FAIR CHARITIES LIMITED Company No: 927985 CONSOLIDATED FINANCI L s'fA'fEMF.NT for ¢he year ended 31 MARCH 2025 COHEN ARNOLD CHARTERED ACCOUNTANTS & STATUTORY AUDITOR LONDON NWI I OPU MAYFAIR CHARITIES LIMITED TRUSTELS Mr B S E Freshwater (Chairnian) Mr S l Freshwater Mr R Fischer SECRETARIES Mr J S SO￿hgate MrMDEBale REGISTERED OFFICE Freshw8ter Ho 158- 162 Shaftesbury Avenue LONDON WC2H 8HR AUDITOILS Cohen Arnold New Burlington House 1075 Finchley Road LONIXIN NW I I OPU PRINCIPAL BANKERS Lloyds TSB COMPANY NUMBER 927985 REGISTERED CHAIUTY NUMBER 255281 MAYFAIR CHARITIES LIMITED INDEXTO THE FIIYANCIAL STATEMENTS FORT AR ENDED ARCH 2025 Tntstees, Report Auditor5, Rewrt 10 Consolidated Ststement of Fina￿1￿1 Activities Consolidated Ba]ance Sheet 12 ChtiTity Balance Sheet 13 Consolidated Siatemenl of Cash Flow5 14-32 Notes to the Financial Statements MAYFAIR HARITIES LIMITED LIMITED BY GUARANTEE TRUS'I'EES, REPORT The Governors, hereafter￿ferred¢0 a5 TTUStees, who are also directors forthe putposes of compatry law, have pleasure in presenting their Annual Report together with the Consolidated Financial Statements of the Company for the ye8r ended 31 March 2025. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISORS The official name of the Charity is MayfairCharitie5 Lirnited, a Company luniied by guafdntee. Its ¢ompany registration number is 927985 and it5 r¢gisteroA charity number is 255281. The ￿giStered address of the Charity bs.. Freshwater Hou5¢ 1 $8- 162 Shaftesbury Avenue LONtK)N WC2H 8HR The TTUStee5 of the Charity who smed during the year and who are still in office are: Mr B S E Freshwaier (ChaiTm8n) Mr D Davis {Pa5sed away on l May 2￿25) Mr S l Freshwater Mr R Fischer STRucfuRL GOVERNANCE AND MANAGEMENT Th¢ day io day affairs of the Chority are adminisiered by an Executive Committee, the Chairnian of which is Mr BSE FreShWa￿r. All TTUStees give their iirne volunlarily and no benefits or expenses were paid to ih¢m durin8 the year. New Trustees are appointed based on personal competence, specialist skills, availability and knowledge of and contact with instituiions professing and *a¢htn8 the Principle5 of traditional JudAi$m and the adv8ncernent of religioD in accoTdanc¢ with the Jewish faith. New Trusiees are indurted inio the WOTkings of the Charity by ihe existing Tru5tee$. Th¢ bwd of Trust¢e5 is Saddened to re￿ th¢ passing of Mr D Davis on l May 2025. As the Ch8rity is a Company limited by 8uar8ntee, its governin8 docwnents 8re its Memorandurn and Articles of Association. Group Strurture and RelatKbnship8 ThE Charity has the following wholly owned non¢ cycle 8enernlly The macroeconomic environment The Chatity seek5 to rnana8e or mitigate su¢h risks wherever possible th￿gh such measures as insuTan¢e, tsnant reening and rnortitorin8, rigorous reviews of acquisition and invesmient opp)rnJnities. external expert advice, moniloring c&5h #nd rcgular monitoring of the economic outlook. Ultimately, the Trns*es are not overly ¢oncemed a5 they can manage the level of donation5 awording to the available reseNes. Key P¢rfom8nce Indlcatorj (KPJ$) The Tru5tee5 monitor the Group's ￿rfOrmance pm8ress against is strategic objectives and the f￿81]¢]81 perfom)ance of ils operations on a regular bosis. Performance is assessed against the strdtegy and expecrations ￿sIng financial and non-financial measures. The m05t signifi¢ant t(Pls used by the Group are as follows.. 2025 2024 Grants and donations paid Qui N¢t rental income Dividend income Quoied and other investh)ents at fair value Investment property at fair value £5.] rnillion £0.7 million £0.7 million £24.5 million £55.8 million £3.1 million £0.5 million £0.7 million £26.6 million £54.7 million PLANS FOR THE FtrruRE The Tru5tee5 plan to continue to make distributions in accordance with their grant making policy and ensure that the ability to generdte sutricient income is maintained to achieve that end. The Trustees have negotiated a conditional contrdd for the sale of lljvestmeni property which they aTe hopefijl will come to fruition in the near ￿tUre. MAYFAIRCHARITIES LIMITF.D LIMITED BY GIIARANTEE TRUSTEES, REPO FIXED A&SETS The movements in Fixed Assets are fjJlly reflected in Notrs 9 and 10 to the Financial Staiements. The Charity'5 investment piDffties are included in the Balance Sh¢¢t at fair value. as ￿llY di5¢1osed in Note 10 to Financial Statements. An ll)dq)endent professional revaluation of all the group's property w&$ carried out at 31 March 2025 by Colliers Intern￿lO￿al Property Advisers UK LLP, RICS Registered Valuer%. The valuation figurts are b&8ed opcn M￿et value assessed in accordance with the Rtcs Valuation - Current Global Standards (inwrporatit]g the Inlernational Valuation Stsndards). Trnstees Report Str&teKie Report SS8ned OD Behalf of the Couneil Mr B S E Fre5hwater- Trusttt 26 January 2026 IIYDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MAYbAIR CIIARITIES LIMITED LIMITED BY GUARANTEE OPINION We hav¢ audited ihe fmancial statements of Mayfair Charities LiTnit¢d (rhe 'charity') for the year ended 31 March 2025 which comprise the Consolidated Sthtement of Financial Activities, the Consolidated and Parent Charity Balanc¢ Sheets. the Group C&5h Flow Statements and the r¢lat¢d notes. including a sulnmary of significant accounting policies. The financial r¢porting hmework that ha5 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 IT¢land (United Kingdom G¢nernlly Accepted Accounting Praciice). In our opinion the financial statements.. give a tnie and fair view of the state of the Group's and Parent Charity's affairs as ￿ 31 March 2025 and of the Group's incoming resource5 and application of resources, including its income and expendI￿re, for the year theD ended.. have been properly prepared in accordance with United Kingdom Generally Accepted A¢¢ounting Practice; have bttn prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION W¢ ¢onducted our audit in ￿¢OrdanCe with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our Te5ponsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial siatements section of OUT report. W¢ are independent of the ¢hariry in accordance wilh the ethical requirements that are relevant to our audit of the financial stat¢ments in the UK, including the FRC'S Ethical Standard, and we have fulfilled ouroth¢r ¢thical responsibilities in accordance with these requirements. We believ¢ that the audii ¢vid¢nce we have obtained 15 Sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATIIYG TO GOING CONCERN We have nothing to report in respect of the following maners in relY4tion to which ihe ISAS {UK) require us to report lo you where.. the twstees, us¢ of the going concern basi$ of accounting in the preparation of the financial Statements 15 nol appropriate; or the trus￿eS have not disclos¢d in the financial statements any identified material uncertainties that may ¢ast signifi¢ant doubt about the charity'5 abilily ro continue lo adopt ihe going Conccrn basis of accounlin8 for & period of at least twelve months from the date when the financial stotements are au¢horised for issue. OTHER INFORMATION The other inforn)a¢ion comprises the infomiation in¢luded in the annual r¢NJrt, other than the financial staiements and our auditor's report thereon. The tNstees aTe r¢sponsible for the other inforrnation. Our opinion on the financial statements does not cover the other inforniation and, except 10 the extent othenyise explicitly stated in our report, we do not expr¢5s any forn) of assurance conclusion thetton. In connection with our audit of the finan¢ial statEments. our r¢5ponsibility is to read th¢ other inforniation and, in doing so, ¢Msider whether the other infortnation is materially inconsistent with the financial statements or our knowledge obtained in (he audit or otherwise appears to be mAterially mi5Stated. If we identify su¢h material in¢onsi51encies or apparerlt material misstatement5, w¢ are required to deterniine whether the￿ is a material mis5tateTnent in the financial statements or a material mi5Statement of the other inforniation. If, based on the wo we have perfornied, we conclude thai there is a materi21 missiatement of this other information. w¢ ar¢ required to report that fact. We hav¢ nothing to re￿rt in thi5 regard. INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MAYFAIR CHARITIES LIMITED LIMITED BY GUARANTEE OPINIONS ON OTHER MArrERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of ihe audit.. the infornvdiion given in the trustees, report for lh¢ financial year for which the fmancial statements are prepared is consistent with the financial statements: and Ihe INstees' report has been prepared in accordance with applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and und¢rstsnding of the charity and its environment obtained in the course of the audiL we have noi identified material misstatements in the trustc¢%' report. We have nothin# io report in respect of the following matters in relation to which the Companies Act 2(1)6 require5 us io report ￿ you if. in our opinhon.. adequate accounting records have not been kept, or re￿rns adequate for our audit hove not been received from branches not visited by us,. or rhe fmancial 5tat¢inents are not in agreement with the accounting r¢¢ords and re￿rn5- or certain dis¢losurcs of trustees. remunerntion specified by law are nol made. or we have not received all the information and explanations w¢ require for our audi¢. RESPONSIBILJTIESOF TRUSTEES As explained more ￿llY in the twstees. responsibilities statement, the tTU5tee5 (who are also the direeiors for the purposes of company law) are responsible for the preparation of ihe f￿ancIal siatements and for being satisfied thai they 8ive a true and fair view. and for such internal control as the tTU5t¢¢s delemiine is ne¢essary to enable lh¢ p￿paratIOn of financial statements that are Iree from material misstatement, wheiher due io fraud or etTOr. In preparing the financial statements, the trusi¢¢s are responsible for assessing the charity's abiliry lo continue as a going concem, diselosing. as Bpplicable, matters rela￿d to 80ing Concern and using the going concem basis of accounting unless the trnstees eith¢r inrend to liquidate the charity or to ¢e85¢ operations, or hav¢ no realistic Iternative bui io do $0. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objective5 are to obtain reasonable assurpn¢e about whether the financial ststements as a whole are free from aterial misstatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable a55urartce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a mat¢rial misstatement when il exists. Misstaternents can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected io influence the economic decL5iOnS of users taken on the basis of these financial Statements. IrregularitlES, including fraud, are instances of noTt-compliance with laws and regulations. We design proc¢dures in line with our responsibilities, outlined above. to detect material misstatements in r¢sp¢¢t of itTegularities, including fraud. The ￿tent to which our procedures are capAble of detecting irr¢8ularities, including fraud LS deiailed below- We obtained an understanding of the legal and regulatory frameworks that ar¢ applicable to the group through discussion with the directors and senior manag¢m¢nt and identified financial reporting legislation, landlord legislation and charity legislation as being most Significant to these fjnancial ststements. We communicated these identified frameworks amgngst our audit team and remained alert to any indieations of non-compliance throughout the audit. We ensured that the enga8emtnt team had sufflcienl compeience and ¢apibility to identify or rerognise non-complianre with the laws and regulations. We discussed with the direcroTS and senior management the policies and procedure5 regarding compliance with these legal and regulatory fram¢works. INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MAYFAIR CHARITIES I.IMITED LIMITED BY GUARANTEE AUDITORIS RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL ST ATEMENTS (eont'd) We assessed the susceptibility of the gTOUP'S finaneial statements lo material misststement due to non- compliance with legal and regulatory fram¢works, including how fraud Tnight occur, by eDqUiry with the directors and senior martagemeni during th¢ pl&nning and finalisation phases srages of our audii and by using proprieiary disclosure ¢heeklists. The susceptibility to su¢h m&ierial misstatement was delermined to b¢ low. Based on thi5 understanding, w¢ dcsigned our audit proceduTe5 10 identify non-compliance with the identified legal and regulatory fraMeWo￿S, which wer¢ part of our procedur¢s on the related fjnancial statetnent items. Owing to the inherent limitations of an audit. there 15 an unavoidgble risk that we may not have deteeted some mat¢ri#l missiatemenis in the flnancial Statements. even though w¢ have properly planned and perforned our audit in o¢¢ordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) 15 from the events and transaction5 refle¢t¢d in ihe financial 5taternents, the less likely the inherently limited procedures required by auditing standY4rd5 would identify it. In addition, as with any audit, th¢re remained a h1￿her risk of non-delectkon of irregularities, as these may involve collusion. forgery, intention81 omissions, misrepresentations, or ihe override of intcrnal ¢ontrols. We are not responsible for preventing non-compliance and cannot be expected lo delect non-compliance with all laws and regula¢ion$. As part of an oudii in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepli¢ism ihrou8hout the audit. We also.. Identify and as5es5 th¢ risks of material mi55tatement of the financial statements, whether due io fraud OT error. desigTh and perfom audit procedures responsive to those risks, and obrain audil ¢vidence rhat is sufficient and appropriate to provide a basi$ for our opinion. The risk of not detecting a mai¢rial missiatemenl resulting from fvaud is higher IhaD for one resulting from error, as fraud may involve collusion, forgery, intentional omTssions, misrepresentations, or the override of int¢rnal ¢ontrol. Obtain an understanding of internal control relevant to th¢ audit in order to design audit procedures ihai are appropriate in the circumstances, but noi for the PUTpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appTopriat¢ness of accounting policies used and the reasonableness of accounting estIm￿eS and related di5¢1osure5 made by the trustees. Conclude on the appropriatene55 of the trnstees, use of th¢ going ¢oncem basi5 of a¢couniing and, based on thc audit evidence obtoined, whether a material uncertainty exists relaied to events or ¢ondilions that may cast Significant doubt on the charity's ability to continue as a going concern. If we conclude that a mat¢rial uncertainty exists. we are Tequired to draw attention in our auditor's report to the related disc105ure5 in the financial stAtements or, if Such dssclosures are inadequate, to m¢)dify our opinion. Our conclusion5 are based on the audit evidence obtained up to the date of our auditor's report. However, future eyents or condilions rnay cause the charity to ¢ew to continue a5 a going concern. Evaluate the overall presenthtion, structure and content of the financial Statements, including the disc105ure5, and whether the financial statements r¢pr¢s¢nt the underlying trdn5actions and events in a Tnatffter that achieYe5 fair presentation. Obtain suificient appropriate audit ¢vidence regarding the financial infomiation of the entities or busine5$ a¢tiwities within the group to express an opinion on the Consolidated financial statements. We are responsible for the direciion, 5uperYision and ￿rf0MlanCC of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, amgng other rnatters, the planned Scope and liming of the audit and 5i8nificant audit finding5, including any significant deficiencies in internal control that w¢ identify during our audit. Ir4DEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MAYFAIR CHARITIES LIMITED LIMITED BY ARANTEE USE OF OUR REPORT This report 15 made solety io the charity's members, &$ a Ix)dy. in accordan¢¢ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state io the charity's members those matteTS we are required to state lo them in an auditor's repon and forno oth¢T purpose. To the fullest extent pemiitted by law, w¢ do not accept or assume rc5ponsibility to anyone other than the charity and the charity's members as a body, for our audit WOTL for thi5 repor( or for the opinions we have forrned. BARRY LEIGH (S¢rtior Stabjlory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountanls & Statutory Auditor New Burlington House 1075 Finchley Road LONtK)N NWII OPU 26 January 2026 MAYFAIR CHARtTIES LIMITED CONSOLIDATED STATEMENT OF FINANCIAL AC.TIVITIES RATING THE CONSOLIDATED INCOME. AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED31 MARCH 2025 INCO 2025 Unrestricted Funds l'o 2024 Unrestricted Fund$ £'o £'ooo N•t¢ Income and Endowments from: Donations and Grdnts Received Investments- Income froTn Fixed Asset Inveslments Interest Receivable and Similar Income Rents and Charges Receivable Other.. Property Managernent Fees Receivable Total Income 500 .250 680 680 347 2.387 439 1,869 1.502 5,416 1514 5.752 Expendlture on: Raising Funds.. Property Outgoings Interest Payable and Sirnilar Charges Investment Managem¢nt Costs Charitable Aclivilies.. Grants and Donation$ Paymenls from Special Projects Fund Oth¢r'. Governance Costs (1.659) (7) {1,168) (1.324) (8) (1,173) (5,085) (1.149) (3,094) (745) (60) (52) To¢•1 Expendltvre NET INCOME I (EXPENDITURE) BEFORE CAINS ON IIYVESTMENTS (9.128) (6J96) (3,712) (644) Gains l {Losses) on Investments.. Gains on Disposal of Investment Property Valualion of Investment Property Valualion of Other Investh?ents 247 5,724 602 {2,069) (364) (1,463) 5,607 NET INCOME I (EXPENDITURE) BEFORE TAX (5,175) 57 4.963 78 Taxation NET INCOME I (EXPENDITURE) FOR THE YEAR AND MOVEMENT IN FUNDS (5,118) 5.041 Reconclliation of Funds.. Total Funds Brought FoTward TOTAL FUNDS CARIUED FORWARD 83,187 78,146 83,187 78.069 The notes on pages14 to 32 f(Kin part of these Fina￿la[ Statements. 10 MAYFAIR CHARITIES LIMITED NSOLIDATED BALANCE SHEET AS AT JI MARCH 2025 2025 2024 No¢t £'o £,￿0 £'ooo FIXED ASSETS Tangible Assets Investments 1.025 80,304 81,329 1,025 81,333 82.358 io CURRENT ASSETS DebtQTS Cash at Bank and in Hand li 16.959 3,283 20,242 15,351 5,724 21.075 CREDITORS: Amounts falling due within one year 12 (20.532) {17.179) NET CURRENT ASSETS I (LIABILITIES) TOTAI. ASSETS LESS CURRENT LIABILITIES (290) 3,896 81,039 86,254 CREDITORS: Amounts fallin8 due after more than one year 13 (1.541) (1.577) PROVISIONS 14 (1.429) 78.069 (1,490) 83,187 TOTAL NET ASSETS UNRESTRICTED FUNDS Designated Funds Other Charitable Fund5 Non-charilable Fund5 16 16 16 6,284 65,779 6,006 6,432 70,467 6,288 83,187 TOTAL UNRE5TIUCTED FUNDS 78,069 The Financial Statements were approved by the Council on¥January 2026 a￿1 signed on its behalf by MR B S E FRESHWATER TRUSTEE Company R¢gi5tralion Number.. 927985 The notes on Fwges 14 to 32 forn part of these FinarKial StateTDents. MAYFAIR CHARITIES I.IMITF,D LIMITED BY GUARANTEE BALANCE SHEET AS AT 31 MARCH 202 2025 2024 Ntst* £,￿0 £'wo FIXED ASSETS Tangible Assets Investments 1.025 79,272 1,025 8U.695 81,720 io 80,297 CURRENT ASSETS Debtors Cash at Bank and in Hand li 4,269 910 4287 1.223 5.179 5,510 CREDITORS: Amounts falling due wiihin one y¢ar 12 (5,866) (2.467) NET CURRENT ASSETS I (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES (687) 3,043 79,610 84.763 CREDITORS: Amounts falling duc after more than one year (1,541) (1.577) TOTAL NET ASSETS 78,069 83,186 UNRESTRICTED FUNDS Designated Funds Other Chllritsble Funds 16 16 6,284 71,785 78,069 6,432 76,754 83,186 TOTAL UNRESTRICTED FUNDS The Financial Statements were approved by the Council on 26 January 2026 and sign¢d on its behalf by MR B S E FRkSHWAT TRUSTEE Company Regisiration Number.. 927985 The notes on pages 14 10 32 fom) part of these Finvncial Ststements. 12 MAYFAIRCHARITIES LIMITED ONSOLIDATED TATEMENT OF CA FLOWS FOR THE YEAR ENDEDJI MARCH 2025 2025 Unres¢rl¢fed Funds £'o 2024 Unrestricted Funds £.￿10 Cash Flows from Operating Aclivltles: Net Cash used in Operating Activities C*sh Flows from Investlng Aetivltles Dividends, Interest and Rents from Investments Proceeds from Sale of Investments PuKhase of Investments (3,351) (6,833) 1,333 1.379 247 (209) (439) Net Cash Provlded by Inve8¢lng Actlvltles Cash Flows from FlnAnclng Activities Int¢r¢st Paid 898 .417 (7) (8) Net Cash Used In Flnanelng Actlvltlej CHANGL IN CASII AND CASH EQUIVALENTS IN THE YEAR CASH AND CASH EQUIVALENTS AT I APRIL 2024 (7) (8) (2,460) (5.424) 5.724 CHANGE IN CASH AI¥D CASH EQUIVALENTS DUE TO EXCIIANCE RATE MOVEMENTS 19 33 CASH AND CASH EQUIVALENTS AT 31 MARCH 2025 24 3,283 5,724 The nthes on pages 14 to 32 forni rArt of these Financial Statements. 13 MA YFAIR CHAIUTIES LIMITED NOTES TO THE FINANCIAL STATEIIqEiYrs FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES The charity is a private company limited by guarantee, registered in England and Wales and a gistered charity in England and Wales. The address of the registered office is 158-162 Shaftesbury Avenue. London, WC2H 8HR. These financial statements hav¢ been prepared in cornpliance with FRS 102, The Financial Reporting Standard applieable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to ch8riti¢s preparing their accounts in ac¢ordan¢e with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charili¢s SORP (FRS 102)) and the Charities Act 201 The Consolidated Financial SlateTnenis I￿Orporate the results of the Charity and its subsidiaries for the year ended 31 March 2025. These are adjusted, where appropriate, to confomi to group accounting poli¢ies. The following accounting poli¢ie5 have been ￿ consistently in the preparation of the Group's Financial Statements. BASIS OF ACCOUNTING The Financial Statements have been prepared under ihe Historic&1 Cost Convention. as modified by the inclLL8ion of fixed asset investments at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity. and rounded to lho￿￿8ndS. The Trustees have concluded that it is appropriate for the financial statements to b¢ prepared in accordance with the accounling principles appropriate lo a going concern and ih81 there is no material un¢¢rtainty to this position, as the Truslees have a reasonable expectation that the charity has adequate resources under all plausible circumstances io conlinue in operational existence for the foreseeable futur¢ by meeting ils liabilities and commitments os rhey fall due, based on available sources of finance. Judgements mAde by the Trustees. in the application of these accounting policies ihat have significant effect on ihe financial statements and eslitn&les with a significani risk of material adjustment in the next year are discusbed in Note 22. The Charity meets the definition of & public benefit entity under FRS 102. GROUP FINANCIAL ST ATEMENTS A sepllrdte Statement of Financial Activities, or Income and Expenditure Account for the Charity itself 15 not presented in accordance with Section 408 of the CoTnpanies Act 2006. The Group Financial Statements incorporate the financial statements of the charity and its group undertakings. These are adjusted, where appropriate. to confonn to group accounting poli¢ies. The Group Financial StateTnenis do not consolidY¢te the results. nor the assets and liabilities of Freshwater Family Holdings Inc. as the Trustees are of the opinion that lo do so would not ￿flect a true and fair view in the Financial Statements (see Note 100. Freshwater Family Holdings Inc. and its operations are Controlled and carried out in North America by its directors. 14 MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS R THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (cont'd) INCOMING RESOURCES This includes in¢om¢ from listed investments and deposits, Tentsls received frorn property assets, receipts under Deeds of Covenant from individuals and other grants And donations received by the Group. Non-monetary donations are recognised ai fair value when Ihis can be quantified. The abovementioned items are included in the Financial Statements on an accruals basis with the exception of income from listed ¢ompanies which is included when received. Rental income from investment property leased out under operdting leases is recognised in the profit and loss account on a strai8ht line b&8is over the period to first break clause. Legse incentives grdnted to tenants are recognised on a strnight line basis over the period io first lyrgk clause. Servi¢¢ charge income is r¢¢ognised the services ar¢ provided. PROPERTY OUTGOINGS The costs of repjirs are recognised in the profit and loss account in the year irt which they are incurred. Lease payments under operating leases are recognised in the profil and loss accouni on a straight line basis over the terni of the lease. GOVERNANCE COSTS Governance cosis include costs of the preparation and audit of financial statements and the cost of any legal advice to Trustees on governance or constitutional man¢rs. INVESTMENT GAINS AND LOSSES This includes any gains or losses on the sale of investments any gains or losses resulting from revaluing investments to fair value at the end of the year. 15 MA YFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (eont'd) DEFERRED TAX DefetTed lax is provided on timing differen¢e5 which arise from the inclusion of income and expenses in tsx assessments in periods different from those in which they are recognised in ihe financial sialernents. The following timing differences are not provided for.. differences behveen accumulgted depreciation and t￿ allowance5 for the cost of a fixed asset if and when all condition5 for retaining ihe lax allowances have been met. Deferred tax is not recognised on pemianent differences arising because certain ty￿S of income or expense are non-taxable or are disallowable for i&% or because certain tax charges or allowances are 8reater or smaller than th¢ corresponding income or expense. Deferred tax is provided in respect of the additional t&x thai will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amouni ihal can be deducted or assessed for t&x. Deferred tax is measured &t the tax rat¢ that is exFe¢led lo apply 10 the reversal of the related difference, using tax rates et)a¢ted or substantively ena¢ted at the balance sheet date. Unrelieved tax losses and other deferred18x assets are reeognised only lo the extent that it is probable tha¢ they will be recovered against the reversal of deferred lax liabiliiies or other future taxable profits. There are deferred l&x provisions for the Charity" it is exempt from l&x due lo its charitttble on the b&sis a]1 income and gains will be applied solely for qudifying charitable purposes. PROPERTIES HELD FOR USE BY CHARITY These properties are stated at Cost. Properties donated lo the Charity are included at fair value ai ihe date of acquisition. No depre¢iation is charged on property interest in land. INVESTMENT PROPERTY Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Inves(ment properties are recognised initially at cost. Subsequent lo initial recogmition Investment properties are held at fair value. Any gains or losses arising from changes in the fair Yalue are recognised in ihe profit and loss account in the period that they arise- and No depreciation is provided in respect of investment properties ￿plYing the fair value model. Investment property fair value is based on a valuation by an external, indetkndent valuer, having an appropriate recognised professional qualification and recent exTxrien¢e in the location and cl￿5 of property being valued. Any gain or loss arising from a change in fair value 15 recognised in the Statement of FinanciAI Activities (SOFA) and taken to Other Unre5trirl¢d Funds. 16 MA YFAIR CHAIUTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (cont'd) 1.10 DISPOSALS OF PROPERTIES The Group genernlly holds ils proFtrtie$ for the long tenn in order to generate rental income and Capital appreciation although in the right circumstances any property could be available for sale. When an outright sale does ¢xcur th¢ resulting surplus based on the excess of sales proceeds over valuation is included within the Group's profit on ordinary activities. and taxation applicable Iher¢to is shown as part of the tsxation charge. Disposals are recogni5ed on the date the significant risks and rewards of ownership hav¢ been transferred. In addition the Group also 'sells' leasehold extensions when requesled by leaseholders. The proceeds of these leasehold extension sales. less directly applicable Costs. are al￿ included in profit on disposal of investment properties. 1.1 I LISTED INVESTMENTS Shareholdings acquired are initially r¢corded al cosi and subsequently included at fair value (in accordance with the SORP (FRS 102)). any surplus or deficit on revaluation is recognised in the SOFA and taken lo Other Unr¢5tricled Funds. 1.12 INVESTMENTS IN SUBSIDIARY UNDERTAKINGS Shareholdings acquired are initially recorded at ¢ost and subsequently included at TnJsl¢¢s' Eest estimate of fair value (in accordance with the SORP (FRS 102)) based on the nel asset value. The net a55el values of the subsidiary undertakings reflect fair values of their underlying properties held for investment- any surplus or deficlt on revaluation is recognised in ihe SOFA and iaken to Other Unrestricted Funds. 1.13 OTHER rNvESTME￿[s Other investmenis comprise shareholdings in unlisted cornpanies and are inilially recorded al Cost and subsequenily included at T￿stee5, best estimate of fair value (in accordance with the SORP (FRS 102)); any surplus or deficit on revaluation is recognised in the SOFA and taken to Other Unreslricted Funds. 1.14 FINANCIAL INSTRUMENTS Financi￿ liabilities and equity instruments are classified according to che substance of the contrdrlual arrangements entered into. An equity instrum¢nt is any contract that evidences a residual interest in the assets of the entity after deducting all its financial liabilities, 17 MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES {cont'd) BaslcflnaNeial instru#*nts Renlal andoiher debrors Rental and other de￿OrS are recognised initially at transaction price plus attributable transaction Costs. Subsequent lo initial recognition they are measured ai amortised cost using the effective interest meth￿, less any impaimient losses. If the arrangement constitutes a financing ￿nsactIon. for example if payment is deferred beyond nomial business lenn5, then it is measured at the present value of future payments discounted at a market rate for & similar debt instrument. Renl in advance and (Jiher creditors Renl in advance and other creditors are recognised initially al transaction price less attributable trarLsaction costs. Subsequent to initial recognition they are measured at amortised ¢ost ￿5]ng the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred ￿yond norn)al business lemis, Ihen it is measured al present value of future payments discounted at a market rate for a similar debt instrument. Cash al￿ cash equivalents Cash and ush equivalents comprise cash balances and call deposits. Bank overdrnfts that are repayable on demand and forni an integral part of the group'5 cash manag¢ment are iniluded as a componertl of cash and ¢&sh equivalents for the purpose only of the cash tlow statement. 1.15 LIABILITY RECOGNITION Liabilities are recL)gnised as soon as there is a legal or constructive obligation committing the Charity to pay ou( resour￿. 1.16 FOREIGN CURRENCIES Assets and liabilities denominated in foreign currencies are translated into sterling al rates of exchange ruling al the Balance Sheet date. Transactions in foreign currencies are translated into sterling at the average rate of exchange in r¢spect of the Tnonth during which the transactions occurred, or where practicable. at th¢ rat¢ ruling on the dale of the Iransaction. Exchange differences are ¢ak¢n into account in arriving at the Net Incomel(Expendilure) Before Tax. 18 MAYFAIR CHAIUTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (eont'd) 1.17 FUND ACCOUNTtNG Unrestricted Funds are available for use at the discretion of the Trustees in fwtherdnce ofthe general obje¢tives of the Charity and in accordance with relevant law. Designated Funds are Unrestricted Funds, which have been set-aside &t the dIsC￿tion of the T￿￿¢¢¢& foT specific purpose5 as noted below (Note 1.18). Non-charitable Funds are Unrestricted Funds and comprise the net aggregate reseThes of the Charity's subsidiaries Computed by reference to the accounting policies of the subsidiaries. Other Unresiri¢l¢d Funds comprise Other Charitable Funds. represeniing the accumulated surplus or deficit on income and expenditure account and the excess of fair value over the cost of inv¢stments. Restricted Funds are funds subject to specific restricted conditions imposed by donors. There are no Restricted Fund5 as at the Balan¢e Sheet date. 1.18 DESIGNATED FUNDS The ch￿ltY has committed itself to variou5 long-lemi charitable projects and Iransfers are m￿e to Designated Funds in accordance with antic]￿ted expenditure in respect ofea¢h individual project. INTEREST PAYABLE AND SIMILAR CHARGES 2025 £'o 2024 £'(KJo Bank Charges at¥J Interest GRANTS AND DONATIONS PAYABLE 2025 £'ooo 2024 Grant$ 2nd Donations Paid Non-monew Donations (see Note 21&- Provision of Facilities) 4,685 400 2,694 400 5,085 3.094 All Grants and Donations were paid to charitable institutions for the advancem¢nt of religion and education and for the relief of poverty. 19 MAYFAIR CIL4RITIES LIMITED NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 GRANTS AND DONATIONS PAYABLE {¢ont'd) The ¢omposition of monetary donations is shown below. BC TrLtst Arnud Hatzdokoh Trust Bait Limud Vches¢d Shaarei Orth Lid Yesamach tkvav Twsl North London Welfare & Edu¢ational Foundation Talmud Torah Tiferes Shlome Trust Collel Chibaih Yerwhalayim Kahal Chassidim Bobov Yeshuos Shabbos Chevras Mooz L￿dDI The Friends of Yeshiv&8 Brisk Marbeh Torah Trust Strin8 of Pearls Union of Orthodox Hebrew Con8re8alions Slabodka Yeshiva Trusi Kol M¢daber Achisomoch Aid Company Limited Canvey Kehilla Ltd Three Pillars Trust VHLT Ltd Mifal Hachesed Vehalzedokoh British Friends of Shuvu British Friends of ihe Chazon Ish Institutions Mesifta Talmudical College Other Donations .829 642 224 212 113 95 85 82 80 54 46 39 36 32 28 27 25 25 25 24 20 20 20 543 4,685 GOVERNANCE COSTS 2025 £'ooD 21124 Auditors, Remuneration Le￿[ and Professional Fees 48 12 31 21 60 52 20 MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NET INCOME BEFORE TAX This is stated after charging.. 2025 £?000 2024 £'o Auditors, Remuneration: Audit Fees Oiher Professional Services 84 12 65 21 These amounts are included in Governance Coyts and Inveslmcnt Management Costs. STAFF COSTS AND EMOLUMENTS No remuneration or other benefits from employment with the Charity or a relaied entity were received by the Truslees or connected parties. No Trustee expenses have been incurred. TAXATION Mgjor components of lax expense 2025 £,(￿0 2024 £yooo Current tax: UK current tax expense Deferred tOX: Origination and ￿versal of timing differences Taxa¢loTh (61) (57) (78) (78) All t8x is reCO￿lSed in the Consolidated Income and Expenditure Account. ReconclllAtlon of tax expense The t&x assessed on the net in¢ome for the year is higher than the standard rate of corpordtion t&K in the UK of 25•h (2024: 25ty/0) by reference to the analysis Eelow. 2025 2024 £'oDo Net income l (loss) before 18x N¢t expenditure by rdte of tsx Non taxable income and expenses Timing differences OT] unr¢alised gdill5 Timing difference on gift aid Impaci of change in tax rate Other differences (5,175) (1.293) 1,376 4.963 1.240 (144) (167) Tax4tion (57) (78) The deferred t&% liability at 31 March 2025 has been cal¢u18ted based on the rate of 250/0 (2024: 21 MAYFAIR CHARrriES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2025 NET MOVEMEIYT IN FUNDS Of ihe Net Movement in Funds of the Group. a deficit of £5.118,000 {2024.' Surplus of £5.041,(m) has been dealt with in the Stsiement of Financial Activities of the Charlty itself. TANGIBLE FIXED ASSETS Group gDd Ch&rity Property Held for use by Charity At l April 2024 and 31 March 2025 ,025 The Properties Held for Use by Charity are slated at historical cost. io. INVESTMEIYTS Frtehoid Propertlej £.￿0 Leg5ehold Propertles Lijted Olher Investments Investment5 £'ooo Group Totsl £iooo FAIR VALUE At l April 2024 Additions Di5POsals Transfers Revaluation 43,693 83 11.065 356 54 26,520 81.332 439 844 (242) 11,179 26 {2.095) 24,425 (1.467) 80,304 At 31 March 2025 44.620 80 )ng LtA$ehold Llsted Propertl¢$ Investments £'ooo Invegtsnents ID Subsldlary UndertakithK$ £'(x)o Frtthold Propertles Other Inve5trnettty Total £'ooo CbArlty FAIR VALUE At l April 2024 Additions Disposals Transf¢rs Revaluation 43,693 83 4.139 54 6.289 26,520 80.695 83 844 26 (281) 6,008 (2.095) (1,506) 24,425 79,272 At 31 March 2025 44.620 4,139 80 All Investments. Subject to the comments klow, are stated at fair value as at 31 March 2025. 22 MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 io. I]¥VESTMENTS (wnt'd) b) An independent professional revaluation of all the group's pro￿rty was carri¢d out at 31 March 2025 by Colliers International Property Advisers UK LLP, RICS Registeredvaluers. The valuation figures are b&sed on open market value assessed in accordance with the RICS Valuation- Current Global Standards (in￿rporating the International Valuation Standards)- The historical c05t of the Group's Investmeni Properties at 31 March 2025 is £24,052,000 {2024.. £23.613,000). The histoti¢al cost of the Charity's Investment Properties at 31 March 2025 is £23,098,000 {2024.. £23,014,000). Valuatlon technlques and key inputs The group's residential apartmenls and houses (£16.6 million) were valued using a sales valuation approach. d¢rived from recent comparable transactions in the rnarket, adjusted by applying discounts to reflect staius of occupation and condition. The largest discounts were applied to those properties subjeci lo registered tenancies, reflecting the relative difference in s¢¢urity of tenure, whilst the smallest discounts were applied to those properties subject lo assured shorthold tenancies. The group's commercial units {£39 million) were valued using the income capitalisation rnethod, requiring the application of an appropriate market based yield lo net operating income. Adjustments are made lo allow for voids when1¢sS than five years are left under Ihe cutTent tenancy and to reflect market reni ai the point of lease expiry or rent review. Other Investments comprise 565,000 sha￿S in Daejan Group Holdings Limiied, valued by the Trustees using a combined disGounted net asset and dividend yield approach and 133,650 shares in Metmpolitan Properties Cornpany Limited. The value of the Metropoliian Properties Company Limited share5 been esiimated by the Trustees based on the underlying value of assets less liabilities. Both Companies have dir¢¢tors in common with the Trustees of the Chariry. The historical cost of the Group's and the Charity's Listed and Other Investments al 31 March 2025 is £8.016.000 (2024: £8.016,(K)O). d) The value of the Investments in Subsidiary Undertakings has been estimated by the Trustees b¥ed on thc underlyin8 value of assets (as above. Note l Ob) less liabilities of the Subsidiary Und¢rtakin8S. The historical cost of the Investments in Subsidiary Undertakings as at 31 March 2025 is £1,000 (2024.. £1,000). 23 MAYFAIR CHAIUTIES LIMITED NOTES TO THE FINANCIAL STATELIqENTS FOR THE YEAR ENDED 31 MARCH 2025 io. INVESTMENTS (cont'd) Th¢ Charity hold5 directly and indirectly the wlK)le of the issued Share capithl in the following Companies, ail of which are incorporated in Great Britain and registered in England & Wales (unless otherwise indicated) and have certain directors in common with the Charity. Company Number Dir eld Subsidiar Freshwaier Property Management Limited Gladville Limited Haysgrans Property Co. Limited Meiropolitan ProFCrties Co. (Overseas) Limited 00891786 02454653 00662308 00863934 Indir tl Held SLibsidia Freshwaler Family Holdiiigs Inc. (USA) The aggregate amount of assets. liabilities and funds of the subsidiary undertakings are follows.. C8pltal & Reserves £'o Assets £'ooo 23.029 Llabilltle9 Freshwater Property Management Limited Gladville Limited Hay$8rans Property Co. Limited Metropolitan Properties Co. (Overseas) Limited (19.454) 3.575 7.162 418 (5.147) 2.015 418 A summary of turnover. expenditure ond profit or loss for the year is shown below for each operational subsidiary undertaking. MttropDll¢fin Propertles Co. {Overse49) Llmtted Freshwater Property MangRement Llmi¢ed £'ooo 1.502 Hay$%rgny Property Co. Llmlted £•ooo 404 (211) (22) (242) Turnover Cost of sales Administrative expenses Nel valuation gains on investment Prop¢rty Interest receivable and similar incom¢ Interest payabl¢ and similar rharg¢s Profit Eefore tax T2X&tion Pmfit for finaD¢ial year (1,146) 282 232 (303) 72 231) 634 15 619 The Charity holds s￿/0 of ihe issued share capital in West Heath Villas Management Lid {Company Number.. 13181K>61) which is registered in England & Wales and rertain dire¢tors in common with the Trustees of the Charity- 24 MAYFAIR CHARITIES LIMITED NOTES TO THE FIIYANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2025 io. INVESTME]wrs {eont?d) Freshwater Family Holdings Inc. and its operations are controlled and Carried out in North America by its directors. The Capital and Reserves of the above company at its year end of 31 December 2010 (the latest figures available) were in deficil in the amount of $9,406,$15 {2009.. deficit of S8.768,021). None of the deficiency in Nel Assets of Freshwater Family Holdings Inc. would itnpinge upon the Charity itself. In ¢onsequence, the Group Financial Statements do not consolidate the results, nor the assets and liabilities of Freshwaler Family Holdings Inc. as the Tn￿teeS are of the opinion that to do 50 would not reflect a true and fair view in the Financial Statements. FreshwAter Family Holdings Inc. is a direct subsidiary of metro￿)litan Properties Co. (Overseas) Limiied, the Share Capital of which was acquir¢d for nominal consideration many years ago. ii. DEBTORS Group 2025 £'o Charlty 2025 2024 2024 £'ooo Nole Amount owed by subsidiary undertakings Amoun15 due from connected undertakings Loan debtors (charii&ble pwposes) Rental debtors Oth¢r debtors 2.903 2,903 15.082 764 440 673 13,494 709 418 730 32 764 434 136 709 414 130 16,959 15,351 4.269 4.287 All debtors are interest-free and repayable on demand except as disclosed below. The Amount due from Subsidiary Undertdking comprises an interest-bearing108n due from Haysgrans Property Co. Limited, a company with directors in comrnon with the Trustees of the Charity. The loan was advanced some years ago and is effectively repayable on demand. Int¢r¢sl is Charged at a rate of 80/r•. 25 MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 DEBTORS (cont'd) b) Amounts due from Connected Undertakings comprise amounls due from ¢ompanies and other entities as detailed on the following page, of which certain Trustees of the Charity and the Group are also director5 and trusiees. Other ihan in respect of amounts due to the Charity itself. Amounls due from Connecied Undertakings mainly comprise balances due on property management Current account which inl¢rest free and effectively repayable on demand. Group 2025 £'o(MJ Charlty 2025 2024 2024 L K B Investments Limited Freshwater F8Jnily Retirement Benefit5 Scheme The Raphael Freshwater memori￿ Association Limited Highdom Co. Limited Other Freshwater Group Companie5 56 1.441 1.014 46 13,459 11,948 136 360 32 15 15.082 13,494 32 131 26 MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2025 l2. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 £'o Charity 2025 2024 £'wo 2024 Nott Amounts owed to subsidiary undertakings Amounts owed io COnn￿ted undertakings Taxation and social security Rent in advance Other ¢r¢ditors and aCen￿lS 4,487 1.365 12a 19.(K17 15.787 32 242 645 377 32 228 465 233 1.287 20,532 200 533 17.179 5.866 2.467 Amounts owed to Connected Undertakings comprise amounts due to Companie5 and other entities as detailed below, of which certain Trustees of the c.harity and the Group are also directors and Irusle¢s. The amount5 are due on Property mana8em¢nt Curreni account. are interes( free and are effectively repayable on demand. Group 2025 Charity 2025 2024 2024 Bastion Products Limited Highdom Co. Limiled Metropolitan Propertie5 Co (Cloisters) Limited L K B Investments Limited Other Freshwater Group Companie5 1,260 1.512 1.772 645 377 1,296 11,644 17.235 75 19,(K17 15,787 645 377 13. CREDITO￿. AMOUNTS FALLING DUE AFTER MORE THAIY ONE YEAR Group and Charlty 2025 2024 £'ooo Other Credit¢)rs 1.541 1,541 1,577 1,577 Included wiihin creditors.. amounts falling du¢ aftei more than on¢ year is an amount of £1.541,000 (2024: £I.577,0(￿) in respect of liabiliti￿ not repayable by instalments whi¢h fall due for payment by (ktober 2028 and which is interest-free. 27 MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. PROVISION FOR LIABILITIES Tr movement in the deferred t￿tIOn provision during the year w&4: Group- Investment Property £'OD Ai l April 2024 Movements during the year 1,490 (61) At 31 March 2025 ,429 There are no deferred tax provisions fr*r th¢ Chatity. il is exempt f￿M lax due to its Charitable Status on the basis all income and gains will applied solely for qualifying charitsble purposes. OPERATING LEASES As Lessor The ioial future minimum lease payments receivable under nonwcancellabl¢ operatin8 lews are as follows: 2025 £'ooo 2024 Not later than l year Later than l year and not later ihan 5 years Later than 5 years 756 1,202 174 869 1,593 535 2.132 2,997 i& UNRESTIUCTED INCOME FUNDS Other Designat￿ Charitable Ch#ritable Funds Funds Funds £'wo £'ooo £'o Group Totsl Funds Balance at l April 2024 Net in¢ome/(expenditure) for the ytrdr Balance at 31 March 2025 6,432 (148) 6284 70.467 (4.688) 65,779 6.288 (282) 6,006 83.187 (5.118) 78,069 Other D¢5ignated Charitable Funds Funds £'o £'ooo Charhty Total Funds £'ooo Balance ￿ l April 2024 Net expenditure for the year Balance ￿ 31 March 2025 6,432 (148) 6,284 76,754 (4.969) 71,785 83,186 (5,117) 78,069 28 MAYFAIR CHAIUTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net C￿rrent Long Term Fixed Assets Liabilities Llabilities £'ooo £'ooo £'ODO Group Totgl Unrestricied ID¢ome Funds 81,329 81,329 (290) (290) (2,970) (2.970 78,069 78,069 Total Funds Net Cllrrent Long Term Fixed Assets Llgbilitles Llabllltl¢s £'ooo £'ooo £.(￿0 CbArlty TotAI £'ooo Unrestricied Income Fund5 80.297 80,297 (687) (687) (1,541) (1,541) 78.069 Total Funds 78.069 TRUSTEES, IIYTERESTS IN Co￿ll4CTs Property Managemem Fees Receivable aTe derived from Pro￿ management activities undertaken by Fr¢shwater Property Mamagement Limilcd in respect of properties owned by Companie5 Within the Freshwater Group of Companies with which this Group is related ar￿ were charged at nom)al commercial rates. Mr B S E Freshwater is a Director of those Companies and he logetheT with members of his family are indiffctly In￿rested in their Share Capital. Included within Inyesthieni Manag¢menl Costs are management and administration charges totalling £1,127.IKKI (2024: £1,135,(K)01 Charged at nimal commercia] rates for Ihe day.to-day management of Freshwater ProFtrty Management Limited which is carried oui by Highdom Co. Limite(L a company within the Freshwaier Group ofcompanies. Mr B S E Freshwater is a director of Highdom Co. Limited but has no beneficial interest ift ils share capital. 19. FINANCIAL INSTRUMENTS Group 2025 £'(M)O Charity 2025 £'ooo 2024 2024 £'ooo Flnanclal asset8 meosured al fair value through income And expenditure: Listed and other invesirnents (see Note 10) Inveslment in subsidiary undertskings (see Nol¢ l O) Flnoncl*l assels meaJured #t *mortised cost (see Note I l ) Financial liabilities measured at ¥mortised cost (see Note 12 & 13) 24,505 26.574 24.505 26,574 6,(X)8 6289 16.959 15,351 4,269 4287 22,073 18.756 7,407 The income, exrense, net gains and losses including changes in fairvalue, for financial assetsmmsured 81 fair value are included within the Ststement of Financial Activities. The fair values of the principal investments held at fair value through Profit and loss at the ba]ance sheet date Are detemiined by In￿lee$ valuation. 29 MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. ANALYSIS OF CHANGES IIY NET DEBT At Non-cash At l Apr 2024 Cash flows movements 31 Mar 2025 £'ooo £'otK> £'ooo £'ooo 5,724 (2,441) 3383 (1,577) (1,541) Cash in hand and at bank Debt due after one year 36 4,147 (2,441) 36 I,742 Non4&sh movements represent exchange rate movements. 21. RELATED PARTY TRAI¥sA￿lO￿s In a(klition lo t1￿ mattet3 set out elsewher¢ in these Financial Statements, the following related party tra￿actionS should be noied. The Chgrity received donations of £500,000 (2024.. £1.250.(K)O) from Metrop)lilan Properties Company Limited. a company whose Directors are TTUStees of this Charity. The CTrwity received dividends &ggre8ating £678,0(X) (2024.. £678,(m) from Daejan Group Holdings Limiied. a comp8ny of which certain Trustees of the Charity are directors. Grants 8nd Donlltions mwje by lh¢ Charity include the followin8 amounts which were donaled to charitable companie& the ttwtees of which are Trw4tse5 of the Charity. 2025 2024 £'o Sassov Bels Hamedrash Parsha Limited Union of Orth￿d0X Hebrew con￿gatiOnS Beth Jacob Grammar School for Girls Limited: Provision of facilities 19 36 400 400 The school building occupied by Beth Jacob Grammar School for Girls Limit¢d is owned by the Charity- The continued occupation of the premise5 is on a 'renl free, b&si5. Ihe notional benefit arising from such Jrnt free accotnmodation is estimated io Lx £400,000 per annum. In order to fvIIy Tefleci the und¢rlying nature of this arrangement, t1￿ notional benefit has Ixen included within'Rents ajxl Charges Receivable, with an equal amount included within 'Grdnts and Donations,. 22. ACCOUNTING ESTIMATES A]YD JUDGEMENTS (i) Property valuation Th¢ valuation of the group's propety P)rrfolio is inherently subjective, depending on many factor& including the individual nature of each property. its location and expected future net rental valu¢s, market yields and comparable market transactions {&s set out in Note 10). Therefore the valuaiio1￿ are subject to a degree of uncertainty and are made on the basis of ￿uMpI10￿$ which may not prove to accurate, particularly in periods of difficult market or econoTni¢ cotmlitions. As noted in Note 1.9 above. all the ￿0Up.5 proEKrties are valued by exiemal vaiuers with appropriate qualifications and experience. 30 MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. ACCOUNTING ESTIMATES AND JUDGEMEIYTS (CODt'd) (li) Unlisted inveslmerts valuation The valuation of the group's unlisted investsnents is subjective, de￿}ding on rn￿Y factor& including comparatordivid¢nd yields and net a￿¢1 values. assumed ratio￿le of pr￿FECtiVe share purchasers. and the deemed impa¢t of entity 5Fecifi¢ ¢onditions on the aforementioned measures. signific8nlj￿geMenI is a]so required when selecting comparnior companies to ￿ included in the population from which expected yields and discounted net asset values are derived. Therefore. ihe va]uation is subject to a degree of uncertainty and is ma(k on the basis of assumptions which may not prove to IK accurate, particularly in periods of difficult market or economic wnditions. (iii) Trade debtors Management Uses details of the age of trdde debtors and the status of any disputes together with exlemal evidetKe of the credit status of the counterparty in making judgeTnents concerning any need to impair the corying values. 31 MAYFAIR CHARITIES LIMITED NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 23. RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES 2025 2024 Nel exp¢nditwe for the year Adjustments for.. LoSSe￿(ga1ns) on investments Inleresi paid Dividends, interest and rents from investments Notional rent received Increas&ldecrease} in charitable loan provisions (Increase)Idecrease in debtors Increas&l(decre&se) in creditors ITbcreasel(decrwe) in provisions for liabilities Net cash used In operating actlvltles (5,118) 5,041 1,463 (5,607) (1,755) 41)0 17 (1,634) 3,330 {61) (3,351) (1.664) 400 (100) (7.604) 2,771 (78) (6,833) 2& ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 £,￿0 Cash at Bank arKI in HaT 3.283 3,283 5,724 5,724 Total ¢4sh and ¢&$h equlvllents 32 MAYFAIR CHARITIES L ITED MANAGEMEIYT INFORMATION FOR THE YEAR ENDED31 MARCH 2025 The following pages do not form port of the statutory flnsThcl#l statements whlch Are the subJ¢¢t of tbe Independent a￿dItOr'S report on pages 6 to 9. MAYFAIR CHARITIES LIM￿ED LIMITED BY GUARANTFE INCOME & EXPENDITURE ACCOUNT STATEMINT OF FINANCIAL ACTIVITIES FOR THE YEAR EIYDED 31 MARCH 202S 2025 21124 £'o £'o £'ooo 1Th￿me and Endowments from: Donations and Grants Received Investments.. Income from Fixed ASS￿ Investhienls Interest Receivable Renis and Charges Receivable TolAI In¢ome 1,170 1,470 680 297 1,983 4,130 680 269 1.500 3.919 Expendl¢ur¢ on: Raising Funds.. Property Outgoings Interesi Payable and Similar Charg¢s Charitable Aclivilies.. Granis and Donations Payments from Special prOje￿S Fund Other: Governance Cosis (1,448) (3) (1,118) (3) (5,085) (1,149) (3,094) (745) (60) {52) Totsl Expendlture NF.T INCOME I (EXPF.NDITURE) BEFORE GAINS ON INVESTMENTS (7.745) (5,012) (3.615) (1,093) Nel Gains / (Losses) on Investments.. Gain on sale of Investment Property Valuation of Investment Property Valuation of Listed and Other InvesknentS 247 6.037 844 (2.350) (150) (1,502) 6.134 NET INCOME /(EXPENDITURE) FOR THE YEAR AND MOVEME]YT IN FUNDS (5,IID 5.041 Reconclllxtion of Funds". Total Fvnds Brought Forward TOTAL FUNDS CARRIED FORWARD 83,186 78,069 78.145 83,186 MAYFAIR CHARrriES LIMITED LIMITED BY GUARANTEE PROPERTY REVENUE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 Unrestrlcled Funds £'th)o 2024 Unrtstrided Funds £'ooo Rents and Other Charges Receivable Less.. Property Outgoings General a￿1 Water Rates Insuranc¢ Repairs and MainienatKe Lighting and Heating Porterdge arKI Cleaning Legal and Profe5siona] Charges Servi¢e Charges Letting Commission 1.983 ,500 (764) {49) (147) (127) {295) (53) (10) (3) (418) {29) (225) (112) (265) (44) (24) (i) {1.448) 535 NET PROPERTY REVENUE 382