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 s￿nifiCant 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 ts￿0 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