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 th￿r 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 J￿ish 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 rel￿310￿$. edu￿t￿on￿l and slmilar etharibes. The prin¢ipal objective of the tru$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￿)n￿Sted 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 $8rne aims. The trustees have Nlenlffied a number of Orthodox Jèwish tharilies which profvss and leach tha Pd￿rA￿S 01 Iradluonal Judaisrn or which carry uJt activities whkh advance rellglon in accordan¢e with the Orthodox Jewish f¥rih. Grants are giv8n on ap￿KatiOn to the tru$lo9s by Ihtse oi sNnilar tharit￿$. Achhv•monts and porformanc• During the year the trust made donations lo a wide variety of tharrt￿5 wllhin the Jewish communty. The charity believes it has achièvad it$ 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$lmenl performance aThJ Mlh the levgj ol donations given lo worthy causès. At the ygar end the trust had &ighl UK freellold and lon￿0a$•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 it￿Orn• 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 Ir￿oMe 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 rese￿eS 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 investrr￿ts. 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 d￿re• of S￿rItY of ine¢)me. The ¢harfty's investments generated an 8￿1&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 inVes￿ng In Smaller low risk properlies in high demand areas lo almost guar8nteè an income. The trust￿ gnsure the propert￿8 are maintained to g good ¢ondNlon lo ensure cgnlnued Inc¢xne. Plants forfuthro p•rlod8 The trust plans lo conllnue 10 seek donations re￿1¥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 beha￿0fth9 Iwsi are m8de by th& tritstees. Iruslees are responsible forthe provision of moans lo dlstri)ute ¢￿table donalpjns to wcfft causgs. t￿tailS of r8lat8d paty transactkins sre disdosed in note 20 to the ar£ounl¥. T￿SteeS 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 Trl￿*è8s. Report and the ffinancial statements in o¢c￿rdance 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 charft￿s 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 p￿￿entiOn 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 ae*vitios, the balance sheet, the statement of cash flows ¥nd notes lo the financial slalements, including signfficant 8¢¢ountlng polldes. The financial repOrt￿g fraN￿ork that has b88n appl￿d 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 aPpl￿thI0n of resour￿$, for the year then ended.. have b8en property prep￿ed in accordancé wth Unitéd Klngdom Gener81ty Accepted Accountnig Praclic8.' and have been praparad in a¢¢ord8nGe y￿th 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, indiv*Jually 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 auth￿48￿1 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 F￿rfOrMèd. we conduda that th8r• 1$ a malgrlal ml$slalem9nl of this other infornation, we grg raquirad to report that faL#. We have nothing to report in this regard. Matttrn on whlch wè are requiyed ta r•port by exceptson We have nothing to report in respect of tha following mattars in r•l8lion to whi¢h the Chaiib8s {A￿unIS and RgFQrtsl Regulations 2008 requires us to report to you rf, in our opinS0n.' the information given in the finan¢6al statements is irtconsistent in aoy material respeL* with th• trusttss. rgport., or 6uffirAenl accounting records havè bean kept.. or the finan￿￿ stalgmenls are nol in agreement with th& 8¢cxJunllng records.. oi we have not received 811 the Infomalkjn and explanations we require for OLK aud SHEMTOV CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEMTOVCHARITABLE TRUST R•spon$lbllltles ol trust••8 A8 8xplained more fijny in the statement of trL￿ta@S. rèsponsSbllll88. th8 trustees are responslble lor thè p￿para￿.0Th of the financial statements and for bein9 satiSf￿d 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 $0. Audltorf4 re8ponslblllUe8 forthe audlt of the financlal 8tatement8 We have beèn appointed as audftor under section 144 of the Charities Act 2011 and rèF*)rt in aCQJrdar￿ with thè Act and relevant r¢gul8tions mode or hawng effect thereunder. Our objectives are lo obtain reasonable assuronGe about whether Ihe fina￿Aal statements as a whole are free from mal&rial misstatement. whether due to fraud or error. and to issue an audilorfs report thal indL¥Jes our opiniL¥). Rèasonable assuran￿ is a high level of assurance bui is not a guarAntee Ihat an audit conducted in 8¢cordan¢e with ISAS (UK) ￿11 a￿ayS datect a matarfal misstat8ment whgn K exists. Mlsstatements can aris& from fraud or ¢rror and ar8 considered matarial if, indmdualty or in the 89gr*gatè. they could reasonabty b• •xpeded to irrfluence the gconomlc derisions of u8er8 laken on thè ba818 of th986 finan￿al statements. Irreguladll8s. induding frayd. 8re Inslan¢es of norKompllance vllh laws and wulations. We deslgn procedures in line with our rèsponsibifrtios, lo detect material misstatements in respeca ol irwu1ar1t￿, induding fraud. The extent to which our pm¢edure5 are capable of detethng wrogulariiie3, induding fraud, is detailed below.. We obtsined an understanding of laws and regulation5 that affect the enlty. fo￿SIng on those that had a dlrect effect on the ffinan&al statements or that had a fundamental effect on its OFerati￿$. 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 *nvironm*nl 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¢rfom*d to addres5 these ri$k$. We revigwod fin•n¢ial statements di5dosures lo a&%e68 comF4iance wilh relevant and regUlat￿n 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 a￿untIng •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 noTrdetec*ion of Irregulariks. as these may invdve collusion, forgery, Intentional omlsslons. misrepr¢sentst￿n$. or the overrfde of itilemal ￿ntrol$. 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$lees, as 8 boty. in accordance with Part 4 of Ihe ChBrib8s {A￿UnIS and Report51 Regulations 2008. Our audit work ha$ been undortakan so that W8 might slato lo lh8 eharity's trustofjs those matters we are requI￿d to state lo them In an audllor's report and for no other purpose. To Ihe fvllesl extent permitted by law. we do not ac￿p1 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 AGr￿untants 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 Ott*r 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 •$¥ets Investment properti&s InveslThnls 13 14 4.929.140 7,043,164 4,929,142 7.043,166 Currnnt a880ts Debtors Cash at bank and in hand 16 2,665.811 1,090.825 2.202,331 112,499 3.756.638 2,314,830 Cr•dltor4". amounts falllng du• *lthln 16 (789,6701 1566,234) current assets 2,966. 1,748.Y Total assets I•BS current liabllltles 7,W.108 8.791.762 Cl￿11￿￿. amounts fallln9 du• •ft•r moye than one ye•r 17 11,819,238) ,457,403 6,076,870 6,334,359 In¢om• funds Unreslri ed fvnds- eneral General unrestricted fvnd5 General unreslric*ed reseNe-Investment property vahjation 5,230.394 5.405,801 848.476 928.558 6.078,870 6,334.359 6,078,870 6,334,359 The financial stslements were appmved by the TNstee¥ on. alpem SHEMTOV CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note• Cash flows from opernting #¢tivili•s C8sh (absorbed byllgeneraled from op&rations 23 (434.438) 534.437 Inv•8tlng activiti Purchase of Invesimenl property Proceeds from dssposal of investsnanl prop Investment income re￿Ned (1.957.972} 1.937,461 109,312 176,534 cash g•n•rnt•d fr¢rNI{u*•d inl investing actlvlllg8 2,046.773 11,781,438) Fln•n¢lng actlvltlej Repaym¢nl of b¥nk1ts8n$ (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$h equi￿leThts #t beginning ofyear 112,499 621,328 Cash and ¢￿h wulval•nts at gnd ofyHr 1,090,82S 112,499 10- SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poli¢io• Charity informatlon Shemtov Charflable Trust is a charity e$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 n90￿1 £. 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 ￿n￿K&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 $18lem¢nts. 1.3 Charltsblo funds Unrestricled fvnds are avaitable for use at the diSCretic￿ of th8 trusttts in furtheranco of their Charitable 0b1gGt￿eS. Furmls held by the charity are all unreslrrcted. thesè b￿ng funds which can be used in a(zordan¢e with thg tharitable obi8¢ts at Ihg dls¢r&tion of the trustees. 1A In￿￿& Inco￿ Is reccffjni8ed when the charity is Iggalty enlikd to tt aft•r any performance ojndllkjns have been mel. tho amoun15 can be measured relkabty. and11 Is probable that In￿rne will be receNed. Cash donatlon8 are recogn18ed on r￿lpt. Ottwr donations are r8COgnis•d once the tharity has bg•n nolifi&J of the donation. unless performance CA)ndits"on8 require deferral of the amount. Income tax r8¢overable in relation to donations ￿ceiVed under Grfl￿d or deeds of ￿Venant Is recognised al the time of the ¢lonatwJn. Gift aid donallon$ 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 ra￿Vable 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 O￿vJaIl0n con bg rn90sured ￿l￿￿b￿. 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 r￿re 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 resou￿8$. C&nlral staff costs are 811ocatsd on th& basis of lime spent a￿1 dewecwbon charge8 are allocated on the portK)n of the 8ssèVs u￿. Expenses arè inthdad in the financial statements as they become fecelvabl6 or due, nel of VAT where applicable. 1.6 Inve8lm•nt PrO￿rtY Investment propgrty. which Is kxoperty held to eom rentals andlor for c8Ptal appreclallon, is inthany recogni8ed al cost, which in￿deS the purchasg cost and any directty attrlbulable expenditure. Sub$equen (( is measured at fair valuè at lh& reporting end d*e. The suWus or defiat ￿ revauation is recognised in Profil or loss. 1.7 Flxed as*et invostments Fvxed ¥$set investments are initialty me88ured at transg¢XKm wice exduding tr8nsafAfon ¢osts. and are subs￿￿￿ntIY measured al fair value al eath reporting dale. Changes in fair value are r¢cognlsod in net in¢omel(expendilure) for tho ygar. Tran5aclion c47*s 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 Infi￿ne# Whe￿ rt has the power lo ￿rt1¢￿paIe in th• financial and oparallng de¢f$nf￿ of the assodatg. 1A Cash and cash •quiv•l•nts Cash and cash aquival8nts include cash in hand, deposit8 he￿ at cal ¥wth banks. other short48rm Irqu*J Investments with original maturrties of thr88 month$ or less. and bank overdrafts. Bank overdrafts are shown wrthin borrowings in ¢urrenl118bilTlie8. 1.9 Flnanclal knstruments The c*arity 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 fina￿la1 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 InStru￿￿nt 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 $el off the recognised amounts 8nd there is an intention to settle on a net basis orto rea￿Se the asset and 5etUe the liabilty simutianaou$ty. 12- SHEMTOV CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng pollcl•s Icontlnued) &W*sl¢ fln*ncialass•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