Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
COMPANY REGISTRATION NUMBER: 01724781 CHARITY REGISTRATION NUMBER: 287322
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS
31 DECEMBER 2024
COHEN ARNOLD
Chartered accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
| PAGE | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 7 |
| Statement of financial activities (including income and expenditure | |
| account) | 12 |
| Statement of financial position | 13 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15 |
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 31 DECEMBER 2024
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Chalfords Limited Charity registration number 287322 Company registration number 01724781 Principal office and registered New Burlington House office 1075 Finchley Road London NW11 0PU THE TRUSTEES Mr IL Weiler Mrs R Greenberg Mr A Weiler Mr M Weiler Mr J Weiler COMPANY SECRETARY Mrs R Greenberg AUDITOR Cohen Arnold Chartered accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU SOLICITORS Gant, Howard & Company 42 The Avenue Milford Southampton Hants S01 3RT Ian Jameson-King & Co. Trading Town Side Kilkenny
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
Chalfords Limited is a company limited by guarantee and is governed by its Memorandum and Articles of Association.
Appointment, Training and Recruitment of Trustees
All current trustees are ordinary members and no honorary members have been appointed. Every governor/trustee holds office until he/she shall die or shall cease to hold office by virtue of the Articles of Association.
Where there is a requirement for new trustees, these are identified and appointed by the existing trustees. The chair of trustees is responsible for the induction of any new trustee, which involves awareness of a trustee's responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the charity. A new trustee receives copies of the previous year's annual report and accounts, with detailed explanation thereof.
All trustees give their time voluntarily and no benefit or expenses were paid to them during the period.
Organisation
The organisation is run by governors who are the trustees. The day-to-day affairs of the company are administered by the Governors (Trustees) whose Chair is Mr I L Weiler.
None of the governors/trustees have any beneficial interest in the company.
Group Structure and Relationships
The charity has two wholly owned non-charitable subsidiaries. 1) Newray (London) Limited, a company incorporated in England and Wales (Company number: 00456304). Newray was a dormant company during the year. The accounts of Newray (London) are not consolidated into the accounts of Chalfords Limited as they are considered immaterial. 2) Chancery MK9 Limited, a company incorporated in England and Wales (Company number: 12935868). Chancery MK9 Limited was a dormant company during the year and was dissolved post year end. The accounts of Chancery MK9 Limited are not consolidated into the accounts of Chalfords Limited as they are considered immaterial.
Related Parties
Details of transactions with related parties are disclosed in the Notes to the Financial Statements.
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
OBJECTIVES AND ACTIVITIES
Charitable Objects
The charity is established to further those purposes recognised as charitable by English Law and in furtherance of the following objects.
-
the advancement of religion in accordance with Orthodox Jewish faith;
-
the advancement of Jewish Religious Education
-
the relief of poverty;
-
for other purposes as are recognised by English Law as charitable.
The charity received income mainly from its property and other investments which it utilises in the provision and distribution of grants and donations.
The charity's principal activity throughout the year was the provision and distribution of donations and grants to organisations, and no change is envisaged in the immediate future.
Grant making policy
Grants are made to charitable institutions and organisations which conform to the objects of the charity after the trustees have satisfied themselves as to the bona fides of the recipients. Grants are considered for both capital projects and revenue funding.
The trustees are approached for donations by a wide variety of charitable institutions operating all over England. The trustees consider all requests which they receive and make donations based on the level of funds available.
Aims, objectives and activities for public benefit
The trustees confirm that they have referred to guidelines contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policies for the year. This charity was established to support the activities of Jewish religious organisations, especially in the field of education and to provide philanthropic aid to the needy. Donations are made to organisations providing a sound religious education in accordance with doctrines and principles of traditional Judaism and to institutions set up to provide aid to the needy, with a view to achieving the objects of the charity.
ACHIEVEMENTS AND PERFORMANCE
During the year, the charity continued its philanthropic activities and has maintained support to established Jewish Orthodox institutions providing education, advancement of religion and relief for the poor.
Grants and donations of £4,900,109 (2023: £1,324,533) was distributed during the year in furtherance of the charity's objectives.
The financial results of the charity for the year ended 31 December 2024 are fully reflected in the attached financial statements together with the notes thereon.
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
FINANCIAL REVIEW
The financial position of the charity is satisfactory. The charity's statement of financial activities shows net expenditure of £4,882,519 (2023: net income of £672,873). and total reserves of £58,709,391 (2023: £63,591,910).
Investment Powers and Policy
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit provided that funds utilised are not immediately required for use in connection with any of its objects. The trustees regularly review the charity's position and needs in respect of the investment policy.
The charity holds investments of primarily residential and commercial property. The investment income is distributed in accordance with the charity's objects.
Reserves 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 and the likely costs of the charity for the next year.
At 31 December 2024, the charity had total funds of £58,709,391, all of which are unrestricted funds.
PRINCIPAL RISK AND UNCERTAINTIES
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to mitigate those risks. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Financial risk management and policies
The charity holds or issues financial instruments in order to achieve three main objectives being:
a) to finance its operations
b) to manage its exposure to interest and currency risks arising from operations and from its sources of finance; and
c) to generate funds.
In addition various financial instruments (e.g. debtors, creditors, prepayments and accruals) arise directly from the charity's operations.
Credit Risk
The charity monitors credit risk closely and considers that its current policies of credit risk checks meets its objectives of managing exposure to credit risk. The charity has no significant concentrations of credit risk. Amounts shown in the balance sheet represent the maximum anticipated credit risk exposure. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
PLANS FOR FUTURE PERIODS
The trustees continue to seek ways to maximise the charity's income from its investments to enable it to continue its charitable objectives.
TRUSTEES' RESPONSIBILITIES STATEMENT
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AUDITOR
Each of the persons who is a trustee at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
-
they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The auditor is deemed to have been re-appointed 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.
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
The trustees' annual report was approved on 26 September 2025 and signed on behalf of the board of trustees by:
Mr IL Weiler
Trustee
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHALFORDS LIMITED
YEAR ENDED 31 DECEMBER 2024
OPINION
We have audited the financial statements of Chalfords Limited (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
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 described in the auditor's responsibilities for the audit of the financial 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 financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHALFORDS
LIMITED (continued)
YEAR ENDED 31 DECEMBER 2024
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the trustees' report has been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHALFORDS
LIMITED (continued)
YEAR ENDED 31 DECEMBER 2024
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the trustees' responsibilities statement, the trustees (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 true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and determined that the most relevant to the presentation of the financial statements are those that relate to the reporting legislation (UK GAAP, the Companies Act 2006 and the Charities SORP (FRS 102)), the relevant tax regulations in the United Kingdom, the Landlord and Tenant Act, the UK General Data Protection Regulation (GDPR), Health & Safety Regulations and the Bribery Act. We understood how the company is complying with those frameworks through discussion with the trustees and senior management, and by identifying the company's policies and procedures regarding compliance with laws and regulations. We also identified those members of management who have the primary responsibility for ensuring compliance with laws and regulations, and for reporting any known instances of non-compliance to the trustees. 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 engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.
-
We discussed with the trustees and senior management the policies and procedures regarding compliance with these legal and regulatory frameworks.
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We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by reviewing the company's identified risks and enquiry with the trustees and senior management during the planning and finalisation phases of our audit. The susceptibility to such material misstatement was determined to be low.
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHALFORDS
LIMITED (continued)
YEAR ENDED 31 DECEMBER 2024
- Based on this understanding we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. Our procedures included reviewing the company's internal controls policies and procedures, reviewing the minutes of board meetings and correspondence with regulatory bodies including HMRC, testing transactions outside the normal course of the business and journal entries, and discussions with the trustees and senior management.
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 reflected in the financial statements, the less likely the inherently 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 expected to detect non-compliance with all laws and regulations.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform 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 from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists 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 exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHALFORDS
LIMITED (continued)
YEAR ENDED 31 DECEMBER 2024
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
USE OF OUR REPORT
This report is made 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 been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
DAVID GOLDBERG FCA (Senior Statutory Auditor)
For and on behalf of Cohen Arnold Chartered accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU 26 September 2025
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 DECEMBER 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 5 | 4,447,022 | 4,447,022 | 4,238,446 |
───────────── |
───────────── |
───────────── |
||
| Total income | 4,447,022 | 4,447,022 | 4,238,446 | |
═════════════ |
═════════════ |
═════════════ |
||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (2,691,071) | (2,691,071) | (2,214,754) |
| Expenditure on charitable activities | 7,8 | (5,043,692) | (5,043,692) | (1,387,550) |
───────────── |
───────────── |
───────────── |
||
| Total expenditure | (7,734,763) | (7,734,763) | (3,602,304) | |
═════════════ |
═════════════ |
═════════════ |
||
| Net (losses)/gains on investments | 10 | (1,594,778) | (1,594,778) | 36,731 |
───────────── |
───────────── |
───────────── |
||
| Net (expenditure)/income and net movement in funds | (4,882,519) | (4,882,519) | 672,873 | |
═════════════ |
═════════════ |
═════════════ |
||
| Reconciliation of funds | ||||
| Total funds brought forward | 63,591,910 | 63,591,910 | 62,919,037 | |
─────────────── |
─────────────── |
─────────────── |
||
| Total funds carried forward | 58,709,391 | 58,709,391 | 63,591,910 | |
═══════════════ |
═══════════════ |
═══════════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 15 to 25 form part of these financial statements.
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| FIXED ASSETS | ||||
| Tangible fixed assets | 13 | 12,408 | 16,544 | |
| Investments | 14 | 78,414,036 | 79,693,979 | |
─────────────── |
─────────────── |
|||
| 78,426,444 | 79,710,523 | |||
| CURRENT ASSETS | ||||
| Debtors | 15 | 1,483,098 | 1,394,165 | |
| Investments | 16 | – | 1,058,844 | |
| Cash at bank and in hand | 136,835 | 36,786 | ||
───────────── |
───────────── |
|||
| 1,619,933 | 2,489,795 | |||
| CREDITORS: amounts falling due within one | ||||
| year | 17 | (185,821) | (158,408) | |
───────────── |
───────────── |
|||
| NET CURRENT ASSETS | 1,434,112 | 2,331,387 | ||
─────────────── |
─────────────── |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 79,860,556 | 82,041,910 | ||
| CREDITORS: amounts falling due after more | ||||
| than one year | 18 | (21,151,165) | (18,450,000) | |
─────────────── |
─────────────── |
|||
| NET ASSETS | 58,709,391 | 63,591,910 | ||
═══════════════ |
═══════════════ |
|||
| FUNDS OF THE CHARITY | ||||
| Unrestricted funds | 58,709,391 | 63,591,910 | ||
─────────────── |
─────────────── |
|||
| Total charity funds | 19 | 58,709,391 | 63,591,910 | |
═══════════════ |
═══════════════ |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 26 September 2025 and are signed on behalf of the board by:
Mr IL Weiler
Trustee
The notes on pages 15 to 25 form part of these financial statements.
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Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2024
| YEAR ENDED 31 DECEMBER 2024 | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net (expenditure)/income | (4,882,519) | 672,873 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 4,136 | 5,515 |
| Net (losses)/gains on investments | 1,594,778 | (36,731) |
| Dividends, interest and rents from investments | (4,378,410) | (4,200,593) |
| Other interest receivable and similar income | (68,612) | (37,853) |
| Interest payable and similar charges | 1,333,730 | 984,101 |
| Accrued expenses | 32,856 | 6,767 |
| Changes in: | ||
| Other operating cash flow changes | 3,700,000 | – |
───────────── |
───────────── |
|
| Cash generated from operations | (2,664,041) | (2,605,921) |
| Interest received | 44 | 37,853 |
───────────── |
───────────── |
|
| Net cash used in operating activities | (2,663,997) | (2,568,068) |
═════════════ |
═════════════ |
|
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Dividends, interest and rents from investments | 4,420,373 | 4,200,593 |
| Proceeds from sale of subsidiaries | – | (2,449) |
| Purchases of other investments | (4,009,155) | (466,620) |
| Proceeds from sale of other investments | 983,459 | 55,878 |
| Change in trade and other debtors | (88,933) | 58,141 |
| Change in trade and other creditors | 27,413 | 18,649 |
───────────── |
───────────── |
|
| Net cash from investing activities | 1,333,157 | 3,864,192 |
═════════════ |
═════════════ |
|
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from borrowings | 2,701,165 | (300,000) |
| Interest paid | (1,270,276) | (984,101) |
───────────── |
───────────── |
|
| Net cash from/(used in) financing activities | 1,430,889 | (1,284,101) |
═════════════ |
═════════════ |
|
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 100,049 | 12,023 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 36,786 | 24,763 |
────────── |
───────── |
|
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 136,835 | 36,786 |
══════════ |
═════════ |
The notes on pages 15 to 25 form part of these financial statements.
- 14 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. GENERAL INFORMATION
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) Bulletin 1 and the Charities Act 2011.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment 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 the property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
- 15 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
3. ACCOUNTING POLICIES (continued)
Judgements and key sources of estimation uncertainty (continued)
(ii) Trade and other debtors
Management uses details of the age of trade and other debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value.
Taxation
The charity is not liable to current tax on its income as it falls within the various exemptions available to registered charities. Accordingly, the charity does not recognise any deferred tax liability on property revaluations as it will apply all funds for qualifying charitable purposes and be eligible for tax exemptions available to registered charities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income 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.
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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.
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
- 16 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
3. ACCOUNTING POLICIES (continued)
Resources expended (continued)
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Grants payable
Grants payable are charged to the statement of financial activities once the charity has made a commitment to pay the grant and this has been communicated to the beneficiary or the grant has been paid, whichever is earlier.
Governance Costs
Governance Costs include the cost of the preparation and audit of the financial statements and the cost of any legal advice to the trustees on governance or constitutional matters.
Tangible assets
Fixed assets are stated at cost less accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 25% reducing balance Equipment - 25% reducing balance
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
No depreciation is provided in respect of investment properties applying the fair value model.
Acquisitions and disposals of properties
Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the financial statements accordingly.
- 17 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
3. ACCOUNTING POLICIES (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the charity 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.
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 are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that 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 impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. LIMITED BY GUARANTEE
Chalfords Limited is a company limited by guarantee governed by its Memorandum and Articles of Association. The liability of each member in the event of winding up is limited to £1.
- 18 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
5. INVESTMENT INCOME
| INVESTMENT INCOME | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Income from investment properties - | ||||
| Rents | 4,096,588 | 4,096,588 | 3,900,259 | 3,900,259 |
| Income from investment properties - | ||||
| Lease extensions | 69,509 | 69,509 | 2,000 | 2,000 |
| Income from other investments | 212,313 | 212,313 | 298,334 | 298,334 |
| Bank interest receivable | 2,569 | 2,569 | 2,487 | 2,487 |
| Other interest receivable | 66,043 | 66,043 | 35,366 | 35,366 |
───────────── |
───────────── |
───────────── |
───────────── |
|
| 4,447,022 | 4,447,022 | 4,238,446 | 4,238,446 | |
═════════════ |
═════════════ |
═════════════ |
═════════════ |
|
| INVESTMENT MANAGEMENT | COSTS | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Insurance | 143,926 | 143,926 | 128,391 | 128,391 |
| Repairs & maintenance | 359,745 | 359,745 | 300,291 | 300,291 |
| Legal & professional fees | 80,692 | 80,692 | 75,876 | 75,876 |
| Management & letting fees | 577,609 | 577,609 | 505,858 | 505,858 |
| Light & heat | 18,931 | 18,931 | 16,097 | 16,097 |
| General & water rates | 59,629 | 59,629 | 48,776 | 48,776 |
| Ground rent & service charges | 58,274 | 58,274 | 82,512 | 82,512 |
| Porterage & cleaning | 54,576 | 54,576 | 32,976 | 32,976 |
| Depreciation - Fixtures and Fitting | 3,959 | 3,959 | 5,279 | 5,279 |
| DS Dortmund Jersey expenses | – | – | 34,597 | 34,597 |
| Mortgage interest | 1,177,277 | 1,177,277 | 809,060 | 809,060 |
| Mortgage finance costs | 156,453 | 156,453 | 175,041 | 175,041 |
───────────── |
───────────── |
───────────── |
───────────── |
|
| 2,691,071 | 2,691,071 | 2,214,754 | 2,214,754 | |
═════════════ |
═════════════ |
═════════════ |
═════════════ |
|
| DONATIONS PAID | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations paid | 4,900,109 | 4,900,109 | 1,324,533 | 1,324,533 |
| Support costs | 143,583 | 143,583 | 63,017 | 63,017 |
───────────── |
───────────── |
───────────── |
───────────── |
|
| 5,043,692 | 5,043,692 | 1,387,550 | 1,387,550 | |
═════════════ |
═════════════ |
═════════════ |
═════════════ |
6. INVESTMENT MANAGEMENT COSTS
7. DONATIONS PAID
- 19 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
8. DONATIONS PAID
| 8. | DONATIONS PAID | ||||
|---|---|---|---|---|---|
| Grant funding | Total funds | Total fund | |||
| of activities | Support costs | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Donations paid | 4,900,109 | 86,423 |
4,986,532 | 1,349,412 | |
| Governance costs | – | 57,160 |
57,160 | 38,138 | |
───────────── |
────────── |
───────────── |
───────────── |
||
| 4,900,109 | 143,583 |
5,043,692 | 1,387,550 | ||
═════════════ |
══════════ |
═════════════ |
═════════════ |
||
| Included in donations paid are grants made to the following institutions: | |||||
| £ | |||||
| LPW Limited | 3,897,128 | ||||
| UK Friends of Ahavas Chesed | 200,000 | ||||
| Keren Habinyan Ltd | 180,000 | ||||
| North London Welfare and | |||||
| Educational Foundation | 61,430 | ||||
| Shaarei Orah Ltd | 55,000 | ||||
| AAC | 46,740 | ||||
| Ezer Leyoldos Limited | 40,000 | ||||
| Less than £40,000 | 419,811 | ||||
───────────── |
|||||
| Total | 4,900,109 | ||||
═════════════ |
|||||
| Analysis of Grants to Institutions: | |||||
| £ | |||||
| Advancement of the Jewish Religion | 4,079,358 | ||||
| Advancement of Education | 267,700 | ||||
| Relief of Poverty | 245,160 | ||||
| Grants to other grant making charities | 81,740 | ||||
| Other general charitable purposes | 226,151 | ||||
───────────── |
|||||
| Total | 4,900,109 | ||||
═════════════ |
|||||
| 9. | ANALYSIS OF SUPPORT COSTS | ||||
| Donations | |||||
| paid | Total 2024 | Total 2023 | |||
| £ | £ | £ | |||
| General office | 86,423 | 86,423 | 24,879 | ||
| Governance costs | 57,160 | 57,160 | 38,138 | ||
────────── |
────────── |
───────── |
|||
| 143,583 | 143,583 | 63,017 | |||
══════════ |
══════════ |
═════════ |
- 20 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
10. NET (LOSSES)/GAINS ON INVESTMENTS
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Gains/(losses) on of investment | ||||
| property | (1,049,184) | (1,049,184) |
– | – |
| Gains/(losses) on investments in group | ||||
| undertakings | – | – | (2,449) | (2,449) |
| Gains/(losses) on other investment | ||||
| assets | (545,594) | (545,594) |
39,180 | 39,180 |
───────────── |
───────────── |
───────── |
───────── |
|
| (1,594,778) | (1,594,778) |
36,731 | 36,731 | |
═════════════ |
═════════════ |
═════════ |
═════════ |
|
| NET (EXPENDITURE)/INCOME | ||||
| Net (expenditure)/income is stated after | charging/(crediting): | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 4,136 | 5,515 | ||
| Fees payable for the audit of the financial statements | 31,160 | 29,200 | ||
═════════ |
═════════ |
11. NET (EXPENDITURE)/INCOME
12. TRUSTEE REMUNERATION AND EXPENSES
The charity has no staff other than the trustees all of whom give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2023: £nil).
The charity did not meet any expenses incurred by the trustees for services provided to the charity (2023: £nil).
13. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| Fixtures and | |||
| fittings | Equipment | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 January 2024 and 31 December 2024 | 305,817 | 25,009 | 330,826 |
══════════ |
═════════ |
══════════ |
|
| Depreciation | |||
| At 1 January 2024 | 289,981 | 24,301 | 314,282 |
| Charge for the year | 3,959 | 177 | 4,136 |
────────── |
───────── |
────────── |
|
| At 31 December 2024 | 293,940 | 24,478 | 318,418 |
══════════ |
═════════ |
══════════ |
|
| Carrying amount | |||
| At 31 December 2024 | 11,877 | 531 | 12,408 |
══════════ |
═════════ |
══════════ |
|
| At 31 December 2023 | 15,836 | 708 | 16,544 |
══════════ |
═════════ |
══════════ |
- 21 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
14. INVESTMENTS
| INVESTMENTS | ||||
|---|---|---|---|---|
| Shares in | ||||
| Investment | group | Other | ||
| properties | undertakings | investments | Total | |
| £ | £ | £ | £ | |
| Cost or valuation | ||||
| At 1 January 2024 | 74,858,921 | 87 | 4,834,971 | 79,693,979 |
| Additions | 4,175,393 | – | – | 4,175,393 |
| Disposals | (3,700,000) | – |
(796,000) | (4,496,000) |
| Fair value movements | (1,049,184) | – |
89,848 | (959,336) |
─────────────── |
──── |
───────────── |
─────────────── |
|
| At 31 December 2024 | 74,285,130 | 87 | 4,128,819 | 78,414,036 |
═══════════════ |
════ |
═════════════ |
═══════════════ |
|
| Carrying amount | ||||
| At 31 December 2024 | 74,285,130 | 87 | 4,128,819 | 78,414,036 |
═══════════════ |
════ |
═════════════ |
═══════════════ |
|
| At 31 December 2023 | 74,858,921 | 87 | 4,834,971 | 79,693,979 |
═══════════════ |
════ |
═════════════ |
═══════════════ |
All investments shown above are held at valuation.
Investment properties
The investments are stated at the trustee's valuation at 31 December 2024. Professional valuations of most of the company's properties were carried out by Fisher German, independent RICS registered surveyors, in July 2024. In considering open market values of these properties, the trustees have had regard to the market conditions prevailing at the balance sheet date and other related matters such as rental yields, status of the tenants and location, type and tenure of each property and comparable market transactions.
The historical cost of the company's investment properties at 31 December 2024 is £32,363,016 (2023: £31,285,038).
The fair value at 31 December 2024 of the investment in the subsidiary undertaking is based on the underlying value of its assets less its liabilities.
The company owns 100% of a subsidiary undertaking, Newray (London) Limited, a company incorporated in England and Wales. Newray (London) reported net expenditure of £120 and net liabilities of £34 for the year ended 31 December 2024. The results of Newray (London) Limited have not been consolidated into the accounts of Chalfords Limited as they are deemed to be immaterial.
The company owns 100% of a subsidiary undertaking, Chancery MK9 Limited, a company incorporated in England and Wales. As at 31 December 2024 Chancery MK9 Limited was dormant and had £1 share capital. The results of Chancery MK9 Limited have not been consolidated into the accounts of Chalfords Limited as they are deemed to be immaterial.
- 22 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
15. DEBTORS
| 15. | DEBTORS | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors | 370,478 | 377,054 | |
| Amounts owed by group undertakings | 255,762 | 3,100 | |
| Prepayments and accrued income | 22,231 | 46,138 | |
| Other debtors | 834,627 | 967,873 | |
───────────── |
───────────── |
||
| 1,483,098 | 1,394,165 | ||
═════════════ |
═════════════ |
||
| 16. | INVESTMENTS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Other investments | – | 1,058,844 | |
──── |
───────────── |
||
| – | 1,058,844 | ||
════ |
═════════════ |
Financial assets held at fair value
Unlisted investments are valued at the trustee's valuation, based on their net asset value.
17. CREDITORS: amounts falling due within one year
| 17. | CREDITORS: amounts falling due within one year | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors | 46,537 | 13,101 | |
| Accruals and deferred income | 32,856 | 48,848 | |
| Other creditors | 106,428 | 96,459 | |
────────── |
────────── |
||
| 185,821 | 158,408 | ||
══════════ |
══════════ |
||
| 18. | CREDITORS: amounts falling due after more than one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans and overdrafts | 21,151,165 | 18,450,000 | |
═══════════════ |
═══════════════ |
The bank loans are secured over certain of the investment properties of the charity.
- 23 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
19. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| At | At | ||||||
|---|---|---|---|---|---|---|---|
| 1 | January 202 | Gains and | 31 December |
||||
| 4 | Income | Expenditure | losses | 2024 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 63,591,910 | 4,447,022 | (7,734,763) | (1,594,778) | 58,709,391 | ||
═══════════════ |
═════════════ |
═════════════ |
═════════════ |
═══════════════ |
|||
| At | At | ||||||
| 1 | January 202 | Gains and | 31 December |
||||
| 3 | Income | Expenditure | losses | 2023 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 62,919,037 | 4,238,446 | (3,602,304) | 36,731 | 63,591,910 | ||
═══════════════ |
═════════════ |
═════════════ |
═════════ |
═══════════════ |
20. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | ||
|---|---|---|---|
| Funds | 2024 | ||
| £ | £ | ||
| Tangible fixed assets | 12,408 | 12,408 | |
| Investments | 78,414,036 | 78,414,036 | |
| Current assets | 1,619,933 | 1,619,933 | |
| Creditors less than 1 year | (185,821) | (185,821) |
|
| Creditors greater than 1 year | (21,151,165) | (21,151,165) | |
─────────────── |
─────────────── |
||
| Net assets | 58,709,391 | 58,709,391 | |
═══════════════ |
═══════════════ |
||
| Unrestricted | Total Funds | ||
| Funds | 2023 | ||
| £ | £ | ||
| Tangible fixed assets | 16,544 | 16,544 | |
| Investments | 79,693,979 | 79,693,979 | |
| Current assets | 2,495,088 | 2,495,088 | |
| Creditors less than 1 year | (158,408) | (158,408) |
|
| Creditors greater than 1 year | (18,450,000) | (18,450,000) | |
─────────────── |
─────────────── |
||
| Net assets | 63,597,203 | 63,597,203 | |
═══════════════ |
═══════════════ |
||
| ANALYSIS OF CHANGES IN NET DEBT | |||
| At | |||
| At 1 Jan 2024 | Cash flows | 31 Dec 2024 | |
| £ | £ | £ | |
| Cash at bank and in hand | 36,786 | 100,049 | 136,835 |
| Debt due after one year | (18,450,000) | (2,701,165) | (21,151,165) |
| Current asset investments | 1,058,844 | (1,058,844) | – |
─────────────── |
───────────── |
─────────────── |
|
| (17,354,370) | (3,659,960) | (21,014,330) | |
═══════════════ |
═════════════ |
═══════════════ |
21. ANALYSIS OF CHANGES IN NET DEBT
- 24 -
Docusign Envelope ID: 835C9D2F-9AF3-485A-B901-BFE76425B64B
CHALFORDS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
22. RELATED PARTIES
Amounts owed by group undertakings relates to a loan of £255,822 due from Newray (London) Limited.
There were no other related party transactions during the year that require disclosure.
- 25 -