATEMEwrs
FOR THE YEAR ENDED 31 MARCH 2024
22.
ACCOUNTING ESTIMATES AND JUDGEMENTS (cont'd)
(li) Unlisted investments valuali
The valuation of the group's unlisted investments 15 subjective. (k[￿d]llg on many factor5. i￿1￿11ng
compaJatordividend yields and net asset Vdlues, assumedrdtionale of Pros￿etiVe share pur¢hasers. and
the dec￿ed impact of entity specific conditions on the aforementionedTneasure& Significant judgement
is also required when selecting comparator companies to be included in the population from which
ex￿cted yields and di$￿Unted net a55el values are derived. Therefore. the valuation is subject to a
degree of uncertainty and is made on the basis of assumptions which may not prove to be accurat4
particularly in ￿n(K]S of difficult market or ¢cono]nic conditions.
(iii) Trnde delAors
Managanent uses detailsofthe age oftr&d¢ debtors andthe sta￿S ofany dispulestogetkn with ext¢mal
evide[￿e of the credit status of the Co￿terrArtY in making judgements eonceming any need to impair
the carrying
31

MAYFAIR CHARITIES LIMITED
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED31 MARCH 2
24
23.
RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES
2024
£'ooo
2023
£'(x)o
Net ex￿nditUre for the year
Adjust]nents for..
Losse￿[ga1n$) on investments
Interest paid
Divid¢nd4 interest and rents from invesknents
Notional rent received
Increasel(decrtrtse) in chariiable loan provisions
(Increase)Ide¢rwe in debtors
Increasel(de¢r¢ase) in credilors
Increasel(decrrd5e) in provisions for liabilities
Net eash used in operating Aetivities
5,041
(10,189)
(5.607)
8.707
98
(1,680)
4(K>
(24)
4,053
2.198
(100)
3,463
{1,664)
400
(100)
(7,604)
2.771
(78)
(6.833)
24.
ANALYSIS OF CASH AND CASH EQUIVALENrs
2024
2023
C&sh at Bank and in HaThJ
5.724
5.724
TotAI cash and Cash equivalents
32

AYFAIRCHARITIES LIMITED
MANAGEMENT INFORMATIOIY
FOR THE YEAR ENDED31 MARCH 2024
The followlng pages do not form part of the ststutory financial ststements
whlch are tb¢ subject of the illdependent auditor's report on pages 6 to 9.

MAYFAIR CHARITIES LIMITED
LIMITED BY GUA114NfEE
INCOME & EXPENDITIIRE ACCOUNT
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED31 MARCH 2024
2024
2023
£.￿0
£.1￿0
IncotDe alld Endowments from:
Donations and Grdnts R¢¢¢ived
Investments..
Income froTn Fixed Ass¢1 Investments
Interest Receivable
Rents and Charges Receivable
Total Income
1.470
,380
680
269
1.500
3.919
658
234
1,930
4,202
Expenditure on:
Raising Funds..
Propery Outgoings
Interest Payable and Similar Charges
Charitable Activities:
Grants and tk>nations
Direth Charitable Activities
Payments from Special Projects Fund
Other..
Governance Costs
(1.118)
{3)
(1,074)
(93)
(3,094)
(3,810)
(4)
(843)
(745)
(52)
{46)
Total Expenditure
NET IIYCOME I (EXPENDrruRE)
BEFORE GAINS ON INVESTMENTS
15,012)
(5.870)
(1.093)
(1.668)
Gains l (Losses) on Inve5tments'.
Gain on sale of Investment Property
Valuation of Investment Property
Valuation of Listed and Other
Investments
247
6.037
(865)
(150)
(7,656)
6,134
(8,521)
IYET INCOME I (EXPENDITURE) FOR
THE YEAR AND MOVEMENT IN FUNDS
5.041
(10.189)
Reconciligtion of Funds:
Total Funds Brought Forward
TOTAL FUNDS CARIUED FORWARD
78,145
83,186
88,334
78,145

MAYFAIRCHARITIES LI￿lITED
LIMITED BY GUAJL4NTEE
PROPERTY REVENUE ACCOUNT
FOR THE YEAR ENDED31 MARCH 2024
2024
Unrestricted Funds
£'o
2023
Unrestri¢t¢d Funds
£'(M)o
Rents and Other Chwges Receivable
Less.. ProFKrty OiQoings
General and Waier Rates
Insurance
RepaiT5 and Maintenance
Lighting and Heating
Porterdge and Cleaning
Legdl and Professional Charges
Servic¢ Chargas
Letting Commission
,500
1.930
(418)
(29)
(225)
(112)
(265)
(44)
(24)
(i)
(387)
(69)
{282)
{125)
(154)
(29)
(22}
(6)
(1,074)
856
NET PROPERTY REVENUE
382