Charity registration number 266439 (England and Wales)
THE SALO BORDON CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE SALO BORDON CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mrs. L. Bordon Mr. M. Bordon Charity number (England and Wales) 266439 Principal address 39 Gresham Gardens London NW11 8PA Independent examiner Berish Hoffman FCA Landau Morley LLP 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX
THE SALO BORDON CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
THE SALO BORDON CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The objects of the charity are to promote, encourage and provide finance for religious education and social welfare both in the UK and worldwide.
The objective is achieved by heightening public awareness of and the payment of grants to these organisations.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Grants are made to charitable institutions and organisations after it has been satisfied that payments will accord with the objectives of the charity. Regular reviews are made of those bodies which the charity supports to ensure that the objectives of the charity are being met.
Achievements and performance
There are no restrictions on the Charity's power to invest. The investment strategy is set by the Trustees and takes into account the recent demand for funds on the basis of the grants payable. The strategy is set within an overall policy that endowment funds are invested in low and medium risk investments with a view to ensuring that capital appreciation of the funds exceed inflation.
The Trustees are satisfied with the return on investments achieved during the year and feel confident that the Trust has adequate reserves to fulfil its charitable obligations.
Financial review
There has been a increase of 10% (2024: increase of 5%) in the Trust's income in the year.
A summary of the Charity's transactions and of its financial position is shown in the financial statements together with the accompanying notes.
The charity aims to maintain sufficient reserves to meet discretionary annual grants and to deal with one-off grants for specific projects from time to time. At the year end free reserves held by the charity were £69,088 (2024: £31,304).
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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THE SALO BORDON CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
Structure, governance and management
The Trust Fund is governed by a Trust Deed dated 2nd August 1973 and is registered charity number 266439.
The Trustees determine the general policy of the Charity and are responsible for its day to day running. They regularly to assess the payments of grants.
The Trustees manage any conflict of interest in transactions with related parties by seeking advice from independent professional specialists.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs. L. Bordon
Mr. M. Bordon
The trustees' report was approved by the Board of Trustees.
Mr. M. Bordon Trustee Dated: 2 February 2026
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THE SALO BORDON CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE SALO BORDON CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The Salo Bordon Charitable Trust (the trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Berish Hoffman FCA
Landau Morley LLP 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX 2 February 2026
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THE SALO BORDON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted Endowment funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 15,000 - Investments 4 128,624 - Total income 143,624 - Expenditure on: Raising funds 5 19,175 - Charitable activities 6 86,794 - Total expenditure 105,969 - Net income and movement in funds 37,655 - Reconciliation of funds: Fund balances at 6 April 2024 31,819 7,261,988 Fund balances at 5 April 2025 69,474 7,261,988 |
Total Unrestricted Endowment funds funds 2025 2024 2024 £ £ £ 15,000 - - 128,624 117,242 - 143,624 117,242 - 19,175 15,356 - 86,794 94,002 - 105,969 109,358 - 37,655 7,884 - 7,293,807 23,935 7,261,988 7,331,462 31,819 7,261,988 |
Total 2024 £ - 117,242 |
|---|---|---|
| 117,242 | ||
| 15,356 94,002 |
||
| 109,358 | ||
| 7,884 7,285,923 |
||
| 7,293,807 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE SALO BORDON CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes Fixed assets Tangible assets 12 Investment property 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Net current assets Total assets less current liabilities The funds of the trust Endowment funds 16 Unrestricted funds |
2025 £ £ 386 2,146,988 5,115,000 7,262,374 41,185 27,903 69,088 69,088 7,331,462 7,261,988 69,474 7,331,462 |
2024 £ £ 515 2,146,988 5,115,000 7,262,503 9,640 21,664 31,304 31,304 7,293,807 7,261,988 31,819 7,293,807 |
2024 £ £ 515 2,146,988 5,115,000 7,262,503 9,640 21,664 31,304 31,304 7,293,807 7,261,988 31,819 7,293,807 |
|---|---|---|---|
| 7,262,503 31,304 |
|||
| 7,293,807 | |||
| 7,261,988 31,819 |
|||
| 7,293,807 |
The financial statements were approved by the trustees on 2 February 2026
Mr. M. Bordon Trustee
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THE SALO BORDON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity information
The Salo Bordon Charitable Trust is a registered charity in England and Wales and is unincorporated. The address of the principal office is 39 Gresham Gardens, London, NW11 8PA.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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THE SALO BORDON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Furniture, Fixtures and fittings 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.8 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.9 Impairment of fixed assets
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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THE SALO BORDON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
1.11 Financial instruments
A financial asset or financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised ay the amount receivable or payable including ay related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impartment.
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 15,000 | - |
| Income from investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Rental income | 128,220 | 116,734 |
| Interest receivable | 404 | 508 |
| 128,624 | 117,242 |
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4 Income from investments
-
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THE SALO BORDON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
5 Raising funds
| Unrestricted funds 2025 £ Investment management 19,175 19,175 Charitable activities 2025 £ Grant funding of activities (see note 7) 86,305 Share of support costs (see note 8) 489 86,794 Grants payable 2025 £ Grants to institutions: Achisomoch 41,000 Beis Avrohom Synagogue 2,000 Beis Soroh Schnierer School - The Beis Middrash Trust 2,000 Friends of Kupat Hakahal Kiryat Sefer 6,350 Friends of Mir - Friends of Ohr Yechiel 5,000 Friends of Yeshiva Brisk - Golders Green Beth Hamedrash - WST Charity Ltd - Menorah High School For Girls Foundation Trust 2,000 Manchester Hachnosas Kalloh Fund - North London Welfare and Educational Foundation 11,500 Project SEED Limited 5,500 Shaarei Orah Ltd - Torah 5759 Ltd 2,000 Yeshivas Mekor Chaim 7,100 Other < £2,000 1,855 86,305 |
Total 2024 £ 15,356 |
|---|---|
| 15,356 | |
| 2024 £ 93,470 532 |
|
| 94,002 | |
| 2024 £ 32,000 - - 2,000 2,000 - 5,000 3,500 2,500 2,000 - 3,000 18,000 7,500 2,500 5,000 3,900 4,570 |
|
| 93,470 |
6 Charitable activities
7 Grants payable
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THE SALO BORDON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
7 Grants payable
(Continued)
During the year, grants totalling £86,305 ( 2024: £93,470) were paid to various institutions in accordance with the Charity's objectives.
8 Support costs
| Support costs 2025 £ £ Depreciation 129 129 Bank charges 360 360 489 489 Analysed between Charitable activities 489 489 9 Net movement in funds 2025 £ The net movement in funds is stated after charging/(crediting): Depreciation of owned tangible fixed assets 129 |
2024 £ 172 360 |
|---|---|
| 532 | |
| 532 | |
| 2024 £ 172 |
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration, reimbursement of expenses or benefits from the trust during the year.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE SALO BORDON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
| 12 | Tangible fixed assets | |
|---|---|---|
| Furniture, | ||
| Fixtures and | ||
| fittings | ||
| £ | ||
| Cost | ||
| At 6 April 2024 | 28,882 | |
| At 5 April 2025 | 28,882 | |
| Depreciation and impairment | ||
| At 6 April 2024 | 28,367 | |
| Depreciation charged in the year | 129 | |
| At 5 April 2025 | 28,496 | |
| Carrying amount | ||
| At 5 April 2025 | 386 | |
| At 5 April 2024 | 515 | |
| 13 | Investment property | |
| 2025 | ||
| £ | ||
| Fair value | ||
| At 6 April 2024 and 5 April 2025 | 2,146,988 |
In the opinion of the trustees the investment property is stated at its open market value as at 5 April 2025. .
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THE SALO BORDON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
14 Fixed asset investments
| Unlisted | |||
|---|---|---|---|
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 6 April 2024 & 5 April 2025 | 5,115,000 | ||
| Carrying amount | |||
| At 05 April 2025 | 5,115,000 | ||
| At 05 April 2024 | 5,115,000 | ||
| 15 | Debtors | ||
| 2025 | 2024 | ||
| Amounts falling due within one year: | £ | £ | |
| Other debtors | 41,185 | 9,640 |
16 Endowment funds
Endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| Permanent endowments Previous year: Permanent endowments |
At 6 April 2024 £ 7,261,988 At 6 April 2023 £ 7,261,988 |
At 5 April 2025 £ 7,261,988 At 5 April 2024 £ 7,261,988 |
|---|---|---|
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THE SALO BORDON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
17 Analysis of net assets between funds
| Unrestricted Endowment funds funds 2025 2025 £ £ At 5 April 2025: Tangible assets 386 - Investment properties - 2,146,988 Investments - 5,115,000 Current assets/(liabilities) 69,088 - 69,474 7,261,988 Unrestricted Endowment funds funds 2024 2024 £ £ At 5 April 2024: Tangible assets 515 - Investment properties - 2,146,988 Investments - 5,115,000 Current assets/(liabilities) 31,304 - 31,819 7,261,988 |
Total 2025 £ 386 2,146,988 5,115,000 69,088 |
|---|---|
| 7,331,462 | |
| Total 2024 £ 515 2,146,988 5,115,000 31,304 |
|
| 7,293,807 |
18 Related party transactions
Transactions with related parties
During the year, the charity paid £5,500 (2024: £7,500) to Project SEED Limited, and £2,000 (2024: £2,000) to The Beit Midrash Trust, charities in which Mr Marcel Bordon is a trustee.
During the year, the charity received donations totalling £15,000 from Mr Marcel Bordon.
At the year end £41,185 ( 2024: £9,640) was due from Astwood Securities Limited, a company in which grandchildren of Mrs Lilly Bordon and children of Mr Marcel Bordon are shareholders, in respect of rent collected on behalf of the charity.
During the year, rent totalling £62,500 (2024: £62,500) was receivable from Twinmar London Limited, a company in which Mr Marcel Bordon is a director.
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