KEREN ASSOCIATION LIMITED
(LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Number: 00707087
Charity Number: 313119
COHEN ARNOLD
CHARTEIIED ACCOUNTANTS
& STATUTORY AUDITOR
LONDON NWI I OPU

KEREN ASSOCIATION LIMITED
INDEX TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page
Reference and Administrative Details
Trustees, Report
7-10
Auditor's Report
Consolidated Statement of Financial Activities
12
Consolidated Balance Sheet and CharTtable Company Balance Sheet
13
Consolidated Statement of Cash Flows
14-24
Notes to the Financial Statements

KEREN ASSOCtATION LIMITED
REFERENCE AND ADMll¥ISTRATIVE DETAILS
FOR THE YEAR ENDED 31 MARCH 2024
Name:
Keren Association Limited
Status..
Incorporated: 1st November 1961
Registered Charity Number.. 313119
Company Registration Number.. 00707087
Principal Offiee:
129 Stamford Hill
London N16 5TW
Registered Offi¢e'.
New Burlington House
1075 Finchley Road
London NWI I OPU
Charlty Trustees:
Mr E Englander (Chainnan)
Mr P N Englander
Mr S Z Englander
Mr J S Englander
Mrs H Z Weiss
Mrs N Weiss
Mr A I Perelman
Mr J Slern
Secretary:
Mrs H Z Weiss
Auditor$:
Cohen Arnold
Chartered Accountants
& Statutory Auditor
New Burlington House
1075 Finchley Road
London NWI I OPU
Bankers:
Barclays Bank PIC
Mile End & Bow Branch
240 Whitechapel Road
London El IBS

KEREN ASSOCL4TION LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees, who are also directors for the purposes of Company law, have pleasure in presenting their report.
including a Strategic Report, together with the consolidated Financial Ststements of the Charitable Company and
its subsidiaries for the year ended 31 March 2024 which are also prepared to meet the requirements for a Directors,
report for Companies Act purposes.
The financial statements cornply with the Charities Act 201 I, the Companies Act 2006, the Memorandum and
Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable
to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland {FRS 102).
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and Administrative details of the Company are shown on Page l of the Financial Statements which fornis
part of this report,
STRUCTURE. GOVERNANCE AND MANAGEMENT
Governing Documefti
Keren Associalion Limited is a Company limited by guarantee governed by its Memorandum and Articles of
Association. It 15 registered as a chariry with the Charity Commission.
Organlsallon
The Charitable Company is administered by the Trustees. Every Trustee holds office until helshe shall die or shall
cease to hold office by virtue of the Articles of Association.
The day-to-day affairs of the Charitable Company are administered by the Trustees whose Chaimian is Mr E
Englander.
All Trustees give their time voluntarily and no benefit or expenses were paid to them in the year.
Appoinlmenl of Truslees
Where there is a requirement for new Trustees, these would be identified and appointed by the remaining Trustees.
Truslee Inducllon and Tralnlng
The Chairnian of the Trustees would be responsible for the induction of any new Trustee, which involves awareness
of a Trustee's responsibilities, the governing document. administrative procedures, the history and philosophical
approach of the Charity. A new Trustee would receive a"Trustee Welcome Pack" which incorporates copi¢s of the
previous year's annual report and accounts, and copies of ihe Charity's policies.
Group Slruclure and Relalionslilps
The Charity has the following non-charitable operating subsidiaries:
Com
BIu5tart Co. Limited
E & S Property Trading Co. Limited
Englander Cotnpany Limited
Gerrone Properties Limited
Hollow-ware Products Limited
Manhill Co. Limited
an
Com
an
istration Number
00844475
00987960
00507585
00842663
00381945
00804321
Percenta
e Shareholdin
IOOO/o
IOOO/o
50.450/0
I OOQ/o
I OOO/o
During the period the Charity donated ihe IOOO/o shareholdings of Grangepoint Limited (Company reg. no.
01338359) and Adagio Estates Limited (Company reg. no. 11229159) to a related Charity, Parkwill Limited.
The subsidiary undertakings are administered by the Directors of those companies.

KEREN ASSOCIATION LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The Charitable Company also owns (directly and indirectly) 19.9 % of ordinary shares and ordinary B shares in The
Development & Property Holding Company Limited (a Holding Company). The Development & Property Holding
Company Limited controls a number of wholly owned subsidiary companies. The Directors of these Companies are
also Trustees of the Charitable Company.
Relaled Party Trdnsacllons
Details of transactions with Related Parties are disclosed in Note 20 to the Financial Statements. The Charitable
Company has taken advantage of the exemption in FRS 102 Section 33 - Related Party Disclosures to dispense with
the requirement to disclose transactions with members of the Keren Association Limited group of Companies.
OBJECTIVES AND ACTIVITIES FOR THE BENEFIT OF THE PUBLIC
The Charitable Company is established to further those pU￿oSeS both in the United Kinodom and abroad recognised as
haritable by English Law. In furtherance of these objects. the Charitable Company receive5 income from its investment
propertie5, cash deposits. fixed asset investments. subsidiary and associated undertakings and voluntary income from
companies connected with the Trustees whtch il utilises in the provision and distribution of gramts and donations to
organisations that fall within the objectives of the Charitable Company. It ha5 concentrated its activities in promoting
charitable activities of institutions teaching the principles of traditional Judaism, and the giving of philanthropic aid to
the needy.
The Trustees confirni their compliance with the duty to have due regard to the public benefit guidance published by
the Charity Commission when reviewing the Charitable Company's aims and objectives and in planning future
activities.
Grani Maklng Pollcy
The Trustees are approached for donations by a wide variety of charitable institutions operating in the United
Kingdom and abroad. The Trustees consider all requests which they receive and make donations based on ihe level
of funds available to charities whose purpose fall within the objects of the Charitable Company.
In making grants and donations, the Trustees use their personal knowledge of the relevant institutions, their
representative5, operational efficiency and reputation. The Trustees monitor the application of the grants and
donations by meeting with representatives of the institutions and obiaining infomiation as to the utilisation of funds.
INVESTMENTS
The movements in Investments are fully reflected in Note I I to the Financial Statements.
The Group's investment properties are included in ihe Financial Statements at fair value. The properties are valued
by the Trustees.
The Charitable Company's investments in subsidiary undertakings are included in the Financial Siatements at fair
value, based on the value of their underlying assets les5 liabilities. The valuation of properties and other assets in
these Companies ha5 been Ca￿led out by the Trustees.
STRATEGIC REPORT
Acliievements and Performance
During the year the Charitable Company has continued its philanthropic ￿tIvItieS and has mainlained its support of
organi5ations engaging in education, advancement of religion and the giving of philanthropic aid. The reserves
remain available to organisations engaging in activities compatible with the aim5 and objectives of the Charitable
Company. The Truslees expect such demands to increase in fitture years.
The financial results of the Charitable Company and its Subsidiary Undertakings for the year ended J l March 2024 are
Ily reflected in the attached Financial Statements together with the Notes thereon.
Grants and donations in the year totalled £13,198,641 (202J £11,669,743).

KEREN ASSOCIATION LIMrrED
REPORT OF THE TRUSTEES
FOR THE YEAR EIYDED 31 MARCH 2024
Financial Revlew
Financial Position
The financial position of the Charitable Company and its subsidiaries is satlsfactory.
The Charitable Company's Consolidated Statement of Financial Activities shows a net Deficit of £7,699,739 (2023:
net Deficit of £11,410,756) and total reserves of £1,759,427 (2023: £9,459,166).
Reserves Polic
The Reserves Policy of the Trustees is to maintain unrestricted funds, which are the free reserves of the Charitable
Company. at a level they consider appropriate to the Charitable Company's needs taking into account likely future
requirements. The Charitable Company holds long tenn investments to allow it to generate sufficient income on an
ongoing basis. A proportion of the reserves is held in readily realisable forni to cover on-going grant-making
activities and contingencies arising from additional calls made upon the Charitable Company for th¢ support of
organisations in t1rn¢5 of need. The Charitable Company's reserves are represcnted by unrestricted funds arising
from past operating results. The Trustees are satisfied that the present balance of distributable reserves is sufficient
to support anticipated expenditure.
Princi
al Fundin
Source
The Charitable Company's principal funding sources in the year were its investment portfolio, togeiher with
donations received from subsidiaries.
Iiivestment
olic
and ob'ectives
Under the Memorandum and Articles of Association, the Charitable Company has the power to make any investment
which the Trustees see fit provided any moneys are not immedialely required for use in connection with any of its
objects. The Charitable Company's investmeni policy is to maximise its income and gains so that its charitable
objectives are maintained and expanded. However, having regard to liquidity requirements. the TNstees have al50
operated a policy of keeping available funds in interest bearing deposit accounts.
Key Perfurmrtnce Indicalors
The Trustees monitor the group'5 perforniance against the strategic objectives on a regular basis. Performance is
&ssessed against the strategy and expectations using financial and non-financial indicatOTS. The key financial
performan¢¢ indicators used by th¢ group are as follows:
2024
2023
Grants and donations received
Grants and donations paid
Net investment income
Gainsl(Losses) on investsnents
Net movement in funds - (deficitysurplus
Total funds
2,051,000
239,934
13,198,641
Jl,669, 743
722,728
1,058, 187
1,127.189
(1, 721.614)
(7.699.739) (11,410,756)
1,759,427
9,459,166
The Charity ha5 continued to raise funds and was able to continue its grant funding activities in furtherance of its
haritable objects.
Plunsfor Future Periods
The Truslees plan to continue making distributions in accordance with their grant-making policy and to ensure that
the ability to generate sufficient income is maintained to achieve that end. The Charity is realising its investments
for its grant-making activity.

KEREN ASSOCIATION LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
Principal RLsks and Uncertainties
The Trustees have identified and reviewed Éhe major risks to which the group is exposed, in particular those related
to the operations and fmance of the group, and are satisfied that systems are in place to manage those risks.
The principal risks to which the group is exposed are:
The availability of liquid funds to make grants and donations
Liabilities arising from propety investment activity
Tenant defaults
Damage to property frorn flood, fire or t¢rrorist action
The economic Cycle generally
The group seeks to manage or mitigate such risks wherever possible through measures including insurance, tenant
screening and monitoring, rigorous reviews of acquisition and investment opportunities, extemal expert advice,
monitoring cash and regular monitorinb7 of the ecoT)omi¢ outlook. It is recognis¢d that systems can only provide
reasonable but not absolute assurance that major risks have been adequately manag¢d.
TRUSTEES, RESPONSIBILITIES I]Y RELATIOIY TO THE FINANCIAL STATEMENTS
The Trustees (who are also the directors of Keren Association Limited for the purposes of Company law) are
responsible for preparing the Trustees, Report and the Financial Statements in accordance with applicable law and
Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair
view of the state of affairs of the Charitable Company and the group and of the incoming resources and application
of resources, including the income and expenditure, of the Charitable Group for that period. Under company law
the Ttvstees must not approve the financial statements unles5 they are satisfied that they give a tNe and fair view of
the slate of affairs of the company and the profit or loss of the company for that period. In preparing these financial
statements, the Trustees are required to:
select suitable accountinL' policies and then apply them consistently,
observe the methods and principles in the Charities SORP.
make judgernent5 and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements. and
prepare th¢ financial statement5 on the going concern basis unless it is inappropriate to presume that the
Charitable Company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable a¢¢ur&cy at any
time the financial position of the Charitable Company and enable them to ensure that the financial statements comply
with the Companies Act 2006 and Charity legislation. The Trustees are also responsible for safeguarding the assels
of the Charitable Company and the group and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.

KEREN ASSOCIATION LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF DISCLOSURE TO AUDITORS
In so far as the Trustees are aware at the time of approving the Trustees, Report..
there is no relevant inforniation, being infornlation needed by the auditor in connection with preparing
their report, of which the group's auditor is unaware, and
the trustees, having made enquiries of fellow directors and the group's auditor that they ought to have
individually taken, have each taken all steps that he/she is obliged to take as a director in order to make
themselves awar¢ of any relevant audit inforniation and to establish that the auditor is aware of that
infomiation.
AUDITORS
The auditors, Cohen Arnold, are deemed to be re-appointed under Section 487(2) of the Companies Act 2006.
Approved by the Trustees on
Report contained therein.
anuary 2023, includin& in their capacity as Company Directors, the Strategic
On behalf of the Board of Trustee5,
Mr E Engll
d¢r (Trustee)

KEREN ASSOCIATION LIMITED
INDEPEI¥DENT AUDITOR'S REPORT TO THE IVtEMBERS AND TRUSTEES OF
KEREN ASSOCIATION LIMITED
FOR THE YEAR ENDED 31 MARCH 2024
OPINION
We have audited the financial statements of Keren Association Limited (the 'parent charitable company,) and its
subsidiaries ('the group,) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial
Activities, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated Cash Flow Statement
and the related notes, including a summary of significant accounting policies. The financial reporting framework
that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom
G¢n¢rally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31
March 2024 and of the group's incoming resources and application of resources, including ils income and
expenditure. and of the group's cash flows for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of
the financial statements section of our report. We are independent of the group in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In audiling the financial statements, we have concluded that the Trust¢es' use of the going Concern basi5 of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfomed, we have nol identified any material uncertainties relating Éo events or
conditions that. individually or collectively, may cast significant doubt on the group's or the parent charitable
ompany's ability to continue a5 a going concern for a p¢riod of at least twelve months from when the financial
statements are authorised for issue,
Our responsibilitie5 and the responsibilities of the Trustees with respect to going concern are described in the
relevant section5 of this report.

KEREN ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF
KEREN ASSOCIATION LIMITED (Con(inued)
FOR THE YEAR ENDED 31 MARCH 2024
OTHER INFORMATION
The other inforniation comprises the infomiation included in the annual report, other thall the financial statements
and our auditor's report thereon. The Trustees are responsible for the other inforn)ation. Our opinion on the fmancial
statements does not cover the other infomiation and, except to the extent othenvise explicitly stated in our report,
we do not express any forni of assurance conclusion thereon.
In connection with our audit of the financial slatements, our responsibility is to read the other tnforniation and, in
doing so, consider whether the other infomation is materially inconsistent with the financial statcments or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements. we are required to deterniine whether there is a mat¢rial
misstatement in the financial statements or a material misstatement of the other information. If, based OD the work
we have perfornied, we conclude thal there is a Tnaterial misstatement of this other inforn)atioD, we are required to
report that fact.
We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Trustees, Report, which includes the Directors, Report and the Strdtegic
Report prepared for the purposes of company law. for the financial year for which the financial statement5
are prepared is consistent with the financial statements. and
the Trustees. Report and the Strategic Report included within the Trustees, Report have been prepared in
accordance with applicable legal requirements.
MATTERS OLY WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the group and the parent charitable company and its environment
obtained in the course of the audit, we have not identified material misstatements in th¢ Directors, Report or the
Strategic Report included within the Trustees, Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion:
adequate ac¢ounting records have not been kept, or returns adequate for our audit have noi been received
from branches not visited by us. or
the parent company financial statements are not in agreement with the accounting records and returns. or
certain disclosures of Trustees, remuneration specified by law are not made, or
we have not received all the information and explanations we require for our audit.

KEREN ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF
KEREN ASSOCIATION LIMITED (Corttlrtued)
FOR THE YEAR ENDED 31 MARCH 2024
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustee5' responsibilities statement, the Trustees who are also the Direclors of the
parent charitable company for the purposes of company law are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees
detern]ine is necessary to enable the preparation of financial statements that are free from material misslatement,
whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the group's and parent charilable
company's ability to continue as a going concern, disclosing. as applicable, matters related to going concem and
using the going concem basis of accounting unless the Trustees either intend to liquidate the group or the parent
charitable company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material mi55tatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with
ISA5 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of. users taken OTJ the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detecl material misstatements in respect of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the group
through discussion with the management and identified which were most significant with respect lo the
financial statements. We identified Companies Act 2006 (including associated regulations), Charities Act
201 l. Charities SORP (FRS 102), Financial Reporting Standard 102, Taxation Laws and Regulations. The
Landlord and Tenant Act and Health & Safety Regulations as being most significant to these financial
statements. We communicated these identified frameworks amongst our audit team and remained alert to
any indications of non-¢ompliance throughout the audit. We ensured that the engagement team had
sufficient competence and Capability to identify or recognise non-compliance with laws and regulations.
We discussed with the management the policies and procedures regarding compliance with the legal and
regulatory framework.
We assessed the 5usceplibility of the group's financial statements to material misstatement due to non-
cornpliance with legal and regulatory framework, including how fraud might occur, by enquiry with the
management during the planning and finalisation stages of our audit and by using proprietary disclosure
checklists. The susceptibility to such material misstatement was deternined to be low.
Based on this understanding, we designed our audit procedure5 to identify non-cornpliance with the
identified legal and regulatory framework, which were part of our procedures on the related financial
statement items. Our procedures included reviewing the group's internal controls policies and procedures,
reviewing the minutes of board meetings aT]d correspondence with regulatory bodies including HM
Revenue & Customs, testing transactions outside the nornial course of the business and journal entries. and
discussions with the management.

KEREN ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF
KEREN ASSOCIATION LIMITED (Confvnued)
FOR THE YEAR ENDED 31 MARCH 2024
AUDITOR'S RESPOIYSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Cortlliiued)
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detecied some
material misstatements in the financial statements, even though we have properly planned and perfornied our audit
in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations
(irregularities) is from the events and transactions refle¢ted in the financial statements, the less likely the inherently
imited procedures required by auditing standards would identify it. In addition. as with any audit, there remained a
higher risk of non-detection of inegularities, as these may involve collusion, forgery. intentional omissions,
misrepresentations. or the override of internal controls. We are not responsible for preventing non-compliance and
cannot be expected to dete¢t non-cornplian¢e with all laws and regulations.
A further desoription of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at www,frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's
report.
USE OF OUR REPORT
This report Ts made solely to the company's rn¢mbers, as a body, in accordance with chapter 3 of part 16 of the
Companies Act 2006. Our audit work ha5 been undertaken so that we miLYht state to the company'5 members those
matters we are required to state to them in an auditor'5 report and for no other purpose. To the fullest extent perniitted
by law, we do not accept or assume responsibility to anyone other than the company and the company'5 members
as a body, for our audit work. for this report, or for the opinions we have formed.
Asher Sternlieht
(Scnior Statutory Auditor)
For and on behalf of
COHEN ARNOLD
Chartered Accountants
& Stalutory Auditor
New Burlington House
1075 Finchley Road
London NWI I OPU
Our audit was completed on'!?January 2025 and our opinion was expressed at that date.
10

KEREN ASSOCIATION LIMITED
CONSOLIDATED STATEMENT OF Fll¥ANCIAL ACTIVITIES
(llYCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted Funds
2024
2023
Note
Income and endowments from:
Donations and legacies
Investments
2,051,000
1,479.634
239,934
2, J49,549
Total income
3,530,634
2,389.483
Expenditure on:
Investment management costs
Charitable activities
756,906
13,298,905
1.091,362
11.825,403
Total expenditure
14,055,811
J2.916, 765
Surplu51(Deficit) on Investment valuations and dlsposals
1,127,189
(J, 721,614)
Nel expenditure before taxation
(9,397,988)
(12,248,896)
Taxalion
1.127,060
484, 045
Net expenditure after taxatlon
(8,270,928)
(11,764,851)
Attributable to non-controlling interest
571,189
354,095
Net movement in fund5
io
{7,699,739)
(IJ,410,756)
Reeoneiliartion of funds
Total funds brought forward
9,459,166
20,869,922
Total funds cgrried forward
1,759,427
9,459, 166
The Statement of Financial A¢tivities includes all gains and losses recognised in the year.
All in¢ome and expenditur¢ derive from continuing activities.
The relaled notes forni part of these Financial Statemenls.

KEREN ASSOCLITION LIMITED
Company No.. 00707087
Charity No.. 313119
CONSOLIDATED BALANCE SHEET AND CHARITABLE COIWIPANY BALANCE SHEET
AS AT 31 IIIARCH 2024
Charitable
Com
an
Charilable
Com
2023
Grou
2024
Gro
2023
2024
Note
Fixed assets
Investments
27,521,175
53,588,345
15,287,141
25, 682, 154
TotAI fixed assets
27,521,175
53,588,345
15,287,141
25,682,154
Current assets
Debtors
Cash at bank and in hand
12
1,699,333
5,719,681
4, 153,683
1,805,890
167,323
3,196,492
98,148
312,627
Total current assets
7,419,014
5, 959,573
3,363,815
410,775
Current Llabllltles
Creditors.. Amounts falling due
within one ye
13
(1,185,633) (1. 729,569)
(494,804)
{537,101)
Net current assets/{liabilities)
233J81
4,230,004
2,869,011
(126,326)
Total assets less current liabilities
33,754,556
57,818,349
18,156,152
25,555,828
Creditors- Amounts falling due after
more than one year
14
(26,963,936) {38,888, 462) (16,396,725) [16,096,662)
(2,414,390) (6,282, 729)
Provisions for liabilities
15
Net assets
12,647,158
12,647, 158
1,759,427
9.459,166
Less: non-¢ontrolling interest
(2,616,803) (3,187,992)
Net assets attrlbutable to the
parent Charltable Company
16
,759,427
9,459,166
1,759,427
9,459,166
The funds of the Charitable
Company:
Unrestricted funds
16
1,759,427
9,459,166
1,759,427
9,459, 166
1,759,427
9,459,166
1,759,427
9,459, 166
The Trustees have prepared group Financial Statements in accordance with section 399 of the Companies Act 2006.
These Financial Statements constitute the annual accounts required by the Cornpanies Act 2006 and are for
circulation to the members of the company. The Financial Statement5 were approved by the Trustees on >January
2025 and sioned o
eir behalf by..
MR E ENCLAN
R (TRUSTEE)
The related notes forni part of these Financial Statement5.
12

KEREN ASSOCIATION LIMrrED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Note
Cash flows from operating activities..
Net eash used in opernting activities
18
(4,970,853)
(13,938,565)
Cash flows from investing activities:
Interest received
Net rents and commissions received
Purchase ofllmpr()vements to investments
Proceeds from sale of investments
78,062
945,276
(152,741)
9,060.270
27,521
1,519. 700
(138, 183)
1,929,312
Net eash provided by investlng activities
9,930067
3J38J50
Cgsh flows from financlng activities:
Interest paid
Cash inflows from bank bO￿owingS
Repayment of bank borrowings
Increasel(Decrease) in other loan creditors
(372,819)
(470.153)
1,473,930
(60,559)
(612.845)
147.646
Net Cash provlded byl(used in) flnanelng activities
(1,046,223)
1,151.423
Change in cash and cash equivalents in the year
3,913,791
(9,448, 792)
Cash and cash equivalents at the beginning of the year
1,805,890
11,254,682
Cash and eash equivalenl$ at the end of the year
18
5,719,681
1,805,890
The related notes forni part of these Financial Statements.
13

KEREN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEIIIENTS
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
Statement of Compliance
The financial statements have been prepared in compliance with Accounting and Reporting by Charities-
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities
SORP (FRS 102)). the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS
102) and the Companies Act 2006.
The Charitable Company meet5 the definition of a public benefit entity under FRS 102.
The presentational currency is UK Pound Sterling.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the
Preparation of the financial statements are as follows:
Colng Concern
There are no material uncertainlies about the Charity's ability to continue as a going concern.
Group Financial Statements
These Financial Statements consolidate the results of the Charitable Company and its subsidiaries on a
line-by-line basis. A separate statement of financial aclivities or income and expenditure account dealing
with the results of the Company only has not been presented in accordance with Section 408 of the
Companies Act 2006.
Judgements and Key Sourees of Estimation Uneertainty
In the application of the company's accounting policies. the trustees are required to make judgement5,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estirnates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
pertods.
The valuation of investment properties is inherently subjective, depending on many factor5, including the
individual nature of each property. its location and expected future net rental values, market yields and
comparable market transaction5. Therefore the valuations are subject to a degree of uncertainty and are
made on the basi5 of assumptions which may not prove to be accurate. particularly in periods of difficult
market or economic conditions.
Income
All donations are recognised in ihe Statement of Financial Activities (SOFA) of the Charitable Company
when the charity has unconditional entitlement to the resources. Donations represent voluntary amounts
received during the year.
All other income is recognised on a receivable basis. This includes income from investments and deposits,
rentsls from property assets, and grants and donations received by the Charitable Company and Group.
Investment Management Costs
Investment management costs include costs relating to the investment properties on an a¢¢￿al basis.
Governance Costs
Governance costs include costs of the preparation and audit of financial Statements and cost of any legal
advice to Trustees on governance or constitutional matters and is recognised on an accrual basis.
14

KEREN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES (Cominued)
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short terni highly liquid investments with a Short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
Liability Reeognition
Creditors are recognised as soon as there is a present obligation committing the entity to pay out resources,
it is probable that a transfer of economic benefits will be required in settlement and the amount can be
measured or estimated reliably.
Fund Aeeounting
General unrestricted ￿ndS comprise the accumulated sun)lus or deficit on income and expenditure account.
They ar¢ available for use al the discretion of the Trustees iT] furtherance of the general objectives of the
Charity.
Restricled funds are funds subject to specific restricted conditions imposed by donors. There are no
restricted funds a5 at the Balance Sheet date. Designated fund5 are funds. which have been set-aside at the
discretion of the Trustees for specific purposes. There are no designated ￿ndS as at the Balance Sheet date.
Investments
Unlisted equity investmenls are initially recorded at cost, and subsequently measured at fair value.
Fixed Assets
All fixed assets are initially recorded at cost.
Properties Held for Investment
Propertie5 classified as investments are included in the Balance Sheet at fair value. Any gains or losses
arising from changes in the fair value are recognised in the Statement of Financial Activities.
In accordance with the FRS 102, no depreciation or amortisation is provided in respect of freehold or long-
leasehold investm¢nt properties.
Acquisitions and Disposals of Properties
Acquisitions and Disposals of properties are considered to take place at the date of legal completion and
are included in the Financial Statements accordingly.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual
provisions of the instrument. Basic financial instruments are initially r¢cognised at the transaction price,
unless the arrangement constilutes a financing transaction, where it is recogni5ed at the present value of
the future payments discounted at a market rate of interest for a similar debt in5truTnent. Debt instruments
are subsequently measured at amortised cost.
Where investments in non-puttable ordinary shares including investments in subsidiary undertakings can
be measured reliably. the investment is subsequenily measured at fair value WTth changes in fair value
recognised in the Statement of Financial Activities. Otherwise such investments are subsequently measured
at cost le55 impairnient.
For all equity instnllnents regardless of significance, and other financial assets that are individually
significant, these are assessed individually for impairrnent. Other financial assets are either assessed
individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairnient are
recognised in profit or loss immediately, lo the extent that the reversal does not result in a carrying amount
of the financial asset that exceeds what the carrying amount would have been had the impairn)ent not
previously been recognised.
15

KEREIY ASSOCIATION LIMITED
NOTES TO THE FllYANCIAL STATEMENTS
FOR THE YEAR ENDED 31 IIIARCH 2024
ACCOUNTING POLICIES (Con(inued)
Taxation
The Charitable Company is not liable to direct taxation on its income as it falls within the various
exemptions available to registered charities. The subsidiary undertakings are subject to Corporation Tax
but it is expected that their income will be gifted for charitable PU￿1$eS and therefore no tax liability
should arise.
Notwithstanding the above. deferred tax is recognised in respect of all timing differences present in the
non-charitable subsidiary undertakings. Unrelieved lax losses and other deferred tax assets are recognised
to the extent that it is probable that they will be recovered against the reversal of defeffed tax liabililies or
other ￿tUre taxable profils. Defe￿d tax is measured using the tax rates and laws that have been enacted
or substantively enacted by the reporting date that are expected to apply to the r¢v¢rsal of the timing
difference.
Related Party Transactlons
The Charitable Company has taken advantage of the exemption in FRS 102 Section 33 - Related Party
Disclosures to dispense with the requirement to disclose transactions with members of the Keren
Association Limited group of Companies.
INCOME FROM DONATIOIYS AND LEGACIES
2023
Unrestricted donations received
2,051,000
239, 934
No restrictions were attached to any donations received.
INVESTMENT INCOME
24
2023
Rents receivable from investment properties
Interest receivable
Commissions receivable
1,245,144
88,722
145,768
1, 903, 992
36,045
209,512
1,479,634
2,149,549
INVESTMENT MANAGEMENT COSTS
2024
2023
Property outgoings
Interest payable
380,355
376,551
584,2) I
507.111
756.906
1,091.362
No commission has been paid in connection with management of the propertie5.
16

KEREIY ASSOCIATION LIMITED
NOTES TO THE FllYANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
EXPENDITURE ON CHARITABLE ACTIVITIES
2024
2023
Grant funding activities (Institutional grants)
Support and governance costs (note 6)
13,198,641
100,2&1
11,669, 743
155, 660
13,298,905
11,825,403
All grants were paTd from unrestricted funds and were institutional grants. An analysis of institutional
grants is attached to these financial statements.
All grants were paid were for Education, Furtherance of Jewish Religion and Alleviation of Poverty.
ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
2024
2023
Legal & professional fees
Auditor's remuneration
General expenses
27,107
56,864
16,293
78,275
62,013
15,372
100,264
155.660
STAFF COSTS AND EMOLUMENTS
No salaries or wages have been paid to any employee or TNstee by the Charitable Company or any
subsidiary undertaking. No Trustee expenses have been incurred.
SURPLUSI(DEFICIT) ON INVESTMENT VALUATIONS AND DISPOSALS
2024
2023
Profitl(Loss) on disposal
Gainsl(Losses) on revaluation
28,100
1,099,089
248,457
(1,970,071)
1,127,189
(1, 721,614)
TAXATION
No current tax was payable in respect of the Charitable Company. Cu￿ent tax payable in respect of the
non-charitable subsidiary undertaking5 was nil (2023: £2,158).
The balance of the movement in the income and expenditure account represents provision for deferred tax
(see Nofr 15).
17

KEREN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR EIYDED 31 MARCH 2024
io.
NET MOVEMENT IN FUNDS
Of the Net Movements of Funds of the Group £7,699,739 tkficit (2023.. £11,410,756 Deficit) has been
dealt within the Statement of Financial Activities of the Charitable Company itself.
INVESTMENTS
Shares in
Related
Com anies Life Policies
Pro
erties
Total
Fair Value at l April 2023
Additions
Disposals
Revaluations
36,544,000
152,741
(27,319,000)
1,099.089
5,957.000
11,087,345
53,588J45
152.741
(27J19,000)
1,099.089
Fair Value at 31 March 2024
10,476,830
5,957,000
11,087,345
27,521,175
Impairnients
At l April 2023
Reversal of impairnents
At 31 March 2024
Carying Amount
Net book value at 31 March 2024
10,476,830
5,957,000 11,087 J45
27,521,175
Net book value at l April 2023
36,544,000
5,957,000
11,087,345
53,588,345
Historical Cost at 31 March 2024
2,373,908
232,531
11,087,345
13,693,784
Shares in
Related
Com
Charltable Com
an
Pro
erties
Fair Value at l April 2023
Additions
Disposals
Revaluations
3.068,000
18,967,138
3,647,016
25,682,154
(3.068,000) (5,771,096)
(1.555,917)
(8,839,096)
(1,555,917)
Fair Value at 31 March 2024
11,640,125
3,647,016
15287,141
Historical Cost at 31 March 2024
2,852.771
6l,148
2,913,919
18

KEREN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ii.
INVESTMENTS (Continue
The &ssets classified as investments are stated at Trustees, valuation at 3 l March 2024.
The group's investment properties are valued by the Trustees in consultation with RICS qualified
surveyors based on their understanding of property market conditions using a sales valuation
approach, derived from recent comparable transactions and market yield5, adjusted by applying
discounts to reflect status of occupation and condition.
The fair value at 31 March 2024 of the Investments in Subsidiary Undertakings and unquoted
Related Companies is based on the underlying value of ass¢ts less liabilities of these Companies.
The valuation of properties and other assets in these Companies has been made by the Trustees.
The Subsidiary Undertakings (all being propety investment companies) of the Charitable Company, all of
which are incorporated in Great Britain and registered in England and included in the consolidated financial
statements, are as follows: .
Com
an
istration
Number
00844475
00987960
00507585
00842663
00381945
00804321
Pereenta
hareholdin
IOOO/o
Com
Blustart Co. Limited
E & S Property Trading Co. Limited
Englander Company Limited
Gerrone Properties Limited
Hollow-ware Products Limited
Manhill Co. Limited
an
loo%
loo%
The Charitable Company also owns (directly and indirectly) 19.lp/o of ordinary shares and ordinary B
shares in The Development & Property Holding Company Limited (a UK registered Holding Company).
The Development & Property Holding Company Limited controls a number of wholly owned subsidiary
companies. The Directors of these Companies are also Trustees of the Charitable Company.
A summary of the turnover, expenditure and net profit or loss for the year ended 31 March 2024 of each
subsidiary undertaking is as follows:
Com
an
Turnover E¥
endlture
Other
uslments
Donations
aid to
Parent
Charit
Net retained
rofit or
Ioss
Adagio Estate5 Limited
BIu5tart Co. Limited
E & S Property Trading
Co. Limited
Englander Cotnpany
Limited
Gerrone Properties
Limited
Grangepoint Limited
Hollow-ware Products
Limited
Manhill Co. Limited
87,782
12,329
{8,278)
{5,584)
(79.377)
100,494
127
(82,761)
(190,000)
95,543
(102,385)
319,777
(331,000)
(18,065)
487,643
(155,214)
I,316,819
(2,802,000) (1,152,752)
70,747
400,601
(7.202)
{93.915)
676,788
(295,971)
(1,440,000)
(86.000)
(699,667)
(75.285)
1,166
48,301
(3,616)
(46,123)
(2,445)
(96,258)
26,564
(125,000)
On 6 September 2023, the Charity donated the 100 % shareholdings of Grangepoint Limited (Company
reg. no. OlJ38359) and Adagio Estates Limited (Company reg. no. 11229159) to a related Charity. Parkwill
Limited. The figures above are the turnover, expenditure and net profit or loss attributable to this Charity
for the period.
19

KEREN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 TrtARCH 2024
ii.
INVESTMENTS (Conlinued)
The assets, liabilities and funds of each subsidiary undertakings as at 31 March 2024 were as follows:
ital and
Reserves
Com
Assets
Liabilities
Blustart Co. Limited
E & S Property Trading Co. Limited
Englander Company Limited
Gerrone Properties Limited
Hollow-ware Products Limited
Manhill Co. Limited
1,008,623
3,023,026
6,714,091
2,477.110
13,609.617
3,542,049
(30,600)
(864,286)
(1,432,955)
(758,939)
(12,267,290)
(2,436,418)
978,023
2,158,740
5.281,136
1,718,171
1.342,327
,105,631
At the date the shares were gifted to Parkwill Limited. the assets and liabilities of the subsidiary
undertakings were.,
Gran
Limiled
Ada
io Estates
Limited
Investment properties
Debtors
Cash at bank
Bank loans
Other creditors < l year
Other creditors > l year
Provisions
Net Assets/(Liabilities)
14,486.830
2,025,292
138,301
(6,882,783)
(251,618)
{ 1,000,000)
(2,741,279)
5,774,743
J,800,000
23,833
(84,932)
(5,592,448)
(1,853,547)
12.
DEBTORS
Grou
2024
Charitable Com
2024
an
2023
2025
Rent and service charges
Amounts due from r¢lated companies
Loan debtors
Interest receivable
Other debtors and prepayments
60.672
842,992
474,813
29,514
291,342
211,834
611, 481
384, 688
18,854
2.926,826
2,073
2.260
152,000
64,500
13.250
31,388
1,699,333
4,153, 683
167,323
98,148
Amounts due from related companies represents amounts of £608,106 due from Better Properties Limited,
and £234,886 due from The Development & Property Holding Company Limited of which certain of the
Trustees of the Charitable Company are also Directors. The loan due from Better Properties Limited bore
interest of 2.5 % above the Bank of England Base Rate and is repayable after more than twelve months.
The loan due from The Development & Property Holdingcompany Limited is interest free and is repayable
on demand. the opinion of the Trustees the amounts are ￿llY recoverable.
20

KEREN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Grou
2024
Charitable Com
2024
an
2023
2023
Current instalments of long tem loans
Rent and service charges charged in advance
Amounts due to related companies
Loan creditors
Taxation
Other creditors and accruals
125, 000
342, J54
297.104
540.407
11,176
4J3,668
178,735
297,104
541,358
9.190
297,104
157,01)O
32,153
297.104
157,000
168,436
31,510
39, 668
1.185,633
1, 729,569
494,804
537,JOI
Amounts due to related companies represent amounts due to companies of which certain Directors are also
Trustees of the Charitable Company,
14.
CREDITORS: AMOUNTS FALLING DUE A￿ER MORE THAN ONE YEAR
Crou
2024
harltable Com
2024
an
2023
2023
Bank borrowin
Secured bank loan (instalments terminating in
less than 5 years)
6, 943,342
6, 943.342
(125, 000)
Less.. Amounts repayable within l year
6,818,342
Other amounts fallin
due within S ears
Amounts due to related companies
Amounts due to subsidiary undertakings
26,963.936 32,070,129
12,284,598
4,112,127
10,656,413
5,440,249
26,963,936 38,888,462
16,396,725
16, 096, 662
Th¢ bank loans (notes 13 & 14) are secured by legal charges over certain of the Group's properties.
Amounts due to related companies represents £23,085,936 due to B¢ttei Properties Limited (£8,406,598 of
which 15 owed by the Charitable Company), £3,428,000 due to Rimex Investtnents Limited and £450.000
due to Overpier Limited (both of which are owed by the Charitable Company). Certain Truslees of the
Charitable Company are also Directors of these related companies. No interest was paid by the Charitable
Company to Better Properties Limited, although certain subsidiary undertakings paid interest at 2.5010
above the Bank of England Base Rate.
These amounts due to related companies are loans with no written contracts and no fixed repayment dates.
FRS 102 requires such amounts to be disclosed as falling due within one year. In the opinion of the
Directors, these loans are unlikely to be demanded within one year of the balance sheet date and such a
disclosure would be misleading. The Directors have concluded that a departure from FRS 102 is necessary
in order to give a true and fair view. Accordingly, these loans are disclosed as falling due after more than
one year.
21

KIREN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR EIYDED 31 MARCH 2024
15.
PROVISIONS FOR LIABILITIES
2024
2023
Balance at l April 2023
Movement for the year
Disposal of Subsidiaries
6,282,729
(1,127.060)
(2,741,279)
6, 768, 932
{486,203)
Balance 31 March 2024
2,414,390
6,282, 729
Deferred tax is recognised in respect of timing differences arising from the revaluation of assets classified
as inve5tm¢nts in the non-charitable subsidiary undertakings. Although the provision has been in
recognised in accordance with FRS 102, it is expecfrd that the majority of the gains will be gifted for
charitable purposes and such tax should not become payable.
Deferred t&x has not been recognised in respect of revaluation of investments by the parent Charitable
Company on the basis that all such gains will be applied for charitable purposes.
16.
UNRESTRICTED FUNDS
Grou
Balance at l April 2023
9,459,166
Net expenditure for the year
(9,398,117)
Surplus on investments
1,127,189
Attributable to non-controlling interest
571,189
Balance at 31 M8r¢h 2024
1,759,427
Charit2
le Com
an
Balance at l April 2023
9.459,166
Net expenditure for the year
(6,096,412)
Deficit on investments
(1,603,327)
Balance at 31 March 2024
1,759,427
22

KEREN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
17.
FINANCIAL INSTRUMENTS
Grou
2024
Chai'itable Co
2024
an
2023
2023
Financlal a,¥sets measured alfalr value
Ihrougli Income and ￿PendI1￿re..
Unlisted investment5 (Note I l )
17.044,345
17,044,345
15,287,141
22,614, 154
Finanelal assels measured al amorllsed cosl..
Debtors (Note 12)
1,699,333
4,153,683
167,323
98,148
Flnancial liabllltles measured al athorltsed
cosl..
Creditors (Notes 13 & 14)
28,149,569 40.618,031
16,891,529 16,633, 763
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Reeonciliation of net income to net eash flow fro
eratin
activities
2024
2023
Net expenditure for the year
(8,270,928)
(11, 764.851)
Adjustments for:
Interest receivable
Net rents and commissions receivable
Non-cash grants
Interest payable
Taxation
(Surplus)IDeficit on investment valuations and disposals
(Increase)IDecrease in debtors
Increasel(Decrease) in creditors
(88,722)
(1.010,557)
5,632,795
376,551
(1.127.060)
(1,127,189)
659,204
(14,947)
(36, 045)
(1,529,253)
507,111
(484,045)
1, 721,614
(2,129,875)
(22J, 063)
(4,970,853)
(13,936,407)
(2, 158)
Tax paid
Net Cash used in operating activities
{4,970,853)
(13.938,565)
Anal
sis of cash and cash e
uivalents
2024
2023
Cash bank and in hand
5,719,681
1,805,890
Total cash and eash ¢quivalentS
5,719,681
1,805,890
23

KEREN ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
19.
ANALYSIS OF CHANGES IN NET DEBT
AtIApr
2023
Disposal of
Subsidiaries
At 31 Mar
2024
Cash flows
Cash at bank and in hand
1,805,890
4,052,092
(138,301)
5,719,681
1,805,890
4,052,092
(138,301)
5,719,681
Bank loans falling due within one year
(125,000)
Bank loans falling due after more than one year (6,818,342)
Other creditors
(32,070,120)
125,000
6,757,783
2,925,471 (26,963,936)
60,559
2,180,713
Total
(37.207,572)
6,293,364
9.669,953 (21.244,2SS)
20.
RELATED PARTY TRANSACTIONS
Donations totalling £2,031,000 were received from companies connected with the Trustees. Certain
Trustees of the Charitable Company are also Directors of those related companies. No conditions were
attached to any of the donations.
During the year donations were made totalling £6,083,096 to Parkwill Limited, £2l,000 to Crownhost
Limited, £105,933 to Collel Chibath Yerushalayim Trust, £22,886 to Bels Brucha Ltd, £10,000 to Dina
Perelman Trust Limited, £18,000 to Ridgesave Limiied, £24,000 to Thornbirch Limikd, £24,000 to
Melcren Limited, and £89,500 to Wychville Limited. Certain Trustees of the Charitable Company are also
Trustees of those related Charitable Entities.
Certain of the group's properties are managed by Better Properties Limited.
Additional Related Party inforniation is given in Notes 11, 12, 13 & 14.
21.
GENERAL INFORMATION
The Charitable Company is incorporated in England and is limited by guarantee, The address of its
principal place of business is shown at page l.
24

KEREN ASSOCIATIOIY LIMtTED
STATEMENT OF FtNANCIAL AcTIV￿IEs
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted Funds
2024
Income and endowments from:
Donations and legacies
Investments
7,025,000
61,423
Total income
7,086,423
Expendlture on..
Investment management Costs
Charitable activities
15,622
13,167,213
Total expenditure
13,182035
Deficit on investment valuations and disposals
(1,603,327)
Net movement in funds
(7,699.739)
Reconciliation of funds
Total funds brought forwaTd
9,459,166
Total funds carried forward
1,759,427
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.

KEREN ASSOCIATION LIMITED
ANALYSIS OF GRANTS
FOR THE YEAR ENDED 31 MARCH 2024
Recipients of Institutional Grants
Part(will Limited
Friends of Mercaz Hatorah Belz Macnivka
The OJC Fund
Achisomoch Aid Company Limited
China Vechisda
Bels Aharon Trust Ltd
Ezra Lecol Ma Detzarich
Mosdot Toras Aharon
Mosdos Kedushas Aharon D'chasidei Belz Machnovka Elad
Zera Aharon Machnovka Belz Yerushalayim
MLT D'chasidei Belz
BA Belz
Heichal Aharon Dchasidei Belz
Synagogue D'chasidei Belz
Mosdos Belz Machnovka Bels Shemesh
Collel Chibath Yerushalayim
Agudat Yeshivat Belz Machnovke
Ichud Mosdos Gur Limited
Wychville Limiled
DoiTOS Oilom,Israel
ChasdeT Aharon Limited
Keren Hatzolo Trust
Other Grants (below £50,000)
6,083,096
1,358,144
949,957
648,000
515,935
411,750
287,750
278.783
201.884
187,951
179.300
164.000
153,814
120,850
115,355
105,933
105,758
104,532
89.500
86,517
85,100
64,800
899,932
13 198 641