2025-09-30-accounts

REGISTERED CHARITY NUMBEIL. 312905 REPORT OF THE TRUSTEES AND FINANCIAI.STATEMENTS FOR THE YEAR ENDED 30 SF,wfEMBER 2f125 FOR MESIFfA TALMUDICAL COLLEGE Xeinadin Audit LiTEllted. Statutory Auditor 8th Floor. Beeket House 36 Old Jewry London EC2R 8DD

MEsirfA TALMUDICAL COLLEGK CONTENTS OTr. THE CONSOLIDA'I"LD TrIYAYCIAL STATEMENTS for th¢ ear ended 30 Se tember 2025 Page Report Df the Trustees Report of the Iffidepellde￿t Auditors 10 to 12 CO￿OI1d￿ted StAtement of FinaTrcLAI Attivities 13 Consolidated Bfilanee Sheet 14 Ch9rity B8laDce Sh¢el 15 Consolidated Cssb Flow Statement 16 Notes to the Consolidated Cash Flow Statement 17 P4otes to the CoDsolidY4ted FiDalltial StateMe￿ts 18 to 28

MESIFTA TALMUDICAL OLLEGE REPORT OF THE TRUSTEES for the ear eniled 30 Se tember 2025 The trustees present their report with the financial statements of the gTOUP for the year ended 30 Seplember 2025. Th¢ trustees haye adopled the provisions of Accounting and Reporting by Charities.. Statement of Recomm¢J>d¢d Pra¢tic¢ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland {FRS 102) {¢ife¢tive l January 2019). OKIECTIVES AND ACTIVITIES Objectives and aims llJ¢ charity's objectives are a5 set out in its, governing documenL namely the charity was established for the purpose of prornoting advanced Jewish religious eilu¢ation and leaming, and in particular to.. (a) give instruction to the students in Jewish ¢lassi¢al religious literature with sp￿la] emphasis on the Talmud, (b) encournge Jewish religious observance in particular among ihe youth, and (c) train young men to occupy ecclesiastical offices withtn the Jewish community. Public benefit The trustees have reft￿ed io the guidance contaiT)¢d in th¢ Charity Commission's general guidan¢¢ on public benefit. and 'The Advancement of Religion for the Public Benefit, in particular. when reviewing ihe aims and objectives and in planning th¢ charity's fi]ture activities. The airns of the ¢h8rity for the public benefit are d¢tail¢d in the 'Objectives and Activiti¢s' section of ihis report. ACHIEVEMENT AND PERFORMANCE ChAritable activities The charity operates 8 college which has approximately 135 siudenis on its role. The college models its learning-day on th¢ traditional study Style Lommon 10 njany Taljmudical Colleges. which is predorninantly peer-led, with fomal lecwr¢s delivered during the midday peTiod to provide in-depth analysis of the tops¢s being s(udied by the studenls. However, although learning is peer-led and self-pa¢ed, siudentg are supported in their learning throughout Ihe day by several full- time stsff members ivho are employed to ¢nsur¢ that stlldenrs can access guidan¢e and direction. The Talmudical College's library and study rooms are noisy and eneTgetjL- sn]denis are engaged in a¢ademie debaie, articulaling arguments, defending their re￿onIng and honing their pol¢rRac skills. Siaff can often be seen in heated debaies with their student5 as they thrasb out the logical arguments of the Talmudic smdy and codified Torah Law. In addition, midday lecwres are held, which are open io people of all ages in¢luding prospective students and working alumni who wish io devote part of their day to continued leaming. Lectures aTe rnore fomjal in iheir sryle of delivery. and are predi¢at¢d on the students having already grasped the basics of the topic beforehand. Siudenis will review the material from the l¢¢tures later in the day. challenging the premise of ihe thesi5 Put across by the rabbA. Staff must therelore continu¢ to be on-hand throughout the day to clarify topics and answer questions and ihe college is constantly investing in adding to its already impressive library so that the studenis can research material as part of their studies. The ¢ll￿J(u1￿m has been developed to achiev¢ th¢ Obj¢cts of the charity. T4lmud Study Introduction: Ketubot Ketubot deals ivith the varied aspects of the relationship belween a man and his wif¢ and their mutual obligations lo each other- whether at Ihe inception of the m8Triage. durÈng the maThiage, or aft¢T it is t¢miinated by divorce or the death of one of ih¢m. This Tracrate takes its name from the Keiubah. the marriag¢ contra¢t that details the various marital and financial obligations and commitments undertaken by the two parties. In gen¢rations gone by, divorce was not necessarily recognised by secular 50¢iety, and there was little in place to provid¢ protection for women if their marriage failed. Within Jewish Law, thi5 proie¢tion wag mandated more than two ihousand years ago, stipulating th¢ necessary provisions and protections lo be enshrined before any marriag¢ would be recognised or perniitted. Page I

MESIFtA TALMIJDIC.AL COLLEGE REPORT OF TIIE TRUSTEES for the ear eDd¢d 30 Se tember 21125 Scope of c.ourse Ketubot deals with three iopics.. The Stages Elernents of the Jewish Mattiage - Th¢ Process of fvtarriage - Stsges of Development Soeial Relevance Great Britain is home to people of myriad cultures and faiths; a key component in advan¢ing the integration and hannony b¢twe¢n th¢ many communities is the robust research undertaken by our students to prepare ihem for lile in modem Britain. An iniegr*ed so¢iety ￿qUireS the communities who live side by side to do so with tolerance and respect for the diversity of each other. Tractate Ketubot provide5 a strong foundation for understanding responsibility and culpability within relationships, and the signÈficance of protecting the rights of a life-partner within ihe holy ielatiortship of marriage. The Stages and Elements of the J¢wish Marriage The Ketubah The term Ketubah literdlly means a document, but at refers primarily to the obligatlOn5 of the marriage agreement. While this marriage agreement briefly describes the husband's obligation5 to hbs Wlle. its foremost feature is the dower (the )rtion of a man's property allotted to his widow or ¢x-wifel in the event of their divoTce or the husband's death. In Mishnaic temiin0l0￿. the word Ketubah specifically refers io the amount of ihe dower stlpulated in the agreement. In coDtemporary parlance, the tcrjn Ketubah has come to denote the document containing the majyiage agreement. The Value of the Ketubah Not all women receive the same basic amtsuni for their settlement. A woman who marries as a virgin is entitled to two hundred Zuz (the contemporary currency at the time of the fèlmud). The Ketubah of a widow or divor¢ee. however, is one hundied Zuz. Th¢ amount of ihe Kewbah for a woman who lost her virginity through injury rather than cohabitation ts on¢ of the aspects discussed in ihis Tractaie. In recent generations, since the mid-1900s. secular society ha5 also recognised divorce, the need to add protection for vulnerable parties, and the need to reach equitable settlements. As such, Ihe practice nowadays 15 for divorce settlements to be subject io the judicial ruling of secular courts in addition to the religious court {Beth Din). In recent dccades. eontelnporary BritL5h Law has also become mindful of the Jyligious requirements that n)ust b¢ fvlfilled to dissolve a Jewish tnarriage. As such. it is now comtnon for a judicial decree nisi to be withheld by ¢he Court until the Beth Din has confirn)ed that the husband ha5 a]so discharged his religious obligations to his wife. Likewisr, the B¢th Din does not begin rcligious divorce proceedin8S Wlthoul verifying that Collcurrent divor￿ PTo¢eedings in a Court of Law are in pla¢e. It is now commonplace in most Western countries for this ¢on¢urr¢nt, interdependent process to be aligned. In preparation for married Itfe, and to foster a greater awareness of personal responsibility os an adult, the fo¢us of th¢ students, studies is their wid¢rstandin8 of th¢ various elements of this legal frameworl and that these Steps were pul ifh place by th¢ Robbis of the Talmud centuries ago to provide protection to women. and to foster re5Ptct between the Sexes. Modifying the Standard Keiubah In drafting a Ketubah, Ihe husband may add ￿ the Ketubth as large a supplem¢ntary amount as he desires. Tn contrast to this. the groom ha5 no right to decrease the ]ninimLtrn Statutory atnount of the Ketubah, even with the consent of his brid¢. The Rabbis wnt¢nd that one may never seek to circumvent pledging the minimum ￿￿OUntS presuibed for the Keiubah, and the Sage, Rabbi M¢ir, states that one who undertakes to give his bride1¢5S than the statutory minimum renders their intimary illicit. Other Items in the Ketub Besides the statutory amoun¢ of the Ketubah, and any addiiional a￿oUnt ￿0[￿ntarilY pledged by the 8room, the ride's dowry may also be included in the husband's resp)nsibilities underihe Ketubah. If il is, th¢w possessions become known &s fjxed-value property. Unlike some previous legal fratneworks. which allowed the heir to an e5tat¢ to inheTit any monies brought into a marria8e by the bride. the Talmud mandates that the husband assume responsibility for jtmunerating the fvll value of ihose properties - as ￿SesSed at the time the Ketubah was written- in the event of his death or their divorce. H¢ may profil from any in¢r¢w in the value of the5¢ possessions but is also liable fortheirdalnage. depreciation. or loss. P#ge 2

MESIFTA TALML'DICAL COLLEGE REPORT OF THE TRL,STEES for the ear ended 30 Se tember 2025 If the woman brings properties at the time of marriage, which she chooses not to enter inkn her Ketubah. or she inherits or gain5 possession of other belongings during the marriage. these are kllown as usufructuary property. They are 80 designated because the husband may benefit from the dividends they provide. but he has no rights to the propertie5 themselves. This as perhap5 analogous ￿ benefitling from the wool of sheep gleaned at each shearing Season, which leaves the animal itself intact. The htssband may b¢nefJt from the dividends provided by those properties, but he ha5 110 entitlement to the capital value thereof. He neither profits from an increase in this property's value, nor is he Isable for any daTnage. depreciation, or loss. The property must revertto hcr- in whatever condition it may be- upon their divor¢¢ or his death. The text ofthe Ketubah also iecords the husband's pledg¢ to provide his wife with her various needs. Also included g the obligations of his estate to her and her children after hi5 death. e Protess of Mgrri*g¢ Ernsin or Kiddushin Betrothal These tem)s desciibe ix)th the first stage of marriage and the act ihat brings it into effe¢t. Erusin is very ditTer¢nt from mere"betrotha]" in that during the Erusin. the couple is considered legally married in most aspect5. The wife may Dot b¢ wed to anyone else, and any intimate relations with other men would be considered adultery. In addition, Erusin ¢an only be dissolved with a Gei12 do¢ument of divor¢el. However, during this stage of marriage, the couple is not yet perniitted to ertgage in maritsl relatiorts together. The Erustn cart be legally established by any of the following Trethods. if they are done for the puT￿se of marriage.. if th¢ man gives the woman money lor any obj¢¢t of value, su¢h as a ringl. or if he gives her a marriag¢ do¢um¢nr (nor be confijsed with ¢h¢ Keiubahl. Whilst their marriage could also be established as complete through cohabitation. the Rabbi5 forbade thi5 last method, to protect women from potential abuse. Nisuin - Morriage The second stage of marriage is called Nisuin (full marriage). This is effected by a procedure Called Chuppah. and it completes the marriage process. It comprises placin8 a veil on the bride. the groom bringing the bride into his domain I￿O￿p1]Shed by bringtng th¢ ¢ouple under th¢ bridal ¢atJopyl, and by a short period of seclusion bdwe¢n the grty)m and bride, ktjown as Yichud. The Contemporary Chuppah service ajlows for all these aspects to be accomplished within a single short wedding service. In ¢ontrast to today's ¢ommon pra¢ti¢e, the period of Erusin in earlier generntions lasted a long tim¢ usually a year. Following ihe Erusin ¢eremotty. the bride would reiurn to her faiher's home and remain there ufttil ihe Nisuirt. Later. it be¢ame ¢ustomary pra¢ti¢e thToughout world Jewy to p¢rforEll both legal stages of maTriagt IEru5in and Nisuinl at the wedding. This IS the standard Itgal practice nowadays. Stsges of Development A girl passes through I1￿ce sthges of legal development.. Minority, Na'antt and Adulth￿d. Minority lasts untkl she is twelve and begins puberty, at which point She enters the status of Na'aTiEt. The Na'&Nt State lasts for up to six month after which she achieves the fjnal stauje of Adulthood. A girl in the Na'arut state is called a Na'arah. A girl in the state is Adulthood is called a Bogeret. A minor girl is under her father's legal conLtt)I, a Na'arah is partially under his authority and responsibility, and a Bogeret is completely indepcndcnt. The focus of thi5 legislation is relationships. However, it might perhaps be analogous to cu￿ent national legislation, which similarly limits the rights of Child￿n under the age of nsent, or the legF41 age that limits when a child may vote or enter inio a wntract. Summary As a Teli8ious work. Ihe Talmud hi8hli8hts that relationships are to be governed by a code of ethics that protect the rights of vulnerable partners within society. Marriag¢ is borh a holy union of two souls, and a transactional union subject to fiscal r¢sponsÉbility and financial restitutÈon if the relationship ends. Emphasising social responsibility énd personal eulpability is key to instilling Siud¢nts with r¢$p¢tt foi the law and for each other. So¢iety requires iLs citi¥ns ¢0 uphold the law and hav¢ a healthy view of morriage, personal responsibility. and equitability in life. Linking to the previous academic cycle5 of 5thdy ￿ the college, which focused on - P#g¢ 3

MESIFTA TALMUDICAL COLLEGE REPOR"r OF THE TRUSTEES for the vear ended 30 Se tember 202S morality within the home, respect for individual rights, - equaliry and personal safety, financial restitution for tortiOU5 injury. . ownershÈp of property and personal possessions, Thhs year's syllabus continues to providc a solid ethical and mordl foundatiort for the student body to aspire towards, laying a clear framework foT 1￿Ching and promoting British values. ExpAnding Tornh Ethics & MorAlity The Mussar{ethics) works of Mesilat Y¢Sharim, Chovot HLeVvot and Cboftez Chaim are fundamental cowses that students study as part of their social development to prepare for adulthood and life in modern Britain. - The Mesilat YeSh8rim fwus¢s on personal charact¢r development, fostering a healthy self-image and understanding one's place within the family, community. and society. The students debate what it n]eans practi¢ally to have "faith in a Supreme Being", or to respea the teachings of one's parents, teach¢rs, and p¢¢rs. - The Chovot HaLeVavot features essays and gllidance on purity of the mind ottd body) and the impact ofper50nal ¢hoice on behaviour and lifestyl¢. This dov¢tails with socieial trends toward respecting individual rights. having due regard for r¢li8ious. racial. and sexual id¢ntity, and accepting the right of the individual to assert iheir self-identity without fear of ridicule or tsolation. The Chofett Chaim promotes Fefined speech, and h¢ cautions about the danger of libel and defamation of character. Studying the Chofetz Chgim in patticlllat, and daily. ha5 never been tirnelier in addre5Slll8 negative soci￿al trends, instead encouraging wholesome in¢erperSo￿l values and tolerance of individual rights. Thes¢ books'drill down. into aspects of praciical Torah Law in everyday speech and behaviour. examinsng real-world applications of Torah concep15 promoting the adoption of kindness and refinement. The students leam to reject and confront all forn15 of bullyin8 within the home, Sch￿[, work envirojunent and ¢ommurtity. The classi￿] Jewish Mussarworks wholly underpin thecollc8e'5 Anti-Bullying Policy. Thisaid5 the school in ¢ontinuing to promote'due regard. tsf the Equality Act 2010, taking its aims into consideration and en¢ourAging healthy interactions between students. In the ¢ontext of the shjdents, daily life at th¢ college, tIL¢ college seeks to advance equality of opportunity, helping to removt or minimise disadvantage. The college also works hard to meet the students, needs and encourage their full panicipation in study, prayer, academi¢ dialogue, and critical thinking. The college achieve5 thi5 by providing a range of relevant iopr¢s, articulate and competent teaching stsff. and by encouraging peer-to-peer learning and mentoring. This fosters g(K)d relations between people. thereby helping to t￿k1¢ pr¢judic¢, promoie understanding, and challenge bullying in all its forrns. Persomal D¢velopm¢u( Mindfulness and Cratitude Berachot (The Laws of Blessings on Fruit) This year's course has focussed on the different bl¢ssings asso¢tai¢d with foods, when eaten on their own or when mixed with other foods. In Jewish Law. saying "Gra¢e' before a m¢al is more than a simple statement thanking G-d for the bounty that He h&% provided. Rather, the blessings or prayers, and whether ritual handwashing is requir¢4 will depend on the types of food served and in what Combination. There is also a hierarchy to the order of blessings when saying Grac¢ after eating fiM)d or a ￿￿, and the forni that Grace aft¢r Meals takes. depends on the content of the meal. Whilst academic in nature, the Unit is fundamental to ¢n￿￿[agIng a hands-on interest in dornestic activities, and th¢ need for young men to play an active Tole within the family, as a husband and father. Page 4

ESIFFA TALMUDICAL COLLEGE REP for the RT FTHETR TEES ear ended 30 Se tember 2025 Biblical (Torah) Law Berachot (The Laws of Blessings- Overview) These studies focus on practical day-to-day observances, rather than the more technical studies of the Talmud. Blessings are r¢cit¢d for many pans of daily life including.. Daily Blessings of Pr&i5e and Gratitude.. blessings on life itself, such as self-awar¢ness, sight, mobility. and Clothing Blcsssngs of Beneflt.. blessings recited before eating food, Praise and Awe.. bl¢ssings re¢iied in when witnessing signifi¢w)i natural o¢¢unYnces, such as seeing lightning. meteoTS or an eclipse, hearing thunder, or fe¢ling a hurricane or an earthquake, seeing the appearance of a rainbow, and sts forth, Blessings of Reveren¢¢.. blessings rtcited when meetLll8 partiGular people of note. such the Monarch. a Sage, or individuals of spectacular prowes5 and ability, - Bl¢ssings befor¢ ObseTvances." blessings recited before performing ritual observances. such as a woman's before lighting the candles at the onset of the Sabbath, or a man's blessing when donnillg phylacterie5 at the start of daily prayer. - Blessings of Prayer: blessings of praise and gratitude contained withing the liturgy of structured prayer. Shabbat (The Sabbath) Part of the learning day throughout the year is set aside for the study of the laws of ￿lIgiouS obseryart¢es, illcluding tht Festivals and the Sabbath. Students are tsught the value of fatnily life and the Servic¢ ofthe Al-mi8hty by followin8 Hts njles of ceasing all manner of work on the Sabbath and Festivals, as well as performing the positive observances or celebrations of each Festival. These topics are extremely detailed. ftsTming part of the annual curriGulutn. Thi5 particular topic 15 central to Jewish Life. Units are extensive in nature, therefore may be found as part of thc college curriculum throughout the students. time at the college. Tefilah: The Morningi AfterDOOD EveoiDg PrAyer Services The students, daily Acts of Worshjp support self-wodh, whil¢ inspiring humility and s¢lf-refinemen¢. They en¢ourage a healthy workllife balante by introducing regular periods of persortal reflection and ￿ntemplatIOn during the WOTking day. Communal prayer services emphasise the Talmudie rquiTement to pray for the health and well-being of the Monarchy. This encourages a responsible attitude towards Britain and foster5 a positive attitude towards society, r¢co8nisin8 the ethnic and religious diversity of the local wmmunity in whi¢h th¢ wll¢ge is lo¢ated. The laws pertaining to daily prayer, whilst taught within the aEligious GDntexl, also f05t¢T aTr appreciation of ahigher order and the recognition of a Supreme Being. who created Heaven and Earth. An important aspect of these Studies is the recognition that otheTS may have different faith5 or beliefs. It is mindfi]l of the religious plurality of society and promotes acceptance and tolerance. as Iforexample) in the phrase from the Book of Micah. and found inthe daily Morning Prayers.. "For let a]1 peopl¢s walk; ¢a¢h on¢ in the nam¢ of his god. And we shall walk in the name of the Lord our G(NJ for ever and ever." Sumrnsry of School Focu5 8nd Achievements Over the past year. the School has continued to grow and flourish. providing our sthdents with a strong foundation tn ToTah leaming, p¢rsona] d¢velopmenL and ¢ommuniry responsibility. ThMugh a carefully structured cufficulum, meaningful extracurricular programmes, and a wami, supportive environmenL our students have made significant progres5 both academically and ￿TsonallY. PeT50n81 Development and Student Support In addition to academic gro￿, the school places greai importance on the emotional, physical. and social wellbeing of every student. - Sumrner C8Jrtp Progrnmme During the summer, the school runs a twowwttk exmp designed to give students a well-deserved break while strengthening their physieal health and friendship5. Activities include biking. swimming, coastal walks, time spent in nature. and a vi51t to a major water park. This progrdnllne allows Student$ to r¢char8e and return to th¢ new a￿1¢mI¢ year refreshed at]d rnotivated. Page 5

MEsIFfA TALMUDICAL COLLEGE REPORT OTr I"HE TRiISTEES for the ear ended 30 Se ternber 2025 - Communal Shabbat Mea15 Every few weeks. students participate in a Shabbat meal together. These meals provide a wami. family-like atmosphere where students eat, sing. and bond together. I'he5c event5 Strengthcn fricnd5hLP5. foster cotnmunal cohesion. and give students the opw>rtunity to 5UPPOrt 8nd care for one another meaningfvlly. CbaDuk#h CelebrAtiort This past Chanukah, the school hosted a beautiful eveRt for all students and Iheir parent5. recogni5ing the education and hard M'ork shown throu8hout the year. We awarded prizes and certificates reco8nisin8 effort, progress, and test perforn)an¢e, reittfor¢ing th¢ valu¢ of wmrnitmettt and trying hard at college. - Peer Support Re5pon5ibility Students are Collsislently encollra8ed to help one another. Older or more advanced students are guided to support those who may flnd l¢anJing more ¢hallengiJ& ensuring tha( every student is giwen the ¢han¢e to reach their Potential individually, in a respect￿] and en¢ouragtng leaming environment. Guidgnce for Modern Ch911enges Recognising the realiiies of today's world, the school actively educaies students on navigacing modem chall¢ng¢s responsibly. - Technology AWare￿e$S Progr#Thme Recently, an event was held to explain the pr05 and eons of modern technology. Several experienced 5peaker5 addressed the S￿dentS, highlighting the importance of using iechnology responsibly, avoiding ex¢essiv¢ time on social media, and proieciing their valuable time and focus. - Community Responsibility and Chesed Studertts are ￿gularlY laught to respect and assist older and more vlllnernble members of the ¢ommunity- This incllld¢s helping with shoppin& carrying item5. offering kitld words, and bringing a smile t(> others. These values are instilled as a naturdl part of daily life. - PreparatSon for Yomim Tovim and Safety Aw#reness A well-renowned cofflTnunity Scholar aRd rabbt addre55e5 the student5 b¢for¢ each Yorn Tov If¢stivall. Special ttnphasis 15 placed before Puriln, where students are guided on enjoying the day responsibly. Topics include the danger5 of casual drinking, avotding smoking. and road safety, as well as the importance of not causing a public nuisance whsle enjoying their festivities. Swdents are taught that true rejoicing must never come at the ¢xp¢nse of others. Conelusion This past year ha5 been rnark￿ by strong Torah learnin& personal 8rowth. and a deep 5en5¢ of re5pon5ibility toward others. Through dedicated teachin8, thoughtful programmin8, and a nurturin8 environment. the school continue5 to prepare its students to become ¢ommitted Torah scholars and responsible members of the community. The groundwork continues to be laid, setting out ihe path to becoming positive role models and a future generation of young adults, who will ¢]ner¥e io take their place as contributors to British society and ambassadors of their community. FINANCIAL RLVIEW Finaneial position and r¢sult$ The financial results for ihe year 10 30 September 2025 are shown in the atta¢hed financial ￿atemenTS. Total incorne increased from £1,436.949 to £1,608.313 and total expendituie exeludÉng i&Kation and unrealisd gains Rnd losses decreasing from £1,214.741 to £1.188.627. There was a net increase in funds of £356.987 (2024 - £421.439) with total unrestricted funds carried forward of £6,790,70012024- £6,420J90). Investment poliry and objertives The TNst Deed allthorises th¢ tnjstees to rnak¢ and hold inv¢slm¢nts usitig the gen¢ral fund5 of th¢ ¢hgrity. P8g¢ 6

MESIFfA TALMUDI AL COLLEGE REPORT OF I'HE TRVS"fEES for the ear tnded 30 Se ternber 2025 Reserve5 poliey The trustees have established the level of free reserves (that is those funds that are freely available} that th¢ ¢harity otsght to have. R¢seTres are needed to bridge the funding gap between spending on activities and receiving resources through voluntary donations. The trustees con5iderthat the ideal l¢vel ofre5erves as at 30 Sept¢mber 2025 would be three months of expenditurc, approximately £300.000. The actual free resetves as at 30 Sept¢tnber 2025 ¢x¢luding fixed assets long terni loan5 were a p051tive figwe of £97.84212024= (£305,487)) which was below the target fJgur¢. The twstees review the level ofreserves regularly in ordcrio ensure that thereare slltTi¢ient res¢rves to provide to financial st2bility and flexibility. The tTUSt¢es are considering ways to raise further funds. Tangible fixed assets are held for use by the group. but in the present property market. the trustees e5tima(¢d that th¢ market va]ue of the freehold properties are al least equal to the book va]ue. accordingly no d¢pre¢iation is ¢harged on freehold properties. FirruRE PLANS The group plans to continuc promotlng advan¢ed Jewish religious education and learning by increasing the student intake. Following the year end, one ofthe charity's propertre5 w&s significantly damaged by fire. The trustees acted promptly to manage the immediate impact of the ineideni and have worked closely with the charity's insurers and other professional advisets to prOg￿S the recovery pro¢ess. Appropriate arrangements have been put in place to ensure thai the charity's activities and services continu¢, and the trustees are pl¢a5ed to report that (he charity's aciiYitie5 have remained op¢rdtional with minimal disn]ption. The trustees will continue to oversee the r¢instattment of the property and are nfident that th¢ charity is well placed to continue deliveiing its chariiablt obj¢ctives. STRUCTURQ GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed oftrust constitutes Hn un]n￿rporated charity. The charity is controlled by its goveming documettt, the minut¢5 of the Foundation Conference dated 9 June 1940 and constitute5 an unincorporated Charity. RecrultmeDt gnd appointmMt of oew trustees New In]stees will be appointed due to their interes¢ in the work of the chartty and iheir rewgnised experien¢¢ in specific rjelds which will further the work of the charity. 0rygnisatioDal $trncture Tn￿te¢S meet fornally al least four times per annum to manag¢ the &ffair5 of th¢ charity and io receiv¢ updates on the charity's financial affairs. Indllction trsinAng of new tru$tees The Board of Thistees Inust consist of no more than nine trust￿5 and no fewer than five. Any new trnstee will be fully briefed on ihe history of the trust, and its obje£tives and plans, as well a5 the management and operational processes. Trustees Can retire wh¢n they wish as they do noi sc]ve under a fixed of tenure. Risk management The Truste¢s regularly undcrtake a review of the major risks io which the ¢harity is exposed, and Systems designed to mitj8ate those risks are co]]5ider¢d on an ongoing basis. Page 7

MESIFTA TALMUDJCAL COLLEGE RF.PORT OF THE TRUSTEES for the ear ended 30 SC tembcr 2025 The Trustees Tecognise the absolute necessity of ensuring the protection and safety of all those that the chariry serves. This means that ihe trustees, employees of the charity and all those who work or volunteer for ihe charity and work wilh children and w]nerable adults must obtain clearance from the Disclosure and Ba]Ting Service. The charity has developed a safeguarding policy and one of the trustees is responsible for ensuring this policy is adhered to. Safeguarding training is compulsory for all staff. Fundraislng The charity ha5 a g(KwJ reputation within the local community and has a large p(M)l of regular donors who wish 10 have a part in Ihe charitable activities of ihe charity. Exisiing donors often recommend and encourage other philanthmpisis to pledge iheir support to the success of the charity- As such. the ijustees do not engage professional fundraisers nordo they undertake public collections or cold calls. The Charity is committed to the principals sei out by the Fundraising Regulator in its Code of Fundraising Practi¢¢. Wh¢n donors are approached, Ihis is done wiih Sensitivity and respect and with regard to iheir circumstances. The Mistees 8r¢ pleosed to report that no complaints were received in the pasi ￿e1ve months in relation io ils fundraising activiti¢s. REFERENCE AND ADMINISTRATIVE DETAIIS Registered Chgrity llllmber 312905 Printipal address 90 Caz¢nov¢ Road London N16 6AB Trustees S Hochberg M Siern H Oesireicher S Weinst￿k J Fek¢it¢ Audllors Xeinadin Audit Limited. Statutory Auditor 8th Floor, Beckei House 36 Old J¢wry London EC2R 8DD STATEMENT OF TRUSTEES. RESPONSIBILITIES The trusiees are responyible for preparing the Report of Ihe Trnstees and the fmancial ststements in accordance with appli¢able law and United Kingdom Accouniitiu Standards (United Kingdom Generally Accepied Accounting p￿CtiCe). The law applicable tocharities in England amd Wales, the Charities Aci 2011. Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare f￿anCIal statements for each f￿ancial yearwhieh give a trne and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, iDcluding the income and expenditure. of the charity for ihal period. In preparing those fmancial statemenls, the trustees are required to.. select suitable accounting policies and then apply them consistently,. observ¢ lh¢ methods and principles in the Chartty SORP,. make judg¢tytents and estimates that are reasonable and prudent. state wheth¢r applicable accounting standards hav¢ been followed, subl￿t to any mat¢rial d¢partures disclosed and explained in the f￿ancial statements; prepare the f￿anCIal stat¢went5 OD tbc goang ¢on¢¢rn basas unl¢s5 It is inappropTiat¢ lo pr¢suDi¢ that th¢ clwity will ntinu¢ in business. Pagt 8

MESIFfA TALIIUDICAL COLLEGE REPORTOF THE TRUSTEES for the ear ended 311 Se tember 2025 The trustees are responsible for keeping proper accounting records which disclose with re&sonable accuracy at any time the financial position olthe charity and to enable them to ensure ihat th¢ financial statements comply with the ChaTEties A¢t 2011. the Charity (Accounts and Reports) RegtslatjOll5 2008 and the provisions of (he trust deed. They are also responsible forsafeguardingthe assets ofthe charity and hence for taking rea8onable steps forthe prev¢niion and d¢tection of fraud and other irr¢gularitle5. Approved by order otthe Eoard of t￿￿tee5 on 29 June 2026 and signed on it5 behalf by: Rabbi S W¢instOGk Trust¢¢ Page 9

RFPORT OF THF. INDEPENDENT AvD￿oRs TO THE TRusfEES OF MF.sirrA TAI.MUDIC.AL COLI.b;GE Oplnlon We have aUd￿ted the fjnancial statements of Mesifta Talmudical Colleg¢ lih¢ 'par¢nt ¢harity'l ood its subsidiary Iihe 'group' for the year ended 30 September 2025 which ¢omprise the Consolidaied Statement of Financial Activities, Consolidated Balance Sheet, Charity Balanc¢ Sheet. the Con501idatd Cash Flow Stat¢rnent arhd notes lo the financia] Sthlements. including a summary of significant accounting policies. The fknancial reporting framework that has been applied in their preparation is applKcable law and UniteiE Kingdom Accounting Standards (Uniled Kingdom ts¢n¢rdlly Accepted AGcounting Practice). In our opinion the financial statements: give a true and fair vkew of the state of the group's affairs &s at 30 September 2025 and of it5 itjcoming resourees and application of rcsource5. for th¢ year then ended. have been properly Prepared in accordance with Unit¢d Kingdom Generally A￿ept¢d Awounting Practice. and .hav¢ b¢¢n prepared in accordance with the wuirements of the Charities Aci 2011. Emphasis of Mutter We drdw attention to Note 20 to the finan¢ial statements which d¢s¢rib¢s that a fjre aff¢¢t¢d the Charity's property thai occurred after the reporting date of 30 September 2025. Al ihe dale of our report, the extent of ihe damage and the financial impact on the property had not been fiilly detCTmined, pending ihe cornpletion of structural en8ine£ring assessmertts and valuation reports. As disclosed in Note 20, the trustees considerthis to be a non-adjusting event, and no adjusttnent has been made to the amounts recognised in the financial statements. Our opinion is not modified in respeci of this matt¢r. Bgsi$ for opRnion We conducted our audit ill accordance with Internatlonal Stsndards on Auditin8 (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further d¢scribed in the Auditors, responsibilities for the audit of the financial ststements section of our report. We are independ¢nt of ihe group in acwrdance with the ethical requiren)enis thai are relevant io our audit of ihe finat¢ial siatemertt$ ith lh¢ UK, irt¢luding th¢ FRC'S Ethi¢al Standatd, and w¢ have fulfjlled our other ethical responsibilities in &cc4)rdance with these requirements. We believ¢ that th¢ audit ¢viden¢e we have obtained is sufficient and appropriate to provide a basis for our opinion. CoDelusioDs TtiAtiThg to going concern In auditin8 the financial statem¢nts, w¢ have ¢on¢lud¢d that the trustees, us¢ of the going ¢on¢ern basis of a¢¢ounting in th¢ pr¢paration of the financi￿ stat¢ments is appropriaie. Based on Ehe wot we have perfomied, we have not identified any material wicertainties relating to event5 or condition5 thaL individually or rollertively rnay cast 5ignificallt doubt on the group's abilityto Continue a5 a going concern fora period of al lcast twelve month5 from when the financial statements are authori5d for issue. Our responsibilities and the responsibilities of the trnstees with r¢sp¢¢t to going ¢on¢em are described in the relevat)I sections of this rewrt. O¢h¢r IDforniAtioD Tht trustees are respoTrsible for the other information. The other information o)tnpri5e5 the information included in the Annual Report. other than the financial statemetits and our Report of the Independent Auditors Ihereon. Our opinion on the fJn8ncial statements does not cover the other infomiation and, ¢x¢¢pt to th¢ ¢xtent otherwis¢ ¢xpli¢itly scaled in our repo¢ we do not express any fomi of assuratJ¢e o)nclusion ihewn. In ¢onn¢¢tioJ with our audit of the financial stattmenis, our responsibility is to read the other infomiaiion and. in doing 50, consider whtther the other information 15 materially inconsistent with the finarjcial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such maierial inconsistenci¢$ or apparent material mis5tstements, w¢ are required to d¢t¢rmine whether this gives ris¢ to a material misstatement in The financial statements themselves. If, based on the work we have p¢rformed, we conclude that there is a materia] misstatem¢nt of (his other inforniaiion, we are required to ieport that facL We have nothing to report iE] this regard. Matters on which we are required to report by exceptton We have nothing to report in respect of the followin8 matters where the Charities {Accounts and Reports) Regulations 2008 requires us to retM)rt lo you if. in our opinion.. the information given in the Report of the Tr]stees is in¢on$istent in any material reSp￿t with the fJnan¢ia] statements; suffi¢i¢nt ac¢ounting r￿OrdS hav¢ not been k¢pt' or the financial statements are not in agreement with th¢ a¢counling r¢cords and returns; or w¢ have nos re￿ived 011 the infomiatioTh and explanations we require for our audit. Page 10

REPORT OF THE INDEPENDENT AIIDITORSTO THE TRUSTEESOF MLSIFTA TALMUDIC.AI, COI.LEC.E Responsibilities of trus¢ A5 explained more fully in the Statement of Twstees, Responstbilities. the trustees are r¢sponsibl¢ for the preparation of the financial statements which give a true and fair view, and forsuch internal control as the trustees detemiine is necessary to ¢nable the preparation of fjnancial statements that ere free from material misstalement, whether due lo fraud or error. In pr¢pariDg the financial St￿ementS. the trustees are responsible for assessing the group's ability to colltinue as a going concem, disclosing. as applicable. matters r¢lated to going concern and using the goillgconccm basisof accounting unless the trustees either intend io liquidate the group or to cease operations, or hav¢ no realistic altern￿]Ve but to do so. Our respon$ibilities for the audit of the fingncigl statements We have been appointed as auditors under gection 144 of the Charities Act 2011 and rq)0rt sn accordance with the Act and relevant regulations made or having effect thereunder. Ourobjectiv¢$ are to obtain reaso]]able assuranc¢ about wh¢therth¢ financial statements a5 a whole are free from mat¢rial misstatement, whether due to frdud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high levcl of &%surattce, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will alway5 detect a material missiatement when li exists. Misstatements can arise from fralld or error and are ¢onsidered material if, individually or in the aggregate. they could wsonably be eKpe¢ted to influence the economÉc decisions of users taken on the b&sis of these financial ststements. The exttnt to which our procedures ore capable of detecting irregularities. includita8 fraud is detwled below.. Our appn}￿h to identifying and assessing the ri5k5 of material misstaternent in respe¢t of irregularttie5. includiTr8 fraud and non-complaance with laws and regulations, was as follows.. the engagement parther ensllr¢d that the engagement ieam collectively had the appropriat¢ wmp¢ten¢e, capabilities and ski115 to tdeiitify or recognise non-¢ompliAnce with applicable laws aTJd rcgulations; - w¢ tdentified the laws and regulations qppli¢abl¢ to the group through discussions with trusie¢s andothermanag¢rn¢n( and from our commercial knowledge and experien¢e of the ¢haTity Sector. we focused on specific laws and regulatiorts which we considered may have a dir¢¢t material effect on the accounts or the activities of the ￿0up. These included but were not limited to ihe Charities Act 2011. AccoL¢ntin8 and Reportin8 by Charities.. sta￿Ment of Recommended Practi¢¢ applicable to charities prepaTing their accounts in accordance with the Financial Reportang Standard appli¢able to the United Kingdom and Republic of Ireland (FRS 102) leJTe¢tive l January 20191.. Companies Act 2006, EmploymeDt Law; Data Prolection Legislation- The Cod¢ of Fundraising Practice; and Safeguarding Regulations as they afftct the direct charitable activities of the group; we assessed the extent of compliance with the laws and regulations identified aiK)ve through makin8 enquiries of management athd inspecting legal correspondence where necessary. We a55¢Ssed the susceptibility of the group's finan¢ia] statements to malerial rnisstat¢m¢nt. including obtaining a understanding of how fraud might o¢cur, by.. making enquiri¢s of management as to where they considered ther¢ was su%eptibility to fraud. their knowledge of actual, suspected and alleged fraud,. and Considering the internal cot]trols in Pla￿ to mitigate risks of fraud and non-compliance with laws and regulations. To address the rtsk of fraud through management bias and override of controls, we: - perforn)ed analytic￿ procedures to identify any unusual or unexpected transactions. tested the appropriateness ofjoumal entries,. assessed whether judgernents and assumptions made in detemjining the accountin8 estimates were indicative of potential bi&s.' and investlgated th¢ rationai¢ behind significant or unusual trdllsactions. To address the risk that knrome could be mi55tated due to fraud, w¢.. obthined an undentanding of the group's income recognition poli¢ies and compared these to the accounting standard,. - perfornied a walkthrough to confimi ourunderstandingofihe procesgesand controls throu8h which the group initiat¢4 ord5J proG¢s5¢s and reports income irdns&ctions: tesied a sample of income transaction5 to supporting ¢viden¢e; and - tested, on a sample b&sis, rev¢nue related balances in ihe balance sheet. Page 11

RF.PORT OF THF INDF.PF.NDF,NT AUDITORS TO THE TRUSTEES OF MESIPTA TALMUDICALCOLLECE In iesponse to the risk of irregularities and non-compliance with laws and regulations, we designed pJD¢edures which included, but wer¢ not limited to.. agreeing financial statetnent di5closure5 to underlying supporting documentation. reading the TnillUtC5 of mectings of those char8cd with governance- - enquiring of m8nagement ￿ to actual and potential litigaiion and claims. Under ISA 240 (L￿) there is a presumed risk that revenue rnay be ￿15Stated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these lo the accountin8 Standard, perfornied a walkthrough to confirni our understanding of the processes and controls through which the business initiates, records, processes and r¢px)rts r¢v¢nu¢ transactions. We iestcd a sample of revenue transactions io supporting evidence and tested, on & sample basis, revertue related ba]ances in the balance sheet. Th¢re are inherent limitations in our audit procedures described above. The more remgv¢d that laws and re8ulations ar¢ from financial transactions, the less likely it is that we would become aware of non-eompliance. Auditing standards also limit the audit procedures required to identify nort-¢omplian¢e with law5 and r¢gul&ions to Enquiry of the tru5t¢¢5 and other management and the inspection of regulatory and legal correspondence. if any. Material mi55tstements that arise due to fraud can b¢ harder to det￿1 than tIK)se that arise from em)r. A further description of our responsibilities for the audit of the fJnan¢ial staiemeots is lo¢ai¢d on the Financial Reportin Council'5 website atwww.frc.org.uk/auditorsr¢sponsibilities. Thi5 description forms part ofourReportofthe Independent Auditors. Use of our report This report is made solely to the group's trustees, a5 a body, in accordance with Part 4 of the Charities {Accoun15 and Reports) Regulations 2008. Our audil workhas been undertaken so that we might stale to th¢ group's Irusiees those matters we art required to state to them in an auditors, report and for no othcr purpose. To the fullest extent pemiitted by law, we do not accept or &ssume responsibility to anyone other than the group and the group's trnstees &s a Fx)dy. for our audit work, for this report. or for the opinion5 we have fornied. Xeinadin Audit Limited, sta￿tOry Auditor 8th Floor, Becket House 36 OldJewry London EC2R 8DD Dat¢- 29 June 2026 Xei]Mdin Audit Limited is eligible to aet as an auditor in terJn5 of Section 1212 of the Companies Act 2006 Page 12 The ntstes fomi part of these fijthncial statements

MESIFfA TALm￿DlcALcoLLEC￿ CONSOLIDATED STATEMENT OF FINANCIAI. AcfiviTIFS for the ear ended 30 Se ternber 2025 2025 2024 U]]re5tricted fund Total funds Noies INCOME AND ENI)OWMENTS FROM Donations and Icgacles 1,158,523 1,041444 Charltsble actlvltles Educational programmes. incentives and iRitiatives 60.576 43.750 Invt5tment income 389214 350,755 Total 1.608,313 1,436,952 EXPENDITURE ON Rwsing funds 45,336 16,779 Charitable aetiviti¢$ Educational programmes, incentives at]d initiatives 1,143291 1,197,962 Totsl 1,188,627 1,214.741 Net 8ainslllossesJ on investtnent5 02.7001 NET INCOME BEFORE TAX 356,986 421,439 T&xation 13,324 Net movement Sn funds 370.310 421,439 RECONCILIATION OF FUNDS Total funds brought fonvord 6,420,390 5,998,951 TOTAL FUIYDS CARRtED FORWARD 6 790 700 6,420,390 All amounts relate to continutng activities of the group The Stat¢m¢nt of Finaneial Artivities include5 all gains loss¢s reeognised in the year. Page 13 Th¢ notes form part of these financial statements

MEsiwfA TALMUDI AL COLLEGE CONSOLIDATED BALANC.E SHEET 30Se tember 2025 2025 Total nd 2024 Total funds Noles FIXED ASSETS Tangible assets Investrnents Investment property 10 12 13 1,356,745 1.304.006 6.724,118 6,686.458 8,080,863 7,990.463 CURRENT ASSETS Debtors Cash at bank alld in hand 13 4,984 328,484 6.400 333,468 80,950 CREDITORS Amoullt5 falling due within one year 14 (235,626) (386,437) NET CURRENT ASSET (LIABLILIT 305.487) TOTAL AS>SETS LESS CURREIYT LIABILITIES 8,178.705 7.684,977 CREDITORS Amounts falling due after more than on¢ year 15 (703,005) (564,587} PROVISIONS FOR LIABILITAES 17 (685,000) {700.000) NET ASSETS 6 790,700 6.420 390 FUNDS Unrestricted funds 18 6 790.700 6.420.390 TOTAL FUTr4DS 6 790,700 6,420,390 The financial st8￿MentS were approved by th¢ Board of T￿SteeS and authoris¢d for i55ue on 29 June 2026 ond were signed on its behalf by: Rabbi S Weins¢ock Trustee Page 14 The notes forni part of these financial ststemerats

MESIFTA TALMUDIC ALCOLLECE CHARITY BALANCE SHEET JO Se tember 2025 2025 2024 Note5 FIXED ASSETS Tangibl¢ assets Investments Inv¢stm¢nt property 10 1356,183 ioo 3 101320 1.303,257 100 3 030 000 12 4,457.603 4.333.357 CURRENT ASSETS Cash at bank 301.071 43,573 CREDITORS Amounts fallin8 due within one year 14 138.4041 298 938} NET CURREIYT ASSETS 162,667 255 365 TOTAL ASSETS LESS CURRENT LIABILITIES 4,620,2700 4,077,992 CREDITORS Amounts falling du¢ after more than one 15 182,0951 NET ASSETS 4,438,175 4,071.394 RESERVES UnYe$tri¢¢¢d funds 4.438 175 4071394 4438.175 4.071.394 Charity's surplus for th¢ financial year 335 381 412.860 The financial Statements were approved by the Board of Trustees and authorised for issue on 29 June 2026 and were Sign￿ on its behalf by.. Rabbi S Weinstock Trustee P#ge15 The not¢s fom part of thes¢ finon¢ial Ststements

MESIFTA TALMIJDICAL COLLEf.E CONSOLIDATED CASH FLOW STATEMENT for the ear ended 30 Se tember 2025 2025 2024 Notes Cash flow$ from operating 4rt1vities Cash geoerated from opcrations Tax paid Inter¢st paid 366,888 (1,677) 69,355 538,258 (4,966) 55,434 Net c&sh providcd by operating activitie5 295.856 477 858 Cllsh flows from investing activitles Purchase of tangible fixed asse15 Purchase of investment property {88.320) 100361 136,013) 879 173 Net c&th used in inve51ing activitie5 188.681) 915 1861 Cash flows fTOrn financing activitie5 New loans ill year Loan r¢payments in ye4r 203.100 56.341 N¢t ¢&sh {u8ed inyprovided by financing activities 146.759 44.204) Change in casb and cksh equivAlents in the reporting period Cash tgsh equivalents at the beginning of the reporting period 253,934 (481,5321 74,550 556,082 C•sh and cAsh equiv&lents 4t tb¢ end of the reporting period 328 484 Page 16 The notes forni part of these financial statements

MEsiwfA TALMIIDJCAL COLLEGE NOTES TO THE CONSOLIDATED CASH FLOW ST ATEMENT for the er ended 30 Se tember 2025 RECONCILIATION OF NET INCOME TO NET CASH FtL)W FROM OPERATING AcfiviTIES 2025 2024 F4et ineome for the reporting period (gs per the StleJDeDt of Fin•ncial A¢tivities} Adjtsstment$ for: Deprttiation charges Gains on investments Interest paid {In¢reasel in debtors {Decreasellincrease in creditors 356.987 421,439 35,581 62.700 69,355 1,416 159,141 18,001 {199.2881 55,434 2,050 240.560 Net cash provided by operatlc*ns 366 899 538 257 ANALYSIS OF CHANGES IN NET FUNDSI(DEBT) At 1.10.24 Cash flow At 30.9.25 Net Cash Cash at bai]k and in halhd 74.550 253.934 328,484 253,934 328,484 Ikbts falling due within l year Debts falling due after l year {63,333} 564.587 {8,3381 138,421 (71,6711 703.008 627,920 146,759 774.6791 Total 553.370 107.175 446.195 Page 17 The notes fonn part of thesc financial statemcnts

MESIFTA TALMUDICAL COI.LEGE NOTES TO THE CONSOLIDATED FJNANCIAL STATEMENTS for the eAr ended 30 Se ternber 2025 ALCOUNTING POLICIES BASIS of preparing the r￿n8￿claI5￿teffte￿ts The Collsolidated fjnancial statcments have becn prepared in accordance with the Charities SORP {FRS 102) 'A¢counting and Reporting by Chariti¢s'. Siem¢nt of Recommended Prd¢ti¢e applicable to charities pr¢paring their aCcO￿nIS in accordance with the Financi￿ Reptsrting Siandard applicable in the UK and Republic of Irel8Ad (FRS 102) {effective l January 20191,. Financial Reportin8 Standard 102 The Finatjcial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The accounts are prepared in sterling which is the function￿ ¢urren¢y of the group. Monetary 8mounts in these financi￿ S￿eMentS are rounded to the nearest £1. Mesifta Talmudical College meets the definition of a public benefit entity under FRS 102. Assets and liabililies ar¢ initially recognised at historical cost or transaction value excepi for the revalu2tion of the freehold property and investments oi as unless otherwise stated in the relevani accouniing policy notes. Group fin&Del81 stgtement8 Th¢ finon¢ial ststen)¢nts ¢onsolidate the results of the ¢harity and its wholly owned subsidiary Burndata Ltd 00 a line-by-line basis. A separate Staiement of Financial Activilies and Income and Exp¢nditure Accouni for the ¢hariiy has not been presented because the charity has tsken advantage of the exemption afforded by Cotnpanies Aet 2006. s. 408. Assessment of going concern The irustees have assessed whether ihe use of the going concern assumption is appropriate in preparing these finonciRI sta(em¢nls. Th¢y have mod¢ this &ssessm¢nt in r￿p¢¢t tsf 4 period of yeor from the d&t¢ of approv of th¢s¢ fiThan¢ial stat¢ments. Critie&l accounting judgements Estimates and judgements are ¢ontillually ¢valuated and are based on histori¢al experien¢e and other fa¢tOT5, including expeirations of fuiure events that are believed ¢0 be reasonable under th¢ ¢ir¢urnstances. The Charity makes estimate5 aT)d a5SUtnptlOn5 conrcTning the futur¢. The Tesulting arcounting ¢stimates aod assumptjons will, by defiTrition. seldorn equal the related actual re5uIts. No jud8ements (apart from those involving e5timatesl have been made in the process of applyitJ8 th¢ aly)v¢ accounting policies. The key assumptitsns ¢Oll¢eTning th¢ futUTe and key source5 of estimation of unCertai￿ty at th¢ ￿PortIng datt that have a Significant risk of causing a material adjustment to the carying amounts of a5set5 and liabilities Within the next financial year include.. estimating the us¢ful economi¢ life of iangible fixed assets for the purpos¢ of calculating the depreciation charg¢; estimaiing the market value of investment properties: and - e5titnating future income and Expendilu￿ flow5 forthe purposr of as5e55ing the gtDup's goin8 concern. Jneom¢ All income is r¢cognised in the Statement of Financial Activities once the group has entitlement to the funds, it is probable that the income will be received at)d the amount can be measured reliably. Where income ha5 related expenditute {as with fundraising or contrnct income), the income and related expenditure are re￿}rted gross in the Statement of Financial Activities. Rental income is wognis¢d on a straight-line basis overthe period to which it relates. In¢ome is recognised when it is receivable. unless the amount is uncertain or eollcction ts doubtthl. in which case it is recognised wh¢n r￿Cly¢d. Donatiorts, grartts artd gifts are recognised when re¢¢ivable. In the event that a donatton is subject to fulfilling perfomiance conditions before the eh8rity is entitled to the fund5. the 5neome is deferred and not recognised until it is probable that those ctsnditions will be fulfilled in the rep)rting period. Income from Gift Aid t&x rcclaitns 15 recogt)ised for any donations Wlth relevant Gift Aid certificates recognised in incom£ for the year. Ally omounts of Gift Aid not r¢¢eiv¢d by th¢ year-end are a¢wullted for in incom¢ and a¢cwed incom¢ in debtois. Pge 18

MEsIFfA TALMUDICAL COLLEG NOTES TO THE CONSOLIDATED Fif4ANCIAL STATEMENT for the ear tndtd 30 Se tember 2025 oontinuod ACCOUNTING POLICIES- contlDlled Parental contributions are recognised when received. Grant income Governn)ent grants, iouluding non-monetary grants shall not be recognised until there is reasonable assurance that.. (al the entity will comply with the conditions attached to them. and (bl the grants will bc received. Expenditure LiabilÉties are recognised as expenditure as soon as there is a legal OT construttive obligation committing the group to that expenditure, it 15 probable that a trdnsfer of economic benefits will be required in settlement and the amounl of the obligation can be me&sured reltably. Expenditure is accounted for on an accruals basis and h&$ be£n classified under headings thai aggregate all cost related to the category. Where costs cannot be directly attributed io particular headings they have been ajlocated to activities on a basis wnsisteni with the use of resources. Gr￿t$ offered subject to conditions which have not been met at th¢ year end date are noted as a ¢omrnitm¢nt but not accrued as expenditure. Charitable a£tivities Charitable activktics comprise those costs incurred by the group in the delivery of its activitie5 2nd services for its benefi¢iari¢s. It in¢ludes both ¢osts that Can b¢ allo¢ated dir¢¢tly to such a¢tiviti¢s at)d those costs of an indir¢ct nature neecssary to support thcm. Employe¢s of the charity are entiiled to join a d¢fined ¢ontributiott 'money pur¢has¢' s¢hem¢. Ther¢ w¢r¢ no outstartding contributions ai the year-end. The Costs of ihe defined wntribution scheme are included with the associated staff costs and allocated therefore to raising funds. charitable activities. support and governance costs aud char8ed to the unrestricted funds of the charity. The charity has no liability beyond fflakitlg its contributions and payitlg xross the d¢durtions for the employee's contributiorbs. Govern8llte costs Governon¢e costs comprise those costs associated with meeting the constitutional and strdt¢gic requir¢ments of the par¢nl charity and the audi( fees and cosls linked io the 5LrdtegÉc management of the parent charity. Auocation and apportionment of costs Overhead and support cost5 relating to charitable activitie5 have been apportiorjed based on staff time. Tangible fixed a$5ets Depreciation is provided at the following annual rates in ord¢rto writeoff ¢ach asset over its ¢stimat¢d useful lif¢. Freehold property Fixh]r¢s and fittin85 Not provid 25% on reducEn8 balance Freeholdlond and buildings included in the financial statem¢nts at their valuations as at 30 S¢pi¢mber 2017. This valwdtion has been deemed cost under ihe iransilional amgement set out in FRS 102 and will apply going forward with additLOt15 a5 of l ￿tobEr 2017 or later accounted for at cost. Freehold land and buildings ar¢ not deptrciated. Their va]u¢ and condition ate reviewed allnually by tht tTU5te¢ who are satisfied that their residual va]ue is not ]nattrially less than their b(K)k va]ue Page 19

MEsiwfA TALMUDICAL COLLECE NOTES TO THE C'.ONSOLFDATED FINANCIAJ. STATEMENTS- tontinued for the ear ended 30 Se tember 2025 ACCOUNTING POLICIES- eontinued Investment property Investment properties are properties held to earn rentsls and for capita] app￿lAtion. Investment properties are initially measured at cost, including transaction costs. Subsequently illve5tment properties are me&sured at fair value. Gains and Ios5e5 aTi5ing from Changes in the faiT value of investment properties are in¢luded in profjt or loss in ihe period in which they arise. Taxation The charity is considered to pass the tests sel out in Sch. 6, para. l of thc Finance Act 2010 and therefore it rneets the definition of a charitable trust for UK purw>5¢s. Accordingly, the charity is potentially exempt from taxation in respect of incorllc or capital gains re£eived withirh ¢ategoTies covered by Pt. I l. Ch. 3 of the Corporation Tax A¢t 2010 or s. 256 01 Ihe T￿atIon of LhargeabSe Gains Act 1992, to the extent that such tn¢ome or gains are applied exclusively to charitable PUTposes. Fumd accounting Unrestricted funds can b¢ used in accordance with the ¢haritable objective5 at the discr¢tion gf the trustees. Restrided fund5 can only be used for particular restricted purpos¢$ within the objtct5 of the parent charity. R¢stri¢tions arise when specified by the donor or when ￿ndS aff raised for particular restrÈcted purp)ses. Further explanation of the nature and purpose of each fimd is included in the notts to the finan¢ial statements. Donated goods. faeilitle$ #nd services iD¢luding volunteers Donated goods. facilitie5 and s¢rvi¢es, including volunt¢¢r5 ar¢ irtcluded at the value to th¢ Pa￿ttl ¢harity where this can be qu9￿1]ried. The Contriblltion of the generdl volunteers has not been included inihe accounts as they were not signifL¢ant and it was impractical for their ¢ontribution to be measu¥ed reliably for accounting purposes. Financial in5trumeots Basic finoncial assets. including tTade and other receivables and ¢￿h and bank balonces arc initially recognised at transa¢tion pricc, unless the 2rrangetnent constiiutes a financing transaction, where ihe transaction is measured at the present value of th¢ future receipts disGounied at a market rate of interest. Such &ssets are subsequently C￿ried at an)ortised c05t using the eff¢ctive interest method. Basic financial liabilities, including trad¢ and other payables. bank loans, that are Classified as debt, are initially recognised at transaction price, unles5 the aTrangemeDt ¢onstitutts a finattcing transaction. where the debt instrument is measured at the present value of the future r¢ceipts discoutrted At a Tna]ket of int¢r¢5t. Debtors Debtors are recogt]ised at their settlement amount, less any provision for wn-recoverability. Prepayments are valued at the amowit prepaid. Page 20 conlinued..

MEs1￿A TAI.MUDJCAL COLLEGE NOTE THE NSOLIDATED FJNANCIAL STATEMENTS- continued for the ear ended 30 Se tember 2025 ACCOUNfiNG POLICIES- continued Cash at bAnk And hand Cash at bank and cash in hand in¢lud¢s cash and short terni highly liquid investments with a Short maturity of three months or less from the date of acqui5Llion or openin8 of the dqK)Sit or similar accounl. Creditors proYisÉons Creditors are recogni%ed when there is an obligation at the balance sheet date a5 a rcsult of a past event. it is probable that a transf¢r of e￿noMiC benefit will be required in settlement. and the atnounÉ of settlemeni can b¢ estimated reliably. Loans gnd borrowTrngs [￿an5 and borrowings are initially recognised at the trdnsaction price including trdnsaction eosts. Subsequ¢ntly, they are measured at Amortised e05t using the effcctive interest rat¢ m¢thod, less impairn)ent. DONATIONS AND LEGACIES 2025 2024 Donations 1 158 523 1042 447 1158 523 1042 447 II¥VESTMENT INCOME 2025 2024 Rettts received 389,214 350.755 INCOME FROM CHARITABLE ACTivrfIES 2025 2024 A¢(ivity Educational programme5, incentives and initkatives 60.576 Page 21 ontinued...

MESIFfA TALMUDICAL COLLEGE NOI'KS I'OTHE CONSOLIDATED FIP4ANCIAL STATEMENTS- Continued for the ear ended 30 Se te￿ber 2025 RAisif4G FUNDS Raising donations artd legaties 2025 2024 Advertising and promotion Investment managemeDt expenses 25.598 19.738 16.403 376 45,336 16.779 Invest￿ellI mgnAgemeD¢ ¢ost$ 2025 2024 Property repairs. niaintenance. insurance and legal fees 376 A88re8ate amounts 376 CHARtTABLE ACTIVITIES COSTS Support costs (see note 7) Direct Costs Totals Educationaj programme4 incentives and initiatives 843 299 924 1,143,291 SUPPORT COSTS Governance ¢osts Management Finance Totals Educational progrnmmes. incentives and initiative5 208.880 70.792 20.252 299 924 Governance costs include £15,732 payable to the charity's auditors for the audit of the charity's fÈnancia] Statements and £4,273 in reSp￿t on non-audit s¢tvaces. TRUSTEES. REMUNEIL4TION ATr4D BENEFITS There were no trustee5' rernuneration or other benefjts for the ytar ended 30 September 2025 nor for the year ended 30 September 2024. Trnstees. expenses There were no trustees, expense5 paid for the year end￿ 30 September 2025 nor for the y¢ar ¢Ml¢d 30 September 2024. Page 22 ntinu¢d...

MEsirfA TALMUDICAL COI.LEGE NOTESTO THK CONSOLIDA'fED FINANCIAI. SI'A'I'b MENTS- contillued for ¢he e#r ended 30 Se tember 2025 STAFF COSTS 2025 2024 Charitable activities wages and salaries Inve5ttnellt management wages and salaries 273.774 10.389 234.189 8.003 242.192 224.199 Th¢ averdge monthly number of ¢mploy¢es during lh¢ yeor was as follows.. 2025 29 2024 26 ChaTitabl¢ Inveslment management 30 27 No ¢mploye¢s weived emoluments in excess of £60,000. io. TAf4GIBLE FIXED ASSETS Croup Fixtures and fitting5 Land and buildings Computer equipmeni Ttstals COST At l October 2024 Additions .250,000 611,533 1,451 1,862,984 At 30 September 2025 1250 699 853 1951304 DEPRECIATION At l October 2024 Charge for year 558,615 35,309 363 272 558,978 35,581 At 30 Septetnber 2025 593.924 635 594.559 r4ET BOOK VALUE At 30 Seplember 2025 1250 000 105.929 816 1356 745 At 30 Septen)ber 2024 .250,000 52.918 1.088 .304.006 Page 23 continued...

MESIFfA TALMUDICAL COLLEGE NOTESTO TIIE CONSOLIDATED FINANCIAL STATEMENT for the ear ended 30 Se mber 2025 rttinuo TANGIBLE FIXED ASSETS- comtinued Charity Fixtures and fillings Land and buildings Comput¢r equipment Totals COST At l October 2024 AdditiODS 1,250.000 496,466 81.320 .451 1,747.917 At 30 Sept¢mb¢r 2025 1,250.000 584.786 1,451 1,836 237 DEPRECIATION At l October 2024 Charge for year 444,297 35,122 363 272 444,660 At 30 September 2025 479419 635 480 054 NET BOOK VALUE At 30 September 2025 .250.000 105.367 816 1.356.183 At 30 September 2024 50.000 52.169 1.088 1,303 257 FIXED ASSET INVESTMENTS Charity Shares in group undertakings COST At l O¢tober 2024 and 30 September 2025 100 NET BOOK VALUE At 30 September 2025 100 At 30 Stpt¢]nber 2024 loo Page 24 Continued...

MEsIFfA TALMUDICAL COLLEGE NOTES TO THE CON801.KDATED FINAiY("IAL STATEMENTS- eontinued for the ear ended 30 Se tember 202 12. INVESTMENT PROPERTY Group FAIR VALUE At l October 2024 Addilions Revaluatioo 6,686,458 100,300 62,700 At 30 September 2025 6 724,118 NET BOOK VALUE At 30 September 2025 6724118 At 30 September 2024 6 686.458 Charity Totsl FAIR VALUE Ai l (ktober 2024 Additions R¢va]uation 3,030.000 71,320 At 30 S¢pt¢mb¢r 2025 3,101,320 NET BOOK VALUE At 30 September 2025 3 101.320 At 30 S¢pt¢mber 2024 3,030,000 DEBTORS: AMOUNTS FALLIPIG DUE WITHIIY ONE YEAR Group Ch8rity 2025 2024 2025 2024 Trade debto Other debtors 4,984 6,400 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group Charity 2025 2024 2025 2024 BaThk loans artd overdrafts Taxation and s¢Kial security Other creditors 71,671 270 163685 63,333 7,812 315292 21,016 270 10.o(H) 7,812 281.126 235,626 386.437 138.404 298 938 Page 25 continued...

MESIFfA TALMifDICAL COLLEGE N(YfES TO THE CONSOLIDATED FINAYCIAL STATEMENTS_ continueil for the ear ended 30 S¢ tembtr 2025 15. CREDITORS: AMOUNTS FALLING DUE AFtER MORE THAN ONE YEAR Group Charity 2025 2024 2025 2024 Bank loans 703.008 564,587 182,095 6,598 The bank loans are secured against Certain of the group's properties a5 well as by a personal 8uardntec of £275,000 by one of the trustees. 16. LOANS An analysis of the maturity of loans is given below.. 2025 2024 Amounts falling due within one year on demand.. Bank loans 71.671 Amounts falling due between Iwo and five years.. Bank loans 703,008 564 587 17. PROVISIONS FOR LIABILITIES Group Net Movement in provision At 1.10.24 At 30.9.25 De(C￿ed tlx provision 700.000 (15.000) 685,000 TOTAL DEFERRED TAX PROVISION 700,000 15.0001 685 000 18. MOVEMENT IN FUNDS Net movement in funds At 1.10.24 At 30.9.25 Unrestricted funds General fund 6,420,390 370JIO 6.790.700 TOTAL FUNDS 6.420.390 370.310 6,790.700 Page 26 continucd...

MEsirrA TALMIJDICAL OLLEG NOTES TO THE COIYSOLIDATED FINANCIAL STATEMENTS- tontirtued for the ear ended 30 &ie tember 2025 i& MOVEMENT IN FUNDS- COAtinutd Net movem¢nt ill fund5, in¢luded in the abov¢ ar¢ as follows- Incotning resourc£s R¢50urc¢s expended Gains and losses & tax Movement in funds Vnrestritted funds Generai fund ,608,313 (1,188,627) (49,376) 370.310 TOTAL FUNDS 1,608,313 (1,188,627) (49,376) 370,310 Comp8r8tiVe5 for movement in funds Net mov¢m¢nt in funds At 1.10.23 Ai 30.9.24 Unrestrieted fumds General fund 5,998.951 421.437 6,420.390 TOTAL FUNDS 5 998.951 421437 6 420 39) Comparative net movement in funds. included in ihe above are as follows.. tThcoming resources R¢sources exp¢nd¢d Gains and losses Movement in fund5 UDre$tricted funds Geneial fillhd .436.952 (1,214.741) 199,228 421,439 TOTAL FUNDS ,436.952 {1,214.741} 199,228 421,439 19. RELATED PARTY DISCLOSURES Donations of £60,￿0 were received during the year from Park Avenue Hotel {Stamford Hill) Limited, a company of which one of the trusttts of the charity 15 a director. 20. POST BALANCE SHEET EVENTS Subsequent to the year end. on the 30th April 2026, a fire occurred at thc charity's property. Page 27

MEsIFfA TALMUDICAL LLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMEIYTS- Contin￿ed for the ear ended 30 Se tember 2025 20. POST BALANCE SHEET EVENTS- tontinued The fire tth)k pla¢e after the repK)rting date of 30 Septetnber 2025 and accordingly has not been reflected in the valuatloll of the investment propety included within these financial statements. The Trustees consider this to be a non-adjusting event under FRS 102. At the date of approval of these financial statements, investigations into the extent of the damage wer¢ ongoing. Th¢ Trustees have app)inled struclural engin¢ers and otheT professional advisors to as5e5S the conditiort of the property and to determine the extent of any remedial works required. A5 a results, it has not yet beeij possible to quantify reliably the finwicial impact of the fire oji thr value of the prop¢rty or on the charity's futu￿ r¢5uIts atMI Cash flows. The prO￿rtY is insurd and discussions With che insurer are ongoing. Any insurance recoveries and10$5es arising from the incident will be recognised in the financiol statements for the period ending 30 September 2026 wh¢n they can bc me&%ured reliably. The investtneEJt property had a carrying value of 3,453,758 at 30 September 2025. representing approximately 41¥0 of the charity's gros5 assets at that date. Whilst the Tnjstees expect that a proportiort of any1055es inclltt¢d will be ¢oYered by insurall¢e, the ultimate finan¢ial ¢ff¢¢l of the incident winot presently be deterniined. P8gt 28