Charty vegi$tration numbor 291318 (England Ind Walo81 SHEMTOV CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
SHEMTOV CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truste Mr S Halpam G Halpem Mr l Halpèm harity number 291318 Audltor Lopian Gross 88melt & Co 1st Floor. Cloister Housè Riverside New Balley Street Manch8St&r M3 5FS Bankern HSBC 24 StAnns Squ8r8 Manchestèr M2 7HD
SHEMTOV CHARITABLE TRUST CONTENTS TnJ$tee5' roport statement of trustees, responslbililies IndeperKlent audilofs Teport Stslement of financial aclivibes Balancg sheet statement of cash Ib 10 to the finan¢ial statemènts
SHEMTOV CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Tha trustotrs prÈ8errt their annual report and finarrial statsments for the year ended 31 Morth 2025. The Itnancial stat9menls have been preparad in aw)rdance with the accountlng polityes sel out in note 1 to the flnanaal statoments and ¢ompty with the charws goveming document, the Charrtles Act 2011 and 'Accounling and Reporting by ChaiilYè5." Stslement of Re¢omtnonded Practice appllcable to ¢harilie8 preparing thr accounts in accordan whh the Financial Reporting Stsndard 8pplicaNe in the UK aThJ Reputlic of Ir81and {FRS 1021. (as am8nd•d for accounting periods commen¢ing from l January 20161 ObJ9cVvo8 and ac&vltles The Shgmlov Charitable Trust exlsl8 lo re¢eJ¥e and dislribute Charitable donations to wothy Causes wlthln Ihg Jish communty. The truste confirm that they havg rofgrred 10 9uldance contained In the commissionèrs, general guidance on public ben•fft vthen Temewing th8 trust's aim$ and tsbjectNe$ and in planning fuluie acllvMIo8 and setting the grant moking pollcy for the year. The chariils main income is generated from inveslment in¢ome and donatN)ns und•r the grft aid scheme. Most of this income is dislrfbuted to rel310$. edutonl and slmilar etharibes. The prin¢ipal objective of the tru$t for the year is lo rnaintain a slable flow of donalions to worthy cau$e$ in Ihg J8wish commLmty. The trustges also aim to expand the ¢horfty$ inve81mènl portfol whenever tho oppcthn arises. The trustees have poid due regard to g¥Jidonce issued by the Charity CommissK)n in decrding wh* xliviti86 the tharity should undertake. The charfty maintained ts Bignkficanl actisriti88 in the year. This c)nSted Of maintaining ils inv8stmont properti&s,ensuring they aro l&t to premium tenants and that rants ar& collected on time. Addllionauy the chorlty collects donaJons from busine. and other charitatile trusts that sham Ihè $8rne aims. The trustees have Nlenlffied a number of Orthodox Jèwish tharilies which profvss and leach tha PdrAS 01 Iradluonal Judaisrn or which carry uJt activities whkh advance rellglon in accordan¢e with the Orthodox Jewish f¥rih. Grants are giv8n on apKatiOn to the tru$lo9s by Ihtse oi sNnilar tharit$. Achhv•monts and porformanc• During the year the trust made donations lo a wide variety of tharrt5 wllhin the Jewish communty. The charity believes it has achièvad it$ aims in d81ivering publ1¢ benefit by successfuny dislributlng Iho maijrity of its Incomlng resèrves to worthy U$•8. Remainin9 reseNes in bank and deposit ac£ounts arè required to available tvwards future inv8slmenl pwses. The tru$tsgs atp pba8ed with Ihe charity's inve$lmenl performance aThJ Mlh the levgj ol donations given lo worthy causès. At the ygar end the trust had &ighl UK freellold and lon0a$•hOkl proportiev as inveslments. Tru8tee roqLMramenls ar6 to expand the charitls portfolio, and further inve81menl8 are being sought by the charity. At Ihg year end the Irusl's Investments were valued at £4,929,142 returned itOrn• of £109.312. The Iru$laes btrlreve they have mel Ihe obl$ctNes set by Ihg Gharfty continuNig investment perfomiance during thè year. FurHlrai5ing lha roceipl of donations contlnued in the year ensured obje¢tlves set by the charity YRre achiov8d. The tharity r8eeNed donation incom8 of£628,345 in the year. Financlal r•vi¥w During the year th& Charity receivgd donatlon Income of £628.345 and investment IroMe of £109.312. This gavo the th2rty a total inwne of £737,657 of whith £513,900 was dislribjted to other charities and w)d causes. After other Charitab expendllure in the year and the revaluallon, and loss (m sale of inve8trnent propaty there was an dec¥eas8 in thè charitl$ reserv8$ of £257.489.
SHEMTOV CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 There is no fom)al policy to mainlaln a 6011ovel of re8eN88 and the tru81 alms to distrthle all availabla in(%the to religious, 8ducab.onal and similar tharities. At the balance sheet date the twst had unrestricted reseeS availabfe lo It of £0.076,870. Thf8 Indud8s cash reservtrs of £1.Q90,825. The trustees consklèr that this is an acceptablè lèvel of c8sh ro$eryes in order lo imffledialety be able to donate a Farge sum rf raquired or hav8 fvnditvJ for obtaining further investrrts. Th8 balan¢e of the incomg funds ar8 only reallsable after the dlsposal of Its invesknent properties. The trustees are oxperien¢8d property investors and have invested the thariws funds into propelties. Investments are thoson on the basis of achieving a yield in excess of that availatAe from cash deposits while maintalnlng 8 hlgh dre• of SrItY of ine¢)me. The ¢harfty's investments generated an 81&nI retum on pItal invested whlch tho trustees arè vèry pleased The Irustses have a$$gssed the major rfsks to whSch the tharlty Ss &xposed and are 8alisfied that systems are in pla to mrtigate exposure to thè major risks. The main risk that can affert the charriy is fluctuation5 to its investsnent propgrt18s. Thg truslg95 beleve this Is managed by inVesng In Smaller low risk properlies in high demand areas lo almost guar8nteè an income. The trust gnsure the propert8 are maintained to g good ¢ondNlon lo ensure cgnlnued Inc¢xne. Plants forfuthro p•rlod8 The trust plans lo conllnue 10 seek donations re1¥able lo enable them lo dislrbute monies throughout the Jewish community. The trustees bwll continue lo purchase further inve$lments wh¢n they belipve it 18 in the b85t interests ol the ¢harrty. Structure. gov•manc• And m•n•gement The charity was estsblished by a thariloble trust d•ed on 12 Nov*mb•r 1984. The twsts6s vjho sarvad durin9 th& y&4r up to th• dat• ol sw3n8lwe of financi statement5 W9rg'. Mr S Halpem G Halpem Mr l Halp8m AppoSntment of other Iru8tee8 Is at the disc¥ethJn of Mr S Halpern and Mrs G Halpem. TrainirKJ WOLld be offered to n•w tnJstees by the e$ting tnjstees. AJI decisions made on beha0fth9 Iwsi are m8de by th& tritstees. Iruslees are responsible forthe provision of moans lo dlstri)ute ¢table donalpjns to wcfft causgs. ttailS of r8lat8d paty transactkins sre disdosed in note 20 to the ar£ounl¥. TSteeS a requir8d to dlsdose al rd&vant intèrèsts ¥rKI wrthdraw from dedsbns where a con)Ilca of interest arises.
SHEMTOV CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 hlARCH 2025 The tru$lee8' report wa8 approved by the Bo8rd ofTrustses. Mr S H8IFem TruBtee
SHEMTOV CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustee$ afe reswn$lble for prepaylng th8 Trlè8s. Report and the ffinancial statements in o¢crdance wth applicable law and Unrt•d lfjngdom A¢rAunting Standards (United Kingdom Generally Accepted Accounling Praetice). The law applicable lo tharities in England and 185 requirès thè tmstèès to prnP fin8naal 8tatem8nts f(v each rnancial year which give a true and fair view of It State of affairs of the tharity and of the kncomlng resource8 and application of resource$ of the charity forthat year. In preparing these financial Statements. the trustees are required lo.. - select suitaNe unts"n9 poIr¢ and then appty them consislentty.. - observe the methods and principles in the charfts SORP.. - make judgements and estimatès that are asOnable and prudent., - stste whethgr applicable accounting standards hove been fokned, subleot to 8ny malerlal departures disckised d explained in tho finanrAal ststemenls., and prepare the financtal statements on the going nc¥M ba$1$ unless It is in8pproprfate lo presume that Ihe tharrty will c4Jnlinue in cyeralion, The trustees are rnsponslble for keeplng 8uffiutnt accounting records that disdose with asOnable 8¢curacy at any tine tha financial position of th¥ tharity and enable them to ensure that the finan statements comFly wth tha Charities Act 2011. the Charity IA¢¢ounts and Reports) Regulations 2C¥J8 and the provisions of thè trust deed. Thay arg also 19spon&ble for safeguarding Ihe assets of the tharity and hen for tgking rea80n8bl& steps for the pentiOn and detection of fraud and other irr8gularrbes.
SHEMTOV CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHEMTOV CHARITABLE TRUST Oplnlon We have auditad tho ffinancial statemen15 of Sh8mtov Ch8rftabl8 Twst {Iha '¢harty') for the year endeil 31 March 2025 which ¢omptise the statement of financial aevitios, the balance sheet, the statement of cash flows ¥nd notes lo the financial slalements, including signfficant 8¢¢ountlng polldes. The financial repOrtg fraNork that has b88n appld in their preparation Is appl[cab law and Uniled lfjngdorn Accounting Standards, Including Finanaal Reporting Standard 102 The Financial R&pothng Standanl applicable in tho UK and Republic of lrnland (Unltod Kingdorn GenerallyACCeptedA(Wn1lrrfJ Pra¢fjce). In oui opinion. the financAat statements.. give a true and fair view of the stat of the chaiiV8 affairs as at 31 March 2025 and of Its ino)ming re50urcgS and aPplthI0n of resour$, for the year then ended.. have b8en property preped in accordancé wth Unitéd Klngdom Gener81ty Accepted Accountnig Praclic8.' and have been praparad in a¢¢ord8nGe yth the Charities Ac 2011. Ba81$ for oplnlon We conducted our aud In accordance Mlh International Standards on AudrfÉng (UK) IISAs IUK>} and applicable law. Our rgsponslblllti8S Ltnd$r those Stsndards are fijrther described In tho Audttoys msponsibilities forlhe gudtt of the financial slat8msnts section of our report. We are indapendenl Of ¢hanly in accordance wlth tha èthical requlremenls that ar8 rel8vanl to our audit of the financAal statements In the UK, Inthding the FRC'$ Ethical Stsndard. and we have fvlflled our other elhlcal rasponsibilili8s in accordance with Ihese requirements. We bèleve th81 the audit evidence we have obtained is SLrffiu•rt and appr¢)priale to prowde a basi5 for our opinion. Conclusiom rolating to golng cone•m In audthng the finan(aal statements, we have ¢ondudgd that the Iruslees, use of the going 0)M basis of accounting in the preparation of the finanrial statwnenl$ is appmpiiale. Based on the work we ha p8rfomied, we have not idenlTrled any malwial uncertalnlles rolating lo events or conditions that, indivJually or colleclively. m8y cast 8EqnOfkant doubt on the charivs a.Ity to ¢onlinue as a going c¥)ncern for a period of at least months from when the ffn8naal statements are auth481 for iss. Our responsibilrties and the re8wnslbifthes of the IrusteèB With respect lo going con¢em a de8Crited in the r•levant $8clrons of this r•port. Oth•r Inforniallon The other inforrnation comprise8 the Infomialion induded in Ihe annual repNt other 1han the flnanclal statemenis and our audilorfs report th•r8on. The trustee5 respon6ible for the other Infonnatlon conlalned within thg onnual report. Our opinion on the financlal statements does not cover the othèr information and we do not express any fom of assurance concluslon ther6on. Our re8ponsibilty is to read the other infomiallon and, in doing so. consid whether the other inlormali¢n is materially incnnsistenl Mth the finan¢ial $tatgmgnts or our knowledge oblainod In Ihg ¢oursg of the 8udlt, or otheMise appears to be materially ml$$l8ted. If we identify such material inconsislenraes or appar8nt material misststemtrnls, we are required to determlne whethgr thls gSves rls& to a malerial misstal&ment in the financial stalemonls themselves. If, based on Ihe work w& havè FrfOrMèd. we conduda that th8r• 1$ a malgrlal ml$slalem9nl of this other infornation, we grg raquirad to report that faL#. We have nothing to report in this regard. Matttrn on whlch wè are requiyed ta r•port by exceptson We have nothing to report in respect of tha following mattars in r•l8lion to whi¢h the Chaiib8s {AunIS and RgFQrtsl Regulations 2008 requires us to report to you rf, in our opinS0n.' the information given in the finan¢6al statements is irtconsistent in aoy material respeL with th• trusttss. rgport., or 6uffirAenl accounting records havè bean kept.. or the finan stalgmenls are nol in agreement with th& 8¢cxJunllng records.. oi we have not received 811 the Infomalkjn and explanations we require for OLK aud
SHEMTOV CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEMTOVCHARITABLE TRUST R•spon$lbllltles ol trust••8 A8 8xplained more fijny in the statement of trLta@S. rèsponsSbllll88. th8 trustees are responslble lor thè ppara.0Th of the financial statements and for bein9 satiSfd Ih8t they give a true and fair wew, and for such inlemal control a5 the trustee$ determine is necessary to en80 the preparat)n of finandal stslemènls that are free from material mis$lalement, whethar due lo fraud or error. In prep8ring the finan¢i818tslemenl$, the Iwsl#e8 are responsible for a3ses5ing the ¢harity's aixlTty lo continue a goiThJ concem. disdosing. as applrable, matter3 related lo goiThJ concem and using the gdng wi(rn basis of a¢untIng unbss the Iwstees 8rthgr Intend to cease operations. or have no re¥listt¢ allgmalivo but to do $0. Audltorf4 re8ponslblllUe8 forthe audlt of the financlal 8tatement8 We have beèn appointed as audftor under section 144 of the Charities Act 2011 and rèF)rt in aCQJrdar with thè Act and relevant r¢gul8tions mode or hawng effect thereunder. Our objectives are lo obtain reasonable assuronGe about whether Ihe finaAal statements as a whole are free from mal&rial misstatement. whether due to fraud or error. and to issue an audilorfs report thal indL¥Jes our opiniL¥). Rèasonable assuran is a high level of assurance bui is not a guarAntee Ihat an audit conducted in 8¢cordan¢e with ISAS (UK) 11 aayS datect a matarfal misstat8ment whgn K exists. Mlsstatements can aris& from fraud or ¢rror and ar8 considered matarial if, indmdualty or in the 89grgatè. they could reasonabty b• •xpeded to irrfluence the gconomlc derisions of u8er8 laken on thè ba818 of th986 finanal statements. Irreguladll8s. induding frayd. 8re Inslan¢es of norKompllance vllh laws and wulations. We deslgn procedures in line with our rèsponsibifrtios, lo detect material misstatements in respeca ol irwu1ar1t, induding fraud. The extent to which our pm¢edure5 are capable of detethng wrogulariiie3, induding fraud, is detailed below.. We obtsined an understanding of laws and regulation5 that affect the enlty. foSIng on those that had a dlrect effect on the ffinan&al statements or that had a fundamental effect on its OFerati$. ere considered necessary we enqLtrired of the those charged wrfth govemanc•, reviewed ¢orresp)nden¢e and rewewed meeting minutes for evidence of non-compliance wrfh relevant laws aThJ regulations. gained an understanding of the contmls nvironmnl whith indud•s th• control8 in pla¢e lo prevent and detect fraud. We ewulred of th989 charged w6th governance about any In(idenc88 of fraud that had taken P¢ during th8 aceountiNJ poriod. The risk of fraud and nowomplan¢g wllh laws and rogulallons and fraud was dlscussad wtthin the audrt team and le$l$ wèrè plannsd and p¢rfomd to addres5 these ri$k$. We revigwod fin•n¢ial statements di5dosures lo a&%e68 comF4iance wilh relevant and regUlatn We enquired of those Charged with governance about adual and potential liligati and thims. We perforrned analyts'cal procedures to identfy any unusual or unexpeded relalionshys that MI indlrAle rfsks of malerial rnisstatsmenl due lo fraud. In addressing the risk of fraud due to mano9gm9nl override of intwngl ntrOl8 we testeil th9 gpwoprlalgness ofjournal entries and assessed wh8th8r th8 jud9•m8nts mad• in making auntIng •slimat•$ w•r• indicaknve of a potential bias. Due to th• inherent limitations of an audit. there 1$ #n unavoidable risk that we may not have detected some material misstalements in the financral statements, even though we have propèrfy pjannad and perfomied oui audit in a¢¢ordane8 with auditing standards. For axamplo, 8$ with any aLtdit, th•r8 r•mained a highèr risk of noTrdetecion of Irregulariks. as these may invdve collusion, forgery, Intentional omlsslons. misrepr¢sentstn$. or the overrfde of itilemal ntrol$. Wo arg not rosponslbig for yevenling fraud or fyJnw¢ompllan¢e wllh kw$ and wulalions aThJ Cannot be èxp8cted to d8te¢t 811 fr8ud and nofv¢omF4iance wth law$ and regulations. A fijrther descripbon of our re5ponsibilithe5 15 available on the Financial Reporting Councl's W•te at.. htlps.'Il Yhvw.frc.org.ukJauditorsresponslbllilles. Th18 description forms part of our audil0rf3 report.
SHEMTOV CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEMTOV CHARITABLE TRUST of our rnport This report Is Ma(le solety to the charity's Iru$lees, as 8 boty. in accordance with Part 4 of Ihe ChBrib8s {AUnIS and Report51 Regulations 2008. Our audit work ha$ been undortakan so that W8 might slato lo lh8 eharity's trustofjs those matters we are requId to state lo them In an audllor's report and for no other purpose. To Ihe fvllesl extent permitted by law. we do not acp1 or assume responsibility to anyone olh&r than the charmy and th& charivs Imsteos as a body, for our audit wofft, for this report. or forthe opmiions we h8vg fomied. Jonathan Brod1• FCA (S•nlor Ststutory Audl¢or) For and on behalf of Lopian Gross Bamett & Co. StaluloryAuditor Chartered AGruntants 18t Floor, Cloister Hou8e Rrvarsidè Naw Baley Street Manchester M3 5FS Lopian Gross Bamott & Co Is ellgSble for appohtment as auditor of the charFty by vwbje of ts eliglknlty for appointment 8$ auditor of a Company und8r section 1212 of the Companies Ad 2006.
SHEMTOV CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrl¢ted Unrmtiictod lunds funds 2025 2024 In¢ome from: Donalions and legacAgs Inveslments 628,345 109.312 456,791 176,534 Totsl In¢om• 737.857 633.325 Exp9ndltur• on: charitab actiMEies 818.583 9D8,226 Total exp•ndlture 818,583 908226 expendiiur• {80.926) (274.9011 Ottr r•cognlsed galns loss•: Nel gainslllosses) on investments 11 {178,5631 84,948 N•t movwn•n¢ in funds {257.489) (189.9531 RKon¢iliatlon olfunds: Fund balances al 1 Apth 2024 6,334,359 8.524,312 Fund balances at 31 M•r¢h 2025 6,076,870 6,334,359 The slalemenl offinanual aCtiV&S indth 811 gain$ and1089es re¢ognised In the year. All income and expendlture deriv8 from continuing activiligs.
SHEMTOV CHARITABLE TRUST BALANCE SHEEr ASAT31 MARCH2025 2026 2024 Flx•d •$¥ets Investment properti&s InveslThnls 13 14 4.929.140 7,043,164 4,929,142 7.043,166 Currnnt a880ts Debtors Cash at bank and in hand 16 2,665.811 1,090.825 2.202,331 112,499 3.756.638 2,314,830 Cr•dltor4". amounts falllng du• lthln 16 (789,6701 1566,234) current assets 2,966. 1,748.Y Total assets I•BS current liabllltles 7,W.108 8.791.762 Cl11. amounts fallln9 du• •ft•r moye than one ye•r 17 11,819,238) ,457,403 6,076,870 6,334,359 In¢om• funds Unreslri ed fvnds- eneral General unrestricted fvnd5 General unreslriced reseNe-Investment property vahjation 5,230.394 5.405,801 848.476 928.558 6.078,870 6,334.359 6,078,870 6,334,359 The financial stslements were appmved by the TNstee¥ on. alpem
SHEMTOV CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note• Cash flows from opernting #¢tivili•s C8sh (absorbed byllgeneraled from op&rations 23 (434.438) 534.437 Inv•8tlng activiti Purchase of Invesimenl property Proceeds from dssposal of investsnanl prop Investment income reNed (1.957.972} 1.937,461 109,312 176,534 cash g•n•rnt•d fr¢rNI{u*•d inl investing actlvlllg8 2,046.773 11,781,438) Fln•n¢lng actlvltlej Repaym¢nl of b¥nk1ts8n$ (634,009) 738.172 cash Iusgd Invgpngratod from fln•n¢lng activftleg {834,C(191 738.172 N•t incr•as•lld•cr•as•l in cash and ¢aih equlvalents 978.326 {508,8291 Cash and ¢a$h equileThts #t beginning ofyear 112,499 621,328 Cash and ¢h wulval•nts at gnd ofyHr 1,090,82S 112,499 10-
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poli¢io• Charity informatlon Shemtov Charflable Trust is a charity e$tabli3hed by Trust Deed dated 12 Novemb8r 1984. Tha tharity tnvests in prop8ities and distributes monigs Ihroughoth the Jewish ¢yJmmunlty. 1.1 Bash of prgparatton The finandal statèmen18 have been prepared In acrLirdan¢e wlh the charitys gov•ming docurnenl. Ihg Charitiès Act 2011 and "Ac¢ounllng and Reporting by Ch8rNl&s.' Statement of Re¢ommended Pradicè applicable to charNOes preparin9 thèir #¢Un in aceord8n¢e with the Finandd Repoiting Standard applicable in Ihe UK and Republlc of Ireland (FRS 1021. la3 amended for accounting pèiiods commèncing fiom 1 January 20161. Tha charity is a Public Bengfil Enlty as defined by FRS 102. Th8 finan¢l81 s1glements 8r& prepared in slerfln9, whKh is the functional Trenc1 of tha charty. Monetary amounts in th•$• fin8ncial statemgnts are rounded lo the n901 £. The fjnancial Statsments have b89n prepared under the historical co81 e4)nvention. modified to indud8 Ih rev8lu4lion of freehold properti8s and lo indude invgstsnent properties and cerlain nK&a1 In8lrLwnents at fair vakje. The principal aco)unting poliaes adopted are set out below. 1.2 Golni concern Al thè time of approving the financtal $latemenls, the truste65 hawe a reasonable expectslion thai the thArity h88 adwjualè resources lo continuè in operatlonal existen¢e for the foresgeablo futur•. Thus tho Iwsteos ¢onlinue lo adopt the going nC¥M basis ofaccounting In prepar#)g the financial $18lem¢nts. 1.3 Charltsblo funds Unrestricled fvnds are avaitable for use at the diSCretic of th8 trusttts in furtheranco of their Charitable 0b1gGteS. Furmls held by the charity are all unreslrrcted. thesè bng funds which can be used in a(zordan¢e with thg tharitable obi8¢ts at Ihg dls¢r&tion of the trustees. 1A In& Inco Is reccffjni8ed when the charity is Iggalty enlikd to tt aft•r any performance ojndllkjns have been mel. tho amoun15 can be measured relkabty. and11 Is probable that Inrne will be receNed. Cash donatlon8 are recogn18ed on rlpt. Ottwr donations are r8COgnis•d once the tharity has bg•n nolifi&J of the donation. unless performance CA)ndits"on8 require deferral of the amount. Income tax r8¢overable in relation to donations ceiVed under Grfld or deeds of Venant Is recognised al the time of the ¢lonatwJn. Gift aid donallon$ arg accounted for when [1Ve and indude income tsx I?Verable vA)ere applie8ble. Tumover is measured at the falr value of thè consid•ralb)n received or raVable and represent$ aw¥)unts rwiv414e for rents and S8r¥I provided. 11-
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢oufttlng pollcl IContinu•d} l.S Expenditur• Expenditure is recognised on¢9 there 18 a legal or Constru¢tr oblvJation lo transfer economic benèfft lo third party, 11 is probable that a transfer of economic baneffts will be required In setuemenl. arKI thg amount of the OvJaIl0n con bg rn90sured lb. Expenditure is d8s8rfi•d by aclw. The costs of e8dJ actbvty aro mad• up of the total of dlTg¢t costs and shared costs, indudlng support costs involved In undertaking each actmty. Dlrec costs attributable to a single adivity a alocated dirèctty lo that actwty. Shared costs whlth contrfbutè to rre than one acomiy and support costs whlch are not attributabk to a single are apportioned between thoso actmtigs on a ba$1$ consistent with th• use of resou8$. C&nlral staff costs are 811ocatsd on th& basis of lime spent a1 dewecwbon charge8 are allocated on the portK)n of the 8ssèVs u. Expenses arè inthdad in the financial statements as they become fecelvabl6 or due, nel of VAT where applicable. 1.6 Inve8lm•nt PrOrtY Investment propgrty. which Is kxoperty held to eom rentals andlor for c8Ptal appreclallon, is inthany recogni8ed al cost, which indeS the purchasg cost and any directty attrlbulable expenditure. Sub$equen (( is measured at fair valuè at lh& reporting end de. The suWus or defiat revauation is recognised in Profil or loss. 1.7 Flxed aset invostments Fvxed ¥$set investments are initialty me88ured at transg¢XKm wice exduding tr8nsafAfon ¢osts. and are subsntIY measured al fair value al eath reporting dale. Changes in fair value are r¢cognlsod in net in¢omel(expendilure) for tho ygar. Tran5aclion c47s are expensed as incurred. A $ubgldiary is an èntity corthlled by the charity. Control 1$ the power to govem the finandal •nd opgrating polie$ cifthe entity so as to obtain benefits from its aclmues. An assocLgte Ls an 8ntMy, being neither a subskllary nor a joint venlure. in whith the charity a kjng-temi interest and where the charity ha5 significant influence. The ch81ty c4MsiJers that it has si9nffl¢anl Infine# Whe rt has the power lo rt1¢paIe in th• financial and oparallng de¢f$nf of the assodatg. 1A Cash and cash •quiv•l•nts Cash and cash aquival8nts include cash in hand, deposit8 he at cal ¥wth banks. other short48rm IrquJ Investments with original maturrties of thr88 month$ or less. and bank overdrafts. Bank overdrafts are shown wrthin borrowings in ¢urrenl118bilTlie8. 1.9 Flnanclal knstruments The carity has elected lo apply the provisions of Strction 11 'BaslG Flnanclal In81nThnts' and Sectlon 12 'Other Financial Instruments1s8ue8' of FRS 102 to all of Its finala1 instrumènts. Financial in$twments are recognbsed in the eharity's balanc sh••l wh•n the (arty becomes paity to the contractual prowsion$ of Ihe InStrunt Financial assets and IlabllKl&s are offset. ¥Ath the nel ornounts presénl•d in the financAal Statamer, whgn thero is a 9allY enforceabie right to $el off the recognised amounts 8nd there is an intention to settle on a net basis orto reaSe the asset and 5etUe the liabilty simutianaou$ty. 12-
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng pollcl•s Icontlnued) &Wsl¢ flnncialass•ts Basic finan¢ial assets. whith indude debiors and cash and bank balances. are inilialty measured at transaction price Induding transaction &))sls and are subsaquenlly carried al arnortlse<l cost using the effe¢ti nteresl method unless the arrangement constttute8 a financlng transaction, where the transacton 15 measurerj at the prosgnt valu8 of the fulure r•ceipts dlscounled at a markot rate of interest. Financial 8s8ets classrfied as receivablè within one year are not amortised. Baslc flnanclal Il•bHldes Ba8ic financial liabilits. induding ¢reditors and bank loans are initially rg¢ogni3ed al transadion price unless the arTangement constitutes 8 financlng transaetion, where the debt instrumènt 18 measured al the present value of the future payments dlscounted at a market rale ol intsrest Finan81 liabilities dassled as payable within one year ara not amOrtid, Debt instruments are subsequenlty carried at amortlsed cos( ugng the effecti inlerost rale method. Trade craditors are obligations lo pay for 9oods or s8rvKes Ih¥l have been acqulr8d in th8 ordinary cour$8 of Operations from suppliers. Amounts payable are classtfied as ejjrrenl liabilities rf payment is due within o y•¥r or less. If not, they aro presented as non-currenl liabilities. Trade creditors are recognised initially al transacuon price and subsequently measured at amortised cost using tho effactiye ¥ileresl rnethod. Derecognition of fiMft¢i•lliabilitiOS Finanlxal liabAities are derecognisfjd when the conlradual obgaI)n9 expor8 or are discharged or cancelled. Ciiticil •ccountlng •¥tim•ts¥ and judg•m•nts In the application of the charity's a¢xountlng policies, the trustaes are r8qulr6d lo mak¢ judgements, estimates nd assumptions about the carrying amount of assets and liabilitses that are not readily apparenf from other sourcgs. estimates and associalèd 8ssumptions are based on historical experien¢0 and other factors that gre ¢on$idered to be relevant. Aclual results may differ from these estimates. The e¥tirnales and Under'n9 assumpts'ons are rewewed on an ongoing basis. RevT51ort$ lo #c¢ounlOnu e81imate5 are recognised in the period in which the èsb.mate is revisgd where the revision affects only that period, or in the pgliod ol the revision and fulurg periods where the revision affect8 both currnnt and fvbjre periods. Incom• from dOnOnI and legacl•s Unr•$trl¢tsd funds 2025 Unrnstrt¢t¢d funds 2024 Donation8 and gifts 828,345 456.791 13-
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Incom• IMM Investrents Unrn¥trl¢t•d Unr•strlctod fund# funds 2026 2024 Rent81 incijrr Intarest rec8rvoble 108,910 402 176.531 109,312 176.534 Ch•rftsble •ctlvitiey CrIbI0 Ch•rltsble acttvltles actlvhle8 2025 2024 Insurance GThnd rent and rates Bank ¢harges and intere81 Loan Interest payable Repairs and renewal8 Irre¢ovèrable VAT Provision lor bad debts Manag8m•nt f Light and heat Securlty costs Advertising èler rates Svndry eypen8es Clearing 36,271 16.300 10,985 82 879 214,C65 16,671 164.716 26,9S8 2.014 103 7,IXJ9 18,152 14,924 14.224 16.875 8,281 1.51Y2 1.927 750 1,668 951 181 291.399 28S,998 Grant fijnding of lsee note 61 Share of governance costs {see note 7) 513,900 13,284 611,650 10,580 818,583 908.226 14-
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grnnts payabl• Charilabl• critab aetlvlll•s a¢llvltles 2025 2024 Grants to institutions: Bikur Chofim and G8mlbJlh Chessed Trust Kouel Gaon Yaakov Teshivoh Tefilloh Tzedokoh British Ffyands of mer Halornh CMZ Limited IMPH) Klng Dad Schoc48 (Manchester) Friends of Wznltz 861$ Yoel Lehathzikom UK IMPHI 8élz machVka {MICI Ltd Ahavas Shalom Tru81 Keren Habinyan Limited Tofflchel Shabbos Manthesler Other 15,000 20.000 19,500 18.000 25.550 15,6CQ 25.OlYJ 20,000 14,500 14,600 19,8 18.C(#) 136,000 30,000 23,500 339,150 296,350 s13.9] 611.650 The above material grants madg lo UK charitable institutions tn the ar. Support costs allorAtod to actlvltlè 2026 2024 G0wrnOn ¢osts 13,284 10.580 Analywl t•en. Governance costs 13.284 10,580 2025 2024 Govemance Costs comprn•: Audit f8eS Legal and professional 4,200 9,084 3.765 6,815 13,284 10.580 15-
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 N•t mov•ment In funds 2(126 2024 The nel movement in furKls is stated after charginglltJeditirvJl.' F08$ payable for the a111 ofthe Charltys finanual stalgmgnts Loss on disposal of investsnent propety 4,200 94,481 3,765 None of the trustees {or any p8rson8 conctod wtth them} received gny remuner8lion or b8n•ffts from the arrty dng tho y8ar. None of the Iruslees lor any persons eonnecled with them) r8ceived Y reimbJTsem8nt of expense3 from th Charty during th• year. 10 Employ••# The average monthty number of emF4oy88s during the year was.. 2025 Irnber 2024 Numb•r Total There w9rg no employees Yéhose annual remunerath)n was more than £80,10. 11 Galn$ and Ios8e8 on In¥eskn•ftls Unrttrici•d Unmtiict•d funds funds 2025 2024 Galnslllosgesl arising on.. G•Mrnl fund Sale of investsnent propertres Revaluation rts•No Rev81ualion of investmant prop8rtiès R8valu8d alèmont 0fed assets sold (94,481) 3,900 185,9821 84,948 Totsl revalua1ion res&r 182.082) Total gainslllo$ses) (176,563) 84,948 12 Taxalion Th? actiwlies of the Shemlov Charitable Twsl are exernpt from direct taxation under the Incp)me TaxAd 2007.
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Inv•slmgnt property 2025 Falrvaluè Al 1 Apdl 2024 Disposals Nel galns or losses through f8lr value adjustments 7,043,184 12,117,924) 3.900 Al 31 March 2025 4.929,140 Inve$lmont property comprl8e8 mainly of residential properlies. Th8 fair valu8 of th8 investment propgrty has ba•n arrived al on th8 basis of a valuation carrfeil Olrt al the ye8r end by the trustees. Thè valualion wa$ mado on an open market value basls by referènr* to market emdence of Iransadon prices for similar properties. 17-
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL sTATEmErs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Flx•d •Met inve¥tsn•nts Investments CMt or valuallon Al 1 April 2024 & 31 March 202S Carylng amount Al 31 March 2025 At 31 Matth 2024 2026 2024 Olhar investments oJmpiis8'. Inveslments in $ub3idiaries Investments in assoaates 21 15 D•btorn 21125 2024 Amounts falllng du• wlthln on• yoar. Tradg dgblor8 Other deblors PrepaYnts and O¢¢Tued income 8.712 2,603,737 53.362 11,978 2.125,199 65,158 2,665,811 2,202,331 16 Credltors: amfjts fallin9 du• wlthln one yr 2025 2024 Bank loan8 Trade ¢redilNs Other creditors AcL¥uais and deferred Income 18 27.984 22.171 703,288 36.227 23,828 30,782 475.071 36.573 789,670 566,234 18-
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 CMdilor•: amounts falllNJ du• aft•rmoTe than one year 2026 2024 Bank loan8 1.819238 2,457,403 The atrt)vè loans were secured ty a ¢hargo over the inve8lment property in the company. 18 Loan6 and ovordraft# 2023 2024 Bank loans 1,847,222 2.481,231 Payabl8 wNhln one year Payable aft•r on• y••r 27.984 1.819,238 23.828 2,457.403 Th& ave loans were secur8d by 4 tharge over the invesknent propwty in thg company. 19 Unr¢Jtricted funds Tho unT9sts1cted fund8 ofthe charity cgmprisg the un6xperKled balartts of th)nallon$ and grants whith are not subject lo $peThfic conditions by donors and grantors as to how they may be used. These indu¢Je designated fijnds whic have been sel aside out of unrestricted funds by the trus188s for specifi¢ purpos8s. At 1 Apiil In¢omlng Reou•S 2024 rn80ur¢•• expended Galns and At 31 Mar¢h 202S General frJnd$ Revaluation SerVe 5,405,801 928.558 737,657 {818.5831 194,4811 (82,0821 5230.394 846,476 PrnvI0 year. At 1 April 2023 Incomlng R¢¥ourc•s resour¢•s ?xpendtrd Galn$ and At 31 March 2024 General funds Revaluation reSe 5,680,702 843.610 633,325 (908.2261 5.405,801 928.558 19-
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Relat&d party tran•a¢tlon Donation income Includes donations of £100,000 {2024.- £100.0001 from Mr S Ha1M and £371,50012024= £210,5001 from Samjo Limited, a UK d)arfty in which Mr S Halpem 18 also a Iruslee. There is a150 a donat)n of £30200 P024.' £30,2001 from Rosherton Limited, a company In whith Mr S Halpem is a di¥ector of. Various investrnenl propertles were held in Ihe namg of the trustees on behaffof the <arrty, with a Trust Deed in place. 11 Suboidiri•s Dètails of th• th8n$ subsidiari8s al 31 March 2025 afv as fG41ow5'. Namè of und•rtaklng Registsrnd offlc• Maturo ot buBlno¥¥ Class of % Held shares held Dir•et Indirect Rgsherton knmited UK Ordinary 100.00 22 Assoclates Details of ca)ariV$ 8ssotyate8 al 31 March 2025 are as folkw.. Nam• of und•rtaking Rgglstergd N•tur• of butslne88 Cla88 of sharn¥ held % Held Div•ct Indir•¢t T88tament Soluilons Ltd UK Ordinary 50.00 23 Cash (absortl byVg•n•rntsd from op•ratlon8 2025 2024 Deficii for th8 year 1171,50T) (189,953) Adj70Thts for. Investment income recognl8ed in statement of financaal ¥¢tivitie8 Lo8$ on disposal of inv8Stment property Fair valu• gains and lossas on inve$tm¢nt propgrties {109.3121 94,481 13,9001 <178,534) 184,948) Mov•m•nts In W1n9 rApltal: (Increaseydecrease in debtors Increase in ¢redltor8 (463.4801 219,280 533.326 452,546 Cash labsorf)ed byygenerated from opor*tlo (434.4381 $34,437
SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CoriNuED) FOR THE YEAR ENDED 31 bVARCH 2025 24 AthatyAi# of ¢hang•s in n•t Idebtyfunds At 1 AwlF2024 ¢a•h lloAl 31 Il•r¢h 2026 C8$h 81 bank and In hand 112,499 978,328 1.090.825 Loans falling due within one year Loans falllng due after more than one year 123,8281 (2,457,403) (4,1581 638,165 (27,984) (1,819.238} (2.368.732) 1,612,335 1756.39n 21