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 (incor￿TatIng 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 HaI￿rn
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.
0￿ECTIVEs 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 fi￿d5 arising from past net operating
sury)luses and include unrealised gains arising from the increase in the value of the ch￿lty'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 tr￿SteeS 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 ch￿lty 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 r￿onable steps for th¢ prevention and detection of fraud and other
iTregularities.
AUDITORS
Each of the persons who is a tn￿tee at the date of approval of Ihis report confirms that:
so far as they are aware, there is no relevant audit Inforn￿tiOn 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 f￿￿ncIal 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 inf0m￿tiOn, 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.
mA￿ERs 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 t￿steeS, 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, di￿loSing. 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 Ll￿11TFD
Continued
YEAR ENDED 31 MARCH 2025
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
(Continued)
We assessed the S￿SceptIbl1Ity of the group's fU￿nCIal 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 f￿anCIal 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 ￿nhe￿ntlY 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 Ch￿ity
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
Ex￿ndIture
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 f￿ancial
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 tn￿leeS 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
Ch￿ity'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 reCogni￿d 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 ￿tl￿e 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
yesall￿Ch 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 co￿oration tax
rate of 250/0.
12.
NET INCOME
Net income is stated after charging/(crediting)'.
2025
2024
Depreciation of tangible f￿ed 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 tr￿ste¢S.
No tn￿tee 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
Li￿lted
Headbright
Limited
Tom¢nstar
Limited
Fixed assets
CU￿nt 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 ch￿1t&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 Ch￿ge 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 fi￿dS
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
eX￿ndItUre
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