COMPANY REGISTRATIOTrI NUMBER: 1697536 CHARITY REGISTRATION NUMBER: 286908 CHARITWORTH LIMITED AND SUBSIDiARY UNDERTAKINGS FINANCLIL STATEMENTS for the year ended 31 MARCH 2025 COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London Nwii OPU
CHARITWORTH LtMITED AND SUBSIDIARY UNDERTAKINGS INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 PACES Trustees, at)nual Teport (incorTatIng the director's report) Ito5 Independent auditoes report to the membe 6tolO Consolidated statement of financial activities (including the consolidated income and expenditure account) li Consolidated balance sheet 12 Charity balance sheet 13 Consolidated statetnent of cash flows 14 Notes to the financial statements 15to32
CHARITWORTH LIMITED COMPANY LIIVIITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS, REPORT YEAR ENDED 31 MARCH 2025 The trustees. who are also directors for ihe putposes of company law, present their report and the financial statements of the charity and its subsidiary undertakings for the year ended 31 March 2025. REFERENCE AND ADMINISTIUTIVE DETAllS Registered charity name Charity registration number Company registration number Principal office aDd registered office Charitworth Limited 286908 1697536 New BuTlington House 1075 Finchley Road London NWII OPU The trustees Mr D M Halpern Mrs l R Halpern Mr S J Halpern Mr S HaIrn Mrs I R Halpern Cohen Arnold Chart¢r¢d Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London Nwi i OPU Company s¢cretary Auditors STRUCTURE, GOVERNANCE AND MANAGEMENT The day to day affairs of the charity are administered by the Council of Governor4 Éh¢ chairman of which is Mr D M H81p None of the governorsl{trustees) have any beneficial interest in the charity. It is not cutTently the intention of the trustees of the charity to aprA)int new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures. As the charity is a company limited by guarantee, its goveLiJing documents are its memorandum and articles of association. The articles of association of the company do not require the trustees to retiTe by rotation.
CHARITWORTH LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT INCORPORATING THE DIREcfoR'S REPORT YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AIYD MANAGEMENT (Continued) Group structsre and relationships The charity has the following wholly owned non-charitable subsidiaries: Dominon Associates Limited - a property trading company Alphacboice Limited - a propety investtnent company Astorheights Lirnited - a property investment company Headbright Limited - a property investment company Metrona Limit¢d - a property investment company Mosaic Property Developments Limited - a propety investment company Tomenstar Limited - a property investment company Dominion Associates Limited has the following wholly owned operating subsidiary: Brandnow Limited - a property investment company Alphachoice Limited has the following wholly own¢d subsidiaries:. Concorda Limited - a property investment company Opulent Properties Limited - a property investment ¢ompany The tnlstees of this company include directors of the above companies. The trustees did not receive any remuneration for their services nor did they receive any reimbursement for out of pocket expenses. 0ECTIVEs AND ACTIVITIES The charity is established to fillther those pury)oses both in the United Kingdom and abroad recognised as charitable by English Law and in furtherance of th¢ charity's objects, namely, Ihe advancement of religion in accordance with the orthodox Jewish faith and the relief of poverty. The charity receives income from its cash deposits and subsidiary undertakings which it utilises in the provision and distribution of grants and donations for charitable purwses and no change in this tivity is envisaged in the immediate ture. The trustees confllin that they have Tefetted to the guidance contaiThed in the Charity Cornmission's general guidanc¢ on public knefit when reviewing the charity's aims and obj¢ctives and in planning futur¢ activities and setting the grant making policy for the year. Graot making policy Grants are n]ade to charitable institutions and organisations in accordance with the objects of the charity. ACHIEVEMENfs AND PERFORMANCE Th¢ charity continued its philanthropic activities in support of religious, educational and other charitsble institutions and aggregate donations were paid in the year to 31 March 2025 of £2,321,000 (2024: £1,640.800). No change in activities is envisaged in the immediate future. The financial results of the charity and its subsidiary undertakings for the Ye ended 31 March 2025 are fully refl¢cted in the attached fmancial stafrments togeiher with the notes thereon.
CHARITWORTH LIMITED COMPANY LIMITED BI, GUARAIYTEE CORPORATtNG THE DIRECTOR'S REPOR TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Fin8dnei¥41 position The financial position of the chatity and its subsidiary undertakings is satisfactory. The charity's consolidated statement of financial activities shows net income of £650,840 (2024- £4,878.078) and iotal reserves of £48,658.689 (2024.. £48.007.849). Reserv¢$ policy It is the policy of the charity to maintain unrestricted funds. at a level which the trustees think appropriate after considering the future commitments of the charity 8J]d the likely administrativ¢ costs of the charity for the next year. The r¢serves of the charity are represented by the unrestricted fid5 arising from past net operating sury)luses and include unrealised gains arising from the increase in the value of the chlty's investment in subsidiary undeTtakings. By its very nature. the element of unrestricted reserves represented by the revaluation surplus of the investment in subsidiary undertakings is not readily available for distribution. The trustees have adopted a policy that tries to ensure the continuing ability of the clwity to meet its objective5. The level of reserves is under continuous strategic review. As at 31 March 2025, the charity has totat funds of £48,756.799 (Group: £48,658,689). Thes¢ fLmds includ¢ £29,099,170 (Group.. £10,052,330) which arises from the revaluation of the charity's investments and is not readily available for general purposes. Consequentjy. the charity has reserves of £19.657,629 (Group: £38.606,359), after making allowanc¢ for reserves not readily available. Investment policy Under the memorandum and articles of associatio the cl)arity has the power lo make investments which the trustees consider appropriate. The trustees affect investments which. over a medium period of years ar¢ anticipated to generate a dependabl¢ flow of income coupled with capital growth. The charity's investments are represented by its wholly owned subsidiary undertakings and investment propety. The trustees consider the return on investments to be satisfactory.
CHARITWORTH I,IMITED COMPANY LIMITED BI. GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTOR'S REPORT YEAR ENDED 31 MARCH 2025 FINAIYCLIL REVIEW (Continued) Risk management The trSteeS have assessed the major risks to which the charity is exposeLt in particular those to the operations 8nd finances of the charity, and are satisfied the systerns are in place to mitigate its exposure to those risks. The principal risks to which the charity is exposed are: Liabilities arising from property investtnent activity Tenant defaults Damage to property from flood, fire or terrorist action The availability of liquid funds to make grants and donations The economic cycle generally The charity seeks to manage or mitigate such risks wherever possible through such rneasures as insurance. tenant screening and monitoring, rigorous reviews of acquisition and investment opportunities, external expert advice, tnonitoring c&sh and Tegular monitoring of the economic outlook. PLANS FOR FtrTURE PERIODS The trustees plan to continue to mak¢ distributions in accordance with their grant making wlicy and ensure that the ability to generate sufficient income is maintained to achieve that end. TRUSTEES, RESPONSIBILITIES The trustees, who are also directors for the PUTposes of company law. are responsible for preparing the trustees, report and the fthancial statements in COrdanCe with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a tnte and fair view of the state of affairs of the group and Charitable company and the incoming resources and application of r¢souTces, including the income and expenditure of the group, for that period.
CHARITWORTH LIMITED COMPANY LIMITED BY GL'PARANTEE TRUSTEES, ANNUAL REPORT INCORPOIL4TING THE DIRECTOR'S REPORT YEAR ENDED 31 MARCH 2025 TRUSTEES? RESPONSIBILITIES (Continued) In pr¢paring these financial statements, the trustees required to: select suitable accounting p)licies and then apply them consistently. observe the methods and principles in th¢ Charities SORP. make judgements and accounting estimates that are reasonable and prudent" and prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that are suffi¢i¢nt to show and explain th¢ charity's transactions and disclose with r¢asonable a¢¢uracy at any time the financial position of the chlty and enable them to ensur¢ that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking ronable steps for th¢ prevention and detection of fraud and other iTregularities. AUDITORS Each of the persons who is a tntee at the date of approval of Ihis report confirms that: so far as they are aware, there is no relevant audit InforntiOn of which the charity's auditors are utLawar¢' and they have taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit inforn]ation and to establish that the charity's audito are aware of that inforn]ation. The auditor is de¢m¢d to have been reappointed in accordance with section 487 of the Companies Act 2006. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The th]stees' annual report was approved on .. ... of trustees by.. oj. . and signed on b¢half of the board MrDM Trustee
CHARITWORTH LIMITED COMPANY LIMITED BI. GUARAwfEE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CHARITWORTH LIMITEI) YEAR ENDED 31 MARCH 2025 OPINION We have audited the fncIal stst¢ments of Charitworth Limited for the year ended 31 March 2025 which compris¢ the consolidated statement of financial activities (including income and expenditur¢ account), the consolidaled and par¢nt charity balance sheets, the consolidated statement of cash flows and the related notes. The financial reporting framework that has b¢¢n applied in their preparation is applicable law and the United Kingdon] Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland" In OUT opinion the fllmncial statements: give a true and fair view of the state of the group and chartty's affairs as at 31 March 2025 and of the group's incoming resources and application of resources, including its income and exp¢nditure, for the year then ended; have been properly prepared in accordance WAth United Kingdom GeneTally Accepted Accounting Practi¢¢' have been prepared in accordance with the requirements of the Companies Act 2006. 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 descTibed in the auditor's responsibilities for the audit of the fmancial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the fmancial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical reswnsibilities in accordance with these requirements. We believe that the audit evidence we have obtain¢d is sufficient and appropriats to provide a basis for ow opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertsinties relating to events or condition5 that, iThdividually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements authorised for issue. Our responsibilities and the responsibilities of the trusl¢es with respect to going concern are described in ihe relevant sections of this report.
CHARITWORTH LIMITED COMPANY LIMITED B Y GUARANTEE INDEPENDENT AUDITORS, RF.PORT TO THE MEMBERS OF CHARITWORTH LIMITED CDntinued YEAR ENDED 31 MARCH 2025 OTHER INFORMATION The other inforn]ation comprises the inforn]ation included in the trustees, repo other than the financial ststements and our auditor's report ihereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other inforn]ation and, except to the extent otherwise explicilly stated in our report, we do not express any forn] of assurance conclusion thereon. In connection with OUT audit of the financial statements, our responsibility is to read the other inforn]ation and. in doing so, consider whether the other infonnation is materially inconsistent with the fmancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a mateTial misstatement in the financial statements or a material misstatement of th¢ other infornwtion. If, based on the work we hav¢ perfornied, we conclude that there is a material misstatement of this other inf0mtiOn, we are required to report that fact. We havc nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In OUT opinion, based on the work undertaken in the course of the audit: the infonnation given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financTal statements. and the trustees, report has been prepared in accordance with applicable legal requirements. mAERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledg¢ and understanding of the charity and its environment obtsined in the course of the audit, we have not identified nlaterial misstatements in the truslees, r¢port. We have nothing io report in resp¢ct of tILe following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have Dot been kepL or returns adequate for our audit have not been received from branchcs not visited by us. or th¢ financial statements are not in agreement with the accounting records and returns. or certain disclosures of tsteeS, r¢muneration specified by law are not made. or we have not received all th¢ information and explanations w¢ require for our audit" or the trustees were not entitled to prepare the financial statements in accordance with the small ¢ompanies regime and take advantage of the small companies, exemptions in prq)aring the directors, report and from the requirement to prepare a strategic report.
CHARITWORTH LIMITED COMPANY LIMITED IIY GUARANTFE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CHARITWORTH LIMITED Conlinued YEAR EIYDED 31 MARCH 2025 RESPONSIBILITIES OF TRUSTEFS As explained mor¢ fully in the trust¢es' responsibilities statemenL the ttustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a trne and fair view, and for such internal control as the trustees det¢nnine is necessary to enable the preparation of fllwicial statements that are free from material misstatemen¢ whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, diloSing. as applicable, matt¢rs related to going concern and using the going concern basis of accounting unl¢ss the trustees either intend to liquidal¢ the charity or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE F1Tr4ANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemmt, whether due to fraud or error, and to issue an auditor's report that includ¢s 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 exisls. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregat¢, they could reasonably be expected to infiuence the economic decisions of users taken on the b&sis of these financial statements. Irregularities, including fraud, are inslances of non-complian¢¢ with laws and r¢gulations. We design procedures in line with OUT responsibilities. outlined above, to detect material misstatements in respect of I¢gularItICs. including fraud. The extent to which our procedures are capable of detecting irr¢gularities, Ancluding fraud is detailed below. We obtain¢d an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the directors and identified which wer¢ most significant with respect to the financial statements. We identified financial reporting l¢gislation, landlord legislation and charity legislation as being most significant to these financial statements. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engag¢ment team had sufficient compefrnce and capability to identify or recognis¢ non-compliance with the laws and regulations. We discussed with the trustees and senior management the policies and procedures regarding compliance with these legal and regulatory frameworks.
CHARITWORTH LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDEINT AUDITORS, REPORT TO THE MF.MBERS OF CHARITWORTFI Ll11TFD Continued YEAR ENDED 31 MARCH 2025 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Continued) We assessed the SSceptIbl1Ity of the group's fUnCIal stat¢ments to mat¢rial misstatement due to non-compliance with legal and regulatory fram¢works, including how fraud might occur, by enquiry with the directors during the planning and finalisation stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was detennined to be low. B&sed on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which We part of our procedures on the related fanCIal statement items. Owing 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, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflccted in the financial statements, the less likely the nhentlY limited procedures required by auditing standards would identify it. In addition. 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 non- compliance and cannot be expecied to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAS (UK). w¢ exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perforni audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting frotn fraud is higher than for one resulting from error, fraud may involv¢ collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstance& but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriatene&s of accounti1 policies used and tILe r¢&sonableness of accounting estimates and related disclosures made by the trustees.
CHARITWORTH LIMtTED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS) REPORT TO THE MEMBERS OF CHARrri4'oRTH LIMITID Continued YEAR ENDED 31 MARCH 2025 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Continued) Conclude on th¢ appropriateness of the trust¢es' us¢ of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty ¢XlSts related to events or conditions that may cast significant doubt on the charity's ability to continue as a going Concern. If we conclude that a material uncertainty ¢XiSts, we ar¢ required to draw attention in our auditor's report to the rdated disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinioAL Our conclusions are based on the audit evidence obtained up to the date of our auditor's Teport. However, future events or conditions may Cause the Chity to ¢ease to continu¢ as a going concern. Evaluale the overall presentation, Structu and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transaction5 and events in a manner that achieves fair presentation. Obtain suffickent appropriate audit evidence regardiiig the financial informalion of the entities or business activities within tl)e group to express an opinion on the consolidated financial statements. We are responstble foT th¢ direction, supervision and perfomance of the group audit. We remain sol¢ly responsible for our audit opinion. We comrnunicate with those charged with governance regarding, aTnong other matters, the planned scope and timing of the audit and significant audit findings, in¢liiding any significant deficiencies in internal control that we identify during ow audit. USE OF OUR REPORT This report is rnade solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has be¢n undertaken so that we might state to the charity's members those matters w¢ 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 charily's members as a body, for ow audit worK for this report, or for the opinions we have fonrACd. Joshua Neumann (Senior Statutory Auditor) For and on behalf of Cohen Arnold CharteT¢d Accountants & Statutory Auditor New Burlington House 1075 Fin¢hley Road LONDON NWII OPU Date: 10
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE CONSOLIDATED INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31 MARCH 2025 2025 Unrestricted Funds 2024 Unrestricted Funds Note Income and endowments Trading activiti¢s Investment income.. Rent and charges receivable Interest receivable and similar income 34,934 28,400 2J31259 951,056 2.052,811 1,335,010 3,282J15 3,387,821 Total ineome 3J17249 3,416,221 ExndIture Expenditure on raising funds: Trading costs Investment management costs Expenditure on charitable activities (lJ61) (348,767) 8,9 (2,354,173) 1,422 (757,750) (1,673,901) Total expenditure (2,704JOI) (2,430,229) Net gains/(losses} on investments: Gain on revaluation of investment propety 47,892 5,104,086 47,892 5,104,086 Net in¢om¢l(expeDditur¢) before tax 15 660,840 6,090,078 Taxation li {io,000) (1,212.000) Net in¢ome/(expendithre) for the fancial year And net moveD]ents in funds 650,840 4,878,078 Reeoneiliation of fund5= Total fimds brought forward 48,007,849 43,129,771 Total funds carried forward 23 48,658,689 48,007,849 The statement of financial activities includes all gains and losses recognised in the year. All income and exp¢nditure derive from continuing activities. The notes on pages 15 ÉO 32 forn) part of these fmancial statements.
CHARITWORTH LIMrrED AND SUBSIDIARY UNDERTAKINGS CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note FIXED ASSETS Investments 16 41077,989 40,723,215 CURRENT ASSETS Stocks Debtors C&sh at bank and in hand 49.726 4,657,814 17,818205 22,525,74S 49,726 3,807,561 17,704,236 21,561,523 18 CREDITORS: amounts falling due within One year NET CURRENT A&SETS 19 (8,486,732) (8,226,877) 14,039,013 13,334,646 TOTAL ASSETS LESS CURRENT LIABILITIES 55,917,002 54,057.861 CREDITORS: amounts falling du¢ after more than one year PROVISIONS 20 (2,126J13} (5,132,000) 48,658,689 (928,012) (5.122,000) 48,007,849 22 NET ASSETS FUNDS OF THE CHARrrY Unrestricted funds 23 48,658,689 48,658,689 48,007,849 48,007,849 Total charity funds cial statements were approved by the board of truste¢s and authorised for issue on lqp......., and are signed on behalf of the board by: '3. j)Iil MrDWI Trustee Company Registration Number: 1697536 The notes on pages 15 to 32 forni part of these financial statements. 12
CHARITWORTH LIMITED COMPANY LIMITED B Y GUA114NTEE BALA]YCE SHEET AS AT 31 MARCH 2025 2025 2024 Note FIXED ASSETS Investments 16 30,765,000 30,590.000 CURRENT ASSETS Debtors C&sh at bank and in hand 18 592J49 17,490,023 18,082J72 418,754 17,441,045 17,859,799 CREDITORS: amounts falling due within one year ET CURRENT ASSETS 19 (90,573) (337,816) 17,991,799 48,756,799 17,521,983 48,111.983 NET ASSETS FUNDS OF THE CHAIUTY Unrestricted funds 23 48,756,799 48,756,799 48,111,983 48,111,983 Total charity funds The anciai statemenls weie approved by the board of tnleeS and authorised for issue on l)Ii_ and are signed on behalf of the board by.. MrDMH Trustee pern Company Registration Number.. 1697536 The notes on pages 15 to 32 fomi part of these financial statements.
CHARITWORTH LIMITED AND SUBSIDIARY UIYDERTAKINGS CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 Not¢ 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income 650,840 4,878.078 Adjustments for: Nel (gains)nosses on investments Dividends. interest and rents from investments Interest receivable and similar income Payments for expenditure on invesknent properties Interest payable and similar charges Curr¢nt and deferred t Increases in stock (47,892) (5,104,086) (2J31259) (2,052,811) (9SI,056) (1,335.010) 101,687 278,905 205,595 251.362 10,000 1,212,000 Changes in: Trade and other debtors Trade and other creditors (48,891) 7,548 62J21 11 $.375 (2J48,655) (1.745,639) C&sh generated frornl(expended in) operations Interest received 761,514 1,259,764 (1,587,141) (485,875) Net c&sh used in operating activities CASH FLOWS FROM tNVESTING ACTIVITIES Dividends, interest and rents from investments Cash receipts from the repayment of advances and loans Purchases of otheT investments Proceeds from sale of other investments Payments for expenditure on investment properties Net c&sh from investing activities 2283,898 2.113.008 {546,836) 1,164,217 (1,109239) (218.144) 331,267 (99J30) (276.152) 528,493 3,114,196 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of borrowings Interest paid Net cash used in fmancing activities 1,373,026 (1,275,163) (200,409) (251,362) ,172,617 (1,526,525) NET INCREASE I(DECREASE) IN CASH AIYD CASH EQUIVALEIYTS CASH AND CASH EQUIVALENTS AT BEGINNING OF 113,969 1,101,796 17,704236 16,602,440 28 17,818305 17.704,236 CASH AND CASH EQUIVALENTS AT END OF YEAR The notes on pages 15 to 32 forni part of these financial statements. 14
CHAIUTWORTH LIMITED AND SUBSIDLIRY UNDERTAKINGS NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 GENE114L INFORMATION The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. Th¢ address of the registered office is New Burlington House, 1075 Fin¢hl¢y Roa London, NWI I OPU. STATEMENT OF COMPLIANCE These financial statements hav¢ been prepared in compliance with FRS 102, 'Th¢ Financial Reporting Stsndard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicabl¢ to charities preparing their accounts in accordan¢¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the Tevaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling (rounded to the nearest pound), which is the functional currency of the entity. The clkarity meets the definition of a public benefit entity under FRS 102. Going ¢on¢¢rn The financial statements have been prepared in accordance the accounting principles appropriate for a going concern as the trustees have a reasonable expectation thai the group has adequate resources to continue in operation for the foreseeable future by meeting its liabilities as they fall due. Consolidation The fllwicial ststements consolidate the results of the charity and its subsidiary undertakings. A separate statement of financial activiti¢s, or income and expenditure account, for the charity itself is not presented in accordance with section 408 of the Companies Act 2006. 15
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THF FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (Continued) JudgemeDts and key sources of estimation uncertainty Judgements made by the directors in the application of these accounting policies that have significant effect on the fllW)cial statements and estimates with a significant risk of material adjustrnent in the next year are as follows.. (i) Property valuation The valuation of the charity's investment property is inherently subjective, depending on many factors including the nature of th¢ property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuation És subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, parlicularly in periods of difficult market or economic conditions. (li) Trade and other debtors Management uses details of the age of trade and oiher debtors and the status of any disputes logether with extemal evidence of the credit status of the counterparty in making judgements concerning any need to impair the canying value. Fund accounting Unrestricted funds ore available for use at the discretion of the trustees to further any of the Chity'S puryoses. Designated fijnds are unrestricted funds earniarked by the trustees for particular future project or commitment. There are no designated funds as at the balance sheet date. Restricted funds ar¢ subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of two sub-classes: restricted income funds or endowment flmds. There are no restricted funds as at the balance sheet date. Incoming resourees All incom¢ is included in the statement of financial activities when entitlement has passed to the charity. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - incotne from donations or grants IS Tecognised when received. 16
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (Continued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. ExFenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relat¢s: expenditure on raising funds includes th¢ costs of all non4hariiable trading activities and investment managem¢nt costs. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity e allocated direcdy to that activity. Shared costs are apportioned between th¢ activities they contribute to on a reasonable, justifiable and consistent basis. The following specific policies are applied to particular categories of expenditure.. - grants and donations are recognised when paid. Taxation The charity is not liable to current tax on its income as it falls within the various exemptions available to registered charities. Deferred tax is reCognid in respect of all timing difference5 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other tle taxable profits. Deferred tsx is measured using the tax rates and laws that have been enacted or substantiv¢ly enacted by the rewrting date that are expected to apply to the reversal of th¢ timing difference. Investments Unlisted equity investments are initially recorded at cosL and subsequently me&sured at fair value. If fair value cannot be reliably measured, assets are measured at cost less irnpainnent. 3.10 Acquisitions and disposals Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the fuwjcial ststements accordingly. 17
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 LWARCH 2025 ACCOUNTING POLICIES (Continu¢d) 3.11 Investment property Investment properties are properties which are held either to earn Tental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition Investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they No depreciation is provided in respect of investment properties applying the fair value model. Investment propety fair value is determined by the trustees based on their understanding of property market conditions and the specific property concemed. using a sales valuation approach, derived from recent comparable transactions on the markeL adjusted by applying discounts to reflect status of occupation and condition. 3.12 Stocks Stocks comprise properties held for trading, which are measwed at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other cosls incurred in bringing the stock to its present location and condition. 3.13 Debto Debtors are reeognised and carried fon¥ard at invoiced amounts less provisions for any doubtful debts. Bad debts are written off when identified. 3.14 Creditors Creditors are recognised as soon as there is a legaj or constructive obligation cotnmilting the charity to pay out resources. Creditors are recognised at transaction price less attributable transaction costs. 3.15 Foreign curreney Foreign currency transactions are initially recorded in the functionaI currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies ate translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. transaction costs. 3.16 Depr¢ei2tion Depreciation is calculated so as to write off the cost of an asset. less its residual value, over the useful economic life of the asset as follows: Fixtures and fittings- 200/(k r¢ducing balance Equipment- 200/0 straight line 18
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (Continued) 3.17 Financial instruments A flnancial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is r¢¢ognised at the present value of the futltre paymenls discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares or Preference shares are publicly trdded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in faiT value recognised in income and expenditure. All other such investments ar¢ subsequently measured at cost less impairtnent. Financial assets thal are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairmenL an impainnent loss is recognis¢d under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments rgardless of significance. and other financial asset5 that are individually significant, these are assessed individually for impairnient. Other financial assets are either assessed individually or grouped on the basis of similar CTedit risk ¢haracteri5tics. Any reversals of impairment are recognised immediately, to the exfrnt that the reversal docs not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impairnienl not previously been recognised. Limited by guarantee The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. 19
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRADING ACTIVITIES Unrestricted Funds 2025 2024 Income from trading properties 34,934 28,400 34934 28,400 TRADING COSTS Unrestricted Funds 2025 2024 Trading property costs Other trading costs lJ61 (1,422) 1361 (1,422) INVESTMENT MANAGEMENT COSTS Unrestricted Funds 2025 2024 Investment property outgoings Management and administration tnterest payable 101,677 41,485 205595 348,767 278,905 227,483 251,362 757,750 LXPEND1TuR ON CHARITABLE ACTIVITIES BY FUND TYPE Total Funds Unrestricted 2025 Funds Total Funds 2024 Unrestricted Funds Grants paid Support costs 2 J21,000 2,321,OIMI 1,640,800 1,640,$00 33,173 33,173 33,101 33,101 2J54,173 2,354,173 1,673,901 1,673,901 20
CHAIUTWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 EXPENDrruRE ON CHARITABLE ACTIVITIES BY AcfIvITY TYPE Granl Funding of Activities Total Funds 2025 Total Funds 2024 Support Costs Grants paid Governance costs 2J2l,000 2 J21,000 1,640,800 33,173 33,173 33,101 33,173 2J54,173 1,673,901 2J21,000 10. ANALYSIS OF GRANTS 2025 2024 GRANfs TO INSTITUTIOIYS Support of educalion and relief of poverty Total grants 2 J21,000 1.640.800 2 J21,000 1,640,800 All grants and donations were paid to charitable institutions for the purposes of either the advancement of education or the relief of povety. The composition of donations is sho below: Keren Habinyan Limited Achisomoch Aid Company Limited Lehachzikom CMZ Ltd Zichron Nachum (Europe) TnLSt British Friends Of Chalzer Hakodesh Viznitz Ezras Achim UK Mowbray Buildings Ltd United Taltnudicai Associates Ltd The ABC Trust yesallCh Levav C.M.A. Community Nursery Ltd Chevras Mo'oz Ladol Friends Of Wiajitz Limited Friends Of Toldos Avrohom Yilzchok Vinitz Institutions Trust Moreshet Hatorah Ltd Bels Soroh Schneirer Of Golders Green Limited Gateshead Talmudical College Sundry donations less than £30,000 365,000 350,000 220,000 150,(M)O 115,000 l i O.(M)O loo,000 loo,000 i 00.000 90,000 88.000 75,000 75,000 75.000 50,000 50,000 40,000 35,000 30.000 103,000 2,321.000
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ii. TAXATION 2025 2024 Deferred tax: Origination and reversal of timing differences Taxation 10,01)0 1.212,000 10,000 1,212,000 Reconeiliation of tax expense The tax assess¢d on the net income for the year is lower than the standard rate of cotpordtion t&x in the UK of 250/0 (2024.. 250/0). 2025 2024 Profit on ordinary activities before tsx 660,840 6,090,078 N¢t income by rate of tax Income exernpt from tsx Expenses not deductible for tax puo)oses Capital allowances and depr¢ciation Group relief Timing differences on unrealised gains Timing differences on Gift Aid paytnents Unused tax losses 165311 1,522,522 (258,456) (1.508,538) 590279 424,100 590 689 (6.653) 10,000 1212.000 (497,624) (432.120) Taxation 10,IKIO 1212,000 Factors that may affect future tsx charges The deferred tax liability at 31 March 2025 has been calculated based on a cooration tax rate of 250/0. 12. NET INCOME Net income is stated after charging/(crediting)'. 2025 2024 Depreciation of tangible fed assets Fees payable for the audit of the financial statements 2J57 32,400 2,753 32,400 13. STAFF COSTS The average headcount of employees during the year was nil (2024". nil). No employee received employee benefits of more than £60.000 during the year (2024: nil). 22
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. TRUSTEE REMUNERATION AND EXPENSES No remuneration OT other benefits from ¢mployllJent with the charity or a related entity were received by the trste¢S. No tntee expenses have been incurre NET MOVEMENT IN FU]YDS Of the net movement in funds of the group, a Surplus of £644.816 (2024: surplus of £5,555.659) has been dealt with in the statement of financial a¢tiviti¢s of the charity itself. Turnover of the charity aggregated £2,826,793 (2024: ££2,792.560) and comprised £1,845.000 (2024.. £1,885.000) of donations received from subsidiary undeLtikings and £981,793 (2024: £907,560) of investhient income. INVESTMENTS Is. 16. Unlisted Investment Fixtsres & Investment Property Fittings Equipment Group Totsl Fair value At l April 2024 Additions Disposals Fair value movements 1 40.712,978 1.109239 12.363 3,874 40,729,216 1,109,239 47,892 1 41,870.J09 47,892 3,874 41,886.347 At 31 March 2025 12,363 Depreciation At l April 2024 Charge for the year At 31 Mareh 2025 4.451 1.582 1,550 775 6,001 2,357 8,358 6,033 2.325 C¥drryiDg amount At 31 March 2025 1 41,870,109 1 40,712.978 6J30 7,912 1,549 41,877,989 2,324 40.723,215 At 31 March 2024 23
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKIINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED .11 MARCH 2025 16. INVESTMENTS (ContlDued) Freehold Shares in investment group property dertaking5 Charity Totsl Fair value At l April 2024 Additions Diswsal Fair value movements 1.850.000 28,740.000 30,590,000 175.000 175,000 1,850,000 28,915.000 30,765,000 At 31 March 2025 Investment propety is included in the financial statements at directors. valuation The historical cost of the group's investment property at 31 March 2025 is £26,685,414 (2024: £25,576,175). The historical cost of the charity's investmentproperty at 31 March 2025 is £1,665,326 (2024: £1,665,326). The faiT values of shares in group undertakings are det¢rniined using the adjusted net assets of the subsidiary undertakings, which take into account the fair value of the underlying assets of the subsidiary undertakings. 24
CHARITWORTH LIMITED AND SUBSIDL4RY UNDERTAKINGS NOTES TO THE FINAI44CIAL STATEMEIYTS FOR THE YEAR ENDF.n _31 MARCH 2025 17. INVESTMENT EiYfiTIES The chaTity owns directly and indirectly the entire issued ordinary share capital of the following companies, all of which are inco4)orated in Great Britain and registered in England and Wales. Company Number Held directly: Alphachoice Limited Astorheights Limil¢d Dominion Associates Limited Headbright Limited Metrolla Limited Mosaic Property Developments Limited Tomenstar Limited 02848235 03061477 01582659 02937994 02935172 03556679 01569996 Held indirectly: Brandnow Limited Concorda Limited Opulent Properti¢s Limited 02108932 03884588 06702092 The registered address of a]1 subsidiary undertakings is New Burlington House, 1075 Finchley Roa London, NWI I OPU, with the exception of Conwrda Limited, which has its registered address at 5 North End Road, London, NWI171U. All the subsidiary undertakings carry on the business of property investment with the exception of Dominion Associates Limited, which carries on the business of property trading. The financial statements of all subsidiary undertakKngs are mad¢ up annually to 31 Marc with the exception of those of Concorda Limited. which are made up to 30 November. The financial statements of the subsidiary undertaking used in preparing the consolidated accounts, whose fmancial statements are non-cotenninous with those of the charity. are those closest to the reporting date of the charity. 25
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL STATF.M_F.NTS FOR THE YEAR FNDED 31 MARCH 2025 17. INVESTMENT ENTITIES (Continued) The aggregate assets, liabilities, capital and reserves for the subsidiaries as at 31 March 2025 were as follows.. Dominion Associatrs Limtted Opulent Properties Limited Brandnow Limited Alphachoice Limited Cortcorda Limited Fixed assets Current assets Cutrent liabiliti¢s Non-current liabilities Provisions 350,001 7,335,000 22,056,814 10,108.134 56,479 3,456,770 (9,331,933) (1,485,889) (3,860.017) (2,126,313) (997,000) (3.410,000) 4,908,590 16,117,254 2,250,000 820 (720) (2,241,795) (114,000) (105.795) Net assets 1,126.202 loo Aggregate capital and ie5erves 1,126.202 4,908,590 16,117,254 loo (105,795) Mosaic Property Metrona Developments Limited Limited Astoiheights Lilted Headbright Limited Tom¢nstar Limited Fixed assets CUnt assets Current liabilities Non-current liabilities Provisions 550,000 1.800.000 655.000 5,381,276 717,718 881,055 984.127 13,544 33,696 (1,241) (19,612) (49,438) (386,898) (3,077,886) (337.000) (74,000) (200,000) 716,477 1,411.443 2,397.689 207,646 2.137,086 Net assets Aggregate capital and reserves 716,477 1,411.443 2,397,689 207,646 2,137.086 26
CHAIUTWORTH LIMITED AND SUBSIDLIRY UNDERTAKINGS NOTES TO THE FIIYANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. INVESTMENT ENTITIES (Continued) A Summary of turnover, expenditure and profiLI(loss) for the year ended 31 March 2025 is as follows: Opulent Pmperties Lilnited Dominion Associates Limited BTandnow LiTllited Alphachoi¢¢ Limit ConcoTda Limited Turnover Cost of sales Adminislrative expenses Net valuation 8&insl(losses) on investment proFrty Interesl receivable and similar income Interest payable and similar charges 34,934 (1,361) (4.761) 485,511 (10.196) (4.561) 1,317,192 {31,581) {17,687) (7,154) (1.877) (2,520) 52,030 (1,618) 131.800 27,444 (85,060) (41.000) (209,335) <10,000) Profit for financial year 75,552 427.234 1,128.063 (10.649) Mosaic Property Metrona Developmenis Lirnited Limited Astorheights Limited Headbright Limiied Tomenstsr Limited Turnover Cost of sales Administrative expenses Net valuation gainO{losses) on investment prop¢rty Interest receivable and similar income Interest payable and similar charges 42,000 (960) (2,157) 165,000 245.375 (48,992) {3,243) (1.478) {3.082) (2,640) 50.000 17,000 13,000 (69,000) Profit for fmancial year 48,522 55.883 174.918 {2,640) 124,l40 27
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS N(JTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. DEBTORS Group Charity 2025 202S 2024 2024 Prepayments and accrued income Other debtors 849,687 585.628 3,808,127 3,221,933 4,657,814 3,807,561 485,341 107,008 592J49 313,755 104,999 418,754 Other debtors are comprised as follows: Group Charity 2025 2025 2024 2024 Loan debtors Other debtors 1,936,980 1,390,144 1,871,147 1,831,789 3*08,127 3,221,933 loo,000 7,008 107,008 100,000 4,999 104.999 Group Loan debtors are effectively repayable on demand and include a loan for ch1t&ble purkx)ses of £IOO,000 (2024-. £100,000). Other debtors include amounls of £677,692 (2024: £603,526) due from companies of which Mr D M Halpern and Mrs l R Halpern are directors. The amounts are interest free and repayable on demand with the exception of £580.692 (2024: £524,526) which bears interest at 3.50/0 per annum. Charity Loan debtors comprise a loan for charitable pulyoses. 19. CREDITORS: amounts falling due within One year Group Charity 2025 2025 2024 2024 Bank loans and overdrafts Amount due to group undertakings Taxation and social security Accruals and deferred income Other creditors 421,139 1,715,436 20,000 3,566 44,433 22,574 265,741 1,800 44,433 25,842 161,209 86,996 673,702 653.191 7,230,682 5,771,254 ,486,732 8,226,877 90,573 337.816 28
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. CREDITORS: amounts falling due within one year (Continued) Other ¢r¢ditors are comprised as follows: Group Charity 2025 2025 2024 2024 Loan creditors Other creditors 6,619,412 5,150.390 611270 620.864 7230,682 5,771,254 22,574 22,574 25,842 25,842 Group £410,720 of the bank loans are secured by first legal charge over some of the group's investment properties. Some of the trustees have given a personal guarantee of £300,000 in respect of the bank loans. Loan creditors include amounts of £6,619,412 (2024: £5,150,390) du¢ to companies of which Mr D M Halpern and Mrs R Halpern are dir¢¢tors' loan creditors are interest free and effectively repayable on demand. 20. CREDITORS: amounts falling due Ydfter more than one year Group Charity 2025 2025 2024 2024 Bank loans and overdrafts 2,126J13 928,012 Included within creditors.. amounts falling due after rnore than one ye8r is an amount of £4,967 (2024: £166,756) in respect of liabilities payable or repayable by instalmellts which fall due for payment after more than five years from the reporting date. The liabilities which fall due for payment after mor¢ tban five years from the reporting date relate to a loan repayable in instalments until Dec¢mber 2029 which bears interest at a rate of 1.50/0 above the Bank of Israel bw rate per annum. £2,122,778 of the bank loans are secured by a first legal Chge over some of the group's investment properties. 29
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. DEFERRED INCOME At l April 2024 Amount released to income Amount deferred in year At 31 March 2025 127,692 (127,692) 145,315 145,315 Deferred income lSeS from rents received in advance. 22. PROVISIONS Deferred tax: Group Charity At l April 2024 Additions 5,122,000 10,000 5,132,000 At 31 March 2025 The deferred tax account consists of the tax effect of timing differences in respect of fair value djustment to investm¢nt property and rolled gains. There are no deferred tsx provisions for th¢ charity" it is exempt from tax due to its charitabl¢ status on the b&sis that all income and gains are applied solely for qualifying cl)aritable purposes. 23. ANALYSIS OF CHARITABLE FUNDS Unreslricted Funds At l April 2024 Gains and losses At31 March 2025 Group Income Expenditure General fiujds 48.007,849 3,317.249 (2,704,301) 47,892 48,658,689 At l April 2024 Gains and losses At31 March 2025 Charity Income Expenditure General fidS 48.111,983 2,826,793 (2,356,977) 175,000 48,756,799 30
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 24. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Charity Unrestrieted Total Funds Unre5trieted Total Funds Fund8 2025 Funds 2025 Investments Current ass¢ts Creditors less than l year Creditors greater than l year Provisions 41.877,989 41,877,989 30,765.000 30,765,000 22.525,745 22,525,745 18,082.372 18,082 J72 {8.486,732) (8,486.732) (90,573) {90,573) (2.126,313) (2,126J13) (5.132,000) (5,132.000) 48,658,689 48,658,689 48,756,799 48,756,799 Net assets 25. FINANCIAL INSTRUMENTS The carying amount for each category of financial instnunent is as follows: Group Charity 2025 2025 2024 2024 Financial assets measured at fair value through income and eXndItUre 1 28,915,0(Kb 28,740.000 26. OPERATING LEASE COMMITMENTS As lessor The total future minimum lease payments receivable under non-cancellable operating lease are as follows: Group Charity 2025 2025 2024 2024 Not later than l year Later than l year and not lat¢r than 5 years Later than 5 years 1,530202 1,564,693 36,000 36,000 5,053JOI 3,711,746 2.709,840 2,488.208 9,293 543 7,764,647 142500 144,000 34,500 214.500 178AOO 31
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. RELATED PARTY TRANSACTIONS Group Included within inlerest receivable aTe amounts of £18,000 (2024: £19,000) receivable from a company of which Mr D M Halpem and Mrs I R Halpern. trustees of the Charity, are directors. Details of other related paty disclosures can be found in notes 16, 17. 18 and 19. Charity Included within expenditure on charitable activities are amounts totalling £18,000 (2024.. £15,000) relating to grants paid to a ¢}ltY that has a trustee in common with this charity. ANALYSIS OF CASH ALYD CASH EQUIVALENTS 28. 2025 2024 Cash at bat)k and in hand 17.818205 17,704.236 17.818205 17,704.236 29. ANALYSIS OF CHANGES IN NET DEBT At l April 2024 Cashflows Non-cash At 31 Movementmarch 2025 Cash in hand and at bank Debt due within one year Debt due after one year 17,704,236 113.969 (6,865,826) (174,725) (928.012) (1,198,301) 9,910.398 (1,259,057) 17.818.205 (7,040,551) (2,126,313) 8,651J41 32