2025-06-30-accounts

COMPANY REGISTRATION NUMBER : 00711500 CHARITY REGISTRATION NUMBER: 3123122

GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU

GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

CONTENTS

	Page
Trustees’ annual report (incorporating the directors’ report)	1
Independent auditor’s report to the members	6
Consolidated statement of financial activities (including income and expenditure account)	10
Parent statement of financial activities (including income and expenditure account)	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 2025

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 2025.

Reference and administrative details

Registered charity name: Gerson Berger Association Limited Charity registration number: 313122 Company registration number: 00711500 Principal office and New Burlington House Registered Address: 1075 Finchley Road London NW11 0PU Trustees: Mrs Sarah Rachel Klein M. Solomon Laufer Mrs Zelda Sternlicht Mr Yankel Grossberger (Appointed 20 March 2025) Mr Baruch Abraham Berger (Appointed 20 March 2025) Auditor: Cohen Arnold & Co. Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU Bankers: Unity Trust Bank P O Box 7193 Planetary Road Willenhall WV1 9DG

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 22[nd] December 1961 as amended on 9[th] July 1979 and 9[th] March 1981.

Appointment Training and Recruitment of Trustees

As set out in the Articles of Association the members of the charity shall not be less than three and exceed eight. There are two classes of members:

• Ordinary Members – subscribers and all persons subsequently admitted by the Council to membership.

• 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.

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GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) (continued) FOR THE YEAR ENDED 30 JUNE 2025

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 he/she 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 form of remuneration or other benefit in cash or kind (2024: £nil).

The charity did not meet any expenses (2024:£nil) incurred by the trustees for services 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 credit risk closely and considers that its current policies of credit risk checks meet its objectives of managing exposure to credit risk. The charity 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.

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GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT (Continued) FOR THE YEAR ENDED 30 JUNE 2025

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 benefit 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, with 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 charities. 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 investment which 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.

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GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) (continued)

FOR THE YEAR ENDED 30 JUNE 2025

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 performed similarly to the prior year (see note 6 to the financial statements). £nil (2024: £nil) 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 £2,730,928 (2024: £2,090,587). During the year under review £2,704,800 (2024: £2,052,800) 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 £4,799,339 (2024: £4,787,987).

The Charity holds the share capital of five subsidiary undertakings. All the subsidiary holdings are engaged in property investment, except for Hiltshore Limited which is a dormant company. The trustees consider their results for the year ended 30[th] June 2025 to be satisfactory.

KEY PERFORMANCE INDICATORS (KPIs)

The Trustees monitor the Charity’s performance 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:

	2025	2024
	£	£
Grants and donations paid out	2,704,800	2,052,800
Net rental income	2,676,793	2,959,539
Surplus on disposal of investment properties	74,100	1,206,140
Dividend income from listed investments	26,873	31,702
Investment property at fair value	47,240,181	45,912,959
Listed investments at fair value	439,668	453,038

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 (£2,883) (2024: (£17,524). 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 reserves.

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GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT (Continued) FOR THE YEAR ENDED 30 JUNE 2025

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 resources 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 confirms 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 director’s report) and the strategic report were approved on 29[th] April 2026 and signed on behalf of the board of trustees by:

Mrs Zelda Sternlicht Trustee

Mr Solomon Laufer Trustee

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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 2025

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 2025 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 2025 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 that 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 twelve months from the date when the financial statements are authorised for issue.

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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 30 JUNE 2025

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 statements, our responsibility is to read the other information 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 information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

• The information given in the trustees’ report 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.

MATTERS 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 received 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.

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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 30 JUNE 2025

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 detecting 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 noncompliance 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 misstatement 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 financial 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 non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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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 30 JUNE 2025

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Continued)

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 not for the purpose of expressing an opinion on the effectiveness of the internal 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 of the trustees’ use of the 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 governance 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 auditor’s 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: 29[th] April 2026

For and on behalf of Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU

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GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 30 JUNE 2025

		2025	2025	2024
		UnrestrictedTotal	Funds	Unrestricted
		Funds		Funds
	Notes	£	£	£
Income and endowments
Donations and legacies	5	_	_	_
Investment income	6	4,873,439	4,873,439	5,994,209
		__	___	___
TOTAL INCOME		4,873,439	4,873,439	5,994,209
EXPENDITURE
Expenditure on raising funds:
Investment management costs	7	(2,273,984)	(2,273,984)	(1,965,577)
Expenditure on charitable activities	8,9	(2,716,087)	(2,716,087)	(2,071,405)
Taxation	12	3,630	3,630	(487,261)
		__	___	___
TOTAL EXPENDITURE		(4,986,441)	(4,986,441)	(4,524,243)
Fair value movements	13	(13,370)	(13,370)	1,201,154
		__	___	___
NET INCOME AND NET MOVEMENT IN	FUNDS	(126,372)	(126,372)	2,671,120
Reconciliation of funds
Total funds brought forward	24	34,627,135	34,627,135	31,956,015
		__	___	___
TOTAL FUNDS CARRIED FORWARD	25	34,500,763	34,500,763	34,627,135

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 form part of theses financial statements

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GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

PARENT STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 30 JUNE 2025

2025 Unrestricted Funds Notes £ Income and endowments Donations and legacies5 2,730,928 __ TOTAL INCOME 2,730,928 EXPENDITURE Expenditure on charitable activities8,9 (2,716,087) __ TOTAL EXPENDITURE (2,716,087) Fair value movements13 (141,212) __ NET EXPENDITURE AND NET MOVEMENT IN FUNDS (126,371) Reconciliation of funds Total funds brought forward24 34,627,234 __ TOTAL FUNDS CARRIED FORWARD 25 34,500,863	2025 Unrestricted Funds	2025 Unrestricted Funds	£ 2,730,928 ___ 2,730,928 (2,716,087) ___ (2,716,087) (141,212) ___ (126,371) 34,627,234 ___ 34,500,863	2024 Unrestricted Funds
		£ 2,730,928 __ 2,730,928 (2,716,087) __ (2,716,087) (141,212) __ (126,371) 34,627,234 __ 34,500,863		£ 2,090,587 ___ 2,090,587 (2,071,405) ___ (2,071,405) 2,651,937 ___ 2,671,119 31,956,115 ___ 34,627,234

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 form part of theses financial statements

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GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 30 JUNE 2025

Notes FIXED ASSETS Tangible fixed assets 16 Investments 17 CURRENT ASSETS Debtors 19 Cash at bank and in hand CREDITORS: Amounts falling due within one year 20 NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year 21 PROVISIONS 23 NET ASSETS FUNDS OF THE CHARITY:- Unrestricted funds TOTAL CHARITY FUNDS 25	2025 2024 £ £ 3,482 4,643 47,679,849 46,365,997 _ _ 47,683,331 46,370,640 3,270,720 2,178,744 700,552 669,991 _ _ 3,971,272 2,848,735 3,355,595 (2,571,179) _ _ 615,677 277,556 _ _ 48,299,008 46,648,196 (6,442,969) (4,662,155) (7,355,276) (7,358,906) _ _ 34,500,763 34,627,135 34,500,763 34,627,135 _ _ 34,500,763 34,627,135

These financial statements were approved by the board of trustees, authorised for issue on 29[th] April 2026 and are signed on behalf of the board by:

........................................... Mrs Zelda Sternlicht Trustees

........................................... Mr Solomon Laufer

The notes on pages 15 to 28 form part of these financial statements.

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GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

PARENT BALANCE SHEET

FOR THE YEAR ENDED 30 JUNE 2025

Notes FIXED ASSETS Investments 17 CURRENT ASSETS Cash at bank in hand CREDITORS: Amounts falling due within one year 20 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS OF THE CHARITY:- Unrestricted funds 24 TOTAL CHARITY FUNDS	2025 £ 34,503,746 ___ 34,503,746 39,996 39,996 (42,879) (2,883) 34,500,863 34,500,863 34,500,863 34,500,863	2024 £ 34,644,758 ___ 34,644,758 31,943 31,943 (49,467) (17,524) 34,627,234 34,627,234 34,627,234 34,627,234

These financial statements were approved by the board of trustees, authorised for issue on 29[th] April 2026 and are signed on behalf of the board by:-

........................................... Mrs Zelda Sternlicht

Trustees

........................................... Mr Solomon Laufer

The notes on pages 15 to 28 form part of these financial statements.

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GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

Note CASH FLOWS FROM OPERATING ACTIVITES Net income Adjustments for: Depreciation of tangible fixed assets Fair value movements Dividends, interest and rents from investments Taxation Accrued (income)/expenses Changes in: Trade and other debtors Trade and other creditors Cash generated from operations 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 Net cash from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings Net cash from/(used in) financing activities NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR 27	2025 £ (126,372) 1,161 13,370 (4,873,439) (3,630) 52,247 (1,091,976) 672,069 (5,356,569) _ (5,356,569) 4,799,339 (1,327,222) 74,100 3,546,217 1,840,914 _ _ 1,840,914 30,561 669,991 700,552	2024 £ 2,671,120 1,549 (1,201,154) (5,994,209) 487,261 (276,099) (326,478) (214,231) (4,852,241) _ (4,852,241) 4,788,069 (652,822) 1,206,140 5,341,387 (99,002) _ (99,002) 390,144 279,847 669.991
		__

The notes on pages 15 to 28 form part of these financial statements.

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GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 JUNE 2025

1. 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 0PU.

2. 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 Standard applicable in the UK and Republic of Ireland (FRS 102) Bulletin 1, (Charities SORP (FRS 102)) and the Charities Act 2011.

3. 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 existence 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 governance 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 tax 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 30 JUNE 2025

3. ACCOUNTING POLICIES (Continued)

TAXATION (Continued)

Deferred tax is recognised in respect of all timing differences at the 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 is measured using the tax rates and Laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the 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 two 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 services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned 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, noncharitable 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 STATEMENTS (Continued)

FOR THE YEAR ENDED 30 JUNE 2025

3. 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 between 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 property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value 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 property, 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 (Continued)

FOR THE YEAR ENDED 30 JUNE 2025

3. ACCOUNTING POLICIES (Continued)

IMPAIRMENT OF FIXED ASSETS (Continued)

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 provision 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 place at the date of legal completion and are included in the financial statements accordingly.

4. 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.

Page 18 GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025

5. 6. 7. 8. 9.

DONATIONS AND LEGACIES Group Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Donations Gift Aid received - - - - Charity Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Donations Gift Aid received 2,730,928 2,730,928 2,090,587 2,090,587 INVESTMENT INCOME Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Income from investment Properties 4,772,466 4,772,466 4,756,367 4,756,367 Income from other investments 26,873 26,873 31,702 31,702 Surplus on disposal of Investment properties 74,100 74,100 1,206,140 1,206,140 _ ___ _ _ 4,873,439 4,873,439 5,994,209 5,994,209 INVESTMENT MANAGEMENT COSTS Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Administrative expenses 178,311 178,311 168,749 168,749 Investment management costs 1,696,812 1,696,812 1,407,935 1,407,935 Other interest payable 348,976 348,976 372,454 372,454 Finance charges 49,885 49,885 16,439 16,439 2,273,984 2,273,984 1,965,577 1,965,577 EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Charitable activity 2,704,800 2,704,800 2,052,800 2,052,800 Support costs 11,287 11,287 18,605 18,605 _ _ _ _____ 2,716,087 2,716,087 2,071,405 2,071,405 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Grant funding Support Total funds Total Funds of activities Costs 2025 2024 £ £ £ £ Charitable activity 2,704,800 - 2,704,800 2,052,800 Governance costs - 11,287 11,287 18,605 _ ___ _ __ 2,704,800 11,287 2,716,087 2,071,405

Page 19

GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025

10. ANALYSIS OF SUPPORT COSTS

	Accountancy
	and non-audit Legal		General
	fees Audit fees fees	expenses		Total 2025Total 2024
	£ £ £		£	£	£
	Governance costs 5,500 5,400 -		387	11,287	18,605
11.	ANALYSIS OF GRANTS
	GRANTS TO INSTITUTIONS			Year to Year to
				30th June 25 30 June 24
	Amud Hatzdokoh Trust				51,000 60,000
	British Friends of Mosdos Tchernobel				17,500 7,500
	Beis Ruchel D’Satmar (London) Ltd				50,000 25,000
	Congregation Vyoel Moshe D’Satmer Charitable Trust				15,000 15,000
	Chasdei Moishe Trust				11,000 13,200
	The ABC Trust				15,000 -
	Chevras Mo’oz Ladol				47,500 31,500
	Collel Chibath Yerushalayim, Rabbi Meir Baal Hanes Trust				30,000 52,000
	The Union of Orthodox Hebrew Congregations				15,000 -
	Gateshead Talmudical College				15,000 15,000
	Mesifta Talmudical College				15,000 12,500
	Myrdle Charities				20,000 10,000
	Satmar Nursery Trust				15,000 10,000
	United Talmudical Asscociates Ltd			1,485,000 1,120,000
	UTRY				35,000 10,000
	Vyoel Moshe Charitable Trust				30,000 10,000
	Yetev Lev London Jerusalem Trust				50,000 25,000
	Yesamach Levav				20,000 20,000
	Talmud Torah Education Ltd				20,000 10,000
	Yeshiba Gedoilah Torah Veyirah Ltd				23,000 15,000
	Other donations below £15,000			724,800 591,100
				2,704,800 2,052,800
	Total grants			2,704,800 2,052,800
	ANALYSIS OF GRANTS TO INSTITUTIONS:
	Advancement of the Jewish Religion			662,699 501,665
	Advancement of Jewish Education			755,689 616,290
	Relief of Poverty			706,238 489,140
	Any other charitable purposes			580,174 445,705
	Total			2,704.800 2,052,800
12.	TAXATION
					20252024
					££
	DEFERRED TAX:
	Origination and reversal of timing differences				(3,630) 487.261
	Taxation				(3,630) 487,261

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 2025

12. TAXATION (Continued)

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

Group	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Fair value movements:
Investments properties	-	-	1,300,000	1,300,000
Listed investments	(13,370)	(13,370)	(98,846)	(98,846)
	__	__	_	__
	13,370	13,370	1,201,154	1,201,154
Charity	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Fair value movements:
Subsidiary undertakings	(141,212)	(141,212)	2,651,937	2,651,937
	__	__	_	__
	(141,212)	(141,212)	2,651,937	2,651,937

Page 21 GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025

14. NET INCOME

Net income is stated after charging/(crediting):

Depreciation of tangible fixed assets Non audit fees Fees payable for the audit of the financial statements	2025 £ 1,161 - 19,440	2024 £ 1,549 - 21,000

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 form of remuneration or other benefit in cash or kind (2024: £nil).

The charity did not meet any expenses (2024: £nil) incurred by the trustees for services provided to the charity.

16. TANGIBLE FIXED ASSETS

	Plant and
	Machinery
	£
COST
At 1 July 2024 and 30 June 2025	26,202
DEPRECIATION
At 1 July 2024	21,559
Charge for the year	1,161
	______
AT 30 JUNE 2025	22,720
CARRYING AMOUNT
AT 30 JUNE 2025	3,482
At 30 June 2024	4,643

Page 22

GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025

17. INVESTMENTS

Listed Investment Group Investments Properties £ £ COST OR VALUATION At 1 July 2024 453,038 45,912,959 Additions - 1,327,222 Disposal - - Fair value movements (13,370) - At 30 June 2025 439,668 47,240,181 IMPAIRMENT At 1 July 2024 and 30 June 2025- - CARRYING AMOUNT At 30 June 2025 439,668 47,240,181 At 30 June 2024 453,038 45,912,959	Total £ 46,365,997 1,327,222 - (13,370) 47,679,849 - 47,679,849 46,365,997

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 30[th] June 2025 is £76,909 (2024: £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 30[th] June 2025 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 30[th] June 2025 is £18,042,561 (2024: £16,715,330).

Subsidiary CHARITY Undertaking Investments £ COST OR VALUATION At 1 July 2024 34,644,758 Additions 200 Disposals - Fair value movements (141,212) At 30 June 2025 34,503,746 IMPAIRMENT At 1 July 2024 and 30 June 2025 - ___ CARRYING AMOUNT At 30 June 2025 34,503,746 At 30 June 2024 34,644,758	Total £ 34,644,758 200 - (141,212) 34,503,746 - ___ 34,503,746 34,644,758

Page 23 GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025

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 30[th] June 2025 is £5,102,700 (2024: £5,102,500).

The subsidiary undertaking investments held at 30[th] June 2025 are:

Description & Proportion Nature of Of Share Capital Owned Business Altena Estates Limited Ordinary 100% Property Investment Preference 100% Barryvale Limited Ordinary 100% Property Investment Fleetguild Limited Ordinary 100% Property Investment Hiltshore Limited Ordinary 100% Dormant Mirette Investments Limited Ordinary 100% Property Investment Preference 100% Oakington Properties Limited Ordinary 100% Property Investment

The subsidiaries have year ends coterminous with the parent charity and the 2025 figures are disclosed below:

Company Turnover Other Expenditure Profit/Loss
Number Income
£ £ £ £
Altena Estates Limited 01042867 - - (418) (418)
Barryvale Limited 03584191 1,758,443 - (679,673) 1,700,770
Fleetguild Limited 02787962 2,236,181 26,705 (996,713) 1,266,173
Hiltshore Limited 02788553 - - -
Mirette Investments Limited 01024660 777,842 74,184 (560.452) 291,574
Oakington Properties Limited - - (47,533) (47.533)
Fixed Current Long term Net Assets
Assets Assets Liabilities Liabilities
£ ££ £ £
Altena Estates Limited 2,502,034 1,033,232 (948,081) (290,633) 2,296,552
Barryvale Limited 14,425,709 460,205 (5,436,086) (1,807,475) 7,642,353
Fleetguild Limited 20,558,436 3,708,252 (1,640,909) (5,421,314) 17,204,465
Hiltshore Limited 100 5,747 (11,995) - (6,148)
Mirette Investments Limited 9,195,119 5,315,644 (818,083) (6,278,823) 7,413,857
Oakington Properties Limited 1,002,033 200 (1,049,566) - (47,333)

Page 24 GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025

19. DEBTORS

2025 £ Trade debtors 936,864 Prepayments and accrued income 51,049 Other debtors 2,282,807 _ 3,270,720 20. CREDITORS : AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 GROUP £ Bank loans and overdrafts 159,000 Trade Creditors 198,313 Accruals and deferred income 160,823 Social security and other taxes 2,319 Other creditors 2,835,140 _ 3,355,595 2025 CHARITY £ Accruals and deferred income 13,924 Other creditors 28,955 ___ 42,879	2024 £ 1,274,750 19,652 884,342 _ 2,178,744 2024 £ 98,900 11,005 108,576 2,319 2,350,379 _ 2,571,179 2024 £ 20,712 28,755 __ 49,467	2024 £ 1,274,750 19,652 884,342 _ 2,178,744 2024 £ 98,900 11,005 108,576 2,319 2,350,379 _ 2,571,179 2024 £ 20,712 28,755 __ 49,467
	_
		_

Bank loans amounting to £159,000 (2024: £98,900) 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

Bank loans and overdrafts ANALYSIS OF LOANS Not wholly repayable within five years other than by instalments Wholly repayable within five years Included in current liabilities	2025 £ 6,442,969 2025 £ 3,647,969 2,954,000 _ 6,601,969 (159,000) _ 6,442,969	2024 £ 4,662,155 2024 £ 4,167,655 593,400 _ 4,761,055 (98,900) _ 4,662,155

Bank loans and overdrafts amounting to £6,442,969 (2024: £4,662,155) 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 (Continued) FOR THE YEAR ENDED 30 JUNE 2025

22. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows

2025 2024 £ £ Included in provisions (note 23) 7,355,276 7,358,906

23 PROVISIONS

DEFERRED TAX £

At 1 July 2024 7,358,906 Additions (3,630) __ At 30 June 2025 7,355,276

24. ANALYSIS OF CHARITABLE FUNDS

UNRESTRICTED FUNDS

At GROUP1 July 2024 £ General funds 34,627,135 _ At 1 July 2023 £ General funds 31,956,015 _ UNRESTRICTED FUNDS At CHARITY1 July 2024 £ General funds 34,627,234 ___ At 1 July 2023 £ General funds 31,956,115

Fair value At Income Expenditure movements 30 June 2025 ££ £ £ 4,873,439 (4,986,441) (13,370) 34,500,763 _ _ _ _ Fair value At Income Expenditure movements 30 June 2024 ££ £ £ 5,994,209 (4,524,243) 1,201,154 34,627,135 _ _ _ _ Fair value At Income Expenditure movements 30 June 2025 ££ £ £ 2,730,928 (2,716,087) (141,212) 34,500,863 _ _ _ _ Fair value At Income Expenditure movements 30 June 2024 ££ £ £ 2,090,587 (2,071,405) 2,651,937 34,627,234

Page 26 GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025

25. ANALYSIS OF NET ASSETS BETWEEN FUNDS

				Unrestricted	Total Funds
				Funds	2025
				£	£
	Tangible fixed assets			3,482	3,482
	Investments			47,679,849	47,679,849
	Current assets			3,971,272	3,971,272
	Creditors less than 1 year			(3,355,595)	(3,355,595)
	Creditors greater than 1 year			(6,442,969)	(6,442,969)
	Provisions			(7,355,276)	(7,355,276)
				___	___
	Net assets			34,500,763	34,500,763
				___	___
				Unrestricted	Total Funds
				Funds	2024
				£	£
	Tangible fixed assets			4,643	4,643
	Investments			46,365,997	46,365,997
	Current assets			2,848,735	2,848,735
	Creditors less than 1 year			(2,571,179)	(2,571,179)
	Creditors greater than 1 year			(4,662,155)	(4,662,155)
	Provisions			(7,358,906)	(7,358,906)
				___	___
	Net assets			34,627,135	34,627,135
				___	___
26.	ANALYSIS OF CHANGES IN NET DEBT
		At 1 Jul	2024	Cash flowsAt 30 Jun 2025
			£	££
	Cash at bank and in hand	669,991		(30,561) 700,552
	Debt due within one year	(98,900)		60,100 (159,000)
	Debt due after one year	(4,662,155)		1,780,814 (6,442,969)
		(4,091,064)		1,810,353 (5,901,417)
27.	ANALYSIS OF CASH AND CASH EQUIVALENTS
				2025	2024
				£	£
	Cash at bank and in hand			700,552	669,991
	Overdraft facility repayable on demand			-	-
				__ _
	Total cash and cash equivalents			700,552	669,991
				___	___

Page 27

GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025

28. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instruments is as follows:

2025 2024 £ £ FINANCIAL ASSETS THAT ARE DEBT INSTRUMENTS MEASURED AT AMORTISED COST Financial assets that are debt instruments measured at amortised Cost 3,920,223 2,829,083 FINANCIAL LIABILITIES MEASURED AT AMORTISED COST Financial liabilities measured at amortised cost 9,796,245 7,231,015 FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS Listed investments 439,668 453,038 29. RELATED PARTY TRANSACTIONS	2025 2024 £ £ FINANCIAL ASSETS THAT ARE DEBT INSTRUMENTS MEASURED AT AMORTISED COST Financial assets that are debt instruments measured at amortised Cost 3,920,223 2,829,083 FINANCIAL LIABILITIES MEASURED AT AMORTISED COST Financial liabilities measured at amortised cost 9,796,245 7,231,015 FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS Listed investments 439,668 453,038 29. RELATED PARTY TRANSACTIONS	2025 2024 £ £ FINANCIAL ASSETS THAT ARE DEBT INSTRUMENTS MEASURED AT AMORTISED COST Financial assets that are debt instruments measured at amortised Cost 3,920,223 2,829,083 FINANCIAL LIABILITIES MEASURED AT AMORTISED COST Financial liabilities measured at amortised cost 9,796,245 7,231,015 FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS Listed investments 439,668 453,038 29. RELATED PARTY TRANSACTIONS

GROUP

Other debtors include £223,878 (2024: 223,878) due from subsidiary undertakings of Shulem B. Association Limited, itself a charity with common trustees. These loans are interest free and repayable on demand.

Other creditors include £1,570,473 (2024: £1,092,439) due to private 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 £1,043,227 (2024: £1,042,887) due to subsidiary undertakings of Shulem B. Association Limited, itself a charity with common trustees. These loans are interest free and repayable on demand.

30. ACCOUNTING ESTIMATES AND JUDGEMENTS

(i) Property valuation

The valuation 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 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. All the group’s properties are valued by the directors who have the appropriate expertise and experience.

(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 counterparty 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 values 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, particularly in periods of difficult market or economic conditions.

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