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 0￿1CC 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 insti￿tionS 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 Ca￿led 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 f￿ancial 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 f￿all¢la1 statements. and
prepare the f￿ancial 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 M￿CH 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 f￿anCIal 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 pU￿oseS 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 f￿anCIal
statements. We communicated these identified frameworks amongst our audit team and remained alert to
any indications of non-compliance tI￿OUghoUt 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 (Cf1￿1￿￿ed)
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the f￿anCIal 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 ove￿Ide 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 The￿est 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 f￿ancial 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 f￿anCIal 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 Lll￿ITED
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 Ch￿1t&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
Ge￿One 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 F￿￿ANCIAL 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
NoT￿s 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 (Child￿11) 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