THE SHLOMO MEMORIAL FUf4D LllVItTED .4ND 8ItB8tDDiRY UNDERTAKLNGS Company No: 1393121 FINANCIAL STATEMENTS for the year ended 30 SEPTEMBER2024 COHETr4 ARNOLD CHARTERED ACCOUNTANTS PEGISTERED AUDITOR LONDON NWI I OPU
E SHLOMO [:mORIAL FLryD LtiTrttTED AND SUB ..IR Y LryDER1'AKING'S INDE¥ TO THE F]T4ANCJAL ST.4TF.MENTS FOR THE YEAR END D30 SEpr MBER 2024 Reference ttnd AdministrativeD¢tails Trustees. Report 8- 11 Audito¢s Report 12 Consolidated Statement ofFinaneial Artivities 13 Corjsolidated Balance Sheet 14 Company Balanrx Sheet 15 Consolidated Cash Flow Stateme 16-32 Notes to the Financial Staiem¢nt5
TBF. SHLOMO IblEMORtAL FUND LtWL TEJ) .4ND SL71StDL4R Y IfNDERT.JiKtNCS The Shlomo Memorta] Fund Limited STATUS: Incorporated: 9th October 1978 Registeffd ChaTity Nknmber.. 278973 Company RegisrrationNtstDber' 1393121 Mr E K1einernrt Mrs C Lopia Mr A Toporowitz Mr H Toporowitz Mr C Y KaufiTria Mrm Y Sulam Mrs E Hoffi)er SECRETARY: Mrs C Lopi PRCIPAL OFFICE: I l Bury New Rood Manchester M25 9JZ REGISTERED OFFICE: New BuTlington House 1075 Finchley Road LONDONNWII OPU AifDITOR: Cohen Amold New Burlington House 1075 Finchley Road LONDON NWI I OPU Natwest Bank PIC Stockton On Tees Leeds Customer Service Centre I Victoria Plac¢ Holbeck LSII SAN
THE SHLOfvIO WU.ND LJNItTED ,WTfD BTr GUAIL4TrrrEE TRUS'TEE8' REPORT The Trustees. wlio are a]so director5 for the purposes of Company Law. have pleasure In presenting thEir Repor( including a Strategic ReporL together with the Consolid8ted Fillancial Ststements of th¢ Parent Charitable Company {'thc Company,) aod its Subsidiary Undertsknngs for the year ended 30 September 2024. The Financial StateTlleDts ¢omply with the ChaTities Act 2011, the CorapaT)ies Act 2006. the Memor8ndum and Articles of Association and AccountinÈ and Reporting by Charities.. Statement of Recommended Prdcticc applicable to Charities preparing their aceounts in accordance with the Financial Reporti Standard applicable in the UK and Republic of Irelthd (FRS 102) (effective l January 2015). REFERENCE AND AJ)IVIINtSTRATTVE DETAll Reference and Administrative details of the Cornpany are shovm on page l of th¢ Financi StateiJiBnts which fornis part of this report. STRUCTURE GOVERNANCE AND MANAGEMENT Governing Doctsmeht Tbe Shl(>Jno Memoriaj Fund Lilted is a Company limited by guarnitee and its govtniing dcUents are its Memorandum and Articjes of AssociatioL It is a registered charity with the Charity COMTni10[1. Organisafton The Cornpan) is administered by the Trustees. The Articles of Association of the Company do not require the Trustees to reiire by Totstio The day to dav affairs of the Company 8Te administered by the Tru#ees, the Chainnan of which is Mr A Toporowitz. All Trustees give of theirtirDe voluntsrily and no bEtrIts or expenses were paid to thBrD in the ye8r. Appt)intmtnt of Truslees New TrLtstees are 2ppointed ed on psnl ¢ompetenc< specia]ist skills, availabiIity and knowledg6 of and contact with institutions wofessing aTJd t¢a¢hing the principles of trWbti0n Judaism and thc advancement of religion in accordance With the Jewish faith. New Thjstees are inducted into the workings of the Charity by the existing Trustees. Group Siruclure andREI10$hjps The Company has the following wholly owned non-ch8ritable subsidiary undettikings.. Com Hartons Limited Neranen Limit¢d Olnato Limited WevTncr Limited Natsre of Business Property Invesllnerit Property Investmern Property Investment InveSDent Compally
THE SELOMO IKEMORLIL FbThD LJP*llTED LLMtTED BY GUARANfEF. TRUSTEES, REPORT Group Structsre ondRelatxonships (Continued) Olnaio Limited has the following wholly owned subsidiaties- Nature of Busines$ Prop¢ny Invtsttnetrt Property Development Provision of Finance Ptoperty Inveslment Property tllv£sknent Claudpress Limited Primeb0me Associates Limited Smart Mortgage Finance Limited TaEten Business Park Lirnited Vi¢wplus Limiied Viewplus Lirnited has the following wholly owned sub5idiories- Nature of BusiDesS Provision of CaTe Home facilities Dornant Provisi(Trn of Day CaTe facilities Paramount Care (Gateshead) Limited Paramount Care Services (Gateshead) Limited The More Centre (Gateshead) Limited The Tnlee9 of this Company in¢ludc direfflors of th¢ above compa))ies. RelatedPurtv frllnsaclions Details of transactions with Related Parties are disclosed in Note 29 to the Finan¢iaI Statements. OBJECTIVES AND ACTIVIT)ES FOR THE BEINEFrr OF THE PUBLIC The Company is established to fier those purposes both in the United Kintsdom and abroad r¢¢o8nised as charitable by English Law and in furtherance of the aforementioned objects. the Cornpany receives income from its investtnenl properties, cash deposits and subsidiary undejtakings which it utilis&s in the provision distribirtion of grants and donations ftsr ¢hlIable Purposes to organisations that fall within the obje¢rives of the Company. It 11 concentrdt¢d its a¢tiviti¢s in promoting dwitable activities of nstitutiOTIS teaching the principles of traditional JudaisTr, and the giving of philanthropic aid to the needy. The TreS confitD] that they have refeed io the guidance contained in the Charity Commission's general guidaJ]ce on public benefjt when reviemryng the Co]npany's aims and objectives and in pluing firture activilies and Settin the grant making policies for lh¢ year. GTanrMukingPolicy Grdnts are made to charitable institytions ald organisations which accord with the objetts of th¢ ChoTity. The Tnjstees are approath=d for donations by a wide V]ety of charitable institutions operating it] the United Kingdom and abroad. The TSleeS consÈder all requests which they Feceive aJ]d make donations based on the Icvel of nLS available. In making Grants and Donations: the 'frnstee5 Use their persona] knowled8e of the relevant InstiTUtions: their representatives, operational ¢fficiency and reputation. The TTUStees monitor the application of the Grants 2nd Donations by rneeting with Tepresentatives of the Jttmirntions and obiaining iDforniation &£ io the lltilisation of fvn.
THE SXLOMO MEMORIAL FLWD LlThql"fED IMITED BY GUA ANTEE TRUSTEES, REP FIXED ASSETS The movoments in Fixed Assets are fiLlly reflected inNotes 15 to 17 to the Financial Ststernen STRATKGIC IiEPORT Stre &ndBusinusModel The Company invests in Tnvesknient Properties, deposits investtllfDls in Subsidiary Undertakings to generate income with which it makes grants and donations to Charitable OTganisations and Instirutions that fall within the objectives of the Lompany. Aehiev¢meMls Dwing the year the Company has colltinued its philanthropic a¢tisities and mairktaineAI its sUPPOrt of orgtinisations engagino in education, advancemcnt of religion and th¢ giving of philanthropic aid. The reserves reMn available to Drganisatiorts ettcTIng in aetivTrties oompth.ble with the al$ and objc¢tives of the Company. The Trustees expect such demands to increase in future yeats. The financi results of the Company and its Subsidiary Underttikings for the year ended 30 September 20?4 are fvlly r¢flected in the attached Finan¢ia] Statements together with the Notes thereoJ. GTaJ)ts and donations in the yearfotalled £1465200 (2023: £3,164280). Fin Position The financial position of the Company alld its sub5idkary undertakings is satisfactory. The Companv's Cortsolidated Statement of Finallcial Activities shows a Net Loss for the year of £2,543,064 {2023: Ntt Loss £5.706,324) and totsI reserves of £66,400,996 (2023.. £68.944,060). Reserves Poli The Teselves of the Company represented by the unres()i¢ted funds lSing frorn past Det operating Surple$ and include a reserve arising from the unrea]ised Tnovement in the vale of the Cornpany'$ investment in subsidiary undertakings and its investsneni properties. By its very nabjre the element of unrestricted reserves represented by the rev8]ualion surplus of fixed asset investments is not readily available for distribution. The Trusfres have adopied 2 policv that t(ies to ensure the continuing abilitv of the Company io meet its objectiveg. A proportion of reserv are to be invested to generate income at a level, sueh that the ever-increasing c8115 on the Company be rnet by self-generated income. The level of reserves is under continuous strategic r¢view. Princi al FundiniF Sourc The CompaDy'S principal fundin(Tsources inthe yeèrwere its inycstmentportfolio, togetherwith donations reffived from subsidiary undertakings.
THE SHLOMO fvIEIMORLiL fuND LLTrll INI fiTED BY GtiAR.4N"TEE ED TRUSTEES, REPORT Finfth¢ialRevlew (Continued) nve5tment Poli Under the Memorandum Arti¢les of Association. the Company has the power to make investrnents which the TTU8tees consider appropriate. The Trustees effect inves(ments whic]4 ovcr amedium period of years are anticipated to generatea dependablefiowof irA¢oine coupled with capitsl gmwth. The Company's invesfments Ar¢ represented by its invesknent properties and its wholly owned subsÈdiary undertakings. ormunce Jndicalo The Trustees OnitoT the group's perforniamce arwainst the strnlebric objectives on a regular basi5. Perforni8J)ce is assessed against the Strdtsgy amd expectation% SIng financial and non-financi21 itidica¢ors. The key financi8ll performance indicatt>rs used by the group are as follows.. 2024 Grants and donations paid Net inveStrnl inco]ne Net losses on investtnents Net movement in fvDds- deficit Tota] Funds 2,465,200 902,948 (1,137,231) (2,543,064) 66.400,996 3.164,280 1,731,494 (4,014,227) (5,706.324) 68,944,060 Plapts For The FuthTe The Th]stees plaD to contiuue to m81(e disttibutions in accotdance with their grani making policy and to ensure that the ability to generate suificient income is Maintained to achieve that end. PrirtcipalRisks and Unegrttiinti The Trustees have 5dentified and reviewed ihe major risk5 to which the 0Up is exposed, in particular those related to theopetatrons and finance ofthe group. aDd ar¢ salisfied thatsyste]J)s are in place to man4oe those risks. The PTineipal risks to ivhich thc group is exposEd are: Liabilities aTisAng from propety investment aclivity Tenant defaults Darnage to propety from flty)d. fire or terrorist action The availability of liquid fvnd5 to make grants and doThatiOD5 Macroeconomic and politica] uncertainty including the potential for a piolonged period of higher interest rates and geopolitical risk5 Thc economic cycle generally Thegroup See io m3sLage ormitigate such risks whereverFK)ssible through ureS including insurance, tenant screeng and monitoring, ricrorous reviews of acquisition and investrnent opportunities. &¥ternal expert advice. Oni[ring cash and iegular m¢Trnitoring of the eLoFto]nic outlook. It is reCOlSed ibai $yeMS can (>nIy provide reasonable but not ab501ute assuronce that tllajor risks have been adequatel}, managed.
THE SHI.O.MO INn".lRLL FbThD LIIlIt LIMITED EI, GUARAYfEE ED TRUSTEXS. REPORT TRUSTEF.S? RESPONSIBJLrrtES RELATION TO THK FINANCIAL STATEMEKrs The Tnjstees (who ue a150 the Directors of The Sh]omo Memorial Fund Limited for the purposes of Compary Law) are iesponsible for Preparing tbe TeS Annual Report and the Financi Staten)ents in accordance with applicable law United Kin(rdom Accounting Standards (Unitcd Kingdom Generdlly Accepted Accounting Practice). Company law requires the Trte¢S to prepare Financia] Staternents for eAch fiTwKial year which give a true and fair view of the state of affaiTS ofthe Company and of the ill¢oming resources and application of resources. includingthe incolne and &xpendilure, ofthe Charity Group forthatperiod. Under company law the Tnthes must not approve the Financial Ststements wdess they are Uti5fied that they give a true and fair wew of the statr of affairs of the Gioup aztd Company Ènd the income tnd expenditure of the Group forthat period. In preparing these Finan¢iaJ Statements. the Trustees are requiTedto'. Select suitablc accounting policies and then apply thern consistently" Observe the methods and principles in the Charities SORP. Meke judgemenis and estimales are renable and pnJden¢ St*e whether applicable UK Accounting standds have been followed, subject to any materi81 depajtures disclosed and explaincd in the Financial Statements. and Prepare the Financial Statetntnts on ihe going concem b&8is unIe5S it is inapprorniate to presume that the Company will continue in operation. The TnletS are responsibl¢ forkeeping proper accounting records that dis¢lose witb re&wnable accwacy at any time ihe fmaneial position of the Company 3d able them to eDsure that the Financial Ststemcnts eornply with the CompaJ)ies Act 2006 and Charity Legislation. The Twstees are also Te5ponsible for safeguarding the set5 of the Company and hence for tsking reollable Steps for the prevention and deteotion of fraud and her irregulartties. STATEMENf OF DISCLOSURE TO AUDITORS In so far as the Trustees are aware at the time of approving the Trustees. Report: There is no relevant inforniation. being information needed by the auditor in tonneeiion with preparing their rEPOrt, of which the group's auéitOT is unaware. and The Tnjstees. having made enquiries of fellow directors and the 0P.$ auditor that they ought to have individuallytsk'en, have each taken all Ste that helshc is obliged to take as aTruslee inorder io Jnake themselves aware of any relevant alldit intorniation and to establish that the auditor 15 aware of that infortnation.
THE SIILOIMO MEMORL4L FUND [rTED BY GUARA)I YEE TRUSTEKS, REPORT AUDITORS The auditors, Cohen ArnolcL aJe deemeA ts be reappoin*d under Section 487(2) of the Compa]ies Acl Approv¢d by the Trust¢es on ....... Strategic Report conlained therei . 2025, in¢ludI in their r2pacity AS Company Director& the By Order of the Trust¢¢s MR C Y KALTF N- TRUSTEE
HE SIILO.TrIQ ryqEMORIAL FUJD LIIMrr Llf ITED BV GLI.lRATEI E INDIIPENDF.NI'.4LDITOR'S REPORT TO THE MEIllBE S Aiyfj TRu&fEFS OF THE SIILOMO IIF.TrIORIAL FtIND LIINIITED Ll_Ill-fkD RI. GLI:KK4NTEL FOR I'IIL ¥ EAR EN'DED 30 SEPTfMBF. 2024 OPINION We have audit>J the financial statements of The Shlomo Mernorial Fund Limited (thc'parent chatitabIe company) and its subsidiaries I'the gry>up') for the y¢ar eDded 30 Septemb¢r 2024 wbtch tomprise the Collsolidated Statement of Financial ActÉvities, Ihe Consolidated and parent charitable Li>mpgny Balan¢t Shcets. the Conso]ided C25h Flow Statement ahd the Ttlated notes, incltsding a SUDun8ry of $ignificÈnt CountIng policies. The fmanc121 repDrting fr&mcw0 that has applied in their preparation is applicable law gnd United KiDgdoTn AGoountinrr StandaTd5. includingFRS 102 ThcFinancial RepoTtinÈ Standard applicablc in the UK andRcpubliGoftreland (United Kingdo Generally Acceptrd Accounting Prdcticel. In our op10n thc financial 5tstements_' 81vc a truB and fair Triew of the stste of the group's ¥nd the par¢nt ¢baTitable company's aff&iys &8 )t JO Sepi¢mb¢r 20?4 and of the group's incoming resources and appliGatton of resources, in¢luding its income ond expenditure, for the year thell cndcd., have been PTopeily pr¢paTed iyj ac¢ordattw wrth Unit¢d KinfTdom Generally Aeeeptrd A¢wuntingPracticc' have been prepared in accordancewith the requiie]neDts of the Companies Art2006. BASIS FOR OPINION W# conducted out audit iTL accordan with ]JJternational Standards on Auditin IUK) IJSAS (UK)) and 2ppli¢ablc law. OuT responsibilities under those siandards are fvrther described in the audiioEs sPonSIbl]it1e5 for the audit of the fjnancial statements section of OUT repoTL We arc indcpendcnt of the group Tn accclrdaace wilh the ethical requJTesnEntstbat arerelevantto ouraudIt Dfthefjlla]]cial 5tstements in the L, includirtgthe FRc'sEth] Standar and we have fulfill¢d our othei etbical respoTL%ibilities in accordance with these reqllircmtnts. We believe tbai the audit ¢videnc¢we have obtailled is sutT)¢ient and appropriate to provide a basis for our opinion. CONCLUSJONS RELATING TO cofNG CONCERN In auditingthe financial Statemen we have concluded that the Tr[lee5, use ofthe going concern bL5is olacwunting in the prepaTation of the finCial statemertls is 2PPToprikte. Based on the work we have perforned, we hav¢ not id¢nlified any material uncenainties relating to cvents or conditions indiwdvally or collcctsvely. may casi significant doubt about the wup's or the parent charitable ¢0pY'S ability to continue as x going concern for a period of at le&st ttvelve tnonth5 from when IhE fLnanci81 5tstemen15 are authorised for issue. Our resnSIbilitiesaThd the Tesponsibilities ofthcdircctOTS with respect to going wD¢¢rnare de51bedin the relevant sections of this report. OTHLR IYFORMATION The other iDfonnation comprise5 the infomiation included in the •muaI report otherthan the finaocial Stslte¢nts •id Oltr auditor's rep0rttheln. The'Ttustecs are rtsponsible forthe otherinfonnationcontained wthin th2 annll21 report. Our opinion on the fiD4n¢ial ststements does not Ver the other inforrn•ioD an( except to the ekent otherwise txpliciily statcd in our repoTL we do i)ot express any fonn of a8SUtance wndusion thery. Jn corjncction with our audit of thc finwicial stalemenw OUT tcsponsibility is to read th¢ other infornation and: in doing so, Consider wh¢th¢r the othcr infornation is matetiatly iconsIstent with the fintsneial statements or our knowledvc obtsirjed in the audii or oiheJwi£e appears to be materially misstaied. If we identify. such material inconsistenctes or appatent Tnis5tatrmcnis. wc requiTed to detle whether there is a material misstaiemeni ill the financial statejnents OT amaterial misstaiementof tbeoth¢r infoTmation. If. b¢d on thework wc have perfnTme4 we conclude that thcre is a material misstateJllLot oftbis otherinforniation. we are requiied to report that fad. We have nothing to report llj this regard.
.SHLO.NIO MF.IllORIAL FbND LIArrED LIMITF.D BY GUARA YI'EE tNDEPENDEINI' AL'.Dl foR'S REPORT TO THE %IEIllBEILS AND TRUSTEES OF THE ILOIMO.MFMORI4L F ND LIMITED LLI"IITED BY {- I iR..INTLL OR THF YEAR EliDF.D 30 SEPTE)IBER2024 OPINIONS ON OTHER MAn'kRS PRESCIUBED BY THE COMPANIES Acr 2006 In our opinion. based OD the work undertaken in the course ofthe audit.. the u)foTmation given in the Thet$, Reporu Ivhi¢h includ¢5 the Direthors, R¢port amdthe Strdtrgic Rwrt prepared for the PUTP05es of compJy law. for the financial ye•r foT which the finaucial statcments are ppred is CODSiSt¢nt with the financi ststeJnents- thc TrLSt¢¢s' R¢port and the Strategic Report intlllded within ik Trust¢¢s' Retx)rt have been prepaTrl in act4)Td¢tWJth appli¢able 14rtal requirements. MArrER8 ON WHICH WE ARE REQUIRED TO REPOIU BY EXCEPTIO In light of the knowledge and understsmding of the group and the parent ¢haHtable company and itg tnvironment obtained in the course of the audit, wc have not idBntified material misstiternts in tbe Dttectors, Report or the Strategic Report included within the Trustees. KeporL W¢ hav¢ nothin8 to report in re5PCCt of the fr>llowitJg matters in relation to which the CKmp8ni¢s Aet 2006 requires us tL)repon to you if. in our opinion.. adequ2tc Accounting records bave not been kept by the parent wmpanv, or re adequ•t6 for our audit have been received frotn bronchcs not visited by tss,. or the p2renl company fJJxati¢ial s¢at¢ments arc not irt aeMerttW1th the accounting Te¢oTds ajjd retrjrns: or ¢ertain disclo$ur¢s of Tru$tccs' rcmuneration specified by law arc not made" or we have notre¢ived all the inftrmiation and explanations we rcqvire for our audiL RESPONSJBILITIES OFTRusfEES As plained more fvlly in the Truslees. responsibilities staternenL the Trustees who a150 the Directors of tbe pareTri chaTirable cojllpany for the prSe5 of compony law art Tespon5ible for the prewatio]J of the finatL¢ial statemcnts 2nd for beiDg satj5fied that they Eive a tru¢ and fair view, 2nd for such iDtemaJ ¢onrrol 8$ thc Tn1% detrrniine is nece$5Pry to cnable the preparation of financial staie]ntnts that ar2 free from material mtsstatemenL whethet due fr4ud or eTTOr. In prtpating th¢ fuwLcial sratements, the Trustees ar¢ r¢sponsible for assessing the group's and theparent charitable compaoy's ability to continueas agoirkg concen), disclosing, as applicable. mattersrelated to going con¢¢rn USiTLg the going concern b&sis of acctuntiDg unless the Trustees eithtr iJ)tend to liquidate the group or the parent charitable company ortD cease op¢r3tions, or have no iea]istic altemative butto do so. AUDITORtS RESPONSIBILrriES FOR THE AUDIT OF THE FINANCL4L ATEMELy[S Our objectives are to obtsin rc&8onable assurance about whclhcr the financial aternents as a whole aTe free from mateTial mi&5tatement. whether due to fyaud or ¢0T, and to )Ssue an auditOT'5 report that includes our opitiion. Rcasonabl¢ sranCe i5 a higli level of &558[le, bul is not a euarantee ihat an audit ¢Ondtted in accordance with ISAS IUKI will always deteGt a material misstatement when it exists. Mtsstatemenls can ati5e from fraud or error Te considered materia] if. individually or in the aggr¥gate. they ¢ould Teasonably be expected to influence the economie de¢isions of taken on the basi5 of thtst fati81 ststem¢nts.
SHL
O NIEMnRI.4L FiiliD I,IIMrrED
JIIITED BY GLT IL.NTEE
INEPENDENT AUDITOR'8 REP()RTTO I'IIE.Vb4Ii IBERS A,N'D TRI
TIIE S
LOA0.ll1 IORI.4L F'LIND Ll[ITfD
'D Bl. fUARAI)TEF.
ESOF
FOR
E YAR END .D 30 SEPTEIBER 2024
AUDITOR'S RESPONStBILITILS FOR THE AUDIT OF THE FfNANCIAL S'IATEMENTS (C•nrfNued}
regulariu, includin(r fraud, 8re instances of non-compliance laws and regulations. We design prD¢eduTes ID
line with OUT iesponsibilxties, out]illed Aknve, to det¢£t rnatcri2] mi.%%tatemettts in TB5pect of irregulzritics, induding
fraud. The extent to which our prrteduTCS aTe Capable of deteaing ieSl)tie5, incltsdillg fraud is detailed brlow..
We OaIn¢d an unitU5tanding of the IEgal regulatory framcworks that are 8pplicable to the group. and
determined that the most relBvaitt to the prc5enlatioD of the fjna])¢ial stst¢menis are th(>se th8t rclate to the
reporting l¢gislation (UK GAAP, the Chtrities A¢t 2011 and the Companies Act 20061. tht r¢leva))t tsx
regulation5 in the Lnitcd Kingdom, thc LandloTd and T¢naTrt Ac¢ the UK GeneTal Dala ProtectiDn
Regulation (GDPR). Heatth & 8afety R¢gulations and the Bribery A¢1. We understood how the ¥roup is
complyirtg with those frameworks dyouJo discussion the directOTS and sertior managetnen¢ and by
identifying the gtOUP'5 policie5 and PTocedures regarding co]np]ianr¢ wtb law5 end TeglllatiotLS. We &lso
id¢ntifi¢dthoscmemb¢rs of tnan4(Fement who have the prunati responsibslity for ensuting cotnp1iCaWIth
laws and reglliations, and for reporting any known instances of non-Gompli8mce to the dirc¢tiirs.
WÈMnIIlcd thc5e idcntifjed frameworks amongst ouraudit team and TeJllain¢d 8iertto any indicatiOTJ$
of non-coMpli¥nc¢ througho[ the audit. Ive ensured tbat thc cngageJ]]ent teatn had suffi¢icnt co]npeten
alld capability to Identify or rccognise non4omplianc¢ laws and regLilalions.
We di$Gus5ed with thc dirtttors and senior management the policies dnd procedure5 r¢garding complian(£
with thc5e l¢g81 atjd regulatory framtWOTk
We 855¢ssed the susceptibility of the ¥oup's tclaI 5Tatements to material misststcmenL iniluding how
fraud rnight occur. by reviewino
the ETOUP'S identified risks Ind enqlliry wilh the LlirectOTS and senior
man4
THE SHLOMO MEMORIAL FUND LIMITED LiftriiTED B Y GII.1IIATE.F. INDEPENDENT AUDITOR'S REPORT TO THE 1FMBERs,lD TRUSTEES OF SIILOtVlO Mi bMORIAL l.'LINI) l.IINII-I'LI) FOR'fHE YF.AR ENDED 30 SEIPTF.MBER 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDITOFTHE FINANCIALSTATEMENTS (Courfnued) Obtain an undersiandrng of Tnternal control relevant io the audit in ordcr lo design audit procedures that are appropriate in the cireumslances, bul not lor ihe piirpose of expressing an opinion on the effectiveness of the group's intemal control. Evaluaie the appropriaieness of accounting policies used and ihe Teasonableness of accounting tsiimates and relaitd disclosures madc by the TTUStees. Conclude on the appropriatcness of the Triislees, use of the going concem basis of accounting and, based on the audit evidence obtaincd, wheihcT a Jllaierial uncertainty exists related to tvent5 or conditions that may cast significant doubt on the gTOUP or parent charitable CQTnpany's ability to COT)linue as a going concern. If we conclude thai a rnalerial uncertaTnty exi515. we ale required to draw attention in our audittsr's report to the related disclosur¢5 in the financial statement5 or. if such disc105UTes are inadequate. to tnodify our opinion. Our ¢on¢lusions aTe based on the audit evidence obtained up 10 the date of our auditor's report. However, future events or conditions Inay Cause the group or pareni chariiable company to ceaseio continue as a going concern. Evaluate the ovcrall presentation. structure and content of the financial statements. including the dis¢losuie& and whether the financial statemen15 TepTeser)t the underlying traiisa¢tions aT)d ev¢t)ts in a manner that a¢hieves fair presentation. Obrain sulfictent appropriate audit evidence regarding the financial information of the entities or busine55 activities within the group to expre55 an opinion on the consolidated financial statements. We are re5pon5ible for ihe direction. 5up¢rvision and p¢rformanc¢ of th¢ group audit. We Main solely resp)nsible for OUT audit opinion. We communicate with those charged with governance Tegarding, among other matters, the planned scope and tirning of the audit and si8nifJcant audit findings, including any significant deficiencies in inieTnal ¢ontToI ihai we identify during our audit. USE OF OUR REPORT This report is made solely to the company's niembers. a5 a body. in accordance with chapt¢r 3 of part 16 of the Companies Acl 2006. Our audit work ha5 been iindertaken so that we rnight state lo the company's m¢tnbcr5 those matters we are required to stale 10 them in an auditotrs rcport and for no other purpose. Tts ihe fullESt extent perIlled by law. we do noi accept or assume responsibility to anyoiie other than the cornpany and the company's m¢tnbErs as a body, for OUT audit WOTk. foT this Teport. 01 for the opinions we have foTm¢d. JOSHUA NEUMANN (Senior Statutory Auditor) FOT and on behalf of COHEN ARNOLD Chartered Accountants & Statutory Alldiior New Burlinglon House 1075 Finchley Rtsad LONDON NWII OPU Oui audii was compleied on XS 2025 and our opinion was expressed at that date. Coheii..lYnold is eligible io acl ¢FS aF7 AudilOJ- ipi iernis oJS¢c'lioii l ?J2 of Ihe Con?POATies /l¢i ?nfj6.
SHI.ONIO M 'M()RIAL LINJrrED A'D SUBSIDIARY IJYI)LR'f,IlKINC. COIISOLIDATEO STATEIE OF F[NNcLQL AcfTriTILS NCL COMTr. AND EXPENDITL.RE ACCOUI R THE YEAR EliDED JO SF.PTE BER 2024 2024 UDrts¢rf¢ted FDnds 2023 Ullrestrleted Funds NoÈe5 ltstome and endoTrmeMts fTow: Donations and legd¢ies Jnvestrnents Othtr Tradi A¢tivity 10.000 9.316.8Ql 826,689 8,938JOO TO Ineome 10.153.490 8,938000 ExpendItre OD: Investmek)tManagement Costs Othcr Trading Expendi Charitable Activities 8,413,853 644.954 2,557.632 7.206,806 24.414 3.235.5J3 Totsl ExpenditUTe 11,6L6,439 10,466.753 CsiDs b)$5es ob InvesttDents Loss on S2Ie of Invesuneut Prop¢rties Defjcit on Revaluation of Inve5tynent Propertics 12 (316.992) (820,239) (453 367) J,560,260) Net IsS InvtstmÈnts (l.IJ7231) 14.0142271 Net ExpellditUTe before Tax (2.60Q.I 80) 15.542,680) TLYatiOn-tredit/(thorgE) 13 57.116 (163.644) Net ExptAdhure for thÉ Yc4r #Jbd Nei Movement ill Fwids 14 {2,543.064) (5.706.324} Reconciliatkon of FuDds- Total Funds Brought Fonwd 68,944,06Q 74,650.384 Total FuDds Carried For¥vard 23 £66:400996 £68,944,060 The Statement of Financia] Adivities iTLclud¢s all 2n8 and losses recognised ID the year. All income gnd expcnditurt derive rtom continujng attivities. ThB notes on pages 16 w 32 fonn part of these Fin¢181 Statem¢nts. 12
TIIE SHLOIfjC) fvIEIllORb¥L FUND L ..%IITED D SUJJSIDJARY UNDERTAKIN'C. CO4SOLIDATED BAL.4tliCE SIIE ' S.4T 31).SF.vfKTrqBER ?024 2024 023 Notes FLLED Assrrs Tangible ASS5 Investment Propcrtie5 15 16 104.807 128,280.770 36.178 lJ2,720,893 128.385577 132,757.071 CURRENT ASSETS Stocks Debto Cash at Bank aad on Deposil 3,044.610 6.074.692 3.690.357 18 5.925,298 4.086.700 12,809,659 10.011.998 CREDITORS: Amow]t5 fa]ling du¢ witbin onc yc8r 19 (9.768.436) {7J9¥:1571 NKT CtrRRENf ASSETS 3.041223 2.613.841 TOTAL ASSETS LESS CUIUiETr4T LIABILITIES 131.426.800 135J70.9J2 CREDITORS: Amounts fal]iDg due aftcr Tnore than onc yeaT 20 163,390,763) (64.734,695) Provisioll5 for Li8bi]itiu & Cknrge Z2 (1,635,041) 11.692.157) NET ASSETS £66.400.996 £68,944.060 Tbe funds of the cbaritsble Group: Unrestricted Funds 23 66,400.996 68.944.Ih50 £66,400.996 £68,944,060 The Trustees have prep3r¢d Group Fm8meial Ststemellts in accard2nce with Section 399 of the Cornpxnies Act 2006. TheseFinart¢ial Starcments cottstitLrtethe ann accountsTeqbired bythe c.ompanies Act 2006 and are for circulation to the rDembers of the company. The FIn¢la1 Statcmenis were approvcd by thc Trustecs on ....%S ?025 aod signed on (heir beh8]f by= MR C Y KAUFMAN- TRUSI'EE The notes pages 16 10 32 form part of thesc Financi StstemenES. 13
THE SIILO,TrIO 810R1L FL,ND l.JIM]TED IM TED BY GLIAKINTF.F BALATr4CE SHEET 8 AT 311 SEPTEMBER 2D24 2024 2m Notes FIXED ASSETS Tangiblc Assets Inve5b))ent ProtieS InvestD)ents 15 16 17 72.950 78,147,489 31200,000 6.517 81.444.893 32.060,000 109.520.439 113,511.410 CURRENf ASSETS Debtois c atBank aDd on Dep)skt 18 2.954.480 69,312 2273.674 777.fJ8 i.023.792 3.051.502 CREDrroRS: Amounts falling due within ontye4r 19 {3J75.798) (3,172.6821 NET CURJENT LIABILITIES (352,006) {121,180) TOTAL ASSETS LESS CIIRRENTLIABILmF3 109.168.433 113,390230 CREDITORS: Amounts falling due afieF th2tt olle year 20 142.923.921) (44,584,453) Nrr ASSETS £66244.512 £68,805,777 The ffijnds ofthe chxrftsble ConJpany= UnT¢StriCted Funds 66.244.512 68.805,777 £66.244512 £68.805.777 Thc FiDanGial Ststernents w¢re approved by the Tnjstees authorised for issue tsn ... .... and signed on their behajf by. - 2025 MRCYKA MAN-TRUSTEE Company Registration No.. 1393121 The n0ty5 on pages 16 to 32 fonn part of th¢s¢ Fin2ntial StalEment$. 14
THE,SHLOTrIO RJAL FUND LJIIIVI'ED COtsSOLID TED CA8H FLOIV STAT'EMF.N'T FOR THE YEAR ENDED 30 SEPTEMB&R 2024 2024 202 Not Casb flows from operliDg actiti£%. Net ttsh used in operating activities 25 {4,665.028) 14JQl,443) Cash now% from investlllg activltles: Interest received Net rental income teceived PU[th of tsngible fllced as5cts Pur¢hase of iJJYestmeDt Prope¢$ Proceeds from sale of investrnent properties PTtsceed5 from sa]e of tsngible fIX ¥seTS 286.973 7.01(Tr,002 {99.083) (3,033,072) 6,345.804 500 673.730 6,528.063 (l6.330,8) 5.784.703 Net provided byl(ised in) investhg actitieS 10,511.1?4 13.344,)27) Cash floiys from fioaDciDg &ttfivities- Inl¢rest paid (Decrweylncrtsc in bank Ix>Trowings (DecreaseJantreas¢ in Oth loa]J (xeditors IDecTW¢)Illlcrease in finance leascs DecreasB in other loan debtors 16,lJ3,546) {75.5T2) (49.722) 11221 16.523 14272,318) ).9T2,077 400.465 4,)09.393 I,555,402 Ntt $kn {ustd ixbyprovided by fw8ncillg activities {6.242,4J9} 5,705,019 Chale ID cash and cash equlvxlents in the ye¥r 1396J43) 11.940,751) Cayh and equivalent atthe begjjlllg of tbe y¢ar 4,086.700 6,027,451 Casb and t*sb equivaleknt at the eDd of th¢ year £3,690 J57 £4.086,700 The not¢5 on pzges 16 to 32 forni part of theseFinancial Statancnts.
THE SItLOIWIO VIEI )IQRLIL FUNI) l.ITrllTEI D SUTSLDLJIRY LfM)ERTAKTYGS O TBE FII¥.4NCJ.4L ST.4Tfi VFiNTS FOR TI[£ YE ENDLD 30 SEPTEfvIBER 2024 GENEIL4L INFORMATION The Shlomo eOrial Fuud Limited (Wle Company.) i5 a chaT]lable company limited by arantee and is incorporated ID England and Wales_ The coTnpY'S regi5tEr¢d office is New BurliDrton Housc. 1075 Finchley Road, Londoo NWI I OPU. Theprcsentstion curr¢nGy ofthese FinanGiat Statements is si¢rling. srATEMENT OF eoMPLiANCE The fiDanciaJ ststements hv¢ b¢¢n preFdred itt actordaDC¢ With A¢tounting and ReportiDg by Ch3ritie5: Ststement of RecoTnmended Practice applicable to chgrities prepaTing their ac¢DUnts in accordknce with the FEnarJcial Rcporting Stsndard appli¢ab12 in the UK and Republic of Ir¢land (FRS 102) (effective l Janua 2015)- (ctL&ities SOIIP {FRS 102)) 8ttd the Cornp8niesAcL2006. The Company meEts thc dcfmition of a public benef]( tntity ulld¢i FRS 102. ACCOUNTfNG POLICIL8 Basis of Pr¢par8tioJJ Thc accounting policies set out below have, unle55 Othcrwise stxied, been applied consislejtY to 811 periods presented in these financial statements. The UK econonjy continues to face ¢hall¢ng¢s due to macroecono]nic and political uncertainty, imcluding the potential for a prolonEed pettod ofhieher inlerttst rates 2nd £eopoIiticaI risks. Therefore, the dircctor5 of The Shlomo Memorial Fund Limited group ("thewup ) have placed aparticulaT focus on th¢ group's goin8 concern assessment and bave considered th¢ principal risks to the grollp inclllding tenant defaults and increases in the e05¢ ofborrowing. Thi5 assessment h2s considered the vaTiOU5 probabl¢ outcomes of these factors on th¢ group's operations atsd its N[e fancIal perfonnante ovtrthc n¢xt 12 months. The directors have a]so collsidered the lll(tlihood of the group5 loan covenatLts being bKached in the mIng 12 months and TemEdy packages if these covtt]ants are breachcd. These risks ar¢ beyond th¢ control of the gTOUP and reptrsent UTJC¢rtatllty (o the revenue gnd cash flow ofthe gtoup (orthe foresetable futwe. NotwithstsndiTJg these uncert2itities. the directors have concluded that it is appiopriate for the fmanei21 slaternts to be prepared u] a¢¢Ord¢t w2th thc accounting principles approptjate to a soing concern aDd Ihai therc is no Jnokri81 uncertainty to this positiOD. zs the directors have & reasonable eXCtiOn tbat the group and the company have adequate resouTces under all plausible circumstattces to continut ll) operdtional existenee forthe fo¢¢able fi]t(Lre by meeting their liabilities ahd eommithients a5 thcy fa]1 due. The principal a¢wunting policies adopted. judgements and Ley source8 of ellitnation lln¢ertaTnty in the prepaTXtiOD of the finallcial statcmcnts are as follows.. Group FffiDan¢fial StstemeDts Thrfe FinaJJcial 8tatements collsolidatr the TcsuIts of Ehe Company aTrd its subsidiaries on a lint-by-line basis. A sepatatest2teTnent of financial activiliesorincome and expenditure accoutst dea]ing withthe results of tb¢ ComyJJ)y ouly h& not bee prcsct)ted in ar£ordance with Secaon 408 of thc Cornpanies Act 2006. JudgetrDents Key Sources of EstiwgtioD UncertaiDty Judgeinents made by the Tntstees. in the application of these a¢countingpolicies that have significant effe¢t on tbe finaft¢i stst¢rnenls estimates with a si8nifi¢ant risk of mai¢naI adjusttnent in the next year are di5¢US5ed below- Propetty va]uatioiig The Val110n of thr group¥ propcrty portfolio is inherently sbbjectivc, depcnding 07] many factor4 includingthe divIdUal nature of the PTopety. 2ts Iwation 8nd expected fvtllrettetrent value5. market yrelds and compaJable markettransactions. Therefore tlJev*lualiDll is subject to a degree of iin¢erta2n d is made on b3si$ of ¥sumptions which may ]Jot pmve to be accurate. particularly in periods of difficult rnarket or cconomic Collditions. 16
THF. SHLOMO .NIEiMOIIJAL FbWD L.TED &*UJJStDIARY UhTERTAklNCS 'OTES TO THE FIN.NCIAL STATEMEwrs FOR THE AR ENDED 30 SEpfETrIBEI R 2024 ACCOl]NfG POLICEES (COtInued) JudgemeLts Key Sourcu ofEstfmation UDcertalttty (Continued) Debtors Management uses detsils of the age of dcbtots and the 5tatU5 of any disputes togethBr with external evideDCe of tbe ¢redit staius of the ¢ountrrparty in m8kTng judgements coJ]cernintr anv need to impair the ¢arrying values. All donatiorL% are reColistd th¢ Statement of FIancIal A¢tivrEies (SOFA) of the CoMpY wh¢n it has )mconditional entitlErneTLtto the resources. DonatiD]Js represent voluntw amounts received duringthey¥. All other in¢omt is reo)gnised on 2 receivgble b2sis. This includcs income from inveslments and dcposjts, rtnt21s froTn prop¢ty assets, t0e frojn the provision of c8re home fa¢iliti¢S and gTaDts and donations Teceived by thc Grou lllvesttDeDt ma2geMent Ctssts Inveslment manage]nent ¢OSE5 include costs r¢latins the inv¢51mentproperties on an accnJa]s ba$1> Governaoce Costs GoverD8nce in¢lud¢ ¢osts ofthe preparation and audit of fingneial ststcments and the¢osts of ally le8al advice to Trustees on govemance or coostiNtional tnatteTS and is re¢ognised on an a¢cnJais basi$. Taxatlo The CoTllPY is not liable to threct taxation on it$ intome And gwn5 as they f1 withiry the various ex¢mptions av1¥b]et0 registered thatities. Tht xrjbsidièry undertakings we subject to Coryoration Tax but it is expccted that their wxabl¢ pttsfjts will be gificd for charit&blc purposcs and therefore no tax liability should 15¢. Notwitlthding tht abov¢. defeTTedtsx is recognised in respectof a]1 timing diff¢Tences present in the TLOn- charitable subsidiary und¢rtaking& Unrclieved r&x lossts and othcT dtfetred tax a55ets are recognised to the extent tbat li is probable that th¢y will be recovered against the reversa] of def¢rr¢d tsx liabilitie5 or other fjJthJre taxablc proffts. Deferred t&x is mwured using the t&x rates 3nd laws that ha%.¢ been enacted or subst4ntivcly cnactsd by tbe rwrtithg dète thxtaT¢ tsxpectrdto apptyto the reversal of the timijg differenc& Lixbility Recognitlon Liabilities are recognised as soon asthere is apre5eTrtobligatioTh committing the entiry to pay out rtSOLtrce4 it is probable that a trausfer of economic bellcfits will be required in $rttlcmcnt the wnount can bc JDeaSUTed 01 estiJDated reliably. Accounting G¢n¢ral Ded funds Comprise the a¢¢umulAted swplus tsr deficit on incom¢ and expenditun 3ccount. arc available for use * the discretion of the T¥u5tee5 in rtherarJce olthe gellerdl objectives of the Charity. RcstrictEdfunds arcfi]nds subjettw spe¢ifj¢r¢strict¢d ¢orMlitso#s imposed bydonor5. There areno restricted fimds as at theBa]ICe She¢t date. Des1]ated fund$ are fvnds. which have bt¢n set-asideatthe discrctiort of the Trustees forspccific purposes. ThEre gxeffto deSilated fvnds 19 atthe Bal2neB Sheet dat¢. Fixed A55ds All fixa assets are initially recorded at C05t. Depreciation Deprtciation is calculated so a% to write off the cost of an asset, le55 its estTmaied residual valut. over the useful ccooomic life of th21 asset &5 folloKvs.- Plant & mhltry Furniture & Flttings Iotor Vehicles -25Yo reducing balance -25Yo reduc0 balance -25 /• ieduGing balaTr¥e 17
THE SHLOMO NLKIMORIAL FUND LIMt'rF,D , D SUBSilDIARY DERTAKING OTEts TO T E FINANCL4L STATIMLN'TS FOR FNDV.D 30 SEPTEEMBER 2024 ACCOUNTING POLICIL8 (CoDtiDued) Properths Held for JbYestnbeJJi Pwpertie5 ClalfIed invesmtents are tiJtlud¢d irt the Balance Sheet at fatr va]u& Any gaths or losses arising from changes in the fairvalue art recogTri$ed in the Statement of Fitttntial Activities. tn accordance with FRS 102, no depreoiation ow arnortisation is provided in respect of frcehold or long-lwehold investsnenl properLtes. Inveskncnt property fair value is based on h va]uation by thtsnal, indep¢ndEnr valuer. haYio8 an appropriate rece8nised professional qualification and Tent expcrience ill the locatioll aod tl&s of prDPCty being valued. Th¢ gToup's ijrtercsts IQ 50me of its invesDneni propErties 8Te the form of lollgand short leases a5 opposed to fre¢hold trwner511ip. The group reColSeS a5 liabilities amounis payable undcr bead leL%es and a torr¢spondtng ltssed assel whith is included in invesnne]rt prop¢ty. These le&sBd investnent properries are iThittally reGorded at the present valLte oftheTem¥inillg l¢ast paynjents and are thcn sub$equeDtiy carried at fair value. In calculatiDg the present ylle of I¢LSC payments. the group uses the increm11 boJTowing ratt at th¢12ase commencemtnt Oate if the interest te itnpIitTt in the lease is not readily deterJDinable. Aequfftsitions Dispo&a15 of Properties Acquisition5 and Dtsposais of propeitie5 3T¢ considerEd to take place at the dat¢ of legaI pletion and are included in the Financial StatrmeThts accordingly. lovtstDJent in Subsidiary Undernkings ShaJ¢holdinJ acquired are included in the financia] Ststements at fair value- any surplus or defi¢it on revaluation is tsk¢n to the SOFA. Stocks Stocks 2Te measured at the lower of cost and estimated selling PTlt¢ less Lwsts to con2plet¢ and sell. Cost inCldeS the purchase ptice of lan4 developm¢nt and ¢oJJsttuaion costs and 2ttribuTable overheads direthly Telated to bTintsing the Siock to its present locatiou and condilion. Borrowing costs expensed as incurred and ¥e not capitslised as part of stocks. Stocks arc retosnised as an expensc in the period in whith th¢ related reveDueistecogrbksed.Provision ismadEwherenecesssry. foratty for¢5c¢able Icssts and impairmcnt in vajue. FiM4ncig1 InStnetS Fin3nciaI 3r¢ cIassified 2rtd Counted foT, acrding to the subswice of the contractual rangemenL 2$ either financid ass¢ts. financial liabilities orequity illsrnunents. An equity instrDm¢JJt l5 any nrract that ¢vid¢nr£s a Tesidual interest in the assets of tht Gnup aft¢r deducting all of the liabilities. Basic VthaDci21 InstrumeDts C#sh #nd tash eqknivaltuts Cash ad cash equivalents comprise c&sh balances and call deposit5. Tr2de and otbcr debtors Tre and other debtots Jr¢ recoglsed Ttl81]Y et transaction pric¢ plus atttibutablc trollsa¢tiotJ Costs. Subscquent io initial rteognitioT] they ate trjeasured at amortlsed cost using the effectiv¢ rn*rest metho4 lets any impainnent losse5. Ifthe all8ement COnstite afinancing trSaCtio11. for cx3mpl¢ if paymcnl is deferred beyond notmal business teJw4 th¢n it 15 me¥ur¢d 8r the present value of futurc pai]ts discour)red at amarkd Tate for a similar debt instnjrnenl. TrAde other tredito 1't8de al other creditors are reCOlsed initially at t[ajrtion prkce less 2ttiibutsble rtat)saction t05ts. Subseqllttth to inilial yEcogni130n thcy are mcasured at amorhstd COSL using the eff%iive interest Tn¢thod. Jf the arranuemeni collstiMtes a financing tr2ll5a¢tiOTJ. for exap]e if pajment is defted beyond nonna] blnesS tonns. thBn it is measured at the PTesent value of ft)Te payments discounted at arnarkct rdie for a sim21ar debt instrument. 18
THF SIILOMI O MKMORIAL FI[.1) L Al sLsIDL4y UNDER"I'AKINC.S NOTES TO THE F1Tr4.4NCLAI. T.4 FOR TEtE LNDED 30 SEvfF.ItrIBER 2024 VESTMENT INCOME 2024 2023 UtLrÈstricted Funds Income frojn Investmeni PropeTties Lnteresi Rectivable 8.921,820 394,981 8.445,667 492.633 9,J16,801 8.938.JOO All investtn2nt income is derived from UK investtnen 2024 Unrestricted Funds 2023 Other TTadinglncoTtte 826.689 Oth¢r Trading In¢om¢ r¢latrS to th¢ proc¢&45 from the s¥Je of dtvelopcd residcntial pnperty. ESTMENT MANAGEMXNT COSTS 2023 Unrestrieted FuDds Investment Property OutgoiJJgs Managem¢ntand Admini5tratton Intuell Payable 1.911.818 407201 6,094,834 1,917.604 598,99D 4.690.212 8.413.853 7206.806 OTHER TRADING EXPENDITURE 2024 Ijnrestrictsd FuDds 2023 Other Trading Expertdibjre 644.954 24.414 Other Trading EXpel1rllrc iticludes £631.747 12023.. £Nil} lating to land ac9uisilion and propetty con5trnction foT Tcsaje" and £l),207 (2023= £24,414) relating to th¢ wst of providing care hotne facilities operat¢d by the Groknp. LXPENDITURE OT4 CHARrrABLE AcfiviTIES 2024 UDrertriet¢d Funds 2023 Grtnt funding activities (Note 9) Govem8thce Losts O%ote 10) ? 465,200 92,432 i,164,280 71,253 2.557.632 J.235,5i3 19
THF SHT,OTrIO ME.NJORtAL FLTh7) LLVtTED SlIBsIAI{y IryDERTAklNGS OTES TO THE FLycL4L sfATEMF.wr% FOR E YEAR ENDED 30 SEpfETr(BER 2024 RANfs AND DONATIONS All Gttnts and Dollalions were paid tr> ch8Titsble It)tutionS fortheadvau¢ernent of religion and educalion or for th¢ r¢licfaf povuty. Th¢ folIowi]]g donatitsn5 were made during the year ¢nded 30 Septembtr 2024: ReeipieDts of Illstitutiongj GrDts Ziv Haketlilla Layeshwim Tehilla Reshet M05dotBakAyot Hadatiyot Beer Ita'olam Chaim Vuche$ed Organisation Yad Tomechet LeNizk¥k Batrafon KupatTzdaka Leman Atsiyei Romat Be¢ Shemesh ker Zichron Shlomo Er¢ttYisroel Lehava Shel fi)rah MeoT FlaTorah Bere5hii An]cha Chama Bcchol Yv Yacbad L¢man Kol Ethod Vechixt IzkoT Keren ProfessorEnrico Vena¢hm Batya Levi Ohr Ch8na Shaarci Tehill Tehi112s Shlorno Mjjnamakim Ches&l umth Ateret Avol Pe¢r Avol Bnei 3anim M05dot Torah Vechtnuch Dorshi Tion Elit Kolle] Matsh£ Beit Vaad Lelimud Vedaai ChaiTll Bnci Haye5hivot Mosd01 Tora Vadaat Jen•1¢ and Bei Shemesh 8haarei Limud BiTkat Horai Hitschdut She4n Ol#m Bet Shem¢s Kollel Yeshsvas Yosef Cha? 371.500 259500 94.400 89,150 85.000 59.250 58.000 51.500 49,500 49.500 48,000 45.000 43.500 410 40,000 40.000 36.900 36,000 34.000 34,000 32,000 32.000 31,000 31.000 31,000 31,000 30,000 30.000 30.000 1.922.100 543.100 Otber donations (below £30,000) £2.465200 20
THE SHLOTlO KETrIORL.IL PLTND LtM]TF.D SUBsfDIARY UERTAKli 'OTES TO THE FINANCIAL ST TF.IENTs VOR THE TrFAR ENDED 30 SEFfKTrJBER 2 io. ANALSYIS OF GOVERNANCE COSTS 2024 2023 Auditor's remuneration Bookkeeping f¢ES Bank charges Legal and profrssional fees General expeytses 46.000 6.009 528 39.6¥ 203 50.000 6.932 2.749 10,168 1,404 £92.432 71253 ii. STAFF cosrs AND EMOLUMENTS 2024 2023 UMrestritlÈd The aggregate payrojl costs fDr the Group were". we$ thd salaries Social security 302.659 32,411 268583 18,688 335.070 287.271 The aver4ge numberof staff ¢mployed by the Group during the finon¢i21 year aOunted to". 2024 2023 Nurnbcr ofadministrative stsff 12. LOSS ON SALE OF INVEMENT PROPERTIFS 2023 Ullro5trieted Funts Net proceeds Book value of properties sold 6.335964 (6,652,956) 5.784,703 16238,670) (316992) 1453,967) 21
Tfifi. SHI,010 MEMORL4L FUND LINItTED SUBSIDIARY UNDERTAKbNGS PIOTES TO THE FINANCIAL STATEIIIE "TS FOR TH I 30 SEprE1lR 2024 13. TAXATION Major tompoJJeDts of tAX txpense 2024 20 Unrestricted Funds Current tax: Cumtye8r Deferred tsI: Origination and reversal of titDing diffèrences of ChEt in tax rale (57.116) 163,644 157.110 163.644 Txx (¢redityth•r£e 157,1161 163,644 All tsx is recwised in the Consolidated ajjd Expendithty¢ A{unt Rt¢oo¢Sll&tioD of tax expeknst The tax assessed on the n£¢ ExpenditUTe forth¢y¢ar i5 lowerthaD th¢ sfandard r*e of c4)TPtsrntion tax in the UK of 25V/o (2023.. 220h). 21J24 Umrestricted ThJ]ds 2023 Net expenditure before tax (2.600.180) (5,54?,680) Net income by Trte oftsx Income and gains exemptfrom tax Expenses not deducEibl¢ forlaK Efftct of c8Pltal allowance depre¢ia(iou rjming differen¢e on unreali5ed gains Unused tax 1055¢s caThied forward Tttning difference on gift aid Difference bettween Chargble gains and profji on salt of investment woperties Otherdifftrcn¢c5 1650.045) 651J66 750 (1,4251 (46.916) 88.308 {115.J45) 11,219.389) 1.608,303 17,998 22,487 (204.0961 I,)68 (120.426) 22,936 16.945) 55.894 1,30% Tax#tioJh {cttdilycbarEe (57.110 163.644 The deferred t8x liability at30 September 2024 has bttrt calculated based on tbe rate of 250/012023: 25%). 22
THE SHLOMO MEVAORIAL VtrND LItTED .4ND SLIBs1ARy UNDfi RTAF£lNGS NOTES TO T E FTh".414CIAL STATf*.NIENTS FOR THE ITAII ENDED 3Q SEpfEMB£R 2024 J4. MOVEMENT IN FUNDS This is statrd aft¥¢horgiug th¢ Group: 202 2023 Unrestiicted Fuknds Auditor. Remun¢ratio Audit f¢¢s- Cknty Audit fees- Subsidiary urtdertskings Other fees Deprceiation £46.000 £69.600 £9.450 £30.088 £50,ODO £73.600 £118.412 No sa]arie$ or wages orothtr benefitshav6 been paid to th¢ Trustees during the y. The Cotnp2ny did not any individual expenscs inqred by the Tn¢$ fDr services provid¢d to thc Company. OftheNet MovErnentin Funds ofthe (Iroup. aN Deficitof£2561265 (2023: £5,860.470) has been deah with thc Statemcllt of Financial Activitits of the Company itself. 15. TANGIBLE FIXED ASSETS THE GROUP P51nt & Macbinerv Motor Veblcles T4Jtsl At l October2023 Additions Disposals 440,6f2 90,750 188211) 50.071 31,172 8.333 521.925 99,083 188.211) At30 September2024 443,221 50.071 39,505 532,797 Dtpreciatio At l October 20 Chatge for the Year Disposals 425.763 23J58 187.845) 41,766 2,076 18,218 4,654 485,747 187,845) At 30 Septernber2024 361,276 43,842 22.872 427.990 Net Book Value At 30 September2024 81.945 6229 16,633 104,807 At 30 Septemkr2023 14.919 8.305 12.954 36,178 23
THE SHLO.rtrio illLhlORI.4L FUNI) LIMrrED AND SLTBSIDIARY UYDEI RT.4KtNGS NOTES TO THE FNNCIAL STATEMENTS FOR THE YEAR ENDLD 30 SElryfi f¥iBER 2024 15. TMYGIBLE FIXED ASSETS (CoDtintsed) THF COWI ANY Plallt & Fixtures & 2£hintrv Fitti Total Cost At l Oaob¢r 20 Additions 40,490 40,49D 90,75 90.750 At 30 Septembcr2024 90,750 40.490 131240 Deprec14ti0trJ Al l OctobeT 2Q23 Charge for th¢ Year 33.973 1,629 33.973 24J17 22,688 At 30 September20?4 22,638 35.602 58.290 Net Book Vale At 30 September?024 68.062 4.888 T2.950 AI 30 sePtber2023 6.517 6,517 16. INVESTMENT PROPEREs THE GROUP Ftrehold aseknold Investxnent ro vestment ro Fair value At l October ?02i Additions DI$$81S lieV#t•0 119.8l7.89J 3.025.490 (6,492,956) (1.412,657) 12,903,000 7582 1160.000) 592.418 132.72Q.893 3,033.072 16,652,956) 1820.239) At 30 Scpt¢mbcr 2024 I 14,937.770 13,34J.000 128,280.770 Investtnellt properties are ststed at fairvalue as at 30 S¢piember 2024. Ts]]gible asstts held at valugtfon The Group'5 VE5ent properties wert valued by the directOT5 as at 30 S¢pt¢mber?024 based on a re¢eut professional valuarriow using 2 saLes valuation approath, derived from rcc¢nt comparable transactions and matketyi¢ld& 8djust¢d by applYg discount to refl$ status of owipation and conditions_ Th¢ 48gregale I.UationS iDcluJcd in tbe above table have bccn inGreased by 2ft amount of £4,109,271 r¢lating to finan¢c Iwe ass¢ls. withthe coesPOnding liability shovm in creditors. The historic cost of the youp's inve5tsnent properries at JO Sepitmb¢r 2024 is £lQ6Jl 1,251 (2093.. £107,463,630). 24
THE SHLOIvlO JllEi MORL4L ruNI) LlllllTED .4ND SUBSIDJARY UNDTr.RTAKtN& G.8 I OTES TO THE FINANCL4L STA TEMENTS FOR TIIE YEAR EYDED 30 S, TETrIBY.R 2024 16. INVKsfMENT PROPERTIES IConrfDued) Freehold Investment Pr Léasebold IDv&stD)tknt rD erti Fair WdIue At l Othbcr2023 AdditlODS Disposals RevUlti0ts 72.619.893 944.284 13J02.2501 1779.438) 8.825,000 81.444.893 944.284 I3.462.0) cn9.43B) (160,000) At 30 Septembcr2024 69,482.489 8,665.000 78,147,489 The Company's inve$tmeDt ptoperties w¢rc valued by directors at 30 September ?024 bas on re¢¢nt professional valviti¢n. USlDg vaknAtion approa¢l¥ derivedfrom rcce]]t¢ompardble trallsaction5 and market yields, adjtjsted by 4)plying discount to ref]ect status of occupation and conditions. The historid cost ofthe Company's iov¢5ttnent prop¢rties at 30 Seplembtr 2024 is £77.245237 (2023= £78.733.416). All the CDffjpany's invcstmeht properbes wcrc held in theUL J7. IhVESTME]YTS THE COMPANY Al 30 September 21n4 At l October2023 Rev21u#tlon Investment i Subsidiary UDderrakings £31,300.000 £(760.000) L060.000
} The Cornpany 0$ due£tly or indirectly Ihe whole of the issued ordinary share Capita] ill thc following
companies. all of which 8re incorporated in GTeat Britsin and registered in Englaud ond Wajes. Diredly Ownéd.. Co att Hartons Limited Neianen Ltmited O]nato Limi(ed rller Limited Com 04572804 09667377 1446600 04572794 r21iou i)urDbe IKdirEctrlJp Own¢d.- Conj CIoLidpress Limited Paramount Carc (Gatesheadl Limit¢d Parnn)ount Care Styices IGatesliead} Limited Pritneb)uine AssOCiatt5 Limited (acquRredvTyear) Smart Mort8bgc Financc Li]nited Taltert Business Ptrk Litnited The More Centre {G*eshead)L3D)ited VielVIS Limited 04592197 07959750 07959737 lJ?292653 05628260 02941606 08302096 OR276273 25
THE SEILOTrI IO MENI JORIAL FUND LIMITED .8UBSll)1.4RY UND[1 R'l'.4KI,NGS YOTF,S TO THE ANCL4L. SfATF.MELYTS FOR TEE YEAR ENDED JO SEvfEMBFR 2 24 17. INVEsfMENTS (cotied) b) Th¢ fair vajuc at 30 Sept¢mber 2024 of the Investrnent in the gubsidiary Undertrakings is base41 OD the underlving vgjue of asset5 1¢55 liabilities of those compgJies. All of the invrstsnent propertits held by these Subsidiary Uryd¢rtakin wcre valtsed by th& directOTS based on aIeoent professional valuation by an independent vajuer. The Company h>s ffjad¢ no provision forany latent liability to Corporntion T&x on unrealised suTrluse5 resultinrF from th¢ revaluations. It15 tnticipated that mosl if not all. r¢alis¢d SUTpluseswould be applied for the benefit of this Compw's chatitable purposes and tTr littlE if aTLy. t&x liability would arisL The hi8lorical cost oltbe Company's ItkvesttDent in Subsidiary Undertakings is £9. cl 'lhe Trinancial qtstementsof the Subsidiary UndertakittBS aTe ]llade up gnnua]ty to September eXp¢[()r CIou41pre5s Limite4 TaltenBusine$sPark Limited and PTiTneb)urncAssociate$Li]nilBd which areJn#de up anDually io D¢¢eJlli. The Financial Statements of the Subsidiary Underfzkings. whose Fil)¢701 Ststements OT¢ non- cotettninDUS Withthoseofthe Cojnpany. used illPT¢paringthe Consoltdated Finzncial Statementy have be¢n pt¢paT¢d of the teporiillg dat¢ G105¢St to that ofthe CompBny. A summary of turnoycr 3md PTofit or loss forthtt year is sbown b¢low fcr each subsid1 undertaking.. PTofjtI (Loss) foT Year clo( Lid Hartonsljd NeT3nellLtJ Objao Lid Parnmountcart IGoesEadJ Ltd 31.1224 30.09.24 30.09.24 JO.0924 80,021 233J42 1.399,135 1.169,139 134.9181 503.096 17Jl.149) 191000 0,7481 IGeshead)Ltd )e)An¢ As1$ tAd Sni8rt MoNg4eFinersL¥ tAd Tten Busi[¢% Pk Ltd The More C.entre{GaE¢sIK&dllxd Viewplus Ltd W¢ymerLtd 30.0924 JI.IZ24 30.0924 31.1124 iO.09.24 30.0924 30.0924 826.689 321J45 24.7 6.096 1039 134.795} 61.040) The et5, liabilities, Capi alld serv of the Subsid1 undertakings &Te &8 foll1$.. Bilane¢ Capitsl & Sbt R¢serY Dte eficit Com Assets Lla CloutyessLrd 31.1224 Hwtons L 30.0924 NerAll Ltd 30.0924 ObJztoL 30.09?4 P$rnj2ot Cwr1Gate5he)Ltd 30.0924 46.963 k154.9&1 l7065,5fJ 39.026.082 l38.059 {1,791140 (1.5?4,8761 I143,541) {13,153,764) (?71138) 553.817 I J3QJ05 3.lil(H6 25,871318 (b-4,fJ91 l&tesheadl LTd iO.09?4 Jl.1224 SmarEMortgage Fitiance I 30.D924 Tten BuSir1e P. Ltd il.12.24 Trmore Centre (G*eSbeil JO.09.24 Vie1LId 3D.0924 Womerd iTr.0924 161 13.l46.5121 11109J25) (2,5?iWII (235599) 17,0342",0) 1150,1?6) 3.152,608 1121,786 4.004.023 14.364 7,598.1)0 134,002 &096 12,461 1.4JO.793 563.860 (16.124) 26
HE SIILOMO MEIIORIAL FtfYD LIIMITED AND %UBSll)LIRY TNDERI'AKINGS OTES TO TAE FfNLN T.4TEMENT FOR 'IHE YEAR ENDED 3 TEMBER 2024 18. DEBTORS Tbt Grou The C(k 024 2024 2023 2023 Rent and Serrfice Charges Other Debtors and PtepayJnenTS Loan Debto 2.720,721 631.587 2.722J84 2,787,585 398.806 2.738,907 2.253,499 36.981 664,000 2268,285 5.389 6,074,6¥2 5.925,298 2,954,480 2,273.674 Lo8n debtOT5 are sterling loans which illterest at various interest Ates ranging from 5J% to 65% pcr annum and are Ttpayable on dematld. 19. CREDITORS: AMOUNTS VALLING DUE WITH]N ONE YRAR The Gro The Co 024 2024 2023 2023 Bank I.oÈns and Overdrafts Arnounts owcd to Group Undertakitigs Rent and SeTViC¢ Chargcs ID Advance Taxation and SOCI Security Obligations und¢r Fingn¢¢ I.Ce Agreefftenlts {sre note 27) Other CreditOTS and Accrnals 4.883.515 3.665,004 442,375 1,119,4 1.092.648 954.676 802J12 528.363 645,029 523,414 582.854 L86,755 197 129 127 J22 2,837,470 2,401356 1,764.853 1,283.528 9.768,436 7.398.157 J.i75.798 3,172.682 The Bank Loans and Overdrdft5 atl secured on Gertain of the Group's properties. 20. CREDITORS: AMOUh'TS F.4LUNG DUR AfTER MORX THAN, ONE YEAR The Grth Theco 2024 2024 2023 2023 Bank Loans Loan Cr¢dilOts (see below) Obliuiations under F2nancc Lease Agreemcrtts (see note 271 58.652.398 629.221 59,946,48J 678,943 38,500,667 314.110 40.090.182 385.000 4.109,144 4,109.271 4.109.144 4.109.271 63,390,763 64.734,69) 42.923,921 44,584,453 The Loan credito comprise a st¢TITD(p108n of £315,11 I beariJ]o interesi at 5¥0 p¢r annum above bas¢ r3te aDd repayable in Dccembcr 2025 and another loan of £314,110 which bears intrrest at 6% per atlnum and is repayable In Junc ?03S. 27
THES L()TrII) IIF.IIORI.4L FIIYD LllWllTED A.YD SipBSIDL4RY L'NDERTAKINGS NOTES TO TEtE FLYNCl.L STATTr.TrIENTS FOR THE TrL' ENDED O SEpfEMBFR 2024 21. BANK LOANS Bank Loans. inehJd¢d in Creditors falling du¢ afterrnore that) on¢yeat. are analysed * follows.. The Gro11 Tbe 2024 2024 2023 2023 Repayable within 5 years REpayable &fter 5 yeats 60,453.760 i,082.l53 58.982,141 4,629.344 38500.667 40.090,182 63.535,913 63.611,485 38,500,667 40.09).182 AJnounts Repayable within l year (4,883.515) (3.665.004) 58,652,398 59,946,481 )8.5(N),667 40,09Q.182 Details of108JJsrcpayable after 5 years are as folltyws.. The Thè C.0
]Jv
2024 Loans Terli1'Atn 2023 Interest Rate 2.75Vo above Untty Bonk. Btse Rate 3.OOVo Ive Bank BC Rdle Isubje¢t to a Minimum of 30/ts} 20?8 1.436.447 3.082,153 3,191897 3.082,153 4.629.344 The Bank Loons and Mortgages are [ed by l¢gat chatge5 over certain ofthe properties of the group. PROVtSION FOR LIABJLTIIES & CHARCLS 2024 2023 Balance at the beginning of th¢ year (CrtdityCh¥g¢ for the year 1.692,157 157.116) 1.528.513 163,644 Ba]an¢¢ at the end of the y 1,635,041 1,692,157 Deferred tsx is recognised in rPe of timing differences from the revaluation of 18sets ¢lassified investments in the non-charirablE stsbsidi8ry undertakings. Although the Provision has b¢en recognised in cordance with FRS 102, 11 is expected that tny rea]ised surplu5C5 will be applied solely for chl11e purposes and such should not bEcome Fayable. DefeNed been Ttcogni.Yd in respect of revajuatiots ofinvestmettts by th¢ parentcompafjy on the basts all such gatns will be appli for ¢haritsble purpD5e5. 28
THE SHLONIO IIEI¥IORIAL FUTrm LllVIITED ¥, D SUBSIDI.4RY LN"DERTAKINGS NOTES TO I'HE FINAN'CL4L STATEI LMEWTS FOR TFIE I ENDF.D 30 SEFfEMJIKR 2024 irNRESTIUCTED FUNDS Tlje Group Balance at l October 2023 68,944,060 10.153,490 Tot21 lllcotn¢ for the ycaT Tothl ExpeTJditure for the year Net Lts&sG5 on Investsnents (11,616,4J9) {1.137231) 57,116 Taxation- credit Ba]ancc at 30 S¢ptember 66,JlOO,996 The Conjpaby Banff at l October 2023 68,&05,7TJ 6.940.947 Total Income forihe yeaT Totsl Expenditure for thc year Lwe5 on Investmen (7.-737524) 11,764.688) Ban¢t at 30 September ?024 66244.512 24. FlJNANCiAL INsfRuf*lENTS rou eco 2024 2023 2024 2023 Flnr7Aclol&sseLS fftÈLV14re4 qlf6irvoJue Unlisted investment (Note I Fthttnciol Gssets measuredot morÉistdcosl.- Debtors (Note 18) Cash at battk 31,300.000 32.060.000 6.074,692 3.690J57 5.925.298 2.954.48Q 4.086.700 69.312 2273,674 777.828 ihonclollittbilities measuredol Moedt05.' CreditOTS (Not¢s 19 & ?0) 73.159,199 72.131852 4Q299.7J9 47,757,135 29
THE SHLO.10 IMETrIOIU,11. FbThD LITED YD SUBSIDIARI" LJ. ])ERT.4K1NG NOTES TO THE F[N.4NC.1 STATEMENTS FOR THE YEAR LN7)ED 30 SEPTE ER2024 25. NOTES TO THE CONSOLIDATFD STATEMENT OF C.4SH FLOWS cTrThcibattou of ntt-n¢ome tD llel ca h flnw fro LTr trAtin actiytti 2024 20 Ntt expendlthrc for the year Adjustment fTrr. Depreciation (SuTplus)Iloss on sale of fed wets Interest receivable Nffl rental In¢oJ]]e receivablc Iniertst payabl¢ Taxation Los$es investsnent asseLs Inutase in stocks Increase in debto Inueas&lldecTease) in Grcditors {2.543.064) 15,706,324) 30.088 1134) 1394.981) {7,010,1)02} 6,094,834 (57,116) 1.137231 {3.044.610) 157909) 1.180.635 118.41? 1.769 1492.633) (6.528.063) 4,690212 163.644 4.014n7 {299,7351 (262,9521 (4.665,Q281 (4.301,443) Tax ptiid Net tash used in oper4ting activiti¢s {4.665,028) (4.301.443) isof i¥aleMts 2024 2023 Ch at bank and in hand Bank overdrafts 3,690.357 4.086,700 Totsl t&%b Xnd cash ¢quivaleDts 3,690057 4,086,700 Da f ¢h2n e5in n t debt Atl Ottober 2023 At30 September 2024 Floivs Cash and equivalents B8Jk bortowinJts FiDance lease aeMents Loan debtors Lo8n Edito 4.086.700 {63.611.485) {4,109271) 2.738,907 (678,943) {396J431 75,572 122 (16,5231 49,722 3,690J57 (63,5J5,91il (4,109.2711 2.72? 384 {629,2?1) (61,574.092) (287.450) {61.861.664) 30
'rHE 8HLOI¥IO .TrIEN.I()RIAL FL'IYD LIM]TED .¥D SLTBSIDIAR Y UNDERTAKINGS NOTES TO THE FIN..(LIAL ST.ITF.fvIErus FOR I'HE YEAR ENDF.D 30 SEpf£P4R 2024 26. COIIqMITMENTS UNDER OPERATING LEASES As Lessee= At th¢ Balance Shcei dat4 future minimum lease payrnents payable by the uP und¢T non-caJJcellable ope)g Ic&ses wLre a$ follows: 2024 2(U3 Within one year In Iwo to five yea[5 More than five ye9T5 239,595 958,379 13,231,J74 958.380 13.473,400 14,429,148 14,671,374 As Ltssor: At thB Balanc¢ Shcet date, fi1ft minimum lease payments payoble to the group und¢r non-canIlable operdtins Iwe5 were as follow5= 2024 202 WithiTr on¢ year ITJ twts to five years More than five years 5,463,582 14.166.812 23.896.144 5.264.997 14.808.781 25.981,183 43,52Q538 46,054,961 27. COMMrrMENTS UNDER FINANCE LEASE AGREEMrS FutL]re commitments underhircpuitha5¢ 8JLd finance leasB 2gr¢¢mentspay2ble by the Group ate as foIlows: 2023 Amouttts payable withiD l year AmguRts payable between 2 and 5 years Amounts payable after more thw 5 years 184,624 738,496 29,678.308 184,624 738.496 29.861932 30,601.428 30.786.052 Les& fi]ture f]0ce Cha¢$ <26.492,157) 126,676.659) Pre5¢m valuc of minijnunj leas¢ payments 4.109.271 4,lQ9,393 28. CONfiNGENT LIABILITILS thD GUAIiANTEF The Gtoup h85 provided Ets8fdntees tot&llin £59m in Te5pe¢t of loan f2cilitits gtanted to certain Group Companies. The bal8Ce ouadIng on thESe factliiies at 30 September ?Q24 a88Tegated £51.6m 12023: £56.Sm}. 31
TEIE bH OIIO IVMR1.4L FUND LIP+lITED ND SUBSIDIARY u7}ERTAKIGs NOTFS TO THF, FIN.NCIAL ST FlE.YTs FOR THE YEAR F,NDED 30 SEprKhtBER 2024 29. RELATED PARTY TRANSAcrioh's DuTirtg th¢yearth¢ CoTllpanyreceived gift aid don*ions awe8Xting£805k (2023.. £1.07m) from certsin of its sllbsidi dertaking& During the year th¢ Company 501d land for £373k to its subsidiary undertakiti& Primebourne Ass]t£S Limitsd. OtILeT than the abDve. th¢rc were lat¢d pty 0$$¢T)0ns that reqllire disGlosure under the Charities SORP (FRS 102). 30. CONTROL The Company. which i5 in¢oTrorated foreharitsblt purpos¢s. h#$ no controlling party.
THE SIILOMO.IdE*I IORFAI, IND LIIIIITED lTr%CO.IIE.4NI D KXPENDITLQiE ACC STAIEIllENT or FINA.YCJ.4L.4CTJVtTIES R TIIE YEAR ENDED 30 8IPTEIMBLR 2n24 1711S DOES NI OTFORM P E fiIN CIAL STATEJMEwrs 2024 2023 Ullrtstrx¢ted Fund8 UDre%trieted Funds IrAeome and endowmemts from: Donation5 and leSie& Jnvesknents 815,000 6.125.947 I.Q70.000 5.7913n Total Incorne 6.940,947 6.861372 Expthdltllre on: Invcsttnent Man28¢n]ent Costs Charitable ActivIties GraJrt$ and DoTYdtions aoveTnallce Costs 5,179,892 4.435.669 1465.?00 92.432 3.164.280 71,3 Totsl Expendire 7,737,524 7.671202 eFaitis LSeS on JDvesrmeDt5 Loss on SaIe of InvE5tment Prtsperties Deficit on Revaluation of Invegtment Proptrtie5 efJcity5wplus on R¢valuatioll of Subsidiary Undejiakings (225250) 1779,438) 1760.000) 14,729) 15.426,911} 380.000 Net L0$5es lJtvesttD¢Dts {1.764.688) (5,051,640) Net Deficitforthe YeaT 3nd Net MovemeDts of FNJbds 12J61,265) (5.860,470) Total Funds Brought FoTrvard 68,805.777 74.666.247 Totgj Fu)Ads Carried Forwayd £66.244.512 68,805.777
THL SHLOMO MFAIIIORI.4L J,-UND I.IMITED PRnPtsRTY li[ENtlE CCOUNT FOR TH .%F.vfFMTsf.R 2024 TF DOES liOI' F Rfif PART OF THE FINAN'CIAL S ATEhIE 2tr24 2023 Rents and Ck2rges Receivable 6,062.863 5.756,460 Deduct Ptoperty 0vtyo1g5 Rents 97250 104,814 Rat¢5 40.429 31.020 Rq)2it5 162,479 184,026 Light Heat 447,451 445,173 Port¢nge and Cl¢aning 34,996 24.549 lJsuraJJce 189.125 239,630 Sejvice Charges 30,775 21,739 59.524 70.326 Le8a] and Pll)fessional Charges 66541 44.666 ManagEment Commission 3)8.114 329,133 Let(ingFees 28,217 19,910 DepTeciation-FuTnilUTe & Equip]nmt 24.317 1172 11,5l9.218} 11,517.158) 4,543,643 4239J02