KEREN ASSOCIATION LIMITED (LtWTED BY GUARANTEE) FtNANCL4L STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number: 00707087 Charity Number: 313119 COHEN ARNOLD CHARTERED ACCOUNTANTS & STATUTORY AUDITOR LONDON NWI I OPU
KEREN ASSOCL4TION LIfMUTED tNDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 TrtARCH 2025 Page Reference and Adminlstratlve Details Trustees, Report 7-10 Auditor's Report Consolidated Statement of Financial Activities 12 Consolidated Balance Sheet and Charitable Company Balance Sheet 13 Consolidated Statement of Cash Flows 14-24 Notes to the Financial Ststements 25 Charitable Company Statement of Financial Activities 26 Analysis of Grants
KEREN ASSOCIATION LIMITED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025 Name: Keren Association Limited Status.. Incorporated: IM November 1961 Registered Charity Number: 313119 Company Registration Number: 00707087 Principal Office: 129 Stamford Hill London N16 5TW Registered Office: New Burlington Hous¢ 1075 Finchley Road London NWI I OPU Charity Trustees: Mr E Englander (Chainnan) Mr P N Englander fr S Z Englander Mr J S Englander Mrs H Z Weiss Mrs N Weiss Mr A I Perelman Mr J Stern Secrelgry: Mrs H Z Weiss Auditors: Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NWI I OPU Bgnkers: Barclays Bank PIC Mile End & Bow Branch 240 Whitechap¢l Road London El IBS
KEREN ASSOCIATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trnstees, who are also directors for the purposes of Company law, have pleasure in presenting their repo¢ including a Strategic Repo¢ together with the consolidated Financial Statement5 of the Charitable Company and its subsidiaries for the year ended 31 March 2025 which are also prepared to meet the requirements for a Directors, report for Companies Act purposes. The fmancial statements comply with the Charities Act 2011, 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 accounts 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 folins part of this report. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Doeument K¢Ten Association Limited is a Company limited by guarantee govemed by its Memorandum and Articles of Association. It is registered as a Charity Wlth the Charity Commission. Organlsalion The Charitable Company is administered by the Trustees. Every Trustee holds offjce until helshe shall die or shall cease to hold 01CC by virtue of the Articles of Association. The day-lo-day affairs of the Charltable Company are athninistered by the Trustees whose Chainnan is Mr E Englander. All Trustees give their time voluntarily and no beneflt or expenses were paid to them in the year. Appoifttmenl 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 Chainnan of the Trustees would be responsible for the induction of any new Trustee, which involves awareness of a Trustee's responsibilitie5, the governing document, administrative procedures, the history and philosophical approach of the Charity. A new Trustee would receive a"Trustee Welcome Pack" which incorporates copies of the previous year'5 annual report and accounts, and copies of the Charity's policies. Group SlrucÉure and Relallonsliips The Charity has the following non-charitable operating subsidiaries: Com Blustart Co. Limited E & S Propety Trading Co. Limited Englander Company Limited Gerrone Properties Limited Hollow-ware Products Limited Manhill Co. Limited an Com an Re istration Number 00844475 00987960 00507585 00842663 00381945 00804321 Percenta e Shareholdi IOOO/o IOOO/o IOO/o The subsidiary undertakings are administered by the Directors of those companies.
KEREN ASSOCIATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Charitable Company previously owned (directly and indirectly) 19.9 /0 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. Th¢ Charitable Company disposed of this shareholding during the reporting period, by way of a share buyback after obtaining approval from the charity commission. OBJECTIVES AND AcfivITIES FOR THE BENEFIT OF THE PUBLIC The Charilable Company is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law. In furtherance of these objects, the Charitable Company receives income from its cash deposits, flxed asset investments, subsidiary and associated undertakings and voluntary income from companies connected with ihe Trustees which it utilises in the provision and distribution of grdnts and donations to organisations that fall within the objectives of the Charitable Company. It has concentrated its activities in promoting charitable activities of institutions teaching the piinciples of traditional Judaism, and ihe giving of philanthropic aid to the needy. The Trnstees confwm 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 tUre activities. Grani Maklng Poliey 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 the level of funds available to charities whose puryose fall within the objects of the Charilable Company. In making grants and donations, the Trustees use their personal knowledge of the relevant institutions, their representatives, operational efficiency and reputation. The Trustees monitor the application of the grants and donations by meeting with representatives of the institionS and obtaining infomation 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 the 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 Statements at fair value, based on the value of thelr underlying a55ets less liabilities. The valuation of properties and other assets in these Companies has been Caled out by the Trustees. STRATEGIC REPORT Acliievemenls and Performance During the year the Charitable Company has continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion and the giving of philanthropic aid. The reserves remain available to organisations engaging in activities compatible with the aims and objectives of the Charitable Company. The Trustees expect such demands to continue in futslre years. The financial results of the Charitsble Company and its Subsidiary Undertakings for the year ended 31 March 2025 are fully reflected in the attached Financial Statements together with the Notes thereon. Grants and donations in the year totalled £5,670,698 (2024: £13,198,641).
KEREN ASSOCIATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Financlal Review Financial Position The flnancial position of the Charitable Company and its subsidiaries is satisfactory. The Charitable Company's Consolidated Statement of Financial Activities shows a net surplus of £512,535 (2024: net Deficit of £7,699,739) and total reserves of £2,271,962 (2024: £1,759,427). 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 temi investments to allow it to generate sufficient income on an ongoing basis. A proportion of the reserves is held in readily realisable fom to cover on-going grant-making activities and contingencies arising from additional calls made upon the Charitable Company for the support of organisations in times of need. The Charitable Company's reserves are represented by unrestricted funds arising from past operating results. The Trustees are satisfjed that the present balance of distributable reserves is sufficient to support anticipated expenditure. Princi al fundin Source The Charitable Company's principal ndIng sources in the year were its cash reserves, together with donations received from subsidiaries. Inv¢slmenl olic and ob-ective 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 immediately required for use in connection with any of its objects. The Charitable Company's investment policy is to maximise its income and gains so that its charitable objectives are maintained and expanded. However, having regard to liquidity requirements, the Trustees have also operated a policy of keeping available fvnds in interest bearing deposit accounts. Key Performance Indlcalors The Trustees monitor the group'5 perfonnance against the strategic objectives on a regular basis. Perfonnance is assessed against the strategy and expectations using fancial and non-financial indicators. The key financial perfornian¢e indicators used by the group are as follows: 025 2024 Grants and donations received Grants and donations paid Net investtnent income Gains on investments Net movement in funds- surplus/(deficit) Total funds 1,000,000 5,670,698 496,982 4,060,726 512,535 2,271,962 2,051, 000 13,198,641 722, 728 1,127,189 (7,699, 739) J,759,427 The Charity has continued to raise funds and was able to continue its grant funding activities in furtherance of its charitable objects. Plansfor Fulure Periods The Trustees 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 LfMITED REPORT OF THE TRUSTEES FOR THE TrTAR ENDED 31 MARCH 2025 Prthcipal Risks and Uncerlainll£s The Trustees have identified and reviewed the 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 property investment activity Tenant defaults Damage to property from flood, fwe or termrist 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 opportunilies, external expert advice, monitoring cash and regular monitoring of the economic outlook. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. TRUSTEES? RESPONSIBILITJES IN RELATION TO THE FINANCIAL STATEMEIYTS The Trustees (who are also the directors of Keren Association Limited for the pury)oses of Company law) are responsible for preparing the Tnjstees, Report and the Finan¢ial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare fmancial statements for each fmancial year which give a true and fair view of the state of affairs of the ChaTJtable 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 Twstees must not approve the financial statements unless they are satisfied ihat they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these fmancial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently observe the methods and principles in the Charities SORP. mak¢ judgements and estimates that are reasonable and pnJdeTht; stste whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the fall¢la1 statements. and prepare the fancial statements on the going concern basis unless it is inappropriate to presume that the Charitable ComparAy will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the fmancial position of the Charitable Company and enable them to ensure that the fmancial statements comply with the Companies Act 2006 and Charity legislation. The Trustees are also responsible for safeguarding the assets of the Charitable Company and the group and hence for t8king reasonable steps for the prevention and detection of fraud and other irregularities.
KEREN ASSOCIATION LIMITED REPORT OF THE TRUSTEES FOR THE ITAR ENDED 31 MARCH 2025 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 inforniation 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 helshe is obliged to take as a director in order to make themselves aware of any relevant audit infonnation and to establish that the auditor is aware of that inforniation. AUDITORS The auditors, Cohen Arnold, are deemed to be re-appointed under Se¢tion 487(2) of the Companies Act 2006. Approved by the Trustees onlg January 2026, including, in their ¢apacity as Company Directors, the Strategic Report contained therein. On behalf of the Board of Trustees, Mr E Englander (Trustee)
KEREN ASSOCIATION LIMITED DEPENDEiYf AUDITOR'S REPORT TO THE IVIEMBERS AND TRUSTEES OF KEREN ASSOCIATION LIMITED FOR THE YEAR ENDED 31 MCH 2025 OPINION We have audited the financial statements of Keren Association Limited (the 'parent charitable company,) and its subsidiari¢s ('the group.) for the year ¢nd¢d 31 March 2025 which cornprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sh¢¢ts, the Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The fjnancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the fanCIal 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 2025 and of the group's incoming resources and application of resources, including its 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 fLnancial statements section of our report. We are independent of the gTOUP 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 approprlate to provide a basis for our opinion. COIYCLUSIONS RELATING TO GOING CONCERN tn auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of ac¢ounting in the preparation of the fmancial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent charilable company'5 ability to continue as a going concern for a period of at least twelve months from when the fman¢ial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
KEREN ASSOCIATION LIMITED INDEPENDENT AUDITOR?S REPORT TO THE MEMBERS AND TRUSTEES OF KEREN ASSOCIATION LIMITED (Conilnmed) FOR THE YEAR ENDED 31 MARCH 2025 OTHER INFORMATION The other inforniation comprises the infonnation included in the annual report, other than the fmancial statements and our auditor's report thereon. The Trustees are responsible for the other inforniation. Our opinion on the fmancial statements does not cover the other inforniation and, except to the extent otherwise explicitly stated in our reporL we do not express any forni of assurance conclusion thereon. In connection with our audit of the fmancial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation is materially inconsistent with the fmancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a materlal misstatement in the fmancial statements or a material misstatement of the other inforniation. If, based on th¢ work we have perforni¢iL we conclude that there is a tnaterial mis5tatem¢nt of this other infonnation, we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMFANIES ACT 2006 In our opinion, based on the work undertaken in ihe course of the audit: the inforniation given in the Trustees, Report, which includes the Directors, Report and the Strategic Report prepared for the pUoseS of company law, for the fmancial year for which the fmancial statements are prepared is consistent with the financial statements. and the Trustees, Report and the Strategic Report included within the Trnstees, Report have been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identifjed material misstatements in the 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 a¢counting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the parent company fmancial 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 inforniation and explanations we require for our audit.
KEREN ASSOCIATION LIMITED DEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF KEREN ASSOCLATION LIMITED (Conilnued) FOR THE YEAR ENDED 31 MARCH 202S RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, responsibilities statemen¢ the Trustees who are also the Dir¢ctors of the parent charitable company for the pury)oses of company law are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view, and for such internal control as the Trustees d¢tern]ine is necessary to enable the preparation of fmancial statements that are free trom material misstatement, whether due to fraud or error. In preparing the fmancial statements, the Trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the goillg concern basis of accounting unless the Twstees either intend to liquidate the group or the parent haritable 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 malerial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is llot a guarantee that an audit conducted in ac¢ordance with ISAS (UK) will always detect a material misststement when it exists. Misstatement5 can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stalements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the management and identified which were most significant with respect to the fmancial statements. We identified Companies Act 2006 (including associated regulations), Charities Act 2011, 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 fanCIal statements. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance tIOUghoUt 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 susceptibility of the up,$ financial statements to material misstatement due to non- compliance with legal and regulatory framework, including how fraud might occur, by enquiry with the management during the planning and fmalisation stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was deterniined to be low. Based on this understanding, we designed our audit procedures to identify non-compliance 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 tninutes of board meetings and correspondence with regulatory bodies including HM Revenue & Customs, testing transaction5 outside the nornjal course of the busin¢ss and journal entries, and discussions with the management.
KEREN ASSOCIATION LIMITED INDEPENDENT AUDITORgS REPORT TO THE MEMBERS AND TRUSTEES OF KEREN ASSOCIATION LIMITED (Con1inu) FOR THE YEAR ENDED 31 tARCH 2025 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Cf11ed) Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the fanCIal slaÉem¢nts. 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 (irregulariÉies) is from the events and transactions reflected in the fmancial statements, the less likely the inherently limited procedures required by auditing standards would identity it. In addition, as with any audit. there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the oveIde of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forn]s part of our auditor's report. USE OF OUR REPORT This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the lIest extent perniitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body? for our audit work, for this report, or for the opinions we have fom]ed. Asher Sternlicht (Senior Ststutory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Stathtory Auditor New Burlington House 1075 Finchley Road London NWI I OPU Our audit was completed on R January 2026 and our opinion was expressed at that date. io
KEREN ASSOCIATION LtMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (ll¥CLUDlllG CONSOLIDATED INCOl¥tE AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 TrtARCH 2025 Unrestrlcted Funds 2025 2024 Note Illeome and endowments from: Donations and legacies Investments 1,000.000 772,756 2, 051, 000 1,479.634 Toial income 1,772,756 3.530,634 Expenditure on: Investment management costs Charitable activities 275,774 5,774,000 756,906 13.298,905 Total expenditure 6,049,774 14,055,811 Surplus on investment valuations and dlsposals 4,060,726 1,127.J89 Net expendilure before taxatkon (216,292) (9.397,988) Taxation 620,302 1.127,060 Net ineomel(expenditure) after tsxation 404,010 (8,270,928) Attributable to non-controlling interest 108,525 571,189 Net movement In funds io 512,535 (7, 699, 739) Reconciliation of funds Total funds brought forward 1,759.427 9,459, 166 Total funds carried forward 2,271,962 1, 759,427 The Statement of Financial Activities includes ajl gains and losses recognised in the year. All income and expenditure derive frnm continuing activities. The related notes forni part of these Financial Statements.
KEREN ASSOCIATION LIMITED Company No.. 00707087 CharityNo.' 313119 CONSOLIDATED BALANCE SHEET AND CHARITABLE CONIPANY BALANCE SHEET AS AT 31 MARCH 2025 Charitable Com an Charitable Com an 2024 Grou 2025 Grou 2024 2025 Note Fixed assets Investments 11 20,606,67fj 27,521,175 7,552,266 15,287.141 Total fixed Assets 20,606,675 27,521.175 7,552,266 15,287, 141 Current assets Debtors Cash at bank and in hand 12 1,630,919 1,088,088 1, 699,333 5, 719,681 162,409 1,064,808 167,323 3,196, 492 Total Current assets 2,719,007 7.419.014 1,227,217 3.363,815 Current Liabllltles Creditors: Amounts falling due within one year 13 (1,147,476) (J, 185, 633) (490,796) (494,804) Net current assets 1,571,531 6,233,381 736,421 2,869,011 Total assets less current liabilities 22,178,206 33, 754,556 8,288,687 18, 156, 152 Creditors: Amounts falling due after more than one year 14 (15,603,089) (26, 963,936) (6,016,725) (16,396. 725) (1,794,877) (2,414,390) Provisions for liabilities 15 Net Assets 4,780,240 4,376,230 2,271,962 1, 759, 427 Less: non-controlling interest (2,508,278) (2,616,803) Net assets attributgble to the parent Charltable Company 16 2,271,962 1. 759.427 2,271,962 1, 759,427 The funds of the Charitable Company: Unrestricted lld5 16 2271,962 1, 759.427 2,271,962 1, 759,427 2,271,962 1, 759,427 2,271,962 1, 759,427 The Thistees have prepared group FiDancial Statement5 in accordance with section 399 of the Companies Act 2006. These Financial Statements constiNte the annual accounts required by the Companies Act 2006 and are for circulation to the members of the company. The Financial Statements were approved by the Trustees on Il January 2026 and signed on their behalf by: IktR E ETr4 LANDER (fRUSTEE) The related notes forn part of these Financial Statements. 12
KEREN ASSOCIATION LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flows from operating activities: Net cash used in operatlng activitles 18 (4,731,730) (4,970,853) Cash flows from investing activities: Interest received Net rents and commissions received Purchase of/Improvements to investments Proceeds from sale of investments 134,592 385,627 78, 062 945,276 (152, 741) 9,060.270 975,226 Net cash provided by Investlng activltles 1,495,445 9,930,867 Cash flows from financing activities: Interest paid Repayment of bank borrowings Increase/(Decrease) in other loan creditors (75,032) (372.819) (60,559) (612,845) (1,320,276) ]Yet Cash provided byl(used In) financing activities (I J95J08) (1,046,223) Change In cash and eash equivalents In the year (4,631,593) 3,913, 791 Cash and cash equivalents at the beginning of the year 5,719,681 1,805,890 Cash and cash equivalents at the end of the year 18 1.088,088 5,719.681 The r¢lated notes fonn part of these Financial Statements. 13
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTIIYG POLICIES Statement of Compliance The fin8ncial statements have been prepared in compliance with Accounting and Reporting by Charlties: 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 Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Charltable Company meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared in Sterling (rounded to the Theest pound), which is the functional currency of the entity. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the fancial statemenls are as follows: Golng Concern There are no material uncertainties about the Charity's ability to continue as a going concern. Group Flnancial Statements These Financial Stalements consolidate the results of the Charitable Company and its subsidiaries on a line-by-line basis. A separate statement of fmancial activities or income and expenditure account dealing with the results of ihe Company only has not been presented in accordance with Section 408 of the Companies Act 2006. Judgements and Key Sources of Estlmation Uncertainty In the application of the company's accounting policies, the trustees are required to make judgements, 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 estimates. 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 tUre periods if the revision affects both current and future periods. The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. Income All donations are recognised in the 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, rentals from propety assets. and grants and donatAons received by the Charitable Company and Group. Investment Management Costs Investment management costs include costs relating to the investment properties on an accrual basis. Governance Costs Governance costs include costs of the preparation and audit of financial statements and cost of any legal 14
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 advice to Trustees on governance or constitutional matters and is recognised on an accrual basis. ACCOUNTING POLICIES (CoMlinuÉd) Cash at bank and In hand Cash ai bank and cash in hand includes cash and short tern] 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 Recognition 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 ihe amount can be measured or estimated reliably. Fund Accounting General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trnstees in rtherance of the generdl objectives of the Charity. Restricted funds are funds subject lo specific restricted conditions imposed by donors. There are no restricted funds as at the Balance Sheet date. Designated funds are funds, which have been set-aside at the discretion of the Trustees for specific purposes. There are no designated ndS as at the Balan¢e Sheet date. Inveslments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. Fixed Assets All fixed assets are initially recorded at cost. Propertie5 Held for Investment Properties 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 investment properties. Acquisillons and Disposals of Properties Acquisitions and Disposals of properties are considered to take pla¢e at the date of legal completion and are included in the Financial Statements accordingly. Financial Instruments A financial asset or a f)nancial liability is recognised only when the entity becomes a paty to the contractual provisions of the instrument. Basic fmancial instruments are initially recognised at the transaction price, unless the arrangement constitutes a fLnancing transaclion, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cosL Where investments in non-puttable ordinary shares including investments in subsidiary undertakings Can be measured reliably. the investment IS subsequently measured at fair value with ch8llges in fair value recognised in the Statement of Financial Activities. Otherwise such investments are subsequently measured at cost less impairnient. For all equity instruments regordless of significance, and other fmancial assets that are individually significanL these are assessed individually for impairn]ent. Other financial assets are either assessed individually or grouped on the ba515 of sitnilar Credit risk characteristiC5. Any r¢versa15 of impainnent are recognised in profit or loss inllnediately, to the extent that the reversal does not result in a carrying amount of the fanCIal a55et that exceeds what the carrying amount would have been had the impainnent not previously been recognised. 15
KEREN ASSOCIATION LIIIIITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 TrL4RCH 2025 ACCOUNTING POLICIES (Continued) 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 purposes and therefore no tax liability should arise. Notwithstanding the above, deferred tsx is recognised in respect of all timing differences present in the non-charitable subsidiary undertakings. Unrelieved tax losses and other defeffed tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have b¢en enacted or substantively enacted by th¢ T¢PQrting date that are expected to apply to the reversal of the timing difference. Related Party Transactions 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 DONATIONS AND LEGACIES 2025 2024 Unrestricted donations received 1,000,000 2, 051,000 No r¢$trictions were attached to any donations received. INVESTMENT INCOME 2024 Rents receivable from investment properties Interest receivable Commissions receivable 539,974 135,179 97,603 1.245,144 88, 722 145, 768 772,756 1,479, 634 INVESTMENT MANAGEMENT COSTS 2025 2024 Property outgoings Interest payable 270,361 5,413 380,355 376,551 275,774 756,906 No cornmi55ion has been paid in connection with management of the properties. 16
KEREN ASSOCIATION LllITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 EXPENDITURE ON CHARITABLE ACTIVITIES 2025 2024 Grant funding activitiey (Inslilulioiial gi.]ts) Support and governance costs (note 6) 5,670,698 103,302 13,15)8,64J 100,264 5,774,000 13.298,905 All grants were paid from unrestricted funds and were institutional grants. An analysis of institutional grants is attached to these fjnancial statements. All grants were paid were for Education, Furtherance of Jewish Religion and Alleviation of Poverty. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS 2025 2024 Legal & professional fees Auditor's remuneration General expenses 41,550 48,743 13.009 27,107 56,864 16,293 103,302 100,264 STAFF COSTS AND EMOLUMENTS No salaries or wages have been paid to any employee or Trustee by the Charitable Company or any subsidiary undertaking. No Trustee expenses have been incurred. SURPLUSI(DEFICIT) ON INVESTMENT VALUATIONS AND DISPOSALS 2025 2024 Profit on disposal Gains on revaluation 4,060,726 28.100 1, 099,089 4,060,726 1,127.189 TAXATION No current tax was payable in respect of the Charitable Company. Current tax payable in respect of the non-charitable subsidiary undertakings was £789 (2024.. nil). The balance of the moven]ent in the income and expendTrture account represents provision for deferred tax (see Note 15). 17
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 io. NET MOVEMENT IN FUNDS Of the Net Movements of Funds of the Group £512,535 Surplus (2024: £7,699,739 Deficit) has been dealt within the Statement of Financial Activtties of the Ch1t&ble Company itself. ii. IINVESTMENTS Shares in Related Com anies Life Policies Grou Pro erties Total Fair Value at l April 2024 Additions Disposals Revaluations 10,476,830 5,957,000 11,087,345 27,521,175 (957,500) (5,957,000) (6,914,500) Fair Value at 31 March 2025 9,519,330 11,087,345 20,606,675 ImpaiTments At l April 2024 Reversal of impairnients At 31 March 2025 Carying Amount Net book value at 31 March 2025 9,519,330 11,087,345 20,606,675 Net book value at l April 2024 10,476,830 5,957,000 11,087,345 27,521,175 Historical Cost at 31 March 2025 2,025,397 11,087,345 13,112,742 bares I Subiidi8r Shar¢s in Related Com Charitable Com an UndertRkin Total Fair Value at l April 2024 Additions Disposals Revaluation5 11,640,125 3,647,016 2,309,984 (5,957,000) 15,287,141 2,309,984 {5,957,000) (4,087,859) (4,087,859) Fair Value at 31 March 2025 7,552,266 7,552,266 Historical Cost at 31 March 2025 2,852,771 2,852,771 18
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ii. INVESTMENTS (Continued) The assets classified as inv¢stments ar¢ stated at Trust¢es' valuation at 31 March 2025. The group's invesknent properties are valued by the Trustees in consultation with RJCS qualified surveyors based on their understanding of propety market conditions using a sales valuation approach, derived from recent comparable transactions and market yields, adjusted by applying discounts to reflect status of occupation and condition. The fair value at 31 March 2025 of the Investments in Subsidiary Undertakings and unquoted Related Companies is based on the underlying value of assets less liabilities of these Companies. The valuation of properties and other assets in these Companies has been made by the Trnstees. The Subsidiary Undertakings (all being propety investment companies) of the Charitable Company? all of which are incoryjorated in Great Britain and registered in England and included in the consolidated fjnancial statements, are as follows: Com an istration Number 00844475 00987960 00507585 00842663 00381945 00804321 Percenta SIIArcholdin IOOO/o IOOO/o 50.450/0 IOOO/o IOOO/o Com Blustart Co. Limited E & S Property Trading Co. Limited Englander Company Limited GeTrone Properties Limited Hollow-ware Producls Limited Manhill Co. Limited an The Charitable Company previously owned (directly and indirectly) 19.9 /0 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. The Charitable Company disposed of this shareholding during the reporting period, by way of a share buyback after obtaining approval from the charity ¢ommission. A summary of the turnover, expenditure and net profit or loss for the year ended 31 March 2025 of each subsidiary undertaking is as follows: Com an Turnover Ex tnditure Other ustments Donations aid to Parent Chari Iyet retained rofit or loss Blustart Co. Limited E & S Property Trading Co. Limited Englander Company Limited GeOne Properties Limited Hollow-ware Products Limited Manhill Co. Limited 3,817 (5,277) 67,576 (60,000) 6,116 112,559 (169,792) 124,102 (340,000) (273.131) 366,736 (149,325) 120,569 (557,000) (219,020) (2,851) 59.080 (1,738,400) (1,682,171) (3.777) (47.069) (3,772) (351,506) 53,892 (174,329) (184,000) 19
KEREN ASSOCIATION LIMITED NOTES TO THE FANCIAL STATEMENTS FOR THE YEAR EISDED 31 MARCH 2025 ii. INVESTMENTS (ContiFwe&) The assets, liabilities and funds of each subsidiary undertakings as at 31 March 2025 were as follows: it81 and Reserves Com an Assets labilities Blustart Co. Limited E & S Property Trading Co. Limited Englander Company Limited Gerrone Properties Limited Hollow-ware Products Limited Manhill Co. Limited 1,015,209 2,773,460 6,032,940 452,091 13,609,622 3,189,941 (31,070) (887,851) (970,824) (416,091) (12,271,067) (2,435,816) 984,139 1,885,609 5,062,116 36,000 1,338,555 754,125 12. DEBTORS Grou 2025 ChArit8ble Com 2025 an 2024 2024 Rent and service charges Amounts due from related companies Loan debtors Interest receivable Other debtors and prepayments 36,074 808,354 474,851 30,101 281,539 60,672 842, 992 474.813 29.514 291,342 896 2.073 151,500 152, 000 10,013 13.250 1,630,919 1,699,333 162,409 167,323 Amounts due from related companies represents amounts of £573,468 due from Better Properties Limited, and £234,886 due from The Development & Property Holding Company Limited of which certain of the TrusÉees of ihe Charitable Company are also Directors. The loall due from Better Properties Lirnited bore interest of 2.50/0 above the Bank of England Base Rate and is repayable after more than twelve months. The loan due frorn The Development & Property Holding Company Limited is interest free and is repayable on demand. In the opyJ]ion of the Trustees the amounts are fully recoverable. 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grou 2025 Charitable Com 2025 an 2024 2024 Rent and service charges charged in advance Amounts due to related companies Loan creditors Other creditors and accruals 172,548 297,539 581,494 95,895 178, 735 297. 104 541.358 168,436 9,190 297,539 157.000 27,067 9,190 297,104 157,000 31.510 1,147,476 I, 185.633 490.796 494.804 Amounts due to related companies represent amounts due to companies of which certain Directors are also Trustees of the Charitable Company. 20
KEREN ASSOCIATION LIMITED NoTs TO THE FJF4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR Grou 2025 Charitable Com 2025 an 2024 2024 Other amounts fallin due witliin 5 Amounts due to related companies Amounts due to subsidiary undertakings ears 15.603,089 26.963,936 1,534,598 4,482,127 12.284,598 4,112,127 15,603,089 26,963,936 6,016,725 16,396, 725 Amounts due to related companies represents £15,153,089 due to Better Properties Limited (£1,084,598 of which is owed by the Charitable Company), and £450,000 due to Citywise Limited (which is owed by the Charitable Company). Certain Trustees 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 2.50/0 above the Bank of England Base Rate. These amounts due to related companies ar¢ loans with no written contracts and no fixed repayment dates. FRS 102 requires such amounts to be disclosed as falling due within one year. kn 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. 15. PROVISIONS FOR LIABILITIES 202 2024 Balance at l April 2024 Movement for the year Disposal of Subsidiaries 2,414,390 (619,513) 6,282, 729 (1,127,060) (2, 741,279) Balance 31 March 2025 1,794,877 2,414,390 Deferred tsx is recognised in respect of timing differences arising from the revaluation of assets classified as investments in the non-charitable subsidiary undertakings. Although the provision has been in recognised in accordance with FRS 102, it is expected ihat the majority of the gains will be gifted for charitable pury)oses and such tsx should not become payable. Deferred tax has not been recognised in respect of revaluation of investments by the parent Charitable Company on the basis that all such gains will b¢ applied for charitable purposes. 21
KEREN ASSOCIATION LIMITED NOTES TO THI FINANCIAL STATEMENTS FOR TKE YEAR ENDED 31 MARCH 2025 16. UNRESTRICTED FUNDS Grou Balance at l April 2024 1,759,427 Net expenditure for the year (3,656,7J 6) Surplus on investments 4,060,726 Attributable to non-controlling interest 108,525 Balanee at 31 March 2025 2,271,962 Charitable Com an Balance at l April 2024 1,759,427 Net expenditure for the year (1,752.590) Surplus on investhients 2,265,125 Balance at 31 March 2025 2,271,962 17. FINANCIAL INSTRUMENTS Grou 202 Charitable Com 2025 gn 2024 2024 Financial assels measured atfair value through income and expendllure.. Unlisted investments (Note I l) 11,087,345 17.044,345 7,552,266 15,287,141 Flnancial assets measured at amorlised cost." Debtors (Note 12) 1,630,919 J,699,333 162,409 167,323 Financial Ilabililies medsured al amorlised cosl.. Creditors (Notes 13 & 14) 16,750,565 28.149.569 6,507,521 16,891,529 22
KEREN ASSOCIATION LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS Reconciliation of net income to net cash flow from o tratin activities 2025 2024 Net ineomcl(expenditure) for the year 404,010 (8,270,928) Adjustments for: Interest receivable Net rents and commissions receivable Non-cash grants Interest payable Taxation Surplus on investment valuations and disposals Decrease in debtors Decrease in creditors (135,179) (367216) (88, 722) (1,010,557) 5, 632, 795 376,551 (1,127,060) (1,127.J89) 659,204 (14,947) 5,4l3 (620,302) (4,060,726) 44,403 (2,922) (4,732,519) 789 (4.970.853) Tax paid Net cash used in operating activltles (4,731,730) (4,970,853) Anal sis of tash and cash e uivalcnts 2025 24 Cash bank and in hand 1,088,088 5,715),681 Tolal cash and cash equivalents 1,088,088 5, 719,681 19. ANALYSIS OF CHANGES IN NET DEBT AtIApr 2024 Cash flows At 31 Mar 2025 Cash at bank and in hand 5,719,681 (4.631,593) 1,08&088 5,719,681 (4,631,593) 1,088,088 Other creditors (28,149,569) 11,399,004 (16,750,565) Total (22,429,888) 6,767,411 (15,662,477) 23
KEREN ASSOCIATION LIMITED NOTES TO THE Fll¥ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. RELATED PARTY TRANSACTIONS Donations totalling £1,000,000 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 £153,623 to Collel Chibath Yerushalayim Trust, £44,650 to Bels Brucha Ltd, £10,000 to Dina Perelman .1 rust Limited, £1,480 to Side by Side (Child11) Llllllted, and £40,000 to Friends of Mosdos Belz Machnovka. Certain Trustees of the Charitable Company are also Trust¢¢s of those relat¢d Charitable Entities. Certain of the wup's properties are managed by Better Properties Limited. Additional Related Paty infonnation is given iti 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 ASSOCIATION LIMtTED STATEMENT OF FINANCIAL ACTNITIES (CLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Funds 2025 Income and endowments from: Donations and legacies Invesknents 3,879.400 34,280 Total income 3,913,680 Expenditure on: Investment management costs Charitable activities 2,855 5,663,415 Total expendlture 5,666,270 Income from shares in subsidiary undertakings Defjcit on investsnent valuations and disposals 2,309,984 (44,859) Net movement in (unds 512,535 Reconciliation of funds Total funds brought forward 1,759,427 Total lunds carried forward 2,271,962 The statement of fmancial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 25
KEREN ASSOCIATION LIMITED ANALYSIS OF GRANTS FOR THE YEAR ENDED 31 MARCH 2025 Recipients of In5titution21 Grants Friend5 of Mercaz Hatorah Belz Macnivka The OJC Fund China Vechisda Achisomoch Aid Company Limited Bels Aharon Trust Ltd Collel Chibath Yernshalayim Ezra Lecol Ma Detzarich Chasdei Aharon Limited Synagogue D'chasidei Belz MLT D'chasidei Belz Ichud Mosdos Gur Limited Shaar Hamelech TTBA Belz Mosdos Kedushas Aharon D'chasidei Belz Ma¢hnovka Elad Mosdos Toras Aharon Zera Aharon Ma¢hnovka Belz Yerushalayim Tarim Karno Other Grants (below £50,000) 1,289,380 1,100.290 436,405 430,000 297,300 153,623 129,806 110,400 103,808 95,900 95,000 80,000 69,500 66,312 62,421 53,681 52,000 1,044,872 5,670,698 26