ROWANVILLE LIMITED LtMITED BY GUARANfEE Company No.. 1152779 Charity No.: 267278 FINANCIAL STATEMENTS for the yeydr ended 30 June 2025 COHEN ARNOLD CHARTERED ACCOUNTANTS REGISTERED AUDITORS LONDON NWI I OPU
ROWANVILLE LIMTfED AP4D SUBSIDIARY UNDF.RTAKINGS FOR THE YEAR ENDED 30 JUNE 2025 INDEX TO THE FINANCIAL STATEMENrs Page Reference and Athninistrativ¢ Inforniation Tnte¢s. Report Auditors, R¢port io Consolidated Stst¢ment of FinanciaI Activities 11- 12 Consolidated Statement of Financial Position 13 Company Statement of Financial Position 14 Cashflow Statement 15-26 Notes to the Financial Statements
ROWANVILLE LIMITED L[mED B Y GUARANTEE REFERENCE AND ADNISTRATIvE DETAILS FOR THE YEAR ENDED 30 JUNE 2025 Name: Rowanville Limited Status: Incorporated: 20 December 1973 Company Number.. 1152779 Registered Charity Number: 267278 Principal Offiee: 64 Ballards Lane London N3 2BU Registered Addr. 64 Ballards LAne London N3 2BU Charlty Trustees: Mr A C Becker Mr J Pearlman Mrs R Pearlman Nfr S Goldberg (Appointed 8 December 2025) Secretary: Nfrs R PeaTlm8n Auditors: Cohen Arnold New Burlington House 1075 Finchley Road London NWI I QPU
ROWANVtLLE LIMTTED IIIIITEI X) B Y GUARAF*TEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 The trustees, who are also the directors for the Purposes of company law, present their report together with the consolidated financial statements of the charity and its subsidiaries for the year ¢nding 30 June 2025. The Financial Stat¢m¢nts comply with the Charities Act 2011. tELe Companies Act 2006, the Memorandum and Articles of Asso¢iation, and Accounting and Reporting by Charities.. Ststement of ROrnmended Practice applicable to charities preparing their acoounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS102) (effective l January 2015). REFERENCE AND ADMllYISTRATIVE INFOR£TIoN Reference and Administrative Information of the company ts shown on page l of the financial statements and forms part of this report. ORGANISATION STRUCTURE, GOVERNANCE AND MANAGEMENT The ¢harity is constituted as a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. The truste¢s who s¢rved during the year w¢re Mr A Becker, Mr J Pearlman and Mrs R Pearlman. The daY-tdaY affairs of the company are administered by the trustees. It is not currently the intention of the ttwstees of the charity to appoint new trustees. Should the situation change An the ture, Ihe trustees will apply suitsble recruitmetLt training and induction procedures. GroHp Siructure andRelationships The charity has two wholly owned subsidiaries. Lydminster Limited, a property investment company which gifis its profits to the charity. and Sylvella Charity Limitsd. a charity company with objects sitnilar to Rowanville Limited. Risk Managemenl The Trustees have assessed the rnajor risks to which th¢ charity is expose in particular those related to the operntions and finance of the charity, and are satisfied that systems are in place to mitigats its exposu to those risks. OBJECTIVES AND ACTIVITIES The object of the chlty is to advance religion in accordance with the orthodox Jewish faith. To achieve its objective the charity makes grants to charitable institutjon8 wlth similar objectiv¢s and its charitable subsidiary provtdes accommodation free of charge for use by a Jewish faith school and also provides assistance to the budgetary requirements of that school. The tn]stees confirni that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aim and objectives and in planning future activities.
ROWANVTLLE LllM[D LIMITED B Y GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 ACHtEVEMENfs AND PERFORMANCE During the year the charity has Continued its philanthropic activities and h&% maintained its support of religious, educational and other charitabl¢ institutions. The aggr¢gat¢ of donations and grants made were £1,350,413 (2024= £583.672). FINANCIAL REVIEW FinaneialPosilion The financial results of the company and its subsidiary undertakings forthe year ended 30 June 2025 are llY reflected in the attached financial statements together with the notes thereon. Rueryes Policy It is the policy of the Charity to maintain unre5trÈcted funds which are the free reseThes of the charity, at a level which provides sufficient resources tr) cover management and administration and direct charitable exp¢nditure. As at 30 June 2025, the charity had £11,215,253 of w]restri¢ted funds. Investmentpoliey and objecliyes Und¢r the Memorandum and Articles of Association, the Charity has the power to make any investment which the trustees see fit provided su¢h funds are not immediately required for use in connection with any of its objects. The charity's investment w)licy is to maximise the income and gains so that its charitable objecliv¢s be maintained and ¢xpanded. The trustees, having regard to the liquidity requirements of the charity and to the reseryes policy have operated a policy of keeping available funds in an interest-bearing deposit Lccount. PLANS FOR FUTURE PERIODS The charity plans to continue the activities outlined above in the forthcomin8 yeats subject to sufficient income. FIXED ASSETS The movements in Fixed Assets are fvlly r¢fl¢cted in Note 15 tr) the Financial Statements. INVESTMENTS The company's inv¢slment in the Subsidiary undertakings are included in the financial statements at valuation. based on the market value of its underlying assets less liabilities. Th¢ valuation of properties and other assets in the subsidiaries has been made by the trustees of this company.
ROIIIANifiLLE LIMITED ttTED BY GUAKINTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 TRUSTEES, RESPONSIBILITIES STATEMENT The trus*es (who are also the directors for the puoSe$ of Company Law) are responsible for preparing the tn]stees' annual report and fmancial statements in accordance with applicable law andunited Kingdom Accounting Standards (United Kingdom Genernlly Accepted AcUnting Practice). Company law requires the trnstees to prepare financial statements foreach flllancial year which give atrue and fair view of the state of affairs of the charitable company and the group Imd of the incoming resources and application of resources, including the income and expenditu of the CEilable group for thAt perlod. In prepaTing these financial statements, the trustees are required to." sel¢ct suitable accounting policies and then apply them consislelltly. observe the methods and prineAple8 in the Charities SOIIP. make judgements and accounting estimates that are reasonable and prudent" and prepare the fitwicial statements on the going concern basis unless it is inappropriate to presume that the charity will continu¢ in operation. The trustees arerespollsible foTkeeping adequate accountingrecords that are sufficient to show and explain the charity's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the chatity and the group and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDrroR Cohetl Arnold are deemed to be re-appointed under Section 487(2) of the Companies Act 2006. Each of the persons who is a trustee at the date of approval of this report confirnis that: so far as each trustee is aware, there is no relevant audit infonnatiow being inforniation needed by the auditor in connection with preparing their repoQ of whtch the group's auditor is unawar4 and each tntstee, has taken all st¢p$ that they ought to have taken as a trustee to make themselves &war¢ of any relevant audit inforn]ation and to estsblisb that the group's auditor is aware of that Inforntioll. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the provisions applicable to companies enutled to the s] companies exemption. By Order of the Trustees Mr A C Becker 19 March 21126
ROWAIYVILLE LIMITED IMITED BY GUARANTEE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS AND TRUSTEES YEAR Ef4DED 30 JUNE 2025 Opinion We have audited the financial statements of Rowanville Limited (the 'charity' and its subsidiaries (The Group)) for the year ended 30 June 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Company Statement of Financial Position, the consolidated Cash Flow Statemenls and the related notes, including a summary of significant accounting policies. The financial reporting framework ihat has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the fmancial statements: give a true and fair view of the state of the group's 8nd cEwity's affairs as at 30 June 2025 and of the group's incoming resources and application of resources. including its income and expenditure, for the year then ended. have been properly prepared in accordanc¢ with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006 and Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stondards are further described in the auditor's responsibilities for the audit of the fanCIal ststements section of our report. We are independent of the group in accordanc¢ with the ethical requirements that are relevant to OUT audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trnstees, use of the going concern basis of accounting in the pieparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's or group'5 or the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in tbe relevant sections of this report.
ROWANVILLE LIMITED LIMI.TED BY GUAiL4NTEE INDEPENDENT AtJDITORS' REPORT TO THE MEMBERS AND GOITERNORS TRUSTEES YEAR ENDED 30 JUNE 2025 Other inforniation The other infomiation comprises the infonnation included in the annual report, other than the fmanciaI Statements and our auditor's report thereon. The trustees are responsible for the other inforn]ation. Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explL¢Ltly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforn]ation 8nd, in doing so. consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit OT otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements we are required to deterniine whether there is a material misstatement in the financial statements or a material misstatement of the other infonnation. If, based on the WOTk we have perf0rnie we conclude that there is a material misstatement of this other infomlation, we are requir¢d to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the Work undertaken in the Course olthe audit: the inforniation given in the trustees, report for the financial year for which the fcial statelnents are Prepared is consistent with the financial statetnents. 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 the knowledge and understanding of the group and the charity and theiT environment obtained in the Course of the audit, we have not identified material misstatements in the tTrteeS, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequafr accounting records have not been kept by the charity, or returns adequate for our audit have not been received from branches not visited by us" or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received ail the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regirne and take advanlage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report.
ROWANVILLE LIMrrED LIMtTED BY GUARANTEE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS AND GOVERNOR.S TRUSTEII S YEAR EIYDED 30 JUNE 2025 RespoD5ibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control &8 the trustees detern]ine is necessary to enable the prepaTation of financial statements that are free from nterial misstatement, whether due to fraud or error. In preparing the fiTLancial statements, the InteeS are responsible for assessing the Charity's and group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend Èo liquidat¢ the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilitie$ for the audit of the financial statements Our objectives are to obtain reasonable assuran¢¢ about whether the funCIal statements as a whole are fre¢ fron] material misstatemen¢ whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuranc¢ is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the ¢conomic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are Instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtsined an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trnstees and identified which were most significant with respect to the financial stafrm¢nts. We identified fllwicial reporting legislation (including related companies legislation), and anti-bribery legislation as being most significant to these fmancial statements. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations. We discussed with the trustees the policies and Procedures regarding compliance with these leg and regulatory frameworks. We assessed the susceptibility of the group's financial statements to material misstatement due to non-compliance with legal and Tegulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and fmalisation phases of our audit. The susceptibility to such material misstatement was detem)ined to be low.
ROWANVILLE LIMITED LIMITED BY GUARANTEE JI4DEPEIYDENT AUDITORS, REPORT TO THE MEMBERS AND GOVERP40RS RUSTEES YEAR F,NDED 30 JUNE 2025 Based on this understanding we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on clwity's intemal ¢ontrols policies and procedures, correspondence with regulatory bodies including Chlty Commission and HMRC, testing trallsactions outside the nornial course of the business and journal entrie& and discussions with the trustees. Owing to th¢ inherent limAtations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the finallcial slatements, even though we have properly planned and performed our audit in accordance with auditing slandards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a hlgher Tisk of non-detection of irregularities. as these may involve collusion, forgery, intentional ornissions, misrepresentations, or the override of inteTnal controls. We are not responsible for preventing non-compliance and cannot be expected to det¢¢t non-compliance with all laws and regulations. As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the fu1claI statements, whether due to fraud or em)r, design and perforn audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for OUT opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involv¢ collusion, forgery, intentional omissions. misrepresentation4 or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the cIrcuntances, but not for the purpose of expressillg an opinion on the effectiven¢ss of the internal control. Evaluate the appropriat¢ness of accounting policies used and th¢ reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriat¢ness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity'5 or group's ability to continue as a going concen). If we conclude that a mat¢rial uncertainty exists, we are required to drdw attention in our auditor's report to the relat¢d disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of OUT auditor's report. However, future events or conditions may cause the charity or group to cease to continue as a going concern. Evaluate the overall presentation. structure and content of ihe financial Statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
ROWANVILLE LIMJTED LIMITED BY GUARANTEE INDEPF.NDFNT AUDITORS, REPORT TO THE MEMBERS AND GOVERNORS RUSTEES AR Ef4DED 30 Jt]NE 2025 Obtain suffjcient appropriate audit ¢vidence regarding the financial inforniation of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction. supervision and performance of the group audit. We remain solely responsible for our audit oplnion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant d¢ficiencies in internal control that we identify during our audit. Use of our report This report is made solely lo the charity's member, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pennitted by law. we do not accept or assume Tesponsibility to anyon¢ other than the ¢haTity and the charity's memkr as a body, for our audit worK for this report, or for the opinions we have fonned. JOSHUA NEUMANN FCA (Senior Statutory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NWI I OPU 19 MCh 2026 Cohen Arnold is eligible lo a¢1 Lu an Audilor in terpns ofsection 1212 of the Companies Act 2006
ROWANVILLE LIMITED AND SUBSIDLIRY lDERTAKING CONSOLIDATED STATF.MF,NT OF FtNANCIAL AcfThTrtES INCORPORATING THE INCOME & EXPENDITURE Accourir FOR THE YEAR ENDED 30 JUNE 2025 Unrestricted Fund Restricted Fund 2025 Totsl 2024 Total Note8 INCOME AND ENDOWMENrs Donations and t£gacies tnvestment Jnwme 425,981 265,804 425,981 265,804 303,700 456,708 TOTAL INCOME 691,785 691,785 760.408 EXPENDITURE EXnditUre on Raising Futth: Investment Management Costs ExndItUre on Ch8ritAble Activities (87521) (1?5396) {Y7J21) (54,373) (8J39) (1?61935) (598.668) TOTAL EXPENDITURE (lJ4J,117) (8J39) (1,449,456) (653.041) Deferred taxation N¢t (loss)Igains on disposal of investment assets (l3,000) (320,431) (320,431) NET INCOMEI(EXPENDITURE) (1069,763) (8J39) (1.078,102) 94J67 NET INCOME AND NET MOVEMEN[ OF FUNDS (lo69,7) (8J39) (1.078,102) 94J67 RECONCtLIAIION OF FUM)S Total Funds Brought Forward 122851116 8039 12293J55 12,19&988 TOTAL FUIYDS CARRIED FORWARD 19 11215253 IlJ15253 12,293J55 The Statsment of financial activiti¢s in¢ludes all gains and losses in the year. All of the above amounts r¢late to continuing activities. The notes on pages 15 to 26 forni part of these Financial Ststements. io
ROWANVILLE L)TrITfED LIMITED BY GUARANI'EI E CONSOLIDATED STATEMETr OF FINANCIAL posrrioN AS AT 30 JUNE 2025 Conwany No." lJ5277S) Unrestrie¢ed FllDd Restricted Fulld 2025 Total 2024 Totsl Note8 FIXED ASSETS Tangible Assets Invesknents 14 15 6,236.564 3,916,178 6236,564 6,395,564 3.916,178 5,661,178 10,152,742 10,152,742 12,056,742 ctlliRENT ASSETS Debtors Cash at Bank and in hand 16 427,191 9445 427.191 944W5 7230 918,648 lJ71,776 lJ71,776 925,878 LIABILITIES Creditors falling due within on¢ 17 (216265) (216.265) (596,265) NET CURRENT ASSETS 1,155AII 1,155AII 329,613 TOTAL ASSETS IESS IIJO&253 IIJ08253 12,386J55 PROVISIONS LIABILITIES & CIL4RGES FOR 18 (93,(MN)) (93,(M)O) (93.000) ET ASSETS 11215253 11315253 12,293,355 Unre5trictsJ Funds Restricted Fullds Non4haritable trading fund 19 19 19 IOW28W9 10028,589 11.887,791 8,339 397.225 386,664 386,664 TOTAL CIIAIUTY F[Ds 11315253 11215253 12,293,355 The immediatsly following page fornis an int¢grnl part ofthis Consolidated Balance SheeL
ROWANVILLE LIMED qITED BI, GuARTEE CONSOLIDATED STATEIIIINT OF FINANCIAL POSITION AS AT 30 JUNE 2025 Company No.. 1152779 The TTUStees have prepaTed 0Up accounts in accordance with section 398 of the Companies Aet 2006 and s¢ction 138 of the Charities Act 2011. Thcsc Accowits ar¢ preparnl in accordance with the special provisions of Part 15 of the Coms)anies Acl retIng to small companies and constithtc the annual accounts r¢quir¢d by the Companies Act 2006 and are for circulation to member5 of the Company. The FinanciaI Ststements were approvedby the Trustees on 19 March 2026 and signed on its beIlf by: Mr A C Becker Trustee The notes on pages 15 to 26 fomi part of these Fitmllcial Ststements. 12
ROWANVILLE LIMITED LIMITED BI, GUARAWTEE STATEMEf4T OF I., INANCIAL POSJTION AS AT 30 JUNE 2025 Company No.. 1152779 Unrestrieted Fund Restrieted Fund 2025 Total 2024 Total Notss FIXED ASSETS Tangtble Assets Jnvestmellts 14 15 2,470,815 7,532.530 2,470,815 7.532,53(J 2.629,81 9,288.OS 10,003,345 10,003J45 11,917.9C CURRENT ASSETS Debtors Cash at Bank and in hand 16 552,993 873,513 552.993 873.513 118.4S 1,426,506 1,42fi5116 970,04 CREDITORS: Amounts falling due within one year 17 (214,598) (214598) (594.59,, NET CURRENT ASSETS 1,211908 1211,91)8 375,44 NET ASSETS 11,215,253 11215,253 12,293,3 UNRESTRICTED FUNDS Unrestricted Funds Restricted Funds 19 19 11315253 IlJl&253 12285,01 8.31 11315,253 11215,253 12,293J' The Financial Statements weff appmved by the Tru8tees on 16 March 2026 and signed on its b¢half by Mr A C Becker Tntstee The notes on pages 15 to 26 forni part of these Financial Statements. 13
R0wANVL LIMITED IMTtED BY GUARAprfEE CASH FLOW STATEMENT AS AT 30 JUNE 2025 CowyNo.' 1152779 2025 2024 Notes C4sh flows from operating Activities: Net cash used in operating activities 21 (935,954) (321,568) Cash flows from investing aetiviiles: Net cash provided by investing activities 961,891 389,620 Cash flows from fillaD¢illg activities: Net cash used in financing activities (4,169) Change In cash and cash equivalents in the year 25,937 63.883 Cash and cash equivalents at the b¢ginning of the year 918.648 854,765 Cash and eash equivalents at the end of the yeY4r 21 944.585 918,648 The notes on pages 15 to 26 forni part of these Financial Statements. 14
ROWANVILLE LIMTTF,D AND SUB.SIDIARY IINDERTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 GENERAL INFORMATION Rowanville Limited is a privats company limited by guarantee. registered in England and Wales and a registered charity in EnglaThd and Wales. The address of the tEgistered 01¢% is 64 Ballards Lane, London N3 2BU. STATEMENT OF COMPLIAIYCE These financial statements have been prepared in compliance with FRS 102, 'Th¢ Financial Reporting Stsndard applicable in the UK and ihe Republic of Ireland,, the Statement of Recomm¢nded Prnctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Charities Act 2011 and the Companies Act 2006. ACCOUNTING POLICIES BASIS OF PREPARATION The financikl st&tements have been prepared on the historical cost basis. as modified by th¢ revaluation of certain financial assets and liabilities and investment propxrties measured at fair value through income or expenditure. The financial ststements are prepared in Sterling which is the functional Currency of the Charity. The Charity meets the definition of a public benefrt entity under FRS 102. 32 GOING CONCERN At the tinie of approving the fmancial $taternen the trustees have ts reasonable ¢xpectstion that the charity has adequat¢ resources to continue in operational existence for the foreseeable future. Thus. the trustees conlinue to adopt th¢ goin8 concern basis of accounting in preparingthe fmancial statements. 3J JUDGEMENTS AND KEY SOURCES OF ESTIMATION AND ifNCERTAINTY In the application of the company's accounting policies. the trustees are required to make judgements, estimates and assumptions about the earrying amounts of assets and liabilities that are not readily apparent from other sources. Th¢ estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estitnates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are rQgnISed in the p¢riod in which the estimate is revised if the revision affrcts only that period, or in the period of the revision and p¢riods if the revision afft$ both ¢utTent and future period5. Judgements made by the directors, in th¢ application of these accounting policies that have significant effect on the fmancial statements and estimates with a significant risk of material adjustment in the next year are discussed below. 15
ROWANVILLE LIMtTED ND SItRSIDIAR Y I_INT)F,R TAKINGS NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 30 JUNE 2025 ACCOUNTING POLICIES (ConÉinued) . Property valuations The group's property portfolio is valued by the tmstees. The valuation of the group's properties is inherently subjective. dcpending on many factors, including the individual nature of ea¢h property, its location and expected future net rental value4 market yields and comparable market transactions. Therefore the valuations are subject to a degree of unc¢rtainty and are tnade on th¢ basis of assumptions which may not prove to be accurate, particularly in periods of diiTicult market or economic conditions. li. Trade debtors Management uses delails of the age of ttxde debt0 and the status of any dispufrs together with ¢xternal evidence of the credit status of the count¢rpaty in making judgements coneerning any need to impair the carrying values. GROUP FIF4ANCtAL STATEMENTS The fitydnciai ststements consolidate the results of the Charity and its wholly-owned Subsidiaries. Sylvella Charity Limited and Lydminster Limited, whos¢ financial statements are m&de up to the same accounting date, on a line-by-line basis. The 24% participating interest in Covered Markets Limlted, set out in note 15, is not consolidated as it is held solely as an investment aThd the charity does not s¢ek to influence the operaling and financial policy of the company. A sepoTrt¢ Statement of Financial Activities, and income and expenditure account dealing with the results of the charity only, has not been pr¢s¢nt¢d because the charity has laken advantage of the exemption afforded by Section 408 of the Companies Act 2006. Of the net movement in funds of the group, a deficit of £1.078,102 {2024.. £94,367 surplus) has been dealt with in the Statement of Financial Activities of the charity itself. INCOMtNG RESOURCES Recognition of Illcoming Resourc In¢ome is derived on a re¢eivable basis from propKty sales and rentsl, donations, divided$ from shares held in a priva1¢ company and interest on short-l¢nn deposits. Income from the grdnt of a life tenancy interest tn an invesbnent property is included on a re1Vable basis, based on the lrfe ex]xctancy of the grantee. Legacy income is only includ¢d where either the legacy has been received OT where the timing of the relpt and the amount is known with certainty. Th¢ valu¢ of donated seryiw is only included where the benefit to the charty is reasonabty quantifiable and measurable. These resources are included in the StatemeTht of Finan¢ial Activities (SOFA) ithen all of the following criteria are met: the charity or its subsidiaries have entitlementto the nds. the receipt of the income is considered probabl¢. and the monetary value can be measured with suffi¢i¢nt reliability. lllcoming Resourees Ivith Related Expenditure Where incoming resources have related expenditu (as with fundraising Conttact or investment in¢ome) the incoming resources and related expendire are r¢ported gross in the SOFA. 16
ROWANVILLE LIMITED AND SUBSilDIARY UNDERTAKINGS NOTES TO THE FINANCLA_I. 8TATFMEwrs FOR THE YEAR ENDED 30 JUNE 2025 ACCOUY4TING POLICIES (Continued) Resourees expended All expenditure is ac¢ounted frir on an accruals basis and allOted directly to the appropriate activty cost. Grants to institutions represent payments to other charities in fvrth¢rance of the charity's obiecttves. Investment Income This is included in the Accounts when receivable. 3.6 C114RITABLE ACTIVTfiES Grants payabl¢ ore only recogllised in the accounts when paid. tNVESTMENT MANAGETrfENT COSTS Investnlent manag¢ment costs include costs relating to the investment properties on an accnjal GOVERNANCE COSTS Governance costs include wsts ofthe preparation and audit of financial statements and cost of any legal advice to trustees on governance or constttutional matters. FUND ACCOUNTING General unrestricted funds ¢omprise the accumulated surplus or deficit on income and expendithr¢ account. They are available for use at the discretion of the trustees in tsrtheran¢¢ of the general objectives of the charity. Restricted funds are ndS subject to spe¢ifi¢ restricted conditions imposed by donors. The charity maintains a restricted income fid, the MGS Building Fund, to provide resources for the major refurbishment of the Menorah Grammar School. Designated funds are funds, which have been set aside at the discretion of the trustees for specific purposes. There are no designated funds as at the Balanc¢ Sheet date. 3.10 TANGJBLE FIXED ASSETS Freehold land and buildings held for charitsble use are stated at cosL No depr¢¢iation is provided as the assets are kept irk good repair and have a very long useful life and th¢ ¢stimated residual values not materialty different from the canying values. An impaitinent r¢view was CalleA1 out which shows that the recoverable amounts are in excess of the carying value. INVESTMENT JN SUBSIDIARY UNDERTAKll¥lGS Shareholdings acquired are initially recorded at cost and subsequently included at trustees. best estimate of fair valu¢ based on the net asset valu¢. Th¢ net assets of t&e subsidiary undertakin8S reflect fair values of its underlying properties held for investment. any sluS or d¢fi¢it on revaluation is r¢cognised in the SOFA and taken to Other Unrestiictsd Funds. 17
RONVANVILLE I_.IMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ACCOUNTtNG POLICIES (Continued) 3.11 IMPAIRMENf OF FIXED ASSETS A review for indicators of impainnent is carried out at each reporting date, with the recoverable amouni being estimated wh¢re such indicators exist. Where the carrying amount exceeds the recoverable amount. the &8set is impaired accordingly. Prior impaiTments are also reviewed for POS5ibl¢ r¢v¢rsal at each reporting date. 3.12 INVESTMENT PROPERTIES Investment properties are recognised initially at cost. Subsequent to initial r¢co8nition - Investment properties are held at fair value. Any gains or losses arisirtg from change5 in the fair value are Tecognised In the income and expenditure account in the period that they arise; and ii. No depreciation is provided in respect of investment properties applying th¢ fair value model. The fair value of residential units is based on the tNstees' understanding of property market onditions and the specific properties concerned using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. The fair value of commthrial properties is determined using the income capitalisation metho requirlng the &pplication of an appropriate Met based yield to net operating incom¢. 3.13 AcouisrrIoNS AND DISPOSALS OF PROPERTIES Acquisitions and disposals are Considered to have taken place at the date of legal compl¢tion and are included in the fu)anciai statements a¢cordingly. 3.14 TAXATION The charity is exempt from tax on income and gains falling within section 51J5 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent thal these are applied to its charitabl¢ objects. Notwithstanding the above, deferred tax is recogDiSed in respecl of all timing differences Prent in the non-charitable subsidiary undertaking whi¢h arise from the inclusion of income and expenses in tsx assessm¢nt5 in periods different from those in which they are recognised in the financial statem¢nts. Deferred tax is not recognised on pernianent differ¢nces arising because certain types of inwm¢ or expense are non-tsxabl¢ or ar¢ disallowable for lax or because certain tax ¢harg¢s or allowances are greater or smaller than Ihe corresponding income or expense. Deferyed tax is measured at th¢ rate that 15 ¢xp¢cled to apply to the reversal of the related difference, using tax rntes enacted or substantively enacted at the balance sheet date. For investment property that is measured at fair value, deferred tsx is provided at the rate and allowances applicable to th¢ sale of the property. 18
ROWANVILLE LIMITED AND SUBSIDIARY TINDTr;RT AkUNGS NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 30 JUNE 2025 ACCOUNTING POLICIES (Continue 3.15 FJNANCIAL INSTRtiMEPITS Financial instruments are classified and accounted for, according lo the substsnce ofthe contractual arrdngement, as either fInancial assets, financial liabilities or equity instruments. An quity instrument is Any contract that evidences a residual interest in the ass¢ts of the Company after dedu¢ting all of its liabilities. Th¢ charity has financial assets and finarLcial liabilities of a kind that qualify &s basic fitthncial instruments. Basic financial instrnments are initially recognised at transaction value and subsequently measured at their settlement value. Trade and other debtors are recognIs at the settlement amount due. Prepayments aTe valued at the amount prepaid. Creditors and provisions are recognised where the company has a present obligation resulting from a pt4St ev¢nt that will probably result in the transfer of funds to a third party and the amount due to settle the obligation carL be tneasured or esÈimated reliably. Creditors and provisions ar¢ nornially recognised at their settlement amount. COMPANY LIMITED BY GUARANTEE The charity is a company limited by guarant¢¢ and has no share capit81. In the event of the charity being wound up, the li8¢bility in respect of th¢ guarantee is limited to £1 per member ofth¢ charity. DOF4ATIONS AND LEGACIES Unrestricted Restricted Totsl Funds Total Funds Fullds Funds 2025 2024 Donations Donations re1V¢d 42S981 425,981 303,700 ESTMENT INCOME Unrestrieted Tot Funds Funds 2025 Unrestricted Funds Totsl Funds 2024 Rents and Charges Receivmble Life tenancy intsrest Dividends receivable Intsrest receivable 141,427 20,000 96,768 7,609 141,427 20,000 96,768 7,609 333,559 20,000 96,768 6,381 333,559 20.(K>O 96.768 6.381 265004 265,804 456.708 456,708 19
ROWANVILLE LIMITED AND SUBSIDIARY UNDLRTAKINGS NOTES TO THE FtNANCIAL STATEf*fEt+rrs FOR THE YEAR ENDED 30 JUNE 2025 ]NVESTMENT MANAGEMENT COSTS Unr¢stricte41 Total Fullds Unr¢stricted Funds Total Funds 2024 2025 Funds Investm¢nt Property Management Costs 87,521 87,521 54,373 54,373 EXPENDITURE ON CHAIUTABLE ACTIVITtES BY FUND TTrTE Unrestricted Restricted Totsl Funds Tot Fun339 Funds Fullds 2025 2024 Donations Paid Governan¢¢ Costs lJ42,074 I122 8J39 I J50,413 I112 583,672 14,996 la5396 8J39 lJ61,935 598.668 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTivrfY TYPE Grant Funding Activi¢i¢s Support Total Funds Costs 2025 Total Funds 2024 Donations Paid Governance Costs IJ50,413 I J50,413 11,522 583,672 14,996 11,522 IJ50,413 11,522 lJ61,935 598,668 All donations were paid to charitable instithtion5 whose objects ar¢ in line with the objects of the charity which include the relief of pov¢rty. the advancement of education and the furthernn¢¢ of religion. 20
ROMIANVtLLE LIMITED AND SUBSIDIARY UNDERI'AKINGS NOTES TO THE FtNAf4CIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 EXPENDITURE ON CHARABLE ACTIVITIES BY ACTIVITY TYPE (continued) The following material donations were made durillg the year ended 30 Jun¢ 2025: Achisomoch Aid CollLpany Limited Mifal Tzedoko V'¢hesed Limited Friends of Bels Chinuch LeBonos TTUSt Other donAtions less than £60.000 indtvidually or in aggregate Totsl 215,207 76,500 60,000 998 706 I J50,413 io. ANALYSIS OF SUPPORT COSTS Governance Costs Total 2025 Total 2024 Auditors remuneration Office administrative expenses 11,400 122 I l.400 3,596 11522 14,996 ii. NET MOVEMENT IN FUNDS This is stated after charging Total 2025 Total 2024 Auditor's R¢muneration 11.400 11.400 12. TAXATION The cornpany and its subsidiary. Sylvella Ch2rity Limited, are registered charllies and the company's trading subsidiary. Lydminster Lsmit¢(L donates its profits to the compony and ther¢for¢ there is no liability to corporation tsx. 13. TRUSTEE REMUNERATION AND EXPENSES There was no remuneration paid to the trust¢¢s. The charity did not meet any individual expenses incurred by the trustees for services provided io th¢ charity 21
ROWANVILLE LIMtTED AI¥4D SUBSIDIARY TtNt)F:R T AKTNGS NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 14. TANGIBLE FIXED ASSETS Grou Com an Freehold land and buildings (held for charitable use) 623fj564 2,470,815 15. FIXED ASSET INVESTMENrs Freehold Inve5tmellt Properties ParticipatiDg iDterest Total Grom Costlvaluation At l July 2024 4,661,178 1.000.000 5,661.178 Disposals {1,745,000) {1,745,IKJO) At 30 June 2025 2.916,178 1,000,000 3,916.178 Com 2025 2024 Investments at costlvaluation tnvestment in subsidiary VAt vaIuation 3916,178 3,616J52 5,661,178 3,626,913 7J32WO 9.288,091 The freehold investment properties are stated at trustees. valuation, assisted by RICS qualified professionals, at 30 June 2025. The trustees hav¢ extensive experien¢¢ in the field of propety investment and valuation accumulated over a consid¢rable period of time. The valuation is based on the trustees, understanding of property market wnditions and the specific properties eonceme using a sales valuation approach, derived from recent comparnble transactions on the marke¢ adjusL¢d by applying discounts to reflect status of ¢uPation and condition. The participating infrrest was revalued to market value by the trustee4 at 30 June 2025. The histori¢al cost of the inyesttnent properties at 30 June 2025 is £2,183.417 (2024". £3,923.495) and £30,000 for the participating interest. Th¢ participating interest represents a holding of 2411/0 of the issued ordinary And "A" ordinary share capital of Covered Markets Limited, a property investment company which is incorporated in Great Britain. The investment in subsidiaries at valuation is based on the underlying value of assets less liabilities of Lydminster Litnit¢d, a property investment Company and the underlying value of assets less liabilities of Sylvelia Charity Limited, a charity comwdThy. Both subsidiaries are incorporated in Great Britain. 22
ROWANVILLE LIMrrED AND SUBSIDIARY I_INDF.RT AKINGS NOTES TO THE FITrIANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 15. FIXED ASSET INVESTIIIENTS (conlinued) The aggregate amount of assets, liabilities and funds of the subsidiary undertakings are as follows: 2025 2024 Investm¢nt income and donations Administrntion and property letting Intsrest payable to holding company 63,591 (63,746) {10,406) 75,267 (16,879) {9,460) Net profitl(loss) for the year (10,561) 48,928 Deferred taxation (13,000) NET PROFITI(LOSS) £(10,561) £35,928 Assets and liabilities Fixed Assets cu¢Tht Assets Current Liabilities Non Current Liabilities Net Assets 3,765,749 73,139 (129,536) 3.765,749 69.094 (114.930) 3ffj16?52 3,626.913 Aggregate capital and reserves Trading subsldiary Charity subsidiary 386,664 3229.688 397,225 3,229.688 3ffj16J52 3,626.913 16. DEBTORS Gro Com an 2025 2024 2025 2024 Amount due from subsidiary Other Debtors 127,869 425,124 113,263 5,230 427.191 7,230 427,191 7230 552,993 118,493 23
ROWANVIJ,LE LIMITED AND SUBSIDIARY UNDF.RTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 17. cREDORS. AMouNfs FALLfNG DUE WJTIItN ONE YEAIi Grou Com 2025 2024 2025 2024 Other Creditors Accruals and defetTed income 33,665 182,600 393,665 202,600 31,998 182,600 391,998 202,600 216265 596,265 214,598 594.598 Accruals and deferred income includes an income deferrnl of £I80.(KiO (2024: £200.000) in respect of the grant of a life tenancy interest in an investment property. 18. PROVISION FOR LIABILITIES 2025 2024 Balance at l July 2024 93,(M)O 80.000 Charge for th¢ year 13.000 Bance at 30 June 2025 93,000 93.000 D¢fenrd tsx is recognised in respect of timing diff¢rences arising from the revaluation of as5¢ts classified as investments tn the non-charitable subsidiary undertakings. Although the provision has been recognised in accordance with FRS 102, it is expected that the majority of the gains will be gifted for chaTitable purposes and such tax should not be£ome payable. D¢f¢rred tax has not been recognised in respect of revaluation of inveslments by the parent charilable Company on the basis that all such galns will be applied for Charitable purposes. 19. FUNDS OF THE CHAIUTY Group Unrestricted Restricted Totsl Balance at l July 2024 12,285.016 8J39 12,293,355 Net surplu5 for the year (1,069,763) (8,339) (1,078,102) Balance as at 30 June 2025 11,215.253 11.215.253 24
ROWANVILLE LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 FUNDS OF THE CEL4RITY {ConlinHed) Company Unrestricted Restricled Total Balan¢e at l July 2024 [2,285.016 8,339 12.293,355 Net incom¢ for th¢ y¢aT (738,771) (8,339) (747,110) Gain on inveslmenls (330,992) (330,992) Balance as at 30 June 2025 11,215,253 11,215253 20. AY4ALYSIS OF NET ASSETS BETWEEN FUNDS Net Current Assets Fixed Assets Group Provisions Total Unrestsicted Income Funds 10,152,742 1.155,511 (93,000) 11215,253 Net Current Assets Fixed Assets Company Provisions Total Unrestricted Income Funds 10.003.345 1,211,908 11,215,253 21. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS 202S 2024 Net income for the year Adju5tmell¢ for: (GainyLoss on Investm¢Dts Interest receivable Net rents Tec¢ivabl¢ Dlvidends receivable Donations in kind (Increase)/Decrease in debtors Increasel(Decrease) in provisions for liabilities Net valuation loss on investments (1,078,102) 94.367 {27.609) {53,906) (96,768) (26.381) (279,186) (96,768) (18,424) (8,176) 13,000 320,431 Net cgsh used in operating activities (935954) (321,568) 25
ROWANVILLE LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 2025 21. NOTES TO TItE CONSOLMATED STATEMENT OF CASH FLOWS (Continued) 2025 2024 Cash flows from investin activities Interest re1Ved Rents received Dividends receivable Proceeds frovn sale of investments Purchase of investtnents 7,609 138,902 96,768 718,612 6.381 296.471 96,768 (10,000) Net cash used in investing activities 961,891 389,620 Cash Ilows from investin activities Cash inflows from new boTrowing Net decreAse In cAsh and cash equivaiellts (4,169) 63,883 25,937 Cash and c&sh equivalents at beginning of year 918,648 854,765 Cash and cash equlvxlents at end of year 944585. 918.648 22. ANALYSIS OF CHANGES IN NET DEBT At At l Jul 2024 C&8h flows 30 Jun 2025 Cash at bank and in hand 918.648 25.937 944.585 23. REIATED PARTY TRANsAloNs (i) During the year the group Teceived dividends of £96,768 (2024: £96,768) from Cov¢r¢d Markets Limited. some trustees of this company are directors of that company. (li) During the year the charity received interest of £10,406 (2024.. £9,640) on the loan due fmm its subsidi&ry. Lydminster Limited. This loan is secured on the assets of Lydminster Limitd and repayabl¢ on demand. During the year the charity received donations of £200,000 {2024- £230,000) from charitable tsts and companies, a trustse/dire¢tor of which is also a trustee of Rowanville Limited. 26
ROWANVILLE LIMITED AND SUBSIDL4RY UNDERTAKINGS NOTES TO THE FINANCIAL STATEMELYrs FOR THE YEAR ENDF.T) 3n..Tt_TNF. ?O?S INCOMING RES017RCES Donation8 Investment Income Life tenancy interest Dividends Interest recelvable from subsidiary Other Intr51 receivable 425.981 77,836 20,000 96,768 10.406 7,609 TOTAL INCOMtNG RESOURCES 638.600 RESOi7RCES EXPENDED Investment management charges Expenditure on Charitable Activities Governance costs 28.097 1,350,413 7,200 TOTAL EXPENDITURE 1,385.7lO GainO(losses) on disw)sal of investment propety (320,431) Net gains on investment in group undertakings {10,561) Net Income and Net Movement ill Funds (1,078,102) Totsl Fuuds Brought ForFvard 12.293,355 Total Funds CArried Fonvard 11,215,253 None of the chariWs a¢tivities was initiated or discontinued during the financial year nor in the previous The charity has no oth¢r r¢cognised gains or losses other than those r¢fl¢¢t¢d in th¢ above Statement of Financial Activities for the financial year or for the previous year. 27