2025-09-30-accounts

COMPANY REGISTRATION NUMBER : 00711513 CHARITY REGISTRATION NUMBER: 313654

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2025

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

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

CONTENTS

	Page
Trustees’ annual report (incorporating the directors’ report)	1
Independent auditor’s report to the members	7
Consolidated statement of financial activities (including income and expenditure account)	12
Parent statement of financial activities (including income and expenditure account)	13
Consolidated statement of financial position	14
Parent balance sheet	15
Consolidated statement of cash flows	16
Notes to the financial statements	17

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

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

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 September 2025.

Reference and administrative details

Registered charity name:	Shulem B. Association Limited
Charity registration number:	313654
Company registration number: 00711513
Principal office and	New Burlington House
Registered Address:	1075 Finchley Road
	London
	NW11 0PU
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)
Secretary:	Mr Berish Berger
Auditor:	Cohen Arnold
	Chartered Accountants & Statutory Auditor
	New Burlington House
	1075 Finchley Road
	London
	NW11 0PU
Solicitor	Hamlins LLP
	1 Kingsway
	London
	WC2B 6AN
Banker:	Unity Trust Bank
	P O Box 7193
	Planetary Road
	Willenhall
	WV1 9DG

Page 1

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

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

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[th] December 1961 as amended on 10[th] 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 terms 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 he/she shall die or attain the age of eighty or shall cease to hold office by virtue of Article 49 of the Articles of Association.

It is not currently the intention of the trustees of the Charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures.

Employee and Trustee Remuneration

The charity has no staff other than the trustees all of whom give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2024: £nil).

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

GROUP STRUCTURE AND RELATIONSHIPS

The Charity holds the share capital of 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 statements.

RISK MANAGEMENT

The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity and are satisfied that systems are in place to mitigate those risks.

Page 2

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE) TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025

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 charity monitors credit risk closely and considers that its current policies of credit risk checks meet its objectives of managing exposure to credit risk.

The charity has no significant concentrations of credit risk. Amounts shown in the balance sheet represent the maximum anticipated credit risk exposure.

It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

OBJECTIVES AND ACTIVITIES

CHARITABLE OBJECTS

The charity is established for charitable purposes only and (without prejudice to the generality of the foregoing words) in particular to do, perform and carry out all or any of the following acts 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 principles;

• 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 establish and support or aid in the establishment 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 view to achieving the objects of the charity. 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 concomitant need for increased revenue support.

Applications for grants are made in writing to the charity or in person to the Trustees by other UK registered charities. All donations above £10,000 require approval of all the Trustees and after making the necessary checks, proportional to the level of funding involved, donations are provided through bank transfer.

Page 3

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

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

DIRECT CHARITABLE ACTIVITY

Besides the grant making activities, the charity also utilises two 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 community.

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 support the activities of Jewish religious organisations, especially in the field of education. Donations are made to organisations providing a 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 act for the 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 charity has the power to make any investment which the trustees see fit provided that funds so utilised are not immediately required for use in connection with any of its objects. The trustees regularly review the charity’s position and needs in respect of the investment policy.

Page 4

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

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

STRATEGIC REPORT

The group invests in property portfolios and listed investments to generate income with which it makes grants, donations and loans to other charities and institutions that fall within the objectives of the charity.

ACHIEVEMENTS AND PERFORMANCE

The charity is dependent on the investment income generated by its subsidiary companies. This has decreased in the year (see note 6 to the financial statements). Rental income of the group decreased by 10% in the year as did lease extension, lease premium and property disposal income. The parent charity itself received donations of £1,253,582 (2024: £1,837,391) from its subsidiaries – see note 5 on page 21.

During the year under review £1,982,110 (2024: £3,142,100) was distributed in furtherance of the charity’s objectives.

The Investments have decreased 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 the income from its investment properties and on the commercial activities of its subsidiaries. During the year, income arising from the commercial activities of the subsidiaries was £4,351,048 (2024: £4,667,989), with a further £593,702 (2024: £613,401) 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 30[th] September 2025 to be satisfactory.

KEY PERFORMANCE INDICATORS (KPIs)

The Trustees monitor the Charity’s performance progress against its strategic objectives and the financial performance of its operations on a regular basis. Performance is assessed against the strategy and expectations using financial and non-financial measures. The most significant KPIs used by the charity are as follows:

	2025	2024
	£	£
Grants and donations paid out	1,982,100	3,142,100
Net income from commercial undertakings	1,914,012	2,138,576
Net rental income from investment properties	400,068	380,223
Investment property at fair value	75,749,134	75,860,688
Listed investments at fair value	10,311	7,899

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.

Page 5

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

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

RESERVES POLICY

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year. The free reserves of the charity are the current assets minus current liabilities. At the year end, the charity had free reserves of (£1,108,722) (2024: (£718,990)).

TRUSTEES’ RESPONSIBILITIES STATEMENT

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees’ report and the finance statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the applicable Charities SORP;

• Make judgements and accounting estimates that are reasonable and prudent;

• State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained tin the financial statements;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

Each of the persons who is a 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 information.

• The trustee’s annual report and the strategic report were approved on the 24[th] July 2026 and signed on behalf 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 30 SEPTEMBER 2025

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 2025 which comprise the consolidated statement 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 charitable company’s affairs as at 30 June 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• Have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• The trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• The trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED

(Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

• The information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statement; and

• The trustees’ report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charity 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.

Page 8

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED

(Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is details below:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trustees and identified financial reporting legislation, landlord legislation and charity legislation as being most significant to these financial statements.

• We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.

• We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.

• We assessed the susceptibility of the charity’s financial statements to material misstatement due to noncompliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was determined to be low.

• Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.

Page 9

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED

(Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Page 10

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED

(Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

USE OF OUR REPORT

This report is made solely to the charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Moshe Broner-Cohen (Senior Statutory Auditor)

Date: 24[th] July 2026

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

Page 11

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

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

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Unrestricted Funds Notes £ INCOME AND ENDOWMENT Donations and legacies5105,000 Commercial Operations6 4,351,048 Investment income 7594,486 __ TOTAL INCOME 5,050,534 EXPENDITURE Expenditure on raising funds: Commercial Operations8(1,811,180) Investment Management9(331,005) Expenditure on charitable activities 10,11 (2,722,694) Interest payable and similar charges14(1,082,819) Taxation 154,675 __ TOTAL EXPENDITURE (5,943,023) NET INCOME/(DEFICIT) FOR THE YEAR (892,489) __ OTHER RECOGNISED GAINS AND LOSSES Fair value movements17444,943 __ NET MOVEMENT IN FUNDS(447,546) RECONCILIATION OF FUNDS Total funds brought forward 49,704,660 __ TOTAL FUNDS CARRIED FORWARD49,257,114

2025 2024 Total Funds Unrestricted Funds ££ 105,000 - 4,351,048 4,667,989 594,486 615,098 _ _ 5,050,534 5,283,087 (1,811,180) (1,377,845) (331,005) ( 361,312) (2,722,694) (3,575,845) (1,082,819 (1,085,058) 4,675 32,695 _ _ (5,943,023) (6,367,365) (892,489) (1,084,278) _ _ 444,943 (709,894) _ _ (447,546) (1,794,172) 49,704,660 51,498,832 _ _ 49,257,114 49,704,660

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. .

He notes on pages 17 to 32 form part of theses financial statements

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SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

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

FOR THE YEAR ENDED 30 SEPTEMBER 2025

.

Unrestricted Funds Notes £ INCOME AND ENDOWMENTS Donations and legacies51,358,582 Investment income 7593,859 __ TOTAL INCOME 1,952,441 EXPENDITURE Expenditure on raising funds: Investment management costs9(193,634) Expenditure on charitable activities10/11(2,722,802) __ TOTAL EXPENDITURE (2,916,436) Net gains on investments 296,763 __ NET INCOME (667,232) OTHER RECOGNISED GAINS AND LOSSES Fair value movements17219,686 __ NET MOVEMENT IN FUNDS(447,546) RECONCILIATION OF FUNDS Total funds brought forward 49,726,669 __ TOTAL FUNDS CARRIED FORWARD49,279,123	2025 Total funds £ 1,358,582 593,859 ___ 1,952,441 (193,634) (2,722,802) ___ (2,916,436) 296,763 ___ (667,232) 219,686 ___ (447,546) 49,726,669 ___ 49,279,123	2024 Total funds £ 1,837,391 613,757 ___ 2,451,148 (233,178) (3,575,911) ___ (3,809,089) 168,641 ___ (1,189,300) (604,872) ___ (1,794,172) 51,520,841 ___ 49,726,669

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 17 to 32 form part of theses financial statements

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SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	2025	2024
	Notes £	£
FIXED ASSETS
Tangible fixed assets	193,791	2,835
Investments	2075,759,445	75,868,587
	____	____
	75,763,236	75,871,422
CURRENT ASSETS
Debtors	214,414,296	4,259,575
Cash at bank and in hand	77,920	491,680
	____	____
	4,492,216	4,751,255
CREDITORS: Amounts falling
due within one year	22(4,752,566)	(4,667,570)
	____	____
NET CURRENT LIABILITIES	(260,350)	83,685
	____	____
TOTAL ASSETS LESS CURRENT	LIABILITIES75,502,886	75,955,107
CREDITORS: Amounts falling
due after more than one year	23 (13,516,218)	(13,516,218)
PROVISIONS	25(12,729,554)	(12,734,229)
	____	____
NET ASSETS	49,257,114	49,704,660
FUNDS OF THE CHARITY:-
Unrestricted funds	2649,257,114	49,704,660
	____	____
TOTAL CHARITY FUNDS	2649,257,114	49,704,660

These financial statements were approved by the board of trustees, authorised for issue on the 24[th] July 2026 and are signed on behalf of the board by:

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

Trustees

........................................... Mrs Sarah Rachel Klein

The notes on pages 17 to 32 form part of these financial statements.

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SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

COMPANY LIMITED BY GUARANTEE

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Notes FIXED ASSETS Investments 20 CURRENT ASSETS Debtors21 Cash at bank in hand CREDITORS: Amounts falling due within one year 22 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS OF THE CHARITY:- Unrestricted funds 26 TOTAL CHARITY FUNDS	2025 £ 50,387,845 ___ 50,387,845 576,976 60,630 637,606 (1,746,328) (1,108,722) 49,279,123 49,279,123 49,279,123 49,279,123	2024 £ 50,445,659 ___ 50,445,659 749,138 8,017 757,155 (1,476,145) (718,990) 49,726,669 49,726,669 49,726,669 49,726,669

These financial statements were approved by the board of trustees, authorised for issue on the 24[th] July 2026 and are signed on behalf of the board by:-

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

........................................... Mrs Sarah Rachel Klein

The notes on pages 17 to 32 form part of these financial statements.

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SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Note CASH FLOWS FROM OPERATING ACTIVITES Net deficit Adjustments 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)/expenses Changes in: Trade and other debtors Trade and other creditors Cash generated from operations Interest received Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interest and rents from investments Purchases of tangible assets Purchases of other investments Proceeds from sale of other investments Net cash from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings Net cash from financing activities NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR 29	2025 £ (892,489) 1,264 (594,143) (343) (625,856) (4,675) (31,085) (154,721) 558,612 (1,743,436) 344 __ (1,743,092) 594,143 (2,220) (186,047) 923,456 1,329,332 - ____ - (413,760) 491,680 77,920	2024 £ (1,084,278) 945 (613,832) (1,266) (1,151,568) (32,695) 4,560 1,637,582 180,015 (1,060.537) 1,266 ___ (1,059,271) 613,832 - (1,061,798) 1,442,568 994,602 - _ - (64,669) 556,349 491,680	2024 £ (1,084,278) 945 (613,832) (1,266) (1,151,568) (32,695) 4,560 1,637,582 180,015 (1,060.537) 1,266 ___ (1,059,271) 613,832 - (1,061,798) 1,442,568 994,602 - _ - (64,669) 556,349 491,680	2024 £ (1,084,278) 945 (613,832) (1,266) (1,151,568) (32,695) 4,560 1,637,582 180,015 (1,060.537) 1,266 ___ (1,059,271) 613,832 - (1,061,798) 1,442,568 994,602 - _ - (64,669) 556,349 491,680
				(64,669) 556,349 491,680

The notes on pages 17 to 32 form part of these financial statements.

Page 16

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. GENERAL INFORMATIONS

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Bulletin 1, (Charities SORP (FRS 102)) and the Charities Act 2011.

3. ACCOUNTING POLICIES

BASIS OF PREPARATION

These financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.

The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest whole pound.

GOING CONCERN

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Other than those stated in Note 30, there were no material judgements, estimates and assumptions that affected the accounts reported.

GOVERNANCE COSTS

Governance costs include the cost of the preparation and audit of the financial statements and the cost of any legal advice to the trustees on governance or constitutional matters.

Page 17

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

3. ACCOUNTING POLICIES (Continued)

TAXATION

The Charity is not liable to direct taxation (Income Tax) on its income which falls within the various exemptions available to registered charities. As a result, no deferred tax is provided on timing differences. The Charity is not registered for Value Added Tax (VAT) and is therefore unable to reclaim any input tax it suffers on its purchase. Expenditure in the accounts is therefore shown inclusive of VAT where appropriate.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period for the subsidiaries.

Current tax is recognised on taxable income or expenditure for the current and past periods. Current tax is measured as the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and Laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

FUND ACCOUNTING

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity’s purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

INCOMING RESOURCES

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• Legacy income is recognised when receipt is probable and entitlement is established.

• Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received, if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Page 18

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

3. ACCOUNTING POLICIES (Continued)

RESOURCES EXPENDED

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• Expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.

• Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resources. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

INVESTMENTS

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value.

If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

INVESTMENT PROPERTY

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

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure 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 19

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

3. 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. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

PROVISIONS

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in income or expenditure unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the statement of financial activities in the period it arises and is allocated to the appropriate expenditure heading.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

ACQUISITIONS AND DISPOSALS OF PROPERTIES

Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the financial statements accordingly.

Page 20

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

4. LIMITED BY GUARANTEE

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £1.

5. DONATIONS AND LEGACIES

6. 7.

Group Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Donations Gift Aid received 105,000 105,000 , - - Charity Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 £ £ £ £ Donations Donations received 105,000 105,000 - - Donations -Gift Aid receipts 1,253,582 1,253,582 1,837,391 1,837,391 1,358,582 1,358,582 1,837,391 1,837,391 COMMERCIAL OPERATIONS Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Rent and charges receivable 4,351,048 4,351,048 4,667,989 4,667,989 _ ___ _ _ 4,351,048 4,351,048 4,667,989 4,667,989 INVESTMENT INCOME Group Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Income from investment properties 593,702 593,702 613,401 613,401 Income from listed investments 441 441 431 431 Other interest receivable 343 343 1,266 1,266 _ _ _ _ 594,486 594,486 615,098 615,098 Charity Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Income from investment properties 593,702 593,702 613,401 613,401 Interest receivable 157 157 356 356 _ _ _ __ 593,859 593,859 613,757 613,757

Page 21

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

8. COMMERCIAL OPERATIONS

			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2025	Funds	2024
			£	£	£	£
	Cost of commercial operations		1,811,180	1,811,180	1,377,845	1,377,845
9.	INVESTMENT MANAGEMENT COSTS
	Group		Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2025	Funds	2024
			£	£	£	£
	Administrative expenses		137,371	137,371	128,134	128,134
	Investment management costs		193,634	193,634	233,178	233,178
			__	__	__	__
			331,005	331,005	361,312	361,312
	Charity		Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2025	Funds	2024
			£	£	£	£
	Portfolio management		193,634	193,634	233,178	233,178
10.	EXPENDITURE ON CHARITABLE ACTIVITIES			BY FUND TYPE
			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2025	Funds	2024
			£	£	£	£
	Donations paid		2,678,424	2,678,424	3,532,479	3,532,479
	Support costs		44,270	44,270	43,432	43,432
			__	__	__	__
			2,722,694	2,722,694	3,575,911	3,575,911
11.	EXPENDITURE ON CHARITABLE ACTIVITIES			BY ACTIVITY TYPE
		Activities	Grant
		Undertakenfunding of		Support	Total Funds	Total Funds
		Directly activities		costs	2025	2024
		£	£	£	£	£
	Charitable activity 696,314		1,982,110	-	2,678,424	3,532,479
	Support costs	-	-	44,270	44,270	43,432
		__	__	__	__	__
		696,314	1,982,110 44,270		2,722,694	3,575,911
		__	__	__	__	__

Activities undertaken directly

The amounts paid during the year represent rents and maintenance expenditure on two functional

Page 22

SHULEM B. ASSOCIATION LIMITED

(COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

12. ANALYSIS OF SUPPORT COSTS

	Accountancy General		Legal &
	fees Audit fees Expenses	Professional		Total 2025Total 2024
	£ £ £		£	£		£
	Governance costs 11,750 12,600 795		19,125	44,270		43,366
13.	ANALYSIS OF GRANTS
	GRANTS TO INSTITUTIONS				Year to Year to
				30th June 25 30 June 24
	Alte Feiga Trust					20,000 10,000
	Amud Hatzdokoh Trust				122,000 82,000
	Beis Ruchel D’Satmar (London) Ltd					30,000 Nil
	Chasdei Yoel Charitable Trust					15,000 25,000
	Chevras Mo’oz Ladol					50,000 40,000
	Collel Chibath Yerushalayim, Rabbi Meir Baal Hanes Trust					12,850 32,900
	Congregation Vyoel Moshe D’Satmer Charitable	Trust				37,500 34,000
	Canvey Kehilla Ldd					Nil 150,000
	Ezer Berkovoid Limited					22,200 10,000
	Gateshead Talmudical College					9,000 21,000
	KYL Central Shul London					22,000 50,000
	Kehal Yetev Lev					44,000 62,000
	Talmud Torah Education Ltd					25,000 15,000
	United Talmudical Asscociates Ltd				510,000 1,015,000
	UTRY					37,000 17,500
	The Well Trust Limited					Nil 550,000
	Vyoel Moshe Charitable Trust					20,000 25,000
	Y G S Yeshiva Gedola Seminar					20,500 18,000
	Yeshiva Gedoilah Torah Veyirah Ltd					40,000 34,000
	Yetev Lev London Jerusalem Trust					65,000 25,000
	Yesamach Levav					20,000 30,000
	Other grants below £20,000				860,060 905,700
					_ _
					1,982,110 3,142,100
	Total grants				1,982,110 3,142,100
	ANALYSIS OF GRANTS TO INSTITUTIONS:
						20252024
						££
	General charitable purposes				799,620 1,111,379
	Advancement of Jewish Religion				683,120 1,513,541
	Advancement of Jewish Education				499,370 517,180
	Total				1,982,110 3,142,100

Page 23

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

14. INTEREST PAYABLE AND SIMILAR CHARGES

		Unrestricted	Total Funds	Total Funds	Unrestricted	Unrestricted	Total Funds
		Funds		2025		Funds	2024
		£		£		£	£
	Loan Interest	963,287		963,287	965,428		965,428
	Finance costs	119,532		119,532	119,630		119,630
		__		__	__		__
		1,082,819		1,082,819	1,085,058		1,085,058
15.	TAXATION
							20252024
							££
	DEFERRED TAX:
	Origination and reversal of timing differences						(4,675) (32,695)
						_ ___
	Taxation						(4,675) (32,695)
	All tax is recognised in the Consolidated Income		and Expenditure		Account.

16. NET EXPENDITURE 2025 2024 £ £ Fees payable for the audit of the financial statements 34,360 30,420 __ ___

Page 24

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

17. FAIR VALUE MOVEMENTS

Group Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Surplus (Deficit) on listed Investments 2,412 2,412 1,603 1,603 Surplus on Investments property Fair value movements on cash Flow hedging instruments 442,531 442,531 (711,497) (711,497) _ _ _ _ 444,943 444,943 (709,894) (709,894) Charity Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 £ £ £ £ Surplus/(deficit) on subsidiary undertakings 219,686 219,686 (604,872) (604,872) _ _ _ _ 219,686 219,686 (604,872) (604,872)

18. TRUSTEE REMUNERATION AND EXPENSES

The charity has no staff other than the 5 trustees and secretary all of whom gave freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2024: £nil).

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

19. TANGIBLE FIXED ASSETS

	Plant and
	Machinery
	£
COST
At 1 October 2024 Cost brought forward	5,040
Additions	2,220
AT 30 SEPTEMBER 2025	7,260
DEPRECIATION
At 1 October 2024 charge brought forward	2,205
Charge for the year	1,264
	______
AT 30 SEPTEMBER 2025	3,469
CARRYING AMOUNT
AT 30 SEPTEMBER 2025	3,791
AT 30 SEPTEMBER 2024	2,835

Page 25

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

20. INVESTMENTS

		Listed			Investment
Group	Investments				Properties			Total
		£			£			£
COST OR VALUATION
At 1 October 2024		7,899			75,860,687			75,868,586
Additions		-			186,047			186,047
Disposal		-			(297,600)			(297,600)
Fair value movements		2,412			-			2,412
		_			___			___
At 30 SEPTEMBER 2025		10,311			75,749,134			75,759,445
		_			___			___
CARRYING AMOUNT
At 30 September 2025		10,311			75,749,134			75,759,445
At 30 September 2024		7,899			75,860,688			75,868,587
		Shares in
Charity	Investment		group		Other
	Properties	Undertakings			Investments			Total
	£			£			£	£
COST OR VALUATION
At 1 October 2024	7,092,206	43,352,703				750		50,445,659
Additions	-			-			-	-
Disposals	(277,500)			-			-	(277,500)
Fair value movements	-	219,686					-	219,686
	__	_			___			___
At 30 September 2025	6,814,706	43,572,389					750	50,387,845
CARRYING AMOUNT	6,814,706	43,572,389					750	50,387,845
At 30 September 2025
At 30 September 2024	7,092,206	43,352,703					750	50,445,659

All investments shown above are held at valuation.

Page 26

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

20. INVESTMENTS (Continued)

Investment Properties

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 30[th] September 2023 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 £19,565,014 (2024: £19,390,161).

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 (2024: £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:

Description & Proportion Nature of Of Share Capital Owned Business Bitover Limited Ordinary 100% Parent undertaking Preference 100% Crown View Estates Limited Ordinary 100% Property Investment Davecourt Limited Ordinary 100% Parent undertaking Preference 100% Honeyvale Properties Limited Ordinary 100% Property Investment Lysville Limited Ordinary 100% Property Investment Tripknoll Limited Ordinary 100% Preference 100% Bitover Limited has the following active subsidiary undertakings: Vereneat Limited Ordinary 100% Parent undertaking Parkchoice Limited Ordinary 100% Property Investment Evenley Investments Limited Ordinary 100% Property Investment Vereneat Limited has the following active subsidiary undertaking: Kolup Investments Limited Ordinary 100% Property Investment

Page 27

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

20. INVESTMENTS (Continued)

Davecourt Limited has the following active subsidiary undertakings:

Description & Proportion Nature of Of Share Capital Owned Business Codnore Estates Limited Ordinary 100% Property Investment Codnore Limited has the following active subsidiary undertakings: Arnville Limited Ordinary 100% Property Investment Marilla Properties Limited Ordinary 100% Property Investment Zeligrate Co.Limited Ordinary 100% Property Investment Tripknoll Limited has the following subsidiary undertakings: Verelark Limited Ordinary 100% Parent undertaking Verelark Limited has the following active subsidiary undertakings: Belinda Properties Limited Ordinary 100% Property Investment Hacienda Properties Limited Ordinary 100% Property Investment

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

Company Turnover Other Expenditure Profit/Loss
Number Income
£ £ £ £
Crown View Estates Limited 02820344 1,284,836 - (926,163) 358,673
Kolup Investments Limited 00769026 1,537,875 22,770 (1,538,533) 22,112
Lysville Limited 01384537 137,269 52,516 (110,515) 79,270
Parkchoice Limited 03106046 15,222 254,076 (43,525) 225,773
Fixed Current Long term Net Assets
Assets Assets Liabilities Liabilities
£ ££ £ £
Crown View Estates Limited 21,390,469 6,344,750 (10,497,601) (6,264,685) 10,972,933
Kolup Investments Limited 32,814,026 10,227,037 (14,217,382) (5,721,584) 23,102,097
Lysville Limited 3,525,755 3,760,782 (648,489) (4,404,286) 2,233,762
Parkchoice Limited 479,800 4,419,222 (115,264) (2,462,630) 2,321,128

Full disclosure for the remaining subsidiary undertakings can be found in the financial statements of those subsidiary undertakings, copies of which are available upon request.

Page 28

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025

21. DEBTORS

2025 GROUP £ Trade Debtors 1,078,744 Prepayments and accrued income 54,131 Other Debtors 3,281,421 _ 4,414,296 2025 CHARITY £ Trade debtors 149,664 Prepayments and accrued income 19,092 Other Debtors 408,220 _ 576,976 22. CREDITORS : AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 GROUP £ Trade Creditors - Accruals and deferred income 729,257 Other creditors 4,023,309 _ 4,752,566 2025 CHARITY £ Trade Creditors - Accruals and deferred income 32,993 Other creditors 1,713,335 _ 1,746,328 23. CREDITORS : AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 £ Bank loans and overdrafts 13,500,000 Other creditors 16,218 _ 13,516,218 ANALYSIS OF LOANS 2025 £ Not wholly repayable within five years other - than by instalments 13,500,000 Wholly repayable within five years - _ Included in current liabilities 13.500,000

2024 £ 887,149 57,761 3,314,665 _ 4,259,575 2024 £ 250,878 17,040 481,220 _ 749,138 2024 £ 204,000 760,342 3,703,224 _ 4,667,566 2024 £ - 51,228 1,424,917 _ 1,476,145 2024 £ 13,500,000 16,218 _ 13.516,218 2024 £ - 13,500,000 - _ 13.500,000

Page 29

SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

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

24. DEFERRED TAX

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

Included in provisions (note 26) ROVISIONS At 1 October 2024 Additions At 30 September 2025 ANALYSIS OF CHARITABLE FUNDS UNRESTRICTED FUNDS At GROUP1 October 2024 £ General funds 7,144,366 Fair Value 42,560,294 _ 49,704,660 _ At 1 October 2023 £ General funds 8,227,041 Fair Value 43,271,791 _ 51,498,832 _ UNRESTRICTED FUNDS At CHARITY1 October 2024 £ General funds 49,726,669 ___ At 1 October 2023 £ General funds 51,520,841

2025 2024 £ £ 12,729,554 12,734,229 DEFERRED TAX (note 25) £ 12,734,229 (4,675) __ 12,729,554 Fair value At 30 Income Expenditure movements September 2025 ££ £ £ 5,050,534 (5,943,023) 2,412 6,254,289 - 442,531 43,002,825 _ _ _ _ 5,050,534 (5,943,023) 444,943 49,257,114 _ _ _ _ Fair value At 30 Income Expenditure movements September 2024 ££ £ £ 5,283,087 (6,367,365) 1,603 7,144,366 - (711,497) 42,560,294 _ _ _ _ 5,283,087 (6,367,365) (709,894) 49,704,660 _ _ _ _ Gains and At 30 Income Expenditure losses September 2025 ££ £ £ 2,249,204 (2,916,436) 219,686 49,279,123 _ _ _ _ Gains and At 30 Income Expenditure losses September 2024 ££ £ £ 2,619,789 (3,809.089) (604,872) 49,726,669

25 PROVISIONS

26. ANALYSIS OF CHARITABLE FUNDS

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SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

27. ANALYSIS OF NET ASSETS BETWEEN FUNDS

27.	ANALYSIS OF NET ASSETS BETWEEN	FUNDS
				Unrestricted			Total Funds
				Funds			2025
				£			£
	Tangible fixed assets			3,791			3,791
	Investments			75,759,445			75,759,445
	Current assets			4,492,216			4,454,555
	Creditors less than 1 year			(4,752,566)			(4,829.487)
	Creditors greater than 1 year			(13,516,218)		(13,516,218)
	Provisions			(12,729,554)		(12,729,554)
				___			___
	Net assets			49,257,114			49,142,532
				___			___
				Unrestricted			Total Funds
				Funds			2024
				£			£
	Tangible fixed assets			2,835			2,835
	Investments			75,868,587			75,869,337
	Current assets			4,751,255			4,751,255
	Creditors less than 1 year			(4,667,570)			(4,667,570)
	Creditors greater than 1 year			(13,516,218)		(13,516,218)
	Provisions			(12,734,229)		(12,734,229)
				___			___
	Net assets			49,704,660			49,704,660
				___			___
28.	ANALYSIS OF CHANGES IN NET DEBT
		At 1 Oct	2024	Cash flowsAt 30 Sept 2025
			£	£		£
	Cash at bank and in hand	491,680		(413,760)		77,920
	Debt due after one year	(13,500,000)			-	(13,500,000)
		(13,008,320)		(413,760)		(13,422,080)
29.	ANALYSIS OF CASH AND CASH EQUIVALENTS
				2025			2024
				£			£
	Cash at bank and in hand			77,920			491,680
	Overdraft facility repayable on demand			(-)			(-)
				_____		____
	Total cash and cash equivalents			77,920			491,680
				___			___

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SHULEM B. ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025

30. FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS
The carrying amount for each category of financial instruments is as follows:
	2025	2024
	£	£
FINANCIAL ASSETS THAT ARE DEBT INSTRUMENTS MEASURED AT AMORTISED COST
Financial assets that are debt instruments measured at amortised
Cost	4,438,085	4,693,494
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Financial liabilities measured at amortised cost	18,268,784	18,183,784
FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH	PROFIT AND LOSS
Listed investments	10,311	7,899
FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH	OTHER RECOGNISED GAINS
AND LOSSES
Cash flow hedge	(442,531)	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 are calculated on a mark to market basis at the year-end date and the movements included in a hedge reserve of the subsidiaries which are the unrestricted funds of the group. As at the 30[th] September 2025, the fair value of the swaps in some group companies had a negative value totalling £590,005 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: Beis Ruchel D’Satmar (London) Limited Nil (2024: £20,000), Satmar Nursery Trust £10,000 (2024: £12,500), UTRY £37,000 (2024: £17,500). Vyoel Moshe Charitable Trust £20,000 (2024: £25,000), YGS Yeshiva Gedola Seminar £20,500 (2024: £18,000), Yeshiva Gedolah Torah Veyirah Limited £40,000 (2024 : £34,000), Talmud Torah Education Ltd £25,000 (2024: £15,000), Cong D’Satmar Limited £12,500 (2024: £7,200).

Included in Other debtors is £1,043,107 (2024: £1,043,107) due from charity subsidiary companies under control of the trustees and/or their families. These loans are interest free and repayable on demand. Also included in other debtors are concessionary loans of £44,000 (2024; £44,000) due from Aldentower Limited, a charity whose Trustees and /or 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 £3,232,964 (2024: £2,482,878) due to companies under the control of the Trustees and/or their families. These loans are interest free and repayable on demand.

CHARITY

During the year, the charity received Gift Aid receipts from its subsidiary undertakings of £1,253,582 (2024: £1,837,391).

Included in the charity’s other creditors is £100 (2024: £100) due to a subsidiary undertaking. The loan is interest free and repayable on demand.

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