COMPANY REGISTRATION NUMBER . 00711500 CHARITY REGISTRATION NUMBER: 3123122 GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 OPU
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 CONTENTS Page Trustees, annual report (incorporating the directors. report) Independent auditor's report to the members Consolidated statement of financial activities (including income and expenditure account) Parent ststement of financial activities (including income and expenditure account) 10 11 Consolidated statement of financial position 12 Parent balance sheet 13 Consolidated statement of cash flows 14 Notes to the financial statements 15
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 June 2024. Reference and administrative details Registered charity name: Gerson Berger Association Limited Charity registration number: 313122 Company registration number: 00711500 Principal office and Registered Address: New Burlington House 1075 Finchley Road London NW11 OPU Trustees: Mr Samuel Berger (Deceased 1 December 2024) Mrs Sarah Rachel Klein M. Solomon Laufer Mrs Zelda Stemlicht Auditor: Cohen Arnold & Co. Chartered Accountants & statutory Auditor New Burlington House 1075 Finchley Road London NW11 OPU Bankers: Unity Trust Bank POBox7193 Planetary Road Willenhall VW19DG STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT Gerson Berger Association Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 22nd December 1961 as amended on 9th July 1979 and 9th March 1981. Appointment Training and Recruitment of Trustees As set out in the Articles of Association the rnembers of the charity shall not be less than three and exceed eight. There are two classes of members.. Ordinary Members membership. subscribers and all persons subsequently admitted by the Council to Honorary Members- persons the Council may admit from time to time with written consent. No person shall be admitted to the membership of the Company as an ordinary member unless: He has signed and sent to the Secretary an application for admission framed in such terms as the Council shall from time to time prescribe. and He has been elected to membership by the Council. Page 1
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS, REPORT FOR THE YEAR ENDED 30 JUNE 2024 continue STRUCTURE, GOVERNANCE AND MANAGEMENT(continued) APPOINTMENT TRAINING AND RECRUITMENT OF TRUSTEES (continued) All current trustees are ordinary members and no honorary members have been appointed. The organisation is run by the governors (directors) who are the trustees. Every trustee holds office until helshe shall die or attain the age of eighty or shall cease to hold office by virtue of Article 49 of the Articles of Association. It is not currently the intention of the trustees of the Charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures. Employee and Trustee Remuneration The charity has no staff other than the 4 trustees all of whom give freely of their time and expertise without any fomi of remuneration or other benefit in cash or kind (2023.. £nil). The charity did not meet any expenses (2023:£nil) incurred by the trustees for serVIS provided to the charity. GROUP STRUCTURE AND RELATIONSHIPS The Charity holds the share capital of five subsidiary undertakings, namely Altena Estates Limited, Barryvale Limited, Fleetguild Limited, Hiltshore Limited and Mirette Investments Limited. All the subsidiary holdings are engaged in property investment, except for Hiltshore Limited which is a dormant company, and their results are incorporated in the consolidated financial statements. Details of the subsidiary undertakings may be found in note 18 to the financial statements. RISK MANAGEMENT The trustees have identified and reviewed the major risks to which the group is exposed, in particular those related to the operations and finance of the charity and are satisfied that systems are in place to mitigate those risks. FINANCIAL RISK MANAGEMENT AND POLICIES The group holds or issues financial instruments in order to achieve three main objectives: a) To finance its operations b) To manage its exposure to interest and currency risks arising from operations and from its sources of finance; and c) To generate funds. In addition, various financial instruments (e.g. debtors. creditors. prepayments and accruals) arise directly from the charity's operations. CREDIT RISK The charity monitors credtt risk closely and considers that its current policies of credit risk checks meet its objectives of managing exposure to credit risk. The chartty has no significant concentrations of credit risk. Amounts shown in the balance sheet represent the maximum anticipated credit risk exposure. It is recognised that systems Can only provide reasonable but not absolute assurance that major risks have been adequately managed. Page 2
GERSON BER_GER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS. REPORT(Conllnued) FOR THE YEAR ENDED 30 JUNE 2024 OBJECTIVES AND ACTIVITIES CHARITABLE OBJECTS The charity is established for charitable purposes only and {without prejudice to the generality of the foregoing words) in particular to do, perform and carry out all or any of the following acts and things, namely:_ To provide and carry on whether in the United Kingdom or elsewhere, a school or schools where the pupils may obtain a sound education of the highest order and to provide religious instruction and training therein in accordance with the doctrines and principles of traditional Judaism-, To foster education and moral and religious training in accordance with the said principes,. To provide any accommodation which may be deemed desirable for the pupils attending and persons employed at any school or schools., To give philanthropic aid to the Jewish needy., For other purposes as are recognised by English Law as charitable., AIMS, OBJECTIVES AND ACTIVITIES FOR PUBLIC BENEFIT The trustees confirm that they have referred to the guidelines contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policies for the year. In doing so, the charity has complied with its duty to act for the public benefi't in accordance with section 4 of The Charities Act 2011. GRANT MAKING POLICY This charity was established to support the activities of Jewish religious organisations, especially in the field of education and to provide philanthropic aid to the Jewish needy. Donations are made to organisations providing a sound religious education in accordance with the doctrines and principles of traditional Judaism and to institutions set up to provide aid to the Jewish needy, wtth a view to achieving the objects of the charity. Gerson Berger Association Limited regularly supports charitable organisations and institutions both in respect of revenue expenditure and capital projects and there has been a continual call for funding for capital projects together with a concomitant need for increased revenue support. Applications for grants are made in writing to the charity or in person to the Trustees by other UK registered Gharities. All donations above £10,000 require approval of all the Trustees and after making the necessary checks. proportional to the level of funding involved, donations are provided through bank transfer. INVESTMENT POWERS AND POLICY Under the Memorandum and Articles of Association, the charity has the power to make any investmentwhich the trustees see fit, provided that funds so utilised are not immediately required for use in connection with any of its objects. The trustees regularly review the charity's position and needs in respect of the investment policy. Page 3
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT INCORPORATING THE DIRECTORS, REPORT (contlnued) FOR THE YEAR ENDED 30 JUNE 2024 STRATEGIC REPORT The group invests in property portfolios and listed investments to generate income with which it makes grants, donations and loans to other charities and institutions that fall within the objectives of the charity. ACHIEVEMENTS AND PERFORMANCE The charity is dependent on the investment income generated by its subsidiary undertakings which have perfonned similarly to the prior year (see note 6 to the financial statements). £nil (2023.. £30,000) of donations and legacies were received in the current year from non-group companies, besides the Gift Aid payments from subsidiary companies which amounted to £2,090,587 (2023:£1,570,500). During the year under review £2.052,800 (2023: £1,617,200) was distributed in furtherance of the charity's objectives. FINANCIAL REVIEW The charity is dependent for its income on the commercial activities of its subsidiaries. During the year, gross income arising from the commercial activities of the subsidiaries was £4,787,987 (2023.. £4,199,163). The Charity holds the share capitsl of five subsidiary undertakings. All the subsidiary holdings are engaged in property investment, except for Hiltshore Limited which is a dormant company. The trustees considertheir results for the year ended 30th June 2024 to be satisfactory. KEY PERFORMANCE INDICATORS (KPIS) The Trustees monitor the Charity's perfomance progress against its strategic objectives and the financial performance of its operations on a regular basis. Performance is assessed against the strategy and expectations using financial and non-financial measures. The most significant KPIS used by the charity are as follows: 2024 2023 Grants and donations paid out Net rental income Surplus on disposal of investment properties Dividend income from listed investments Investment property at fair value Listed investments at fair value 2,052,800 2,959,539 1,206,140 31,702 45,912,959 453,038 1,617,200 2.113,069 40,332 43,960,138 551,884 PLANS FOR FUTURE PERIODS The charity plans on continuing the activities outlined above in the coming years subject to incoming resources being maintained at a satisfactory level. RESERVES POLICY It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year. The free reserves of the charity, not including the subsidiary undertakings, are the current assets minus current liabilities. At the year end, the charity had a deficit in reserves (£17,524) (2023.. (£36,706). The deficit has continued as a result of increased demands for charitable donations in the year and the Trustees are developing a route to ensure a return to positive free reseNes. Page 4
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS, REPORT(GontinuedJ FOR THE YEAR ENDED 30JUNE 2024 TRUSTEES. RESPONSIBILITIES STATEMENT The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the finance statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming reSoUrS and application of resources, including the income and expenditure, for that period. In preparing these financial Statements, the trustees are required to: Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the applicable Charities SORP; Make judgements and accounting estimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained tin the financial statements,. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR Each of the persons who is a director at the date of approval of this report COnfiS that.. So far as they are aware, there is no relevant audit information of which the company's auditor is unaware., and They have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The trustee's annual report (incorporating the directorfs report) and the strategic report were approved on 1 Oth March 2025 and signed on behalf of the board of trustees by: Mrs Zelda Stemlicht Trustee rsol Trustee monL Page 5
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GERSON BERGER ASSOCIATION LIMITED FOR THE YEAR ENDED 30 JUNE 2024 OPINION We have audited the financial statements of Gerson Berger Association Limited {the 'parent charitable company,) and its subsidiaries {the 'group') for the year ended 30 June 2024 which comprise the consolidated statement of financial activities (including income and expenditure account), company statement of financial activities, consolidated statement of financial position, company balance sheet, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. Give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., Have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK} {ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe th8t the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where.. The trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or The trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least knelve months from the date when the financial statements are authorised for issue. Page 6
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GERSON BERGER ASSOCIATION LIMITED (Continued) FOR THE YEAR ENDED 30JUNE 2024 OTHER INFORMATION The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial ststements, our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial 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 determine whether there is a material misstatement in the financial statements or a material misstatement of the other inft)rmation. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MArrERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: The information given in the trustees. report for the financial year for which the financial statements are prepared is consistent with the financial statement. and The trustees, report has been prepared in accordance with applicable legal requirements. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in 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 accounting records have not been kept, or returns adequate for our audit have not been reiVed from branches not visited by us; or The financial statements are not in agreement with the accounting records and returns- or Certain disclosures of trustees, remuneration specified by law are not made,. or We have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 7
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF GERSON BERGERASSOCIATION LIMITED (Continued) FOR THE YEAR ENDED 30JUNE 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 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 not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detects'ng irregularities, including fraud is details below.. We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trustees and identified financial reporting legislation, landlord legislation and charity legislation as being most significant to these financial statements. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations. We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks. We assessed the susceptibility of the charity's financial statements to material misstatement due to non- compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misststement was determined to be low. Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the fi'nancial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non4etection of irregularities, as these may involve Collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations. Page 8
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF GERSON BERGER ASSOCIATION LIMITED (Continuedj FOR THE YEAR ENDED 30JUNE 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS(ConlinuedJ As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but notforthe purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness ofthe trustees. use ofthe going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT This report is made solely to the charity'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 charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Moshe Broner-cohen (Senior Statutory Auditor) Date.. 10th March 2025 For and on behalf of Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 OPU Page 9
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 2024 Unrestricted Totsl Funds Funds 2023 Unrestricted Funds Notes Income and endowments Donations and legacies 30,000 Investment income 5,994,209 5,994,209 4,199,163 TOTAL INCOME EXPENDITURE Expenditure on raising funds.. Investment management costs {1,965,577) (1,965,577) (2,192,911) Expenditure on charitsble activities (2,071,405) (2,071,405) (1,632,097) Taxation 12 (487,261) (487,261) (1,660,230) TOTAL EXPENDITURE Fair value movements 13 1,201,154 1,201,154 56,750 NET INCOME AND NET MOVEMENT IN FUNDS 12 Reconciliation of funds Totsl funds brought forward 24 31,956,015 31.956,015 33,155,340 TOTAL FUNDS CARRIED FORWARD 25 34,627,135 34,627,135 31,956,015 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. He notes on pages 15 to 28 fomi part of theses financlal statements Page 10
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE PARENT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30JUNE 2024 2024 Unrestricted Funds 2023 Unrestricted Funds Notes Income and endowments Donations and legacies 2,090,587 2,090,587 1,600,500 TOTAL INCOME EXPENDITURE Expenditure on charitable activities (2,071,405) (2,071.405) (1,632,097) TOTAL EXPENDITURE DLI (LQL4Q&) () (1} Fair value movements 13 2,651.937 2,651,937 (1,167,728) NET EXPENDITURE AND NET MOVEMENT IN FUNDS Reconclllatlon of funds Total funds brought foward 24 31,956,115 31,956,115 33,155,440 TOTAL FUNDS CARRIED FORWARD 25 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. H8 notes on pages 15 to 28 form part of theses financial slatemenls Page11
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30JUNE 2024 2024 2023 Notes FIXED ASSETS Tangible fixed assets Investments 16 17 4.643 46,365,997 6,191 44,512,022 46,370,640 44,518,213 CURRENT ASSETS Debtors Cash at bank and in hand 19 2,178,744 669,991 1,852,266 279,865 2,848,735 2,132,131 CREDITORS: Amounts falling due within one year 20 (2,571,179) {3,051,127) NET CURRENT LIABILITIES 277,556 (918,996) TOTAL ASSETS LESS CURRENT LIABILITIES 46,648,196 43,599,217 CREDITORS.. Amounts falllng duo after more than one year 21 (4,662,155) (4.771,557) PROVISIONS 23 (7,358,906) (6.871,645) NET ASSETS FUNDS OF THE CHARITY:_ Unrestricted funds 34,627,135 31,956,015 TOTAL CHARITY FUNDS 25 These financial statements were approved by the board of trustees, authorised for issue on 101A March 2025 and are signed on behalf of the board by- elda S nllcht Trustees Mr Solomon Laufer The notes on pages 15 to 28 form part of these financial statements. Page 12
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE PARENT BALANCE SHEET FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Notes FIXED ASSETS Investments 17 34.644,758 31,992,821 34,644,758 31.992,821 CURRENT ASSETS Cash at bank in hand 31,943 2,861 31,943 2,861 CREDITORS: Amounts falling due within one year 20 (49.467) (39,567) NET CURRENT ASSETS (17.524) (36,706) TOTAL ASSETS LESS CURRENT LIABILITIES 34,627,234 31,956,115 NET ASSETS 34,627,234 31,956,115 FUNDS OF THE CHARITY: Unrestricted funds 24 34,627.234 31.956,115 TOTAL CHARITY FUNDS 34,627,234 31,956,115 These financial statements were approved by the board of trustees. authorised for issue on 10th March 2025 and are signed on behalf of the board by: Zelda Stsrnlicht Trustees Mrso mon Laufer The notes on pages 15 10 28 fom part of these finanGial Slalements. Page 13
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 Note 2024 2023 CASH FLOWS FROM OPERATING ACTIVITES Net income 2,671,120 (1,199,325) Adjustments for: Depreciation of tangible fixed assets Fair value movements Dividends, interest and rents from investments Taxation Accrued (incomellexpenses 1,548 (1,201,154) (5,994,209) 487,261 (276,0991 2,063 (56,750) (4,199,163) 1,660.230 226.862 Changes in.. Trade and other debtors Trade and other creditors (326,478) (164,338) 765 658 Cash generated from operations (4,852,242) {2,964,763) Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interest and rents from investments Purchases of other investments Proceeds on disposal of investment properties surplus 4,788,069 {652,822) 1206 140 4,199,163 {1,442,251) Net cash from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings (99,002) (335,782) Net cash froml{used in) financing activities NET INCREASE IN CASH AND CASH EQUIVALENTS 390,144 {2) (543,633) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 279 847 823 480 CASH AND CASH EQUIVALENTS AT END OF YEAR 27 27 The notes on pages 15 to 28 form part of these financial statements. Page 14
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continu8dJ FOR THE YEAR ENDED 30JUNE 2024 GENERAL INFORMATIONS The charity is a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 OPU. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) Bulletin 1, (Charities SORP (FRS 102)) and the Charities Act 2011. ACCOUNTING POLICIES BASIS OF PREPARATION These financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest whole pound. GOING CONCERN At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Other than those stated in Note 30, there were no material judgements, estimates and assumptions that affected the accounts reported. GOVERNANCE COSTS Governance costs include the cost of the preparation and audit of the financial statements and the cost of any legal advice to the trustees on govemance or constitutional matters. TAXATION The Charity is not liable to direct taxation (Income Tax) on its income which falls within the various exemptions available to registered charities. As a result, no deferred tax is provided on timing differences. The Charity is not registered for Value Added Tax (VAT) and is therefore unable to reclaim any input tax it suffers on its purchase. Expenditure in the accounts is therefore shown inclusive of VAT where appropriate. The taxation expense represents the aggregate amount of current and deferred tsx recognised in the reporting period for the subsidiaries. Current tax is recognised on taxable income or expenditure for the current and past periods. Current tax is measured as the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Page 15
GERSON BERGER.ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30JUNE 2024 ACCOUNTING POLICIES (Continued) TAXATION (Continued) Deferred tax is recognised in respectofall timing differences atthe reporting date. Unrelieved tax losses and other deferred 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 15 measured using the tax rates and Laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. FUND ACCOUNTING Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of Iwo sub-classes: restricted income funds or endowment funds. INCOMING RESOURCES All incoming resources are included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Legacy income is recognised when receipt is probable and entitlement is established. Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received, if the value can be reliably measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of ServIS is recognised with the delivery ofthe contracted seNice. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular pUose and retumed if unspent, in which case it may be regarded as restricted. RESOURCES EXPENDED Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates- Expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the Sale of donated goods. Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. Page 16
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STA TEMENTS (Continued) FOR THE YEAR ENDED 30JUNE 2024 ACCOUNTING POLICIES (Continued) RESOURCES EXPENDED (Continued) Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resources. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beleen the activities they contribute to on a reasonable, justifiable and consistent basis. TANGIBLE ASSETS Tangible assets are initially recorded at cost, and.subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the Carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to the extent it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. DEPRECIATION Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Plant and machinery 25 % reducing balance INVESTMENTS Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. INVESTMENT PROPERTY Investment propety is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fairvalue at each reporting date and any changes in fairvalue are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment propety, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. IMPAIRMENT OF FIXED ASSETS A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Page 17
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Conlinuedj FOR THE YEAR ENDED 30JUNE 2024 ACCOUNTING POLICIES {Gontinu8d) IMPAIRMENT OF FIXED ASSETS (Continu8d) For the purposes of impairment testing. when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is. from the acquisition date. allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. PROVISIONS Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provislon as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in income or expenditure unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the statement of financial activities in the period it arises and is allocated to the appropriate expenditure heading. FINANCIAL INSTRUMENTS A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. ACQUISITIONS AND DISPOSALS OF PROPERTIES Acquisitions and disposals of properties are considered to take pla at the date of legal completion and are included in the financial statements accordingly. LIMITED BY GUARANTEE The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £1. Page18
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continuedj FOR THE YEAR ENDED 30JUNE 2024 DONATIONS AND LEGACIES Grou Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Donations Gift Aid received 30,000 30,000 Chari Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Donation5 Gift Aid received 2,090,587 2,090,587 1,600,500 1.600,500 INVESTMENT INCOME Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Income from investment Properties Income from other investments Surplus on disposal of Investment properties 4,756,367 31,702 4,756,367 31,702 4,158,831 40,332 4,158,831 40,332 1.206,140 1,206,140 5,994,209 5,994,209 4,199,163 4,199,163 INVESTMENT MANAGEMENT COSTS Unrestricted Funds Totsl Funds 2024 Unrestricted Funds Total Funds 2023 Administrative expenses 168,749 Investment management costs 1,407,935 Other interest payable 372,454 Finance charges 168,749 1,407,935 372,454 147,149 1,739,006 290,402 147,149 1,739,006 290,402 1,965,577 1,965,577 2,192,911 2,192,911 EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Charitable activity Support costs 2,052,800 18,605 2,052,800 18,605 1,617,200 14,897 1,617,200 14,897 2,071,405 2,071,405 1,632,097 1,632,097 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Grant funding of activities Support Costs Total funds 2024 Total Funds 2023 Charitable activity Governance costs 2,052,800 2,052,800 18,605 1,617,200 14,897 18,605 Page 19
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continuedj FOR THE YEAR ENDED 30JUNE 2024 10. ANALYSIS OF SUPPORT COSTS Accountancy and non-audit fees Audit fees Legal fees General expenses Total 2024 Total 2023 Govemance costs 11. ANALYSIS OF GRANTS GRANTS TO INSTITUTIONS Year to 30th June 24 Year to 30 June 23 Amud Hatzdokoh Trust Be'er Yitzchok Trust Bels Ruchel D'satmar (London) Ltd Congregation Vyoel Moshe D'satmer Charitable Trust Chasdei Moishe Twst Chasdei Shlomo Chevras Mo'oz Ladol Collel Chibath Yerushalayim, Rabbi Meir Baal Hanes Trust Craven Walk Beth Hamedrash Trust Gateshead Talmudical College Kehal Chareidim Trust Keren Hatzolo KYL Central Shul London United Talmudical Asscociates Ltd UTRY Vyoel Moshe Charitable Trust Yetev Lev London Jerusalem Trust Yesamach Levav Y G S Yeshiva Gedola Seminar Yeshiba Gedoilah Torah Veyirah Ltd Other donations below £15.000 60,000 18,000 10,000 25,000 15,000 13,200 8,000 31,500 52,000 16,000 15,000 15,000 27,500 4,000 20,000 3,000 10,000 855,000 33,000 20,000 35,000 7,000 19,500 10,000 1.120,000 10,000 10,000 25,000 20,000 10,000 15,000 582 100 2 052 800 555 200 1617 200 Total grants ANALYSIS OF GRANTS TO INSTITUTIONS: Advancement of the Jewish Religion Advancement of Jewish Education Relief of Povety Any other charitable purposes Total 501,665 616,290 489,140 445 705 441,375 454,625 388,910 332 290 12. TAXATION 2024 2023 DEFERRED TAX: Origination and reversal of timing differences Taxatlon 487 261 1660 230 Movements in deferred tax relate exclusively to fair value adjustments to the carrying value of investment property in the subsidiary undertakings. Page 20
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2024 12. TAXATION {Gontinued) There is no charge to corporation tax in the current or preceding year as the subsidiary undertakings currently donate, by way of Gift Aid, their entire taxable income to their parent undertaking, Gerson Berger Association Limited. 13. FAIR VALUE MOVEMENTS Grou Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Fair value movements: Investments properties Listed investments 1,300,000 (98.846) 1,300,000 (98,846) 56,750 56,750 Chari Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Fair value movements: Subsidiary undertakings 2,651,937 2,651,937 (1,167,728) (1,167,728) (2,651,937) (2,651,937) (1.167.728) (1,167,728) Page 21
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Conlinuedj FOR THE YEAR ENDED 30JUNE 2024 14. NET INCOME Net income is stated after chargingl(crediting)'. 2024 2023 Depreciation of tangible fixed assets Non audit fees Fees payable for the audit of the financial statements 1,548 2,063 36,990 240 15. TRUSTEE REMUNERATION AND EXPENSES The charity has no staff other than the 4 trustees all of whom give freely of their time and expertise without any fom) of remuneration or other benefit in cash or kind (2023: £nil}. The charity did not meet any expenses (2023.. £nil) incurred by the trustees for services provided to the charity. 16. TANGIBLE FIXED ASSETS Plant and Machinery COST At 1 July 2023 and 30 June 2024 26 DEPRECIATION At 1 July 2023 Charge for the year 20,011 1,548 AT 30 JUNE 2024 CARRYING AMOUNT AT 30 JUNE 2024 At 30 June 2023 19 Page 22
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Conbnued) FOR THE YEAR ENDED 30JUNE 2024 17. INVESTMENTS Listed Investments Investment Properties Grou Total COST OR VALUATION At 1 July 2023 Additions Disposal Fair value movements 551,884 43,960,138 652,822 (1) 1,300.000 44,512,022 652,822 (1) 1,201.154 (98,846) At 30 June 2024 IMPAIRMENT At 1 July 2023 and 30 June 2024 CARRYING AMOUNT At 30 June 2024 At 30 June 2023 All investments shown above are held at valuation. FINANCIAL ASSETS HELD AT FAIR VALUE The group's listed investments are shown at market value, which is the mid-market price based on the London Stock Exchange daily listing at the balance sheet date. The historical cost of the listed investments at 301h June 2024 is £76,909 (2023: £76,909}. INVESTMENT PROPERTIES The group's investment properties comprise residential and commercial portfolios. The fair value of the investment properties has been arrived at on the basis of a valuation Carried out at 301h June 2024 by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation is made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location taking account their age and condition. The historical cost of the investment properties at 30th June 2024 is £16,715,330 (2023- £16,947,947). Subsidiary Undertaking Investments CHARI Total COST OR VALUATION At 1 July 2023 Additions Disposals Fair value movements 31,992,821 31.992,821 2 651937 2 651937 At 30 June 2024 IMPAIRMENT At 1 July 2023 and 30 June 2024 CARRYING AMOUNT At 30June 2024 At 30 June 2023 Page 23
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2024 18. INVESTMENT ENTITIES SUBSIDIARIES The value of the subsidiary undertaking investments has been estimated by the Trustees by reference to the underlying net asset value of the subsidiary undertakings. The historical costs of the subsidiary undertaking investments at 30th June 2024 is £5,102,500 (2023: £5,102,500). The subsidiary undertaking investments held at 30th June 2024 are.. Description & Proportion Of Share Capital Nature of Owned Business Altena Estates Limited Ordinary Preference Ordinary Ordinary Ordinary Ordinary Preference 1000/0 100% 100% 100/0 100% 100% 1009/0 Propety Investment Barryvale Limited Fleetguild Limited Hiltshore Limited Mirette Investments Limited Property Investment Property Investment Dormant Property Investment The subsidiaries have year ends coterminous with the parent charity and the 2024 figures are disclosed below.. Company Number Turnover Other Income Expendltur8 ProfitlLoss Altena Estates Limited 01042867 Barryvale Limited 03584191 Fleetguild Limited 02787962 Hiltshore Limited 02788553 Mirette Investments Limited 01024660 80 (2,375) (529,093) (932,984) (2,295) 1,112,281 2,699,410 1,641,374 2,394,712 1,237,682 720.281 80 {600,532) 119,829 Fixed Assets Current Assets Long term Liabilities Net Assets Liabilities Altena Estates Limited 2,501,459 1,033,148 (947,004) Barryvale Limited 14,104,112 558,553 (5.270,679) Fleetguild Limited 20,570,486 1,591,972 (1,339,222) Hiltshore Limited 100 5,747 Mirette Investments Limited 9,194,583 5.431,417 (11,995) (756,858) (290,633) 2,296,970 11,807,475) 7,584,511 (3,424,944) 17,398,292 (6,148) 7,371,133 {6,498,009) Page 24
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR_ ENDED 30JUNE 2024 19. DEBTORS 2024 2023 Trade debtors Prepayments and accrued income Other debtors 1,274,750 19,652 884,342 1,273,386 56,062 522,818 52 20. CREDITORS . AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 GROUP Bank loans and overdrafts Trade Creditors Accruals and deferred income Social security and other taxes Other creditors 98,900 11,005 108,576 2,319 2,350,379 88,518 384,675 1.284 2.576,650 2024 2023 CHARITY Accruals and deferred income Other creditors 20,712 28,755 10.812 28,755 Bank loans amounting to £98,900 (2023: £88,518) are secured by legal charges over certain of the individual companies, investment properties coupled with a floating charge over the remaining assets and undertakings of the relevant companies, with fixed and variable interest rates. 21. CREDITORS . AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans and overdrafts ANALYSIS OF LOANS 2024 2023 Not wholly repayable within five years other than by instalments Wholly repayable within five years 4,167,655 593,400 4,417,557 442,518 4,761,055 (98,900) 4,860.075 (88.518) Included in current liabilities Bank loans and overdrafts amounting to £4,662.155 (2023.. £4,771,557) are secured by legal charges over certain of the individual companies, investment properties coupled with a floating charge over the remaining assets and undertakings of the relevant companies, with fixed and variable interest rates. Page 25
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Confinued) FOR THE YEAR ENDED 30JUNE 2024 22. DEFERRED TAX The deferred tax included in the statement of financial position is as follows 2024 2023 Included in provisions (note 23) 23 PROVISIONS DEFERRED TAX (note 22) At 1 July 2023 Additions 6.871.645 487,261 At 30 June 2024 24. ANALYSIS OF CHARITABLE FUNDS UNRESTRICTED FUNDS At 1 July 2023 Fair value At Expenditure movements 30 June 2024 GROUP Income General funds 31.956,015 5,994,209 (4.524,243) 1,201,154 34,627.135 At 1 July 2022 Fair value At Expenditure movements 30 June 2023 Income General funds 33,155.340 4,229,113 (5,485,238) (56,750) 31.956,015 UNRESTRICTED FUNDS At 1 July 2023 Fair value At Expenditure movements 30 June 2024 CHARITY Income General funds 31.956,115 2,090,587 (2.071,405) 2,651.937 34,627,234 At 1 July 2022 Fair value At Expenditure movements 30 June 2023 Income General funds 33,155,440 1,600,500 (1.632,079) (1,167.728) 31,956.115 Page 26
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Gontlnued) FOR THE YEAR ENDED 30JUNE 2024 25. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Total Funds 2024 Tangible fi'xed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Provisions 4,643 46,365,997 2,848,735 {2,571,179) (4,662,155) {7,358,906) 4,643 46,365,997 2,848.735 (2,571,179) (4,662,155) {7.358,906) Net assets 34,627,135 34,627,135 Unrestricted Funds Total Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Provisions 6,191 44.512,022 2,132,131 (3,051,127) (4,771,557) (6,871,645) 6,191 44,512,022 2,132,131 (3,051,127) 14,771,557) (6,871,645) Net assets 31,956,015 31,956,015 26. ANALYSIS OF CHANGES IN NET DEBT At 1 Jul 2023 Cash flows At 30 Jun 2024 Cash at bank and in hand Bank overdrafts Debt due within one year Debt due after one year 279,865 (18) (88,500) (4,771,557) {390,125) (181 10,400 {109,402) 669,990 (98,900) (4,662,155) (4,580.210) 489,145 (4,091,065) 27. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and in hand Overdraft facility repayable on demand 669,991 279,865 (18) Total cash and cash equivalents 669,991 279,847 Page 27
GERSON BERGER ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 30JUNE 2024 28. FINANCIAL INSTRUMENTS The carrying amount for each category of financial instruments is as follows.. 2024 2023 FINANCIAL ASSETS THAT ARE DEBT INSTRUMENTS MEASURED AT AMORTISED COST Financial assets that are debt instruments measured at amortised Cost FINANCIAL LIABILITIES MEASURED AT AMORTISED COST Financial liabilities measured at amortised cost FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS Listed investments 29. RELATED PARTY TRANSACTIONS GROUP Other debtors include £223,878 (2023: 223,878) due from subsldiary undertakings of Shulem B. Association Limited. itself a charity with common trustees. These loans are interest free and repayable on demand. Other creditors include £1,092,439 {2023'. £1,263,230) due to prrvate companies which have directors in common with the subsidiary undertakings which have been the recipients of these loan advances. These loans are interest free and repayable on demand. Other creditors also include £1,042,887 {2023'. £1,042,887) due to subsidiary undertaklngs of Shulem B. Association Limited, itself a charity with common trustees. These loans are interest free and repayable on demand. ACCOUNTING ESTIMATES AND JUDGEMENTS 30. (i) Property valuation The valuatlon of the group's property portfolio 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 uncertainly and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. All the group's properties are valued by the directors who have the appropriate expertise and experlence. {ii} Trade debtors Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterpaty in making judgements concerning any need to impair the carrying values. (iii) Unlisted investments valuation The valuation of the group's unlisted investments is subjective, depending on many factors, including comparator dividend yields and net asset values, assumed rationale of prospective share purchasers, and the deemed impact of entity specific conditions on the aforementioned measures. Significant judgement is also required when selecting comparator companies to be included in the population from which expected yields and discounted net asset value5 are derived. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, partlcularly in periods of difFicult market or economic conditions. Page 28