COMPANY REGISTRATION NUMBER: 00711513 CHARrrY REGISTRATION NUMBER: 313654 SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Flnchley Road London NW11 OPU
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMEI4TS FOR THE YEAR ENDED 30 SEPTEMBER 2024 CONTENTS Page Trustees, annual report (incorporating the directors, report) Independent auditor's report to the members Consolidated statement of financial activities (including income and expenditure account) 11 Parent statement of financial activities (including income and expenditure account) 12 Consolidated statement of financial position 13 Parent balance sheet 14 Consolidated statement of cash flows 14 Notes to the financial statements 16
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORA ING THE DIRECTORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 September 2024. Reference and administrative detalls Registered charity name: Shulem B. Association Limited Charity giStratIon number: 313654 Company registration number: 00711513 Principal office and Registered Address: New Burlington House 1075 Finchley Road London NW11 OPU Trustees: Mr Samuel Berger (Deceased 1 December 2024) Mrs Sarah Rachel Klein Mrs Zelda Sternlicht Mr Shloime Zalmen Berger {Appointed 9 April 2025) Mr Yankel Grosberger {Appointed 9 April 2025) Auditor: Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 OPU Solicitor Hamlins LLP 1 Kingsway London WC2B 6AN Bankers: Unty Trust Bank P O Box7193 Planetary Road Willenhall WV19DG Page I
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 continu STRUCTURE. GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT Shulem B. Association Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 11 Ih December 1961 as amended on 10th April 1995. 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 temis as the Council shall from time to time prescribe, and He has been elected to membership by the Council. All current trustees are ordinary members and no honorary members have been appointed. The organisation is run by the governors (directors) who are the trustees. Every trustee holds office until helshe shall die or attain the age of eighty or shall cease to hold office by virtue of Article 49 of the Articles of Association. It is not currently the intention of the trustees of the Charty to appoint new trustees. Should the sltuation ch8nge in the future, the trustees will apply suitable recruitment and training procedures. Employee and Trustee Remuneratlon The charity has no staff other than the 4 trustees all of whom give freely of their time and expertise without any fomi of remuneration or other benefit in cash or kind (2023.. £nil). The charity did not meet any expenses (2023.. £nil) incurred by the trustees for services provided to the charity. GROUP STRUCTURE AND RELATIONSHIPS The Charity holds the share capital of six active subsidiary undertakings, namely Bitover Limited, Crown View Estates Limited, Davecourt Limited, Honeyvale Properties Limited, Lysville Limited and Tripknoll Limited. All the subsidiary holdings are engaged in property investment, or are parent undertakings for property investment companies, and their results are incorporated in the consolidated financial statements. Details of the subsidiary undertakings may be found in note 20 to the financial ststements. RISK MANAGEMENT The trustees have identified and reviewed the major risks to which the charity is exp08ed, in particular those related to the operations and finance of the Charty and are satisfied that systems are in place to mitigate those risks. Page 2
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS, REPORT FOR THE YEAR ENDED 30SEPTEMBER 2024 continued 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. trade debtors, trade creditors, prepayments and accruals) arise directly from the charity's operations. CREDIT RISK The charty mnitors credit risk closely and considers that it5 current policies of credit risk checks meet its objectives of managing exposure to credit risk. The charity has no snifiCant 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 assuran that major risks have been adequately managed. OBJECTIVES AND ACTIVITIES CHARITABLE OBJECTS The charity is established for charitable purposes only and (without prejudice to the generalty of the foregoing words) in particular to do, perform and cary out all or any of the following acts objects and things, namely'.- To establish. 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 carried on by the charity. To estsblish and support or aid in the estsblishment and support of any charitable association or institution, trust or fund. and to subscribe or guarantee money for any charitable purpose which the company shall consider calculated to promote its objectives or any of them. 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 vjew to achieving the objects of the char-ty. Shulem B. 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 concomitsnt need for increased revenue support. Applic8tions 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. Page 3
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 continu DIRECT CHARITABLE ACTIVITY Besides the grant making activities, the charity also utilises ts0 rental properties as functional properties which it uses as spare capacity for the constantly expanding schools in the local community. The premises are also used for summer camps and activities for younger members of the cornmunity. 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 objects and in planning future activities and setting the grant making policies for the year. This charity was established for general charitable purposes and in particular to supportthe activities ofJewish religious organisations, especially in the field of education. Donations are made to organisations providing sound religious education in accordance with the doctrines and principles of traditional Judaism, with a view to achieving the objects of the charity and in doing so the charity has complied with its duty to actforthe public benefit in accordance with Section 4 of the Charities Act 2006. The number of organisations and institutions which are regularly supported by Shulem B. Association Limited is large and thus there has been a continual call for funding for both capital projects and revenue support. INVESTMENT POWERS AND POLICY Under the Memorandum and Articles of Association, the charty 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. STRATEGIC REPORT The group invests in property portfolios and listed investments to generate income with wh ich 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 companies. This has decreased in the year (see note 6 to the financial statements). Rental income of the group deGreased by 9 % in the year as did lease extension, lease premium and propety disposal income. The parent charity itself received donations of £1,837,391 (2023.. £3,393,942) from its subsidiaries- see note 5 on page 21. During the year under review £3,142,100 (2023: £3,728,600) was distributed in furtherance of the charity. objectives. The Investments have increased in value during the year. and this movement is reflected in Note 20 to the financial statements. FINANCIAL REVIEW The charity is dependent for its income on th8 income from ts investment properties and on the commercial activities of its subsidiaries. During the year, income arising from the commercial activities of the subsidiaries was £4,667,989 (2023: £5,113,364), with a further £615,098 (2023: £603,342) arising from the charity's investments. The Charity holds the share capital of six active subsidiary undertakings. All the subsidiary holdings are engaged in property investment and the trustees consider their results for the year ended 30th September 2024 to be satisfactory. Page 4
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 continue 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. Perfomiance is assessed against the strategy and expectations using financial and non-financial measures. The most significant KPIS used by the charity are as follows.. 2024 2023 Grants and donations paid out Net income from commercial undertakings Net rental income from investment properties Investment property at fair value Listed investments at fair value 3,142,100 3,290,144 380,223 75.860,688 7,899 3,728,600 3,597,494 326,084 75,089,890 6,296 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 maintsin unrestricted funds, which are the free reserves of the charsty. at a level which the trustees think appropriate after considerin9 the future commitments of the charity and the likely administrative costs of the charity for the next year. The free reserves of the charity are the current assets minus current liabilities. At the year end, the charity had no reserves (2023: £320,310). 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 accordancewith applicable law and United KingdomAccounting 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 Ihe 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 detedion of fraud and other irregularities. Page 5
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT INCORPORATING THE DIRECTORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 conlinue AUDITOR Each of the persons who is a trustee 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 charity's auditor is unaware,. and They have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that infomiation. 2025 and signed on behalf The trustee's annual report and the strategic report )Nere approved on 14 of the board of trustees by: Mrs Zelda Sternlicht Trustee Page 6
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED FOR THE YEAR ENDED 30SEPTEMBER 2024 OPINION We have audited the financial statements of Shulem B. Association Limited (the 'parent charitable company,) and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the consolidated ststement of financial activities (including income and expenditure account), parent 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 charitsble company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including it5 income and expenditure, for the year then ended" Have been properly prepared in accordance with United Kingdom Generalty 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 Ethic81 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 peri(yJ of at least twelve months from the date when the financial sL2tements are authorised for issue. Page 7
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED (Continued) OR THE YEAR ENDED 30 SEPTEMBER 2024 OTHER INFORMATION The other information comprises the infomiation included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible forthe other information. Our opinion on the financial statements does not cover the other infomiation 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 responsibilty 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 otheNise 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 statemerrts or a material misstatement of the other information. If. based on the work we have perfomed. 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 understsnding of the charty 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 detemiine 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 8
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION UMITED (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to intluence the economic decision5 of users taken on the basis of these financial statements. Irregularsties, including fraud, are instances of non-compliance with law5 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 audtt. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations. We discussed wrth the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks. We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit and by using proprietary disclosure checklists. The susceptibilty 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 perfomed our audit in accordance with auditing standards. For example. the further removed non-compliance with laws and regulations (irregularities) is from the events and transaction8 reflected in the financial statements, the less likely the inherently limited procedures required by aud(ting standards would identify it. In addition, as with any audi( there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Page 9
SHULEM B. ASSOCIATION UMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED (Continued) OR THE YEAR ENDED 30 SEPTEMBER 2024 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, misrepresentation5, orthe override of intemal control. Obtain an understanding of intemal control relevant to the audr( 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 obtsined, 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 uncerlainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, rf 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 concem. 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 charty'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 responsibilty to anyone other than the charty 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: l¥ J 2oaS For and on behalf of Cohen Amold Chartered Accountants & Ststutory Auditor New Burlington House 1075 Finchley Road London NW11 OPU Page 10
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Unrestricted Funds Unrestricted Funds Total Funds Notes INCOME AND ENDOWMENT Donations and legacies Commercial operations Investment income 4.667,989 615 098 4.667,989 615 098 5,133,364 603,342 TOTAL INCOME 5.283,087 5.283,087 5,736,706 EXPENDITURE Expenditure on raising funds.. Commercial operations Investrnent management Expenditure on charitable activities Interest payable and similar charges Taxation (1,377,845) (361,312) 10,11 (3.575,845) 14 (1.085,058) 15 32,695 (1.377,845) (361.312) (3,575.845) (1,085.058) 32.695 (1,535,870) (413,465) (4,138,031) {929,310) 3,020,131 TOTAL EXPENDITURE 6,367,365 6,367,365 (10,036.807) NET INCOMEI(DEFICIT) FOR THE YEAR (1,084 278 1,084.278 4 300 101 OTHER RECOGNISED GAINS AND LOSSES Fair value movements 17 709 894) 709,894 1,761345 NET MOVESTMENT IN FUNDS (1,794.172) (1,794,172) {2,538,756) RECONCILATION OF FUNDS Totsl funds brought forward 51,498.832 51.498,832 54,037.588 TOTAL FUNDS CARRIED FORWARD 49,704.660 49.704,660 51,498,832 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 16 10 32 fom) part of these financlal statements Pagell
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE PARENT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30SEPTEMBER 2024 2024 2023 Unrestricted Funds Unrestricted Funds Totsl Funds Notes INCOME AND ENDOWMENT Donations and legacies Investment income 1.837,391 613.757 1.837,391 613,757 3,393,942 602.340 TOTAL INCOME 2,451.148 2,451.148 3,996.282 EXPENDITURE Expenditure on raising funds= Investment management costs Expenditure on charitable activities (233,178) 10.11 (3.575,911) (233.178) 3,575,911 (276.223) (4,138.164) TOTAL EXPENDITURE 13 809,089 3,809,089 4,414 387 Net gains on investments 168,641 168,641 NET DEFICIT (1,189,300 1,189,300 418,105 OTHER RECOGNISED GAINS AND LOSSES Fair value movements 17 604,872 604,872 4 203,285 NET MOVESTMEKf IN FUNDS (1.794.172) (1.794,172) (4,621,390) RECONCILATION OF FUNDS Total funds brought forward 51,520,841 51.520.841 56,142,231 TOTAL FUNDS CARRIED FORWARD 49.726.669 49,726.669 51.520.841 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 16 10 32 form part of these ffinanclal statements Page 12
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 SEPTEMBER 2024 2024 2023 Notss FIXED ASSETS Tangible fixed assets Investments 19 20 2.835 75.868,587 3,780 75,096,186 75,871.422 75.099.966 CURRENT ASSETS Debtors Cash at bank and in hand 21 4,259.575 491.680 5.897.157 556.349 4,751,255 6,453.506 CREDITORS: Amounts falling due within one year 22 {4,667,570) (3,771,498) NET CURRENT LIABILITIES 83,685 2.682,008 TOTAL ASSETS LESS CURRENT LIABILITIES 75,955,107 77,781,974 CREDITORS: Amounts falllng due after more than one year 23 (13.516,218) (13,516,218) PROVISIONS 25 (12.734,229) (12,766,924) NET ASSETS 49,704,660 51,498,832 FUNDS OF THE CHARITY:_ Unrestricted funds 26 49.704,660 51.498,832 TOTAL CHARITY FUNDS 26 49,71)4,660 51.498,832 These financial statements were approved by the board of trustees, authorised for issu8 on T*... 2025 and are signed on behalf of the board by: elda Stemiicht Mrs Sarah Rachel Klein Trustees The notes on pages 10 to 32 fomi part of these financi81 slatemerts. Page 13
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE PARENT STATEMENT OF FINANCIAL POSITION 30 SEPTEMBER 2024 2024 2023 Notes FIXED ASSETS Investments 20 50,445,659 51,200,531 50.445,659 51,200,531 CURRENT ASSETS Debtors Cash at bank in hand 21 749,138 8,017 724,997 19,279 757,155 744,276 CREDITORS: Amounts falllng due wlthln one year 22 (1,476,145) (423,966) NET CURRENT ASSETS (718,990) 320,310 TOTAL ASSETS LESS CURRENT LIABILITIES 49,726.669 51,520,841 NET ASSETS 49,726,669 51,520,841 FUNDS OF THE CHARITY:. Unrestricted funds 26 49,726,669 51,520,841 TOTAL CHARITY FUNDS 49,726,669 51,520,841 These financial statements were approved by the board of trustees. authorised for issue on . T4.... 2025 and are signed on behalf of the board by: elda Sternlicht Mrs Sarah Rachel K Trustees The notes on pages 16 to 32 fomi part of these financlal slatemenls. Page 14
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Notes CASH FLOWS FROM OPERATING ACTIVITES Net deficit (1,084,278) (4,300,101) Adjustrnents for. Depreciation of tangible fixed assets Dividends, interest and rents from investments other interest receivable and similar income Gains on disposal of tangible assets Taxation Accrued (income)lexpenses 945 (613,832) (1,266) (1,151,568) 132,695) 4.560 1,260 (602,845) (497) (1,857,848) 3,020,131 135.925 Changes in: Trade and other debtors Trade and other creditors 1.637.582 180,015 (492,775) 48,539 Cash generated from operations (1,060,537) (4.048,209) Interest received 1,266 497 Net cash used in operating activities (1,059,271) (4,047,712) CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interest 8nd rents from investments Purchases of tangible assets Purchases of other investments Proceeds from sale of other investments 613,832 602,845 (5.040) (195,965) 2,116,562 (1,061,798) 1,442,568 Net cash from investing activities 994,602 2,518,402 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 500,000 Net cash from financing activities 500,000 NET DECREASE IN CASH AND CASH EQUIVALENTS (64,669) (1,029,310) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 556,349 1,585,659 CASH AND CASH EQUIVALENTS AT END OF YEAR 27 491,680 556.349 The note8 on pages 16 to 32 fom part of these finandal statements. Page 15
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NO ES TO THE FINANCIAL STATEMENTS OR THE YEAR ENDED 30 SEPTEMBER 2024 GENERAL INFORMATIONS The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road. London, NW11 OPU. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Bulletin 1, (Charities SORP (FRS 102)) and the Charities Act 2011. ACCOUNTING POLICIES BASIS OF PREPARATION These financial statem8nt8 have been prepared on the historical cost basis, as modified by the revaluation of certain financi81 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 Atthe time of approving the financial statements, thetrustees 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 ¥xounting 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 ofthe financial statements and the cost of any legal advice to the trustees on governance or constitutional matters. Page 16
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES fconlinutrd) TAXATION The Charity is not liable to direct tsxation (Income Tax) on its income which falls within the various exemption5 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 arnount 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. 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 exient 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 truste88 for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of 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 reGeipt is probable and entitlement is established. Income from donated go(xls is measured at the fairvalue 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, rf the value can be reliably measured. No amounts are included forthe contribution of general volunteers. Income from contracts for the supply of servi is recogni5ed 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. Page 17
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30SEPTEMBER 2024 ACCOUNTING POLICIES (Conlinued) RESOURCES EXPENDED Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. Expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. Expenditure on charitable activities includes all costs incurred by a charty 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. Other expenditure includes all expenditure that is neither related to raising funds for the charty 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 activty are allocated directly to that activty- Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. INVESTMENTS Unlisted equty investrnents are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. INVESTMENT PROPERTY Investment propety is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure in the period that they arise. 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. Page 18
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS fcontlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES (Continued) 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. Vvhere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaimients are also reviewed for possible reversal at each reporting date. 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 unil 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 8s a result of a past event, it is probable th8t 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 aSlocated 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 propertl8s are considered to take place at the date of legal completion and sre included in the financial statements accordingly. Page 19
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 LIMITED BY GUARANTEE The charity is a company limited by guarantee and has no share capital. The liabilty of each member in the event of a winding up is limited to £1. DONATIONS AND LEGACIES Grou Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Donatlons Gift Aid received hari Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Donations Donations received Donations -Gift Aid receipts 1.837,391 1,837,391 3,393,942 3,393,942 COMMERCIAL OPERATIONS Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Rent and charges receivable 4.667,989 4,667,989 5,133,364 5,133.364 4.667,989 4.667,989 5,133,364 5,133,364 INVESTMENT INCOME Group Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Income from investment properties Income from listed investments Other interest receivable 613,401 431 1,266 613,401 431 1.266 602,307 538 497 602,307 538 497 615,098 615.098 603,342 603,342 Charlty Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Income from investment properties Interest receivable 813,401 356 613,401 356 602,307 33 602,307 33 613,757 613,757 602,340 602,340 Page 20
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 COMMERCIAL OPERATIONS Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Cost of commercial operations 1,377.845 1,377,845 1,535,870 1,535.870 INVESTMENT MANAGEMENT COSTS Group Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Administrative expenses Investment management costs 128,134 233.178 128,134 233,178 137,242 276,223 137,242 276,223 361,312 361,312 413,465 413,465 Charlty Unrestricted Funds Total Fund8 2024 Unrestricted Funds Total Funds 2023 Portfolio management 233,178 233,178 276,223 276,223 10. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Donations paid Support costs 3,532,479 43,366 3,532.479 43,366 4,094,453 43,578 4,094,453 43.578 3.575,845 3,575.845 4,138,031 4,138,031 11. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activities Undertaken Directly Grant Funding of Activities Support C05t5 Total Funds 2024 Total Funds 2023 Charitable activity Support costs 390,379 3,142.100 3,532,479 43,366 4,094,453 43.578 43,366 390,379 3,142.100 43,366 3,575,845 4,138.031 Actlvities undertaken directly The amounts paid during the year represent rents and maintenance expenditure on functional properties. Page 21
SHULEM B. ASSOCIATION LIMITED COMPANY L MITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Conlinu8d) FOR THE YEAR ENDED 30SEPTEM8ER 2024 12. ANALYSIS OF SUPPORT COSTS Accountancy Fees ALKlit Fees Gèneral Expenses Legal & Professional Total 2024 Total 2023 Govemance costs 14,520 1.411 17,435 43.578 13. ANALYSIS OF GRANTS GRANTS TO INSTITUTIONS Year to 30 June 2024 Year to 30 June 2023 Amud Hatzdokoh Trust Bels Ruchel D'satmar (London) Ltd Castle Education Trust Limited Chasdei Moishe Trust Chasdei Yoel Charitable Trust Chevras Mo'oz Ladol Collel Chibath Yerushalayim, Rabbi Meir Baal Hanes Trust Congregation Vyoel Moshe D'satrner Charitable Trust Canvey Kehilla Ltd Ezer Berkovoid Limited Gateshead Talmudical College Keren Habinyan Limited KYL Central Shul London Kehal Yetev Lev Palmcourt Limited United Talmudical Asscociates Ltd UTRY The Well Trust Limited Vyoel Moshe Charitable Trust Y G S Yeshiva Gedola Seminar Yeshiva Gedoilah Torah Veyirah Ltd Yetev Lev London Jerusalem Trust Yesamach Levav Other grants below £20,000 82,000 20,000 32,500 15.000 25.000 24.000 10,000 25,000 40,000 32,900 34,000 150,000 10,000 21,000 65,000 30,800 27,000 45,000 60.000 35.000 28,000 30,000 1,850,000 45,000 50,000 62,000 1,015,000 17,500 550,000 25,000 18,000 34,000 25,000 30,000 890,700 25,000 25,000 17,500 75,000 20,000 1,253,800 3,142,100 3.728,600 Total grants 3,142,100 3,728,600 ANALYSIS OF GRANTS TO INSTITUTIONS: 2024 2023 General charitable purposes Advancement of Jewish Religion Advancement of Jewish Education 1,111,379 1,513,541 517,180 1,577.921 1,470.065 680.614 Total 3,142,100 3.728,600 Page 22
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CDntinu8dJ FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. INTEREST PAYABLE AND SIMILAR CHARGES Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Loan interest Finance costs 965,428 119,630 965.428 119,630 839,770 89,540 839,770 89.540 1,085,058 1.085,058 929,310 929.310 15. TAXATION 2024 2023 DEFERRED TAX: Origination and reversal of timing differences (32,695) 3,020.131 Taxation {32,695) 3,020,131 All tax is recognised in the Consolidated Income and Expenditure Account. 16. NET EXPENDITURE 2024 2023 Fees payable for the audit of the financial statements 44,940 44,370 17. FAIR VALUE MOVEMENTS Gro Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Surplus {Deficit) on listed Investments Surplus on Investments property Fair value movements on cash Flow hedging instruments 1,603 1.603 (250) 2,082,634 (250) 2,082,634 (711.497) (711,4971 (321,039) (321,039) (709,894) (709.894) 1,761,345 1,761,345 Chari Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Surplusl(deficit) on subsidiary Undertakings {604.872) (604,872) (4,203,285) {4,203,285) (604,872) (604,872) {4,203,285) (4.203,285) Page 23
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Contlnuedj FOR THE YEAR ENDED 30 SEPTEMBER 2024 18. TRUSTEE REMUNERATION AND EXPENSES The charity has no staff other than the S trustees and secretary all of whom give freely of their time and expertise without any fomi of remuneration or other benefit in cash or kind (2023- £nil). The charity did not meet any expenses (2023". £nil} incurred by the trustees for services provided to the charity. 19. TANGIBLE FIXED ASSETS Plant and Machinery COST At 1 October 2023 Additions 5,040 AT 30 SEPTEMBER 2024 5,040 DEPRECIATION At 1 October 2023 Charge for the year 1,260 945 AT 30 SEPTEMBER 2024 2,205 CARRYING AMOUNT AT 30 SEPTEMBER 2024 2,835 AT 30 SEPTEMBER 2023 3,780 Page 24
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Contlnuedj FOR THE YEAR ENDED 30 SEPTEMBER 2024 20. INVESTMENTS Listed Investments Investment Properties Grou Total COST OR VALUATION At 1 October 2023 Additions Disposal Fair value movements 6.296 75,089,890 1,061,798 {291,000) 75,096,188 1,061,798 (291,000) 1,603 1,603 At 30 SEPTEMBER 2024 7,899 75,860,688 75,868,587 CARRYING AMOUNT At 30 September 2024 7,899 75,860,688 75,868,587 At 30 September 2023 6,296 75,089,890 75,096.186 Shares in Investment group Properties Undertakings other Investments Total COST ORVALUATION At 1 October 2023 Additions Disposals Fair value movements 7,242.206 43.957,575 750 51,200.531 (150,000) (150,000) (604.872) (604,872) At 30 September 2024 7,092.206 43.352,703 750 50,445.659 CARRYING AMOUNT At 30 September 2024 7,092,206 43,352.703 750 50,445.659 At 30 September 2023 7,242.206 43.975,575 750 51,200.531 All investments shown above are held at valuation. Investment Propertles The group's investment property comprises of residential and commercial portfolio. The fair value of the investment property has been arrived at on the basis of valuation carried out at 30th September 2024 by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation is made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location taken account of their age and condition. The historical cost of the investment properties is £19,390,161 (2023: £18,365,363). Pag¢ 25
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 20. INVESTMENTS (Contlnugdj FINANCIAL ASSETS HELD AT FAIR VALUE The Listed investments have been valued at open market value based on stock exchange values. The historical costs of the listed investments is £7,772 {2023: £7,772). SUBSIDIARIES AND OTHER INVESTMENTS The company's direct active subsidiary undertakings (excluding dormant companies), all of which are incorporated in England are as follows- Descriptlon & Proportion Of Share Capltal Nature of Owned Business Bitover Limited Ordinary 100% Preference 100 % Ordinary Ordinary Preference 100 /0 Ordinary 100/0 Ordinary 100% Ordinary Preference 11)0 % Parent undertaking Crown View Estates Limited Davecourt Limited Property Investment Parent undertaking Honeyvale Properties Limited Lysville Limited Tripknoll Limited Property Investment Property Investment Bitover Limited has the following active subsidiary undertakings.. Ordinary Ordinary Ordinary Vereneat Limited Parkchoice Limited Evenley Investments Limited Parent undertaking Property Investment Property Investment 1000 Vereneat Limited has the following active subsidiary undertaking- Ordinary Kolup Investments Limited Property Investment Davecourt Limited has the following active subsidiary undertakings: Codnore Estates Limited Ordinary Property Investment Codnore Limited has the following active subsidiary undertakings: Ordinary 1000 Ordinary Ordinary Arnville Limited Marilla Properties Limited Zeligrate Co.Limited Property Investment Property Investment Property Investment Tripknoll Limited has the following subsidiary undertakings: Verelark Limited Ordinary Parent undertaking Verelark Limited has the following active subsidiary undertakings: Ordinary Ordinary Belinda Properties Limited Hacienda Properties Propety Investment Property Investment 1000 Page 26
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 20. INVESTMENTS (Contlnued) The following material subsidiaries have year ends coterminous with the parent charity. The 2024 figures are disclosed below.. Company Number Turnover Other Income Expenditure ProfrtlLoss Crown View Estates Limited Kolup Investments Limited Lysville Limited ParkChoI Limited 02820344 00769026 01384537 03106046 1,287,983 1,458,503 161,331 16.291 703,362 28,629 204 263,754 (920,906) 1,070,439 (1,174,489) 312,643 {47,148) 114,387 {41,480) 238,565 Fixed Assets Current Long term Assets Liabilities Net Assets Llabilities Crown View Estates Limited 21,361.596 Kolup Investments Limited 32.801,979 Lysville Limited 3,525,405 Parkchoice Lirnited 499,800 6,649,955 {10,497,601) (6,579,150) 10,934,800 9,999,130 (14.217,3821 (5,667,231) 22,916,596 3,648,464 {648,4891 (4,271,338) 2,254,042 4,416,672 (119,9391 (2,460,853) 2,335,680 Full disclosure for the remaining subsidiary undert8kings can be found in the financial statements of those subsidiary undertakings. copies of which are available upon request. 21. DEBTORS 2024 2023 GROUP Trade Debtors Prepayments and accrued income Other Debtors 887,149 157,761 3,214,665 733,115 221,442 4,942.600 4,259,575 5,897.157 2024 2023 CHARITY Trade debtors Prepayments and accrued income other Debtors 250,878 117,040 381,220 189,951 155,046 380,000 749,138 724.997 Page 27
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Conttinued? FOR THE YEAR ENDED 30 SEPTEMBER 2024 22. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 GROUP Trade Creditors Accruals and deferred income Other creditors 204,000 760,342 3,703,224 374 755,782 3,015,342 4,667,566 3.771,498 2024 2023 CHARrrY Trade Creditors Accruals and deferred incom8 Other creditors 36 129,709 294,221 51,228 1,424,917 1,476,145 423,966 23. CREDITORS: AMOUNTS FALLING DUE AFTER MORETHAN ONE YEAR 2024 2023 Bank loans and overdrafts Other creditors 13,500,000 16,218 13,500,000 16,218 13,516,218 13,516.218 ANALYSIS OF LOANS 2024 2023 Not wholly repayable within five years other than by instalments Wholly repayable within five years 13,500,000 13,500,000 13,500,000 13,500,000 DEFERRED TAX The deferred tax included in the statement of financial position is as follows 2024 2023 Included in provisions (note 25) 12,734,229 12,766,924 Page 28
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 25. PROVISIONS DEFERRED TAX {note 25) At 1 October 2023 Additions 12,766,924 (32.695) At 30 September 2024 12,734,229 26. ANALYSIS OF CHARITABLE FUNDS UNRESTRICTED FUNDS At 1 October 2023 Fair value Expenditure movements At30 September 2024 Income GROUP General funds Fairvalue 8,227,041 43,271,791 5,283,087 (6,367,365) 1,603 (711,497) 7,144,366 42,560,294 51,498,832 5,283,087 {6,367,365) (709,894) 49,704,660 At 1 October 2022 Fair value Expenditure movements At30 September 2023 Income General funds Fair Value 12.527,142 41,510,446 5,736,706 (10,036,807) 8,227,041 43,271,791 1,761,345 54.037,588 5,736.706 (10,036,807) 1,761,345 51,498,832 UNRESTRICTED FUNDS At 1 October 2023 Gains and losses At30 September 2024 Income Expenditure CHARITY General funds 51,520,841 2,619.789 (3,809,089) {604,872) 49,726,669 At 1 October 2022 Gains and losses At30 September 2023 Income Expenditure General funds 56,142,231 3,996,282 (4,414,387) (4,203,285) 51,520,841 Page 29
SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Conllnued) FOR THE YEAR ENDED 30 SEP EMBER 2024 27. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Total Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Provisions 2,835 75,888,587 4,751,255 (4,667,570) (13,518,218) (12,734,229) 2,835 75,869.337 4.751,255 (4,667,570) (13,516,218} (12,734,229) Net assets 49,704,660 49,704,660 Unrestricted Funds Totsl Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Provisions 3,780 75,096.186 6,453,506 (3,771,498) (13,516,218) (12,766,924) 3,780 75,096,186 6,453,506 (3,771,498) (13,516,218) (12,766,924) Net assets 51,498,832 51,498,832 28. ANALYSIS OF CHANGES IN NET DEBT At 1 Oct 2023 Cash flows At 30 Sept 2024 Cash at bank and in hand Debt due after one year 556,349 (13,500,000) (64,889) 491,680 (13,500.000) (12,943.851) (64,669) (13,008,320) 29. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and in hand Overdraft facility repayable on demand 491,680 556,349 Total cash and cash equivalents 491,680 556,349 Page 30
SHULEM B. ASSOCIATION LIMITED COMPANY LIM TED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {ContinuedJ FOR THE YEAR ENDED 30 SEPTEMBER 2024 30. FINANCIAL INSTRUMENTS The carrying amount for each category of financial instruments is as follows: 2024 2023 Financial assets that are debt instruments measured at amortised cost Financial assets that are debt instruments measured 8t amortised Cost 4,693,494 6,372,064 Flnanclal liabilities measured at amortlsed cost Financial liabilities measured at amortised cost 18,183,784 17,287,716 Flnancial assets measured at fair value through profft and loss Listed investments 7,899 6,296 Flnancial assets measured at fair value through other r8cognlsed gains and losses Cash flow hedge £(1,032.536} £(711,497> HEDGING ARRANGEMENT The subsidiary companies have entered into interest rate swaps to hedge against fluctuations in the variable interest rates for the duration of the bank loans to which they relate. The companies have designated these derivatives as cash flow hedges with movements in fair value being reflected in other recognised gains and losses. The fair value of the swaps is calculated on a mark to market basis at the year-end date and the movements included in a hedge resetve of the subsidiaries which are the unrestricted funds of the group. As at the 30th September 2024. the fair value of the swaps in some group companies had a negative value totalling £1,032,536 which is included in other creditors. 31. RELATED PARTY TRANSACTIONS GROUP Grants to institutions include the following donations to charities where the Trustees are family members with the Trustees in this charity.. The Beth Hamedrash Satmar Trust £Nil (2023: £7,000), Bels Ruchel D'satmar (London) Limited £20,000 (2023.. £15,000}, Palmcourt Limited £Nil (2023 £30,000}, Satmar Nursery Trust £12,500 (2022.. £10,000), UTRY £17,500 (2023: £45,000), Vyoel Moshe Charitable Trust £25,000(2023'. £25,000), Y G S Yeshiva Gedola Seminar £18,000 (2023.. £25,000), Yeshiva Gedoilah Torah Veyirah Limited £34,000 (2023 . £17,500), Talmud Torah Education Ltd £15,000 (2023.'£15,000). Included in Other debtors is £1,043,107 (2023: 2,617,107> due from charty subsidiary companies under control of the trustees andlor their families. These loans are interest free and repayable on demand. Also included in other debtors are concessionary loans of £44,000 (2023,. £44,000) due from Aldentower Limited, a charity whose Trustees andlor their families are connected with the Trustees of this group. The loans are interest free and repayable on demand. In amounts falling due within one year, other creditors include loans of £2,482,878 {2023'. £2,462,878) due to companies under the control of the Trustees andlor their families. These loans are interest free and repayable on demand. Page31