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2024-12-31-accounts

Charity registration number 283295 (England and Wales) Company registration number 01567651

SHIREHALL TZEDAKA COMPANY LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

SHIREHALL TZEDAKA COMPANY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Governors
Governors Mr D Jay
Mr P Jay
Mr I S Jay
Secretary Mr D Jay
Charity number (England and Wales) 283295
Company number 01567651
Principal address Foframe House, 2nd Floor
35-37 Brent Street
London
NW4 2EF
Registered office Foframe House, 2nd Floor
35-37 Brent Street
London
NW4 2EF
Auditor Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS

SHIREHALL TZEDAKA COMPANY LIMITED

CONTENTS

Page
Governors' report 1 - 2
Statement of governors' responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 19

SHIREHALL TZEDAKA COMPANY LIMITED

GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The governors present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The charity's objects are to distribute funds to religious, educational and similar charities for the advancement of religion in accordance with the Orthodox Jewish faith and the relief of poverty and other charitable purposes for the public benefit. The policies adopted in furtherance of these objects are to identify Orthodox Jewish charities which carry out activities such as providing Orthodox Jewish education and other activities which advance religion in accordance with the Orthodox Jewish faith or which relieve poverty and there has been no change in these during the year. The governors confirm that they had regard to guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.

The charity's income is generated from investment income and charitable donations and the available income

was distributed in the year.

The main strategy for the above aims and objectives is to maintain a stable flow of donations going to worthy causes in the Jewish community. The governors also aim to expand the charity's investment portfolio whenever the opportunity arises. No particular criteria or measures are used to assess success in achieving these aims and objectives.

The only activities undertaken have been monitoring the charity's investment income and making distributions to a number of charities in accordance with the above objectives and policies.

Achievements and performance

The charity has continued to distribute funds to other charities during the year. Nearly all of the available incoming resources, after the charity met loan payment and similar obligations, were distributed benefitting the recipient organisation accordingly. Any remaining cash reserves will be put towards future investment purposes. The charity's investment properties generated net cash returns in line with expectations. The charity distributed close to the maximum available.

At the year end the charity held five UK properties as investments which were valued at £12,556,223 and generated gross rental income of £595,005.

Financial review

The charity's funds for distribution derived from donations received and property investment income from its own property. The total of net incoming resources was £417,283 which resulted a surplus of £229,785 after charitable donations of £187,498. The fair value of investment properties decreased by £1,680,000. The financial position of the charity at the end of the year is set out on page 8, with closing funds of £8,184,187.

No significant event affected the financial performance and financial position of the charity during the period. Nor have any been identified that are likely to do so currently or in the future.

The governors have identified the principal risks and uncertainties facing the charity and have also adopted plans and strategies to manage these as follows:

SHIREHALL TZEDAKA COMPANY LIMITED

GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

There is no formal policy to maintain a set level of reserves. The governors are continually looking for appropriate investments which will ensure that high level of returns can be achieved for the charity's benefit.

The governors' investment powers are governed by the charity's Articles of Association which permit the governors to invest the charity funds as they may see fit.

The governors are experienced property investors and have invested the charity's funds in property in order to generate funds for distribution. Investments are chosen on the basis of achieving a yield in excess of that available from cash deposits while maintaining security of income.

The governors have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The governors will continue to purchase further investments when they believe it is in the best interests of the charity.

Structure, governance and management

The charity is limited by guarantee. It was incorporated on 12 June 1981 and registered as a charity on the same date. The charity was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

The governors, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr D Jay

Mr P Jay Mr I S Jay

Governors are recommended and appointed by the Board of Governors.

None of the governors has any beneficial interest in the charity. All of the governors are members of the charity and guarantee to contribute an amount not exceeding £1 in the event of a winding up.

The board of governors administers the charity who retain complete responsibility for its management.

Auditor

In accordance with the company's articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the company will be put at a General Meeting.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Disclosure of information to auditor

Each of the governors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The governors' report was approved by the Board of Governors.

Mr D Jay

Governor Dated: 22 September 2025

SHIREHALL TZEDAKA COMPANY LIMITED

STATEMENT OF GOVERNORS' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The governors, who are also the directors of Shirehall Tzedaka Company Limited for the purpose of company law, are responsible for preparing the Governors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the governors are required to:

The governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SHIREHALL TZEDAKA COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE GOVERNORS OF SHIREHALL TZEDAKA COMPANY LIMITED

Opinion

We have audited the financial statements of Shirehall Tzedaka Company Limited (the ‘company’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that 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 .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our 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 governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’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 governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

SHIREHALL TZEDAKA COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF SHIREHALL TZEDAKA COMPANY LIMITED

Responsibilities of governors

As explained more fully in the statement of governors' responsibilities, the governors, who are also the directors of the company for the purpose 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 as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the governors are responsible for assessing the company’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 governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 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 economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with 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.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

SHIREHALL TZEDAKA COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF SHIREHALL TZEDAKA COMPANY LIMITED

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s governors, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's governors those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s governors as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Brodie FCA (Senior Statutory Auditor)

For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor Chartered Accountants 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS 22 September 2025

Lopian Gross Barnett & Co is eligible for appointment as auditor of the company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

SHIREHALL TZEDAKA COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 3 264,818 20,000
Investments 4 595,005 683,966
Total income 859,823 703,966
Expenditure on:
Charitable activities 5 187,498 407,875
Other expenditure 9 442,540 440,572
Total expenditure 630,038 848,447
Net income/(expenditure) 229,785 (144,481)
Other recognised gains and losses:
Revaluation of tangible fixed assets (1,680,000) 408,700
Net movement in funds 6 (1,450,215) 264,219
Reconciliation of funds:
Fund balances at 1 January 2024 9,634,402 9,370,183
Fund balances at 31 December 2024 8,184,187 9,634,402

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SHIREHALL TZEDAKA COMPANY LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Investment properties
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
Income funds
Unrestricted funds
General unrestricted funds
Revaluation reserve		 2024
£
£
12,556,223
19
12,556,242
1,050,421
-
1,050,421
(1,418,328)
(367,907)
12,188,335
(4,004,148)
8,184,187
3,996,759
4,187,428
8,184,187
8,184,187		 2023
£
£
14,225,000
19
14,225,019
921,245
5,588
926,833
(2,361,817)
(1,434,984)
12,790,035
(3,155,633)
9,634,402
3,766,974
5,867,428
9,634,402
9,634,402

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Governors on 22 September 2025

Mr D Jay Governor

Company Registration No. 01567651

SHIREHALL TZEDAKA COMPANY LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
21
Investing activities
Purchase of investment property
Investment income
Net cash generated from investing
activities
Financing activities
Drawdown/(repayment) of bank loans
Net cash generated from/(used in)
financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors
payable within one year		 2024
2023
£
£
£
£
(629,001)
528,414
(11,223)
(1,300)
595,005
683,966
583,782
682,666
39,515
(1,226,946)
39,515
(1,226,946)
(5,704)
(15,866)
5,588
21,454
(116)
5,588
-
5,588
(116)
-

SHIREHALL TZEDAKA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Shirehall Tzedaka Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Foframe House, 2nd Floor, 35-37 Brent Street, London, NW4 2EF.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the investment properties at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the governors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the governors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the governors in furtherance of their charitable objectives.

Funds held by the charity are all unrestricted. These being funds which can be used in accordance with the charitable objects at the discretion of the governors. The revaluation reserve will only become available on realisation of the sale of an investment property.

1.4 Income

Income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Investment income represents amounts receivable for rents and services. Investment income is recognised on the commencement of and in accordance with a lease, adjusted for any incentives as required under FRS102. A property is regarded as sold when significant risks and returns have been transferred to the buyer. For conditional exchanges, sales are recognised as the conditions are satisfied.

SHIREHALL TZEDAKA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised on an accruals basis as a liability is incurred.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Other costs include all costs involving the public accountability of the charity and its compliance with regulation and good practice. These include costs relating to statutory audit and professional fees.

Grants payable represent donations paid to religious, educational and similar charities, and are recognised when payment is made by the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment 33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of financial activities.

1.8 Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in net income/(expenditure) for the year.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

SHIREHALL TZEDAKA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11 Joint arrangement not an entity

The company is a party to a joint arrangement that is not an entity with a number of individuals and other business entities. Accordingly, these financial statements have been prepared in accordance with FRS102 section 15 to incorporate the joint arrangement.

1.12 Group accounts

The financial statements present information about the charity as an indiviual undertaking and not about its group. The charity and its subsidiary undertakings comprise a small group. The charity has therefore taken advantage of the exemptions provided by sections 399 of the Companies Act 2006 not to prepare group accounts.

SHIREHALL TZEDAKA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2 Critical accounting estimates and judgements

In the application of the company’s accounting policies, the governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 264,818 20,000
4 Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rental income 595,005 683,966
5 Grants payable
2024 2023
£ £
Grants to institutions:
Other 187,498 407,875

Included in the above charitable donations were £168,000 made to Achisomoch Aid Co Ltd (Reg. charity no. 278387) for religious education and the relief of hardship and poverty.

6 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 6,500 5,000

SHIREHALL TZEDAKA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Governors

None of the governors (or any persons connected with them) received any remuneration, benefits or expenses from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

Total
There were no employees whose annual remuneration was more than £60,000.		 2024
Number
-		 2023
Number
-

9 Other

Auditors' remuneration
Auditors' fees for non-audit work
Interest and finance costs on bank loans
Interest on other loans
Other expenditure		 2024
£
6,500
4,200
261,446
96,960
73,434
442,540		 2023
£
5,500
5,835
324,987
96,960
7,290
440,572

10 Taxation

The activities of Shirehall Tzedaka Company Limited are exempt from direct taxation under Part 11 of Corporation Tax Act 2010.

11 Tangible fixed assets

Tangible fixed assets
Fixtures,
fittings &
equipment
£
At 1 January 2024 12,978
Disposals (12,978)
At 1 January 2024 12,978
Eliminated in respect of disposals (12,978)
Carrying amount
At 31 December 2024 -
At 31 December 2023 -

SHIREHALL TZEDAKA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12 Investment property

Fair value
At 1 January 2024
Additions through external acquisition
Net gains or losses through fair value adjustments
At 31 December 2024		 2024
£
14,225,000
11,223
(1,680,000)
12,556,223

The fair value of the investment property has been arrived at on the basis of a valuation carried out by a governor of the company. The valuation was made on an open market value basis.

13 Fixed asset investments

Unlisted
investments
Other
investments
£
£
Cost or valuation
At 1 January 2024 & 31 December 2024
16
3
Carrying amount
At 31 December 2024
16
3
At 31 December 2023
16
3
2024
Other investments comprise:
Notes
£
Investments in subsidiaries
20
3
Fixed asset investments not carried at market value
The above investments are in dormant companies and shown at cost.
Debtors
2024
Amounts falling due within one year:
£
Other debtors
938,677
Prepayments and accrued income
111,744
1,050,421		 Total
£
19
19
19
2023
£
3
2023
£
886,416
34,829
921,245

14 Debtors

SHIREHALL TZEDAKA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15
Loans and overdrafts
Bank overdrafts
Bank loans
Loans from related parties
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments
Payable other than by instalments
The bank long-term loans are secured on property investments.
16
Creditors: amounts falling due within one year
Notes
Bank loans and overdrafts
15
Other borrowings
Other taxation and social security
Trade creditors
Amounts owed to subsidiary undertakings
Other creditors
Accruals and deferred income
17
Creditors: amounts falling due after more than one year
Notes
Bank loans
15
Other borrowings		 2024
£
116
3,196,148
808,000
4,004,264
116
4,004,148
189,375
1,002,625
1,192,000
2024
£
116
-
-
4,209
3
1,212,461
201,539
1,418,328
2024
£
3,196,148
808,000
4,004,148		 2023
£
-
3,156,633
808,000
3,964,633
809,000
3,155,633
263,456
1,002,625
1,266,081
2023
£
1,000
808,000
3,361
122
3
1,324,447
224,884
2,361,817
2023
£
3,155,633
-
3,155,633

SHIREHALL TZEDAKA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the governors for specific purposes.

At
General funds
Revaluation reserve
Previous year:
At
General funds
Revaluation reserve		 1 January
2024
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2024
£
£
£
£
£
3,766,974
859,823
(630,038)
-
3,996,759
5,867,428
-
-
(1,680,000)
4,187,428
1 January
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2023
£
£
£
£
£
3,911,455
703,966
(848,447)
-
3,766,974
5,458,728
-
-
408,700
5,867,428

19 Related party transactions

Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

Amounts owed to related
parties
2024 2023
£ £
Other related parties 2,020,461 2,132,446

The charity borrowed £808,000, unsecured, from Domo Securities Ltd, a company in which the governors have material interests as shareholders and directors. The loan is at an interest rate of 12% per annum and repayable on term in 2027. All the other loans are interest free and repayable on demand.

SHIREHALL TZEDAKA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

19 Related party transactions

(Continued)

The following amounts were outstanding at the reporting end date:

Amounts owed by related Amounts owed by related
parties parties
2024 2023
Balance Net Balance Net
£ £ £ £
Other related parties 889,502 889,502 864,365 864,365
889,502 889,502 864,365 864,365

Included in the above is £521,667 due from another charity with the same governors, objects and purpose as this one.

The charity received donations of £128,918 from PDS Investments Ltd and £95,900 from Domo Securities Ltd, companies in which the governors are directors and shareholders.

The charity had rental income of £125,000 and received a charity donation of £35,000 from Maven Heathcare (Yew) LLP, an LLP whose members are governors of the charity.

The charity has given a first legal charge over the leasehold interest in 79-81 New Church Road, Hove and a company guarantee limited to £2.2m to the Unity Trust Bank for a loan made to Maven Heathcare (Yew) LLP. This LLP is the tenant of that property and whose members are governors of the charity.

20 Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Yew Properties Limited England and Dormant Ordinary 100.00
Wales

The aggregate capital and reserves and the result for the year of subsidiaries was as follows:

Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
Yew Properties Limited - 3

SHIREHALL TZEDAKA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21
Cash (absorbed by)/generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Movements in working capital:
(Increase) in debtors
(Decrease)/increase in creditors
Cash (absorbed by)/generated from operations
22
Analysis of changes in net (debt)/funds
At 1 January
2024
£
Cash at bank and in hand
5,588
Bank overdrafts
-
5,588
Loans falling due within one year
(809,000)
Loans falling due after more than one year
(3,155,633)
(3,959,045)		 2024
2023
£
£
229,785
(144,481)
(595,005)
(683,966)
(129,176)
(21,913)
(134,605)
1,378,774
(629,001)
528,414
Cash flows At 31 December
2024
£
£
(5,588)
-
(116)
(116)
(5,704)
(116)
809,000
-
(848,515)
(4,004,148)
(45,219)
(4,004,264)