COMPANY REGISTRATION NUMBER.. 01472692 CHARITY REGISTRATION NUMBER: 286110 Garvan Ltd Company Limited by Guarantee Unaudited Financial Statements 31 March 2025
Garvan Lld Company Limited by Guarantee Financial Slalemenls Year ended 31 March 2025 Page Trustees. annual report lincorporaling the directorfs report) Independent examiner's report to the trustees Slatement of financial activilies (including income and expenditure account) Slatement of financial position Notes to the financial statements
Garvan Lld Company Limited by Guarantee Trustees. Annual Report (Incorporating ihe Direclor's Report) Year ended 31 March 2025 The Iruslees, who are also Ihe dire¢lors lor the purposes of company law, present their report and the unaudited financial statements ol the charity IOT the year erKled 31 March 2025. Reference and administrative details Registered charbty name Garvan Ltd Charlty reglstratlon num1 286110 Company regislration number 01472692 Prlnclpal offlce and reglstered 9 Windsor Court offlce London NW119PP The truslee8 Mr A Ebert Mrs L Ebert Mrs U Ebert Independent examlner Abraham J Braceiner Strucluro. govemaneo and managemènt Structure The charity is an ineorporaied enlity limited by guarantee and established on 14 January 1980. Oblecllvg¥ and acllvltlgs R9view ol activities The charity's principal aclivrty continued lo be Ihat ol supporting institutions advancing the objects ol the charity. The trustees have considered the Charity Commission's guidance on public benefit and consider that the charrty conforms wilh them. Achlevemenls and performance The charity made grants to nine charities during the year. Al grants were made lo charitable institutions in line with ils grant making wlicy. During the year the charity conbnued to bgnelit from rising interest rates lo achieve higher rates ol return on its investments
Garvan Lld Company Limited by Guarantee Trustees. Annual Report (Incorporating ihe Direclor's Report) I¢¢tInl? Year ended 31 March 2025 Flnanclal revlew Reserves Thè majority of the charivs income is dèrived from receipts from ils investments. The Iruslees consider il prudent lo maintain the reserves ol Ihe charity al ils current levels lo meet lulure anlicipaled demand lor support from charitable inslilulions. The charity maintains a conservative investment policy focusing on safeguarding the charity's assets. As interest rates start to fall, the charity will explore new investments to generate its returns. Small Company provl$lons This report has been prepared in accordance with the wovisions applubie to companies enlilled lo the small companies exemption. Thè Iruslees, annual Tèport was approved on 5 September 2025 and signed on behalf ol the board ol Iru8lees by.. Mr A Ebert Trustee
Garvan Lld Company Limited by Guarantee Independenl Examiner's Report to the Truslees of Garvan Lld Year ended 31 March 2025 I report lo the trustees on my examination ol Ihe financial slalemenls ol Garvan Ltd I'lhe charilll lor the year ended 31 March 2025. Rgsponsibililies and basis of report As the Iruslees ol the company land also ils directors lor the purposes ol Company lawl you are responsible lor the preparation ol the linanciJ slalemenls in accordance wth Ihe requirernenls ol the Cornpanies Act 2006 Ilhe 2006 Act'l. Having satisfied myself that the accounts ol the cofflpany are not r&]uired to be aLKlited under Part 16 ol the 2006 Act and are eligible lor independent examination. I report in respect ol my examination ot the charity's accounts as carried out under section 145 01 the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 1451511bl ol the 2011 Act. Independent examlner's statement I have completed my examination. I conlimi that no matters have come to my attention in connection with the examination giving me cause lo b&lieve'. accounting records wero nol kepl in respecl ol the chanty as requirod by section 386 01 the 2006 Act,. or the Ilnancial statements do not accord wlh those records; or the financial slalemenls do not comply with the accounting requiremenls ol soclion 396 01 the 2006 Act other than any requirement that the accounts give a'lrue and lairf vvaw which is not a matter considered as part ol an irKlependenl examinalion,. or the financial slalemenls have not been prepared in accordance with the methods and principles ol the Slalemenl ol Recommended Praclice lor accounting and reporting by charities applicable lo charities preparirKJ their accounts in accordance with the Financial Reporting Slandard applicable in Ihe UK and Republic ol Ireland IFRS 1021. I have no coneerns and have come across no other matters in connection with the examination lo which attention should be drawn in Ihis report in order to enatle a proper understanding ol the accounts lo be reached. Abraham J Braceiner Independent Examiner
Garvan Lld Company Limited by Guarantee Slatement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Unrestricted funds Total funds Total funds 2024 Note Income and endowments Donations and legacies Investment income 19,076 96,285 19,076 96,285 10,163 71,621 Total Income 115,361 115,361 81,784 Expendlture Expenditure on charitable activities Tot81 expendlturè 39.593 39,593 28,425 39,593 39.593 28,425 Nel Income 75,768 75,768 53,359 Other recognlsed galns and loss99 Fair value movements 4.922 4.922 13,1211 50,238 Nel movement In lunds 80,690 80,690 Reconclllatlon ol lunds Total funds brought forward Total lunds carrled forward 2.557.555 2.557,555 2,507,317 2.638,245 2,638,245 2.557,555 The slalemenl ol financial aclivilies includes all gains and losses recognised in the year. All income and expenditure derive Irorn wnlinuing activities. The notes on page$ 6 to 12 forrn part of these finan¢4ql statements.
Garvan Lld Company Limited by Guarantee Slatement of Financial Position 31 March 2025 2025 2024 Note Flxed asgets Investments 10 374,725 364,370 Current assets Debtors Investments Cash al bank and in hand 12 13 11.257 202 2,252,661 1,831 202 2,191,752 2.264,120 2.193,785 Creditors: amounts falling due wlthln one year Net current assets 14 600 600 2.263,520 2,193,185 Total assets less current118bllltlès 2.638,245 2.557,555 Nel a¥891s 2.638.245 2,557,555 Funds of the ch8rbty Unreslricled funds 2.638,245 2.557,555 Total charlty lunds 2,638,245 2,557,555 For the year ending 31 March 2025 the charity was enlilled lo exemption from audit under section 477 ol the Companies Act 2006 relalirKJ lo small companies. Directors, responsibilit$.. The members have not required the company lo obtain an audit ol its financial slalemenls lor the year in question in accordance with section 476., The directors acknoyledge their reswnsibililies lor cOmpln9 with the requirements ol the Act with respect lo accounting records and the preparalKJn ol financial slalements. These financial slalements have bgen prepared in accordance wlh the Fyovisions applicable lo companies subject to the small companies. regime. These financial statements weve approved by ihe board ol Iruslees and aulhorised lor issue on 5 September 2025, and are signed on behalf ol the board by- Mr A Ebert Trustee The notes on page$ 6 to 12 forrn part of these finan¢4ql statements.
Garvan Lld Company Limited by Guarantee Noles lo Ihe Financial Slalemenls Year ended 31 March 2025 General Informatlon The charity is a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in EnglarKJ and Wales. The address of the registered ollice is 9 Windsor Court, London, NW11 9PP. ststement ol compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Acl 2006. Accountlng pollcles Bo81s of preparatlon The financial slalemenls have b88n prepared on the historical cost basis. as modified by the revaluation ol certain financial assets a1 liab'lilies arKI investment properties measured al lair value through income or experKliturg. Thè financial statèmènts are prepared in sterling, whth is the functional currèncy ol the èntity. Golng ¢on¢ern There are no material uncertainlies about Ihe charit$ ability lo conlinuo. Consolldatlon The charity is not required lo prepare consolidated accounts in accordance wlh the Charities Act 2011, and has taken advantage ol the oplion not lo prepare consolidated financial slal8menls contained in Section 398 01 the Companies Act 2006 on tho basis Ihal tho charity and ils subsidiary undertakings compriso a small group. Judgements ond key sources ol estlm8tlon uncert¥lnty The preparation ol the financial statements requires management lo make judgements, eslimales and assumptions that allecl the amounts reported. These gslimales and judgements arg continually reviewed and are based on experience at)d other laclors, including 9xpe¢lalions ol luture events that are believed to be reasonable under the Circumslances.
Garvan Lld Company Limited by Guarantee Noles lo Ihe Financial Slalemenls Year ended 31 March 2025 Accountlng pollcles InInO} Fund accountlng Unrestricted funds are available lor use at the discretion ol the trustees to further any of the charitys purtx)ses. Designated funds are unrestred fun(Ls earmarked by the Iwstees lor particular lulure project or commitment. Restricted funds are subjected to restrictions on their expeTKliture declared by the donor or through the terms ol an apal, a1 lall into one ol two sU¢laSses.. reslricled income funds or endowment funds. Incomlng resources All incorning resources are included in th6 statement of financial activities when enlillèmènl has passed lo the charity,. il is probable Ihal the economic benelits associaled with the transaction will flow lo the charity and the amounl can be reliably measured. The following specific policies are applied lo particular calegories ol incomg-. income Irom donations (y gianls is recognised when there is evidence ol enlillemenl lo the gift. receipt is probable and rts amount can be measured reliably. legacy income is renised when T¢1 is PToI)able arKI entitlement is eslablishgd. income from donated goods is measured al Ihe lair value ol the goods unless this is impractical lo measure reliabty, in which case the value is derived from the cost lo the donor or the estimated resalg value. Donated la¢ililies arKI services ar¢ recognised in thg aoUntS when received il the value can bg reliably measured. No amounis arg included lor the contribution ol general volunteers. income from contracts lor the supply ol services is recognised wlh the delivery ol the conlraclod seNco. This is classified as unreslricled funds Ljnless there is a contractual requirement lor it to be spent on a particular rpOSe and returned il unspent, in which ease il may be regarded as restricted.
Garvan Lld Company Limited by Guarantee Noles lo Ihe Financial Slalemenls Year ended 31 March 2025 Accountlng pollcles InInO} Resources expended Exnd(lure is recognised on an accruals basis as a liability is incuTred. Ex111Ure includès any VAT which cannot be lully recovered. and is classilied under headings ol the slalemenl ol financial aclivilies lo which il relales= expenditure on raising lunds includes the costs ol all fundraising activities, events, non- charitable trading activities, a1 the sale ol donated goods. expenditure on charitable activities irlUdeS all costs incurred ty a charity in undertaking activities that further its charitable aims lor the benelit ol its beneficiaries, including those support costs and costs relabng lo th6 governanc6 01 the charity apportioned lo charitable activities. other expenditure includes all experKliture thal is neTther relaled 10 raising funds lor the harity nor part ol its exFendilure on charitable activilies. All costs are allocated lo expendilure categories reflecting the use ol the resource. Direct costs allribulable lo a single activity are allocated directly lo that aclivity. Shared costs are apportioned between thg activities they conlribule to on a reasonable. jusliliable and consistent basis. Investments Listed investments are measured al lair value with changes in lair value being recognised In prolll or loss. Investments In a88oclates Investments in associates accounted loi in accordance with the cost mcJel are recorded al co81 less any accumulated impairment losses. Investments in associalgs accounted lor in accordance with the lair value model are initially recorded at thg transaclion price. At each reporting dale, the investments ar9 measured al lair value, with changes in lair value laken through incoffle or expenditure. Where il is impracticabl¢ to measure lair value reliably the cost model will be ad¢JPted. Dividends and other dislribulions received from the investment are rec(xJnised as income wilhoul regard lo whether the disliibulions are Irom accumulaled profits ol the associate arising before or aller the dale ol acquisition. Flnanclal Instruments A financial asset or a financial liabiltty is recognised onty when the charity Ixcomes a party lo the contractual provisions ol the inslrumenl. Basi¢ financial instruments are inilially recognised al the amount receivable or payable in¢luding any related transaction costs. Current assets and ¢urrent liabilities are subsequently measured at the cash or other consideration expected lo t paid or received and not diUnted.
Garvan Lld Company Limited by Guarantee Noles lo Ihe Financial Slalemenls Year ended 31 March 2025 Accountlng pollcles InInO} Flnanclal Instruments {¢ontinwdJ Debt instruments are subsequently measured al amortised cost. Where investments in shares are pUtl¢lY Iraded or their lair value can otheis8 be measured reliably, the investment is subsequently measured at lair value with changes in lair valLJe recognised in income arKI expendrture. All other such investments are subsequently measured at cost less impairment. Other financial inslrumenls. including derivatives, are initially recJniSed al lair value, unless payment lor an asset is deferred beyond normal business lerms or financed al a rale ol interest that is not a market rate, in which case the asset is measured at the present value ol the lulure payments discounted at a market rate ol interest for a similar debt instrument. Other financial instruments are subsequenlty measured al lair value, with any changes recognised in the slalemenl ol financial activities, with the exception ol hedging instruments in a designated hedging relationship. Financial assets that are measured at cosl Of amortised cost are rewewed lor objective evidence ol impairment al the end ol each reporting date. 11 there is objective evidence ol impairment. an impairment loss is recognised under the apprcoriale heading in Ihe statement ol financial activities in which the initial gain was recognised. For all equity instruments regardless ol signih'cance. and other financial assets that are individually significant, these are assessed individually lor impairmenl. Other linan¢ial assets aro either assessed individually or grouped ¢Jn ihe basis ol similar credil risk characteristics. Any reversals ol impairment are Tecognised immediately. lo the exlenl that the reversal does not result in a carryng amount ol the financial asset that exceeds what the carrying amount would have been had the impairmenl nol previously been recTrJnised. Llmlled by guarantee Garvan Ltd is a company limited by guarantee and accordingly does not have a share capital. Donatlons and legacles Unrestricled Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donallons Covgnanled donation 19.076 19,076 10,163 10,163
Garvan Lld Company Limited by Guarantee Noles lo Ihe Financial Slalemenls Year ended 31 March 2025 Investment Income unreStrted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Income from listed investments Bank interest receivable Other interest 7,854 82,993 7.854 82.993 5,438 7.233 60.395 3.993 7,233 60,395 3,993 96.285 96,285 71,621 71,621 Analysls of grants 2025 Achisomoch Aid Company Ltd The British Friends ol Nelriv Aryeh Hatzola Northwest Trust United Synagogue Ner Yisroel Educational Trust Sundry grants (under £1,000) 20,000 11,000 3,000 1,785 1,263 1.775 38,823 Grants were madè lo institutions in the lièlds ol education, religion, and the relief ol povèrty. Independonl oxamlnallon 100¥ 2025 2024 Fees payable lo the IrK1eperenl examinèr lor.. Independent examination ol ihe financial staiements 600 600 Truslee remuneratlon and expenses No remuneration or other benelits Irom employmenl wlh the charity or a related gnlily were received by the trusloes. 10
Garvan Lld Company Limited by Guarantee Noles lo Ihe Financial Slalemenls Year ended 31 March 2025 10. Investments Listed Other investments investments Tolal Cost or valuation Al 1 April 2024 Additions Fair value movements 153.871 210,499 5.433 364,370 5,433 4,922 4,922 At 31 March 2025 158,793 215,932 374,725 Carrylng amount At 31 March 2025 158.793 215,932 374,725 Al 31 March 2024 153.871 210,499 364,370 All investments shown above are held al Valuatn. Flnanclal a88ets held at lalr value Investments hell as lixed assets are revalued al mid-markel value al the balancè sheet dal8. 11. Invg¥tmgnt ontitlo¥ Sub$ldlarle8 and other Investments Class ol Percentage ol share sharès held Registered office Subsldlary undertaklngs Sloganlree Ltd 9 Windsor Court LorKlon NW11 9PP 9 Windsor Court LorKlon NW119PP 9 Windsor Court LoThJon NW11 9PP Ordinary 100 Hildron Propgrtig$ Limiled Ordinary 100 Rangecourt Limited Ordinary 100 12. Debtors 2025 2024 Arnounls owed by group undertakings 11,257 1,831 13. Investments 2025 2024 Investments in gToup undertakings 202 202
Garvan Lld Company Limited by Guarantee Noles lo Ihe Financial Slalemenls Year ended 31 March 2025 14. Credltors: amounts falllng due wlthln one year 202S 2024 Accruals and delerr8d incom8 600 600 12