**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. 

Page 1 

**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. 

Page 2 

**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. 

Page 3 

**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. 

Page 4 

**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 

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 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. 

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 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. 

Page 7 

**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. 

Page 8 

**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 

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 2025** 

|||**2025**<br>|**2025**<br>|2024|
|---|---|---|---|---|
|||Unrestricted**Total**|**Funds**<br>|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 

Page 10 

## **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**<br>**Unrestricted Funds**<br>**Notes**<br>**£**<br>**Income and endowments**<br>Donations and legacies**5**<br>2,730,928 <br>**________**<br>**TOTAL INCOME**<br>2,730,928<br>**EXPENDITURE**<br>Expenditure on charitable activities**8,9**<br>(2,716,087) <br>**________**<br>**TOTAL EXPENDITURE**<br>(2,716,087) <br>Fair value movements**13**<br>(141,212)<br>**________**<br>**NET EXPENDITURE AND NET MOVEMENT IN FUNDS**<br>(126,371)<br>**Reconciliation of funds**<br>Total funds brought forward**24**<br> 34,627,234 <br> <br>**________**<br>**TOTAL FUNDS CARRIED FORWARD**<br>**25**<br> 34,500,863|**2025**<br>**Unrestricted Funds**|**2025**<br>**Unrestricted Funds**|<br> <br>  <br>**£**<br> 2,730,928<br>**_________**<br>2,730,928<br> (2,716,087)<br>**_________**<br> (2,716,087)<br>(141,212)<br>**_________**<br>(126,371)<br> 34,627,234<br>**_________**<br>34,500,863|**2024**<br>**_Unrestricted Funds_**|
|---|---|---|---|---|
|||**£**<br>2,730,928 <br>**________**<br>2,730,928<br>(2,716,087) <br>**________**<br>(2,716,087) <br>(141,212)<br>**________**<br>(126,371)<br>34,627,234 <br>**________**<br>34,500,863||**_£_**<br>2,090,587<br>**_________**<br>2,090,587<br>(2,071,405)<br>**_________**<br>(2,071,405)<br>2,651,937<br>**_________**<br>2,671,119<br>31,956,115<br>**_________**<br>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** 

|<br>**Notes**<br>**FIXED ASSETS**<br>Tangible fixed assets<br>**16** <br>Investments<br>1**7** <br> <br> <br>**CURRENT ASSETS**<br>Debtors<br>**19** <br>Cash at bank and in hand<br> <br> <br>**CREDITORS:** **Amounts falling**<br>**due within one year**<br>**20**<br> <br>**NET CURRENT LIABILITIES** <br> <br>**TOTAL ASSETS LESS CURRENT LIABILITIES** <br>**CREDITORS:** **Amounts falling**<br>**due after more than one year**<br>**21** <br>**PROVISIONS                                            23** <br> <br>**NET ASSETS**<br>**FUNDS OF THE CHARITY:-**<br>Unrestricted funds<br> <br>**TOTAL CHARITY FUNDS** **25**|<br>**2025**<br>**2024**<br>**£                                      £**<br>3,482                                4,643<br>47,679,849<br>46,365,997<br>__________<br>__________<br>47,683,331                        46,370,640<br>3,270,720                         2,178,744<br>700,552<br>669,991<br>__________<br>__________<br>3,971,272                         2,848,735<br> 3,355,595                         (2,571,179)<br>__________<br>__________<br>615,677                             277,556<br>__________<br>__________<br>48,299,008                        46,648,196<br> (6,442,969)                        (4,662,155)<br>(7,355,276)                        (7,358,906)<br>__________<br>__________<br> 34,500,763                        34,627,135<br>34,500,763                         34,627,135<br>__________<br>__________<br>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. 

Page 12 

**GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)** 

## **PARENT BALANCE SHEET** 

## **FOR THE YEAR ENDED 30 JUNE 2025** 

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

Page 13 

**GERSON BERGER ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)** 

## **CONSOLIDATED STATEMENT OF CASH FLOWS** 

## **FOR THE YEAR ENDED 30 JUNE 2025** 

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



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** _(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.**<br>**6.**<br> <br> <br>**7.**<br>**8.**<br> <br>**9.**<br>|**DONATIONS AND LEGACIES**<br>Group<br>Unrestricted<br>**Total Funds**<br>Unrestricted<br>Total Funds<br>Funds<br>**2025**<br> Funds<br>2024<br>**£**<br>**£**<br>**_£_**<br>**_£_**<br>**Donations**<br>Gift Aid received<br>-<br>_-_<br>_-_<br>-<br>Charity<br>Unrestricted<br>**Total Funds**<br>Unrestricted<br>Total Funds<br>Funds<br>**2025**<br> Funds<br>2024<br>**£**<br>**£**<br>**_£_**<br>**_£_**<br>**Donations**<br>Gift Aid received<br>2,730,928             2,730,928              2,090,587<br>2,090,587<br>**INVESTMENT INCOME**<br>Unrestricted<br>**Total Funds**<br>Unrestricted<br>Total Funds<br>Funds<br>**2025**<br> Funds<br>2024<br>**£**<br>**£**<br>**_£_**<br>**_£_**<br>Income from investment<br>Properties                                     4,772,466<br>4,772,466<br>4,756,367             4,756,367<br>Income from other investments<br>26,873<br>26,873<br>31,702<br>31,702<br>Surplus on disposal of<br>Investment properties<br>74,100                  74,100              1,206,140<br>1,206,140<br>________            _________             ________             ________<br>4,873,439              4,873,439             5,994,209<br>5,994,209<br>**INVESTMENT MANAGEMENT COSTS**<br>Unrestricted<br>**Total Funds**<br>Unrestricted<br>Total Funds<br>Funds<br>**2025**<br> Funds<br>2024<br>**£**<br>**£**<br>**_£_**<br>**_£_**<br>Administrative expenses                 178,311<br>178,311<br>168,749                168,749<br>Investment management costs 1,696,812<br>1,696,812<br>1,407,935             1,407,935<br>Other interest payable<br>348,976<br>348,976<br>372,454                372,454<br>Finance charges<br>49,885<br>49,885<br>16,439<br>16,439<br>2,273,984             2,273,984              1,965,577<br>1,965,577<br>**EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE**<br>Unrestricted<br>**Total Funds**<br>Unrestricted<br>Total Funds<br>Funds<br>**2025**<br> Funds<br>2024<br>**£**<br>**£**<br>**_£_**<br>**_£_**<br>Charitable activity                         2,704,800<br>2,704,800<br>2,052,800             2,052,800<br>Support costs<br>11,287<br>11,287<br>18,605<br>18,605<br>________            _________             ________             ________<br>2,716,087             2,716,087              2,071,405             2,071,405<br>**EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE**<br>Grant funding<br>Support<br>**Total funds**<br>Total Funds<br>of activities<br>Costs<br>**2025**<br>2024<br>**£**<br>**£**<br>**_£_**<br>**_£_**<br>Charitable activity                         2,704,800                           -<br>2,704,800             2,052,800<br>Governance costs<br>-                   11,287<br>11,287<br>18,605<br>________            _________             ________             ________<br>2,704,800                  11,287              2,716,087<br>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 2025**Total 2024||
||£           £                £||£<br>|**_£_**|_£_|
||Governance costs      5,500        5,400            -||387|11,287|<br>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**|||||
||||||**2025**2024|
||||||**£**£|
||**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<br>Non audit fees<br>Fees payable for the audit of the financial statements|**2025** <br>**£**<br>1,161<br>-<br>19,440|**2024**<br>**£**<br>1,549<br>-<br>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**<br>**Investment**<br>**Group**<br>**Investments**<br>**Properties**<br>**£**<br>**£**<br>**COST OR VALUATION**<br>At 1 July 2024<br>453,038<br>45,912,959<br>Additions                                                                       -                  1,327,222<br>Disposal<br>-<br>-<br>Fair value movements<br>(13,370)<br>-<br>**At 30 June 2025**<br>439,668<br>47,240,181<br>**IMPAIRMENT**<br>**At 1 July 2024 and 30 June 2025**-                                 -<br>**CARRYING AMOUNT**<br>**At 30 June 2025**<br>439,668                47,240,181<br>At 30 June 2024<br>453,038<br>45,912,959|**Total**<br>**£**<br>46,365,997<br>1,327,222<br>-<br>(13,370)<br>47,679,849<br>-<br>47,679,849<br>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<br>**CHARITY**<br>Undertaking<br>Investments<br>£ <br>**COST OR VALUATION**<br>At 1 July 2024<br>34,644,758<br>Additions                                                                                                                        200<br>Disposals                                                                                                                           -<br>Fair value movements<br>(141,212)<br>**At 30 June 2025**<br>34,503,746<br>**IMPAIRMENT**<br>**At 1 July 2024 and 30 June 2025                                                                                   -**<br>_________<br>**CARRYING AMOUNT**<br>**At 30 June 2025**<br>34,503,746<br>At 30 June 2024<br>34,644,758|**Total**<br>**£**<br>34,644,758<br>200<br>-<br>(141,212)<br>34,503,746<br>**-**<br>_________<br>34,503,746<br>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**<br>**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**<br>**£**<br>Trade debtors<br>936,864<br>Prepayments and accrued income<br>51,049<br>Other debtors<br>2,282,807<br>_________<br>3,270,720<br>**20.       CREDITORS : AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>**2025**<br>**GROUP**<br>**£**<br>Bank loans and overdrafts<br>159,000<br>Trade Creditors<br>198,313<br>Accruals and deferred income<br>160,823<br>Social security and other taxes<br>2,319<br>Other creditors<br>2,835,140<br>_________<br>3,355,595<br>**2025**<br>**CHARITY**<br>**£**<br>Accruals and deferred income<br>13,924<br>Other creditors<br>28,955<br>_________<br>42,879|**2024**<br>**£**<br>1,274,750<br>19,652<br>884,342<br>________<br>2,178,744<br>**2024**<br>**£**<br>98,900<br>11,005<br>108,576<br>2,319<br>2,350,379<br>________<br>2,571,179<br>**2024**<br>**£**<br>20,712<br>28,755<br>________<br>49,467|**2024**<br>**£**<br>1,274,750<br>19,652<br>884,342<br>________<br>2,178,744<br>**2024**<br>**£**<br>98,900<br>11,005<br>108,576<br>2,319<br>2,350,379<br>________<br>2,571,179<br>**2024**<br>**£**<br>20,712<br>28,755<br>________<br>49,467|
|---|---|---|
||<br> <br> <br>_||
|||<br>_|



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** 

|<br> <br>Bank loans and overdrafts<br>**ANALYSIS OF LOANS**<br> <br>Not wholly repayable within five years other<br>than by instalments<br> <br>Wholly repayable within five years<br> <br>Included in current liabilities|**2025**<br>**£**<br>6,442,969<br>**2025**<br>**£**<br>3,647,969<br>2,954,000<br>_________<br>6,601,969<br>(159,000)<br>_________<br>6,442,969|**2024**<br>**£**<br>4,662,155<br>**2024**<br>**£**<br>4,167,655<br>593,400<br>________<br>4,761,055<br>(98,900)<br>________<br>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<br>**GROUP**1 July 2024<br>£<br>General funds                         34,627,135<br>_________<br>At<br> 1 July 2023<br>£<br>General funds                          31,956,015<br>_________<br>**UNRESTRICTED FUNDS**<br>At<br>**CHARITY**1 July 2024<br>£<br>General funds                            34,627,234<br>_________<br>At<br> 1 July 2023<br>£<br>General funds                           31,956,115<br>|Fair value                         At<br> Income         Expenditure     movements    30 June 2025<br>£**£                              £                       £**<br>4,873,439         (4,986,441)               (13,370)       34,500,763<br>_________          _________            _________        _________<br>Fair value                         At<br> Income         Expenditure     movements    30 June 2024<br>£**£                              £                       £**<br>5,994,209        (4,524,243)           1,201,154       34,627,135<br>_________          _________            _________        _________<br>Fair value                         At<br> Income         Expenditure     movements    30 June 2025<br>£**£                              £                       £**<br>2,730,928        (2,716,087)            (141,212)       34,500,863<br>_________          _________         _________        _________<br>Fair value                         At<br> Income         Expenditure     movements    30 June 2024<br>£**£                              £                       £**<br>2,090,587        (2,071,405)          2,651,937       34,627,234<br>|
|---|---|



## 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<br>|**Total Funds**|
|---|---|---|---|---|---|
|||||Funds<br>|**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|
|||||_________<br>|_________|
|||||Unrestricted<br>|Total Funds|
|||||Funds<br>|2024|
|||||**£**|**£**|
||Tangible fixed assets|||4,643|4,643|
||Investments|||46,365,997<br>|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|
|||||<br>||
|||||_________<br>|_________|
|**26.**|**ANALYSIS OF CHANGES IN NET DEBT**|||||
|||At 1 Jul|2024|Cash flows**At 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<br>|**2024**|
|||||£|**£**|
||Cash at bank and in hand|||700,552|669,991|
||Overdraft facility repayable on demand|||-|-|
|||||___________                __________||
||Total cash and cash equivalents|||700,552<br>|669,991|
|||||_________<br>|_________|



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



## **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. 

Page 28