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 num￿1
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¢¢￿tIn￿l?
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￿$..
The members have not required the company lo obtain an audit ol its financial slalemenls lor the
year in question in accordance with section 476.,
The directors acknoyledge their reswnsibililies lor cOmpl￿n9 with the requirements ol the Act
with respect lo accounting records and the preparalKJn ol financial slalements.
These financial slalements have bgen prepared in accordance wlh the Fyovisions applicable lo
companies subject to the small companies. regime.
These financial statements weve approved by ihe board ol Iruslees and aulhorised lor issue on 5
September 2025, and are signed on behalf ol the board by-
Mr A Ebert
Trustee
The notes on page$ 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 a￿1 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 I￿nI￿n￿O￿}
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 unrestr￿ed 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 ap￿al, a￿1 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 re￿nised 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 a￿oUntS
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 I￿nI￿n￿O￿}
Resources expended
Ex￿nd(lure is recognised on an accruals basis as a liability is incuTred. Ex￿1￿￿11Ure 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, a￿1 the sale ol donated goods.
expenditure on charitable activities ir￿lUdeS 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 mc*Jel 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 di￿Unted.

Garvan Lld
Company Limited by Guarantee
Noles lo Ihe Financial Slalemenls
Year ended 31 March 2025
Accountlng pollcles I￿nI￿n￿O￿}
Flnanclal Instruments {¢ontinwdJ
Debt instruments are subsequently measured al amortised cost.
Where investments in shares are pUt￿l¢lY Iraded or their lair value can othe￿is8 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 rec￿JniSed 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
unreStr￿ted 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 IrK1eper￿enl 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 Valuat￿n.
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