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← The Raphael Freshwater Memorial Association

2025-03-31-accounts

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

Company No: 688212

CONSOLIDATED FINANCIAL STATEMENTS

for the year ended

31 MARCH 2025

COHEN ARNOLD CHARTERED ACCOUNTANTS & STATUTORY AUDITOR LONDON NW11 0PU

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

TRUSTEES

Mr B S E Freshwater (Chairman) Mr S I Freshwater MrR Fischer

SECRETARIES

MrJ S Southgate Mr MD E Bale

REGISTERED OFFICE

Freshwater House 158-162 Shaftesbury Avenue LONDON WC2H 8HR

AUDITORS

Cohen Arnold New Burlington House 1075 Finchley Road LONDON NW1] OPU

PRINCIPAL BANKERS

Barclays Bank plc

COMPANY NUMBER

688212

REGISTERED CHARITY NUMBER

313890

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

INDEX TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page
1-5 Trustees’ Report
6-9 Auditors’ Report
10 Consolidated Statement ofFinancial Activities
11 Consolidated Balance Sheet
12 Charity Balance Sheet
13 Consolidated Statement ofCash Flows
14-35 NotestotheFinancia]Statements

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT

The Governors, hereafter referred to as Trustees, who are also directors for the purposes of company law, have pleasure in presenting their Annual Report together with the Consolidated Financial Statements of the Charity for the year ended 31 March 2025. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS

The official name of the Charity is The Raphael Freshwater Memorial Association Limited, a company limited by guarantee. Its company registration number is 688212 and its registered charity number is 313890.

The registered address of the Charity is:

Freshwater House 158 - 162 Shaftesbury Avenue LONDON WC2H 8HR

The Trustees of the Charity who served during the year and who are still in office are: Mr B SE Freshwater (Chairman) Mr D Davis (Passed away on 1 May 2025) Mr S J Freshwater Mr R Fischer

STRUCTURE, GOVERNANCE AND MANAGEMENT The day to day affairs of the Charity are administered by an Executive Committee, the Chairman of which is Mr BSE Freshwater.

All Trustees give their time voluntarily and no benefits or expenses were paid to them during the year.

The Trustees are saddened to report the passing of Mr D Davis on 1 May 2025.

New trustees are appointed based on personal competence, specialist skills, availability and knowledge of and contact with institutions professing and teaching the principles of traditional Judaism and the advancement of religion in accordance with the Jewish faith. New trustees are inducted into the workings of the Charity by the existing trustees.

As the Charity is a charity limited by guarantee, its governing documents are its Memorandum and Articles of Association.

Group Structure and Relationships

The charity has the following non-charitable operating subsidiaries:-

Bastion Products Limited — a property investment company Brigade Properties Limited — a property investment company Charles Development Company Limited — a share investment company Cherry Orchard Properties Limited — a property investment company Delbast Corporation — a holding company of a 20% shareholding in a property investment company Endsleigh Court Services Limited — a property management company Kayville Properties Limited — a property investment company L K B Investments Limited — a property investment company LKB (Endsleigh) Limited — a property investment company Metropolitan Properties Co (Cloisters) Limited — a property investment company Newprop Company Limited — a property investment company

Certain of the Trustees of this Charity are also directors of the above companies.

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT (cont’d)

Related Party Transactions Details of transactions with 'Related Parties’ are disclosed in Notes 10, 11, 12, 18, 19 and 22 to the Financial Statements.

OBJECTIVES AND ACTIVITIES

The Charity was established to support the activities of religious Jewish organisations recognised as charitable by English Law both in the United Kingdom and abroad, especially those in the field of education and relief of poverty. The Trustees regularly support a significant number of institutions and organisations both in the United Kingdom and abroad which meet the Charity’s criteria.

The Charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families through both financial and non-financial grants and distributions.

The Charity receives income from its investment properties, cash deposits, fixed asset listed investments and subsidiary and associated undertakings which it utilises in the provision and distribution of grants, donations and loans to organisations that fall within the objectives of the Charity.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s genera] guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policy for the year.

TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Charity and the income and expenditure of the Group for that period.

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

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.

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT

AUDITORS

The auditors, Cohen Arnold, are willing to continue in office and a resolution re-appointing them in accordance with Section 485 ofthe Companies Act 2006 and authorising the board to fix their remuneration will be proposed at the Annual General Meeting.

Each of the persons who is a Trustee at the date of approval of this report confirms that:

STRATEGIC REVIEW

The Trustees have prepared a strategic report which includes a review of the Group’s business and future developments, a description of the principal risks and uncertainties facing the Group and key performance indicators.

STRATEGY AND BUSINESS MODEL

The Charity invests in investment properties, cash deposits, fixed asset listed investments and subsidiary and associated undertakings to generate income with which it makes grants, donations and loans to charitable organisations and institutions that fall within the objectives of the Charity.

ACHIEVEMENTS AND PERFORMANCE

During the year the Charity continued its philanthropic activities in support of religious, educational and other Charitable Institutions and the aggregate of donations made was £4,425,000 (2024: £4,754,000). Over 300 institutions and organisations were the recipients of the above donations.

No change in activities is envisaged in the immediate future.

In recent years, the Trustees have continued to support certain major projects which, during previous years, have received substantial financial grants from the Charity. At the present time the Trustees have entered into commitments for the financial support of colleges and institutions which is anticipated to absorb approximately £2,926,000 comprising Tangible Fixed Assets and other current assets made available by the Charity and the provision of financial support over the next five years (Note 16). Funds to meet these commitments have been set aside and are referred to as "Designated Funds" in the Financial Statements.

The financial results of the Charity and its Subsidiary Undertakings for the year ended 31 March 2025 are fully reflected in the attached Financial Statements together with the Notes thereon.

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT

FINANCIAL REVIEW

Reserves Policy

The Charity is required to maintain Reserves in order to ensure that it is in a position to continue its grantmaking activities and cover contingencies of additional calls being made upon the Charity for support of organisations or institutions in times of need.

Consequently, the Trustees consider it appropriate to maintain ‘Free Reserves’ (unrestricted funds not committed or invested in Tangible Fixed Assets, Fixed Asset Investments or Loans to Subsidiary Undertakings) at a level which will not impinge on the Charity’s ability to support Charitable Institutions.

As at 31 March 2025, the Charity has total funds of £107,534,000 (Group: £107,533,000). These funds include £82,367,000 (Group: £79,351,000) which arises from the revaluation of the Charity’s investments and is not readily available for general purposes. The funds ofthe Charity and Group also include £2,926,000 of Designated Funds set aside for a Special Projects Fund, from which donations are made to various longterm charitable projects. Consequently, the Charity has reserves of £22,241 ,000 (Group: £25,256,000) after making allowances for the Designated Funds and reserves not readily available. These reserves include the Free Reserves of the Charity and are considered to be adequate and will be reviewed periodically by the Trustees.

Investment Policy

Under the Memorandum and Articles of Association, the Charity has the power to make investments which the Trustees consider appropriate. The Trustees seek investments which, over a medium term, are anticipated to generate a dependable flow of income coupled with capital growth.

The Trustees consider the return on investments, in terms of both income and capital growth, given the challenging market conditions the Charity operates within, to be satisfactory.

Grant Making Policy

The Charity makes Grants and Donations to Colleges and Institutions for the advancement of religion and education and to Institutions for the relief of poverty in accordance with the Charity’s objectives. The recipient Institutions are based both in the United Kingdom and abroad.

In making Grants and Donations, the Trustees use their personal knowledge of the Institution, its representatives, operational efficiency and reputation. The Trustees monitor the application of the Grants and Donations by meeting with representatives of the Institutions and obtaining information as to the utilisation of funds.

During the current and prior year, the Grants and Donations made by the Charity were for the advancement of religion and education and for the relief of poverty.

Risk Management

The Trustees have a risk management strategy which comprises an annual review of the principal risks and uncertainties to which the Charity is exposed, in particular those to the operations and finances of the Charity; the establishment of policies, systems and procedures to mitigate those risks identified in the annual review and the implementation of procedures designed to minimise or manage any potential impact on the Charity should those risks materialise.

The principal risks to which the Charity is exposed are:

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT

FINANCIAL REVIEW (cont’d)

The Charity seeks to manage or mitigate such risks wherever possible through such measures as insurance, tenant screening and monitoring, rigorous reviews of acquisition and investment opportunities, external expert advice, monitoring cash and regular monitoring of the economic outlook.

Ultimately, the Trustees are not overly concerned as they can manage the level of donations according to the available reserves, taking into account the financial implications of the economic climate. The Trustees are satisfied that no adverse effects regarding property investment would impact the going concern status of the Charity.

Key Performance Indicators (KPIs)

The Trustees monitor the Group’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 Group are as follows:

2025 2024
Grants and donations paid out £4.4 million £4.8 million
Net rental income £4.0 million £3.4 million
Dividend income £0.6 million £0.6 million
Quoted and other investments
Investmentpropertyatfairvalue		 £15.7 million
£310.9million		 £17.1 million
£108.7million

PLANS FOR THE FUTURE

The Trustees plan to continue to make distributions in accordance with their grant making policy and ensure that the ability to generate sufficient income is maintained to achieve that end.

FIXED ASSETS

The movements in Fixed Assets are fully reflected in Notes 9 and 10 to the Financial Statements.

The Charity's investment properties are included in the Balance Sheet at fair value, as fully disclosed in Note 10 to the Financial Statements. An independent professional revaluation of all the Group's properties was carried out at 31 March 2025 by Colliers International Property Advisers UK LLP, RICS Registered Valuers. The valuation figures are based on open market value assessed in accordance with the RICS Valuation - Current Global Standards (incorporating the International Valuation Standards).

On Behalf of the Council

ee Oe aoe Mr BSE Freshwater - Trustee 24 December 2025

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, INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE)

OPINION

We have audited the financial statements of The Raphael Freshwater Memorial Association Limited (the ‘charity') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charity Balance Sheets, the Group Cash Flow Statements 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:

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] charity 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue,

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of[this][report.]

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.

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, INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE)

OTHER INFORMATION (cont’d)

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 materia] 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:

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:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors for the purposes of company Jaw) 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.

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, INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE)

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (cont’d)

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

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 noncompliance 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 non-compliance 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 judgment and maintain professional scepticism throughout the audit. We also:

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE)

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (cont’d)

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

USE OF OUR REPORT

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

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New Burlington House 1075 Finchley Road LONDON NW11 OPU

BARRY LEIGH (Senior Statutory Auditor) For and on behalfof COHEN ARNOLD Chartered Accountants & Statutory Auditor

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Unrestricted Funds Unrestricted Funds
Note £7000 £7000 £7000 £7000
Income and Endowments from:
Donations and Grants Received 2,000 1,253
Investments:
Income from Fixed Asset Investments 56] 561
Interest Receivable and Similar Income 140 130
Rents and Charges Receivable 8,994 8,670
Total Income 11,695 10,614
Expenditure on:
Raising Funds:
Property Outgoings
Interest Payable and Similar Charges		 2 (5,039)
(5)		 (5,313)
(10)
Investment Management Costs (111) (102)
Share of Loss ofAssociate (59) (585)
Charitable Activities:
Grants and Donations 3 (4,425) (4,754)
Payments from Special Projects Fund (1,874) (1,122)
Expenditure Relating to Properties
Held for Charitable Purposes		 (42) (39)
Other:
Governance Costs 4 (51) (57)
Tota] Expenditure (11,606) (11,982)
NET INCOME/(EXPENDITURE)
BEFORE GAINS/(LOSSES) ON
INVESTMENTS 89 (1,368)
Net Gains/(Losses) on Investments:
Disposal ofTangible Fixed Assets 4,730 -
Disposal ofInvestment Property
Valuation ofInvestment Property		 343
2,197		 393
(2,730)
Valuation ofListed and Other
Investments (1,334) 709
5,936 (1,628)
NET INCOME/(EXPENDITURE)
BEFORE TAX 5 6,025 (2,996)
Taxation 7 (1,392) 66
NET INCOME/(EXPENDITURE)
FOR YEARAND NET MOVEMENT
INFUNDS 4,633 (2,930)
Reconciliation ofFunds:
Total Funds Brought Forward 102,900 105,830
JOTAL FUNDS CARRIED
FORWARD 107,533 102,900

The notes on pages 14 to 35 form part of these Financial Statements.

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |Note|£7000|£7000|£7000|£7000| |FIXED|ASSETS| |Tangible|Assets|9|1,243|981| |Investments|10|126,569|125,774| |127,812|126,755| |CURRENT|ASSETS| |Debtors|11|25,577|23,389| |Cash|at Bank|and|in|Hand|5,840|2,548| |31,417|25,937| |CREDITORS:|Amounts|falling|due| |within|one|year|12|(28,021)|(27,036)| |NET|CURRENT| |ASSETS/(LIABILITIES)|3,396|(1,099)| |TOTAL|ASSETS|LESS|CURRENT| |LIABILITIES|131,208|125,656| |CREDITORS:|Amounts|falling|due| |after more|than|one|year|13|(4,743)|(4,857)| |PROVISIONS|14|(18,932)|(17,899)| |TOTAL NET ASSETS|107,533|102,900| |UNRESTRICTED|FUNDS| |Designated|Funds|16|2,926|3,800| |Other|Charitable|Funds|16|42,165|41,310| |Non-Charitable|Funds|16|62,442|57,790| |TOTAL UNRESTRICTED|FUNDS|107,533|102,900|

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The Financial Statements were approved by the Council on 24 December 2025 and signed on its behalf by

MR BS E FRESHWATER TRUSTEE

Company Registration Number: 688212

The notes on pages 14 to 35 form part of these Financial Statements.

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2025

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |Note|£7000|£7000|£7000|£7000| |FIXED|ASSETS| |Tangible|Assets|9|1,243|981| |Investments|10|97,011|95,752| |98,254|96,733| |CURRENT|ASSETS| |Debtors|11|13,308|13,097| |Cash|at|Bank|and|in|Hand|5,720|2,458| |19,028|15,555| |CREDITORS:|Amounts|falling|due| |within|one|year|12|(5,005)|(4,530)| |NET CURRENT|ASSETS|14,023|11,025| |TOTAL|ASSETS|LESS|CURRENT| |LIABILITIES|112,277|107,758| |CREDITORS:|Amounts|falling|due| |after more|than|one|year|13|(4,743)|(4,857)| |TOTAL NET|ASSETS|107,534|102,901| |UNRESTRICTED|FUNDS| |Designated|Funds|16|2,926|3,800| |Other|Charitable|Funds|16|104,608|99,101| |TOTAL UNRESTRICTED|FUNDS|107,534|102,901|

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The Financial Statements were approved by the Council on 24 December 2025 and signed on its behalf by

MR BS E FRESHWATER TRUSTEE

Company Registration Number: 688212

The notes on pages 14 to 35 form part of these Financial Statements.

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Unrestricted Funds Unrestricted Funds
Note £7000 £7000 £7000 £7000
Cash Flows from Operating Activities:
NetCash used in Operating Activities 24 (6,581) (3,354)
Tax Recovered 71 79
NetCash used in Operating Activities (6,510) (3,275)
Cash Flows from Investing Activities
Dividends, Interest and Rents from
Investments
Purchase ofTangible Assets		 4,873
(271)		 1,917
(159)
Proceeds from Sale ofTangible Assets
and Investments 5,083 393
Purchase ofInvestments 8 (548)
NetCash from Investing Activities 9,693 1,603
Cash Flows from Financing Activities
Interest Paid (5) (10)
NetCash used in Financing Activities (5) (10)
CHANGE IN CASH AND CASH
EQUIVALENTS INTHEYEAR 3,178 (1,682)
CASHAND CASH EQUIVALENTS
AT 1 APRIL 2024 2,548 4,131
CHANGE IN CASHAND CASH
EQUIVALENTS DUETO
EXCHANGERATEMOVEMENTS		 114 99
CASHAND CASH EQUIVALENTS
AT31MARCH2025 25 5,840 2,548

The notes on pages 14 to 35 form part of these Financial Statements.

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

  1. ACCOUNTING POLICIES

The charity is 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 158-162 Shaftesbury Avenue, London, WC2H 8HR.

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)][(Charities] SORP (FRS 102)) and the Charities Act 2011.

The Consolidated Financial Statements incorporate the results of the Charity and its subsidiaries for the year ended 31 March 2025. These are adjusted, where appropriate, to conform to Group accounting policies.

The following accounting policies have been used consistently in the preparation of the Group's Financial Statements.

The Financial Statements have been prepared under the Historical Cost Convention, as modified by the inclusion of fixed asset investments at fair value. The financial statements are prepared in sterling, which is the functional currency ofthe entity, and rounded to thousands.

The Trustees have concluded that it is appropriate for the financial statements to be prepared in accordance with the accounting principles appropriate to a going concern and that there is no material uncertainty to this position, as the Trustees have a reasonable expectation that the Charity has adequate resources under all plausible circumstances to continue in operational existence for the foreseeable future by meeting its liabilities and commitments as they fal] due, based on available sources offinance.

Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 23.

The Charity meets the definition ofa public benefit entity under FRS 102.

1.2 GROUP FINANCIAL STATEMENTS A separate Statement of Financial Activities, or Income and Expenditure Account for the Charity itselfis not presented in accordance with Section 408 of the Companies Act 2006.

The Group Financial Statements incorporate the financial statements of[the][Charity][and][its][group] undertakings, including Delbast Corporation (see Note 10f). These are adjusted, where appropriate, to conform to Group accounting policies and UK Generally Accepted Accounting Practice.

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

  1. ACCOUNTING POLICIES (cont’d) 1.3. INCOMING RESOURCES

This includes income from listed investments and deposits, rentals received from property assets, receipts under Deeds of Covenant from individuals and other grants and donations received by the Group. Non-monetary donations are recognised at fair value when this can be quantified. The abovementioned items are included in the Financial Statements on an accruals basis with the exception of income from listed companies which is included when received.

Rental income from investment property leased out under operating leases is recognised in the profit and loss account on a straight line basis over the period to first break clause. Lease incentives granted to tenants are recognised ona straight line basis over the period to first break clause. Service charge income is recognised as the services are provided.

Lease payments under operating leases are recognised in the profit and loss account on a straight line basis over the term of the lease.

Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amount that can be deducted or assessed for tax.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of[the][related] difference, using tax rates enacted or substantively enacted at the balance sheet date.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

There are no deferred tax provisions for the Charity; it is exempt from tax due to its charitable status on the basis all income and gains will be applied solely for qualifying charitable purposes.

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THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

  1. ACCOUNTING POLICIES (cont’d) 1.8 | PROPERTIES HELD FOR USE BY CHARITY These properties are stated at cost. Properties donated to the Charity are included at fair value at the date of acquisition. Depreciation of freehold buildings is provided at the rate of 2% per annum ona straight-line basis over the useful economic life of the asset.

  2. 1.9 INVESTMENT PROPERTY Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

  3. Subsequent to initial recognition

  4. e Investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and

  5. e No depreciation is provided in respect of investment properties applying the fair value model.

  6. Investment property fair value is based on a valuation by an external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and class of property being valued. Any gain or loss arising from a change in fair value is recognised in the Statement of Financial Activities (SOFA) and taken to Other Unrestricted Funds.

  7. 1.10 DISPOSALS OF PROPERTIES The Group generally holds its properties for the long term in order to generate rental income and capital appreciation although in the right circumstances any property could be available for sale. When an outright sale does occur the resulting surplus based on the excess of sales proceeds over valuation is included within the Group's profit on ordinary activities, and taxation applicable thereto is shown as part of[the][taxation][charge.][Disposals][are][recognised][on][the][date] the significant risks and rewards of ownership have been transferred. In addition the Group also 'sells' leasehold extensions when requested by leaseholders. The proceeds of these Jeasehold extension sales, less directly applicable costs, are also included in profit on disposal of investment properties.

  8. 1.11 LISTED INVESTMENTS Shareholdings acquired are initially recorded at cost and subsequently included at fair value (in accordance with the Charities SORP (FRS 102)); any surplus or deficit on revaluation is recognised in the SOFA and taken to Other Unrestricted Funds.

  9. 1.12 INVESTMENTS IN SUBSIDIARY UNDERTAKINGS Shareholdings acquired are initially recorded at cost and subsequently included at Trustees’ best estimate of fair value (in accordance with the Charities SORP (FRS 102)) based on the net asset value. The net asset values of the subsidiary undertakings reflect fair values of[their][underlying] properties held for investment: any surplus or deficit on revaluation is recognised in the SOFA and taken to Other Unrestricted Funds.

  10. 1.13. INVESTMENTS IN ASSOCIATES Investments in associates have been incorporated in the consolidated financial statements under the equity method whereby the investment is initially recognised at cost and the carrying amount is increased or decreased to recognise the share ofthe profit or loss of the associate after the date of acquisition. The share of the associate's profit or loss after tax is recognised in the consolidated SOFA.

16

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

  1. ACCOUNTING POLICIES (cont’d)

  2. 1.14. OTHER INVESTMENTS Other investments comprise shareholdings in unlisted companies and are initially recorded at cost and subsequently included at Trustees’ best estimate of fair value (in accordance with the Charities SORP (FRS 102)); any surplus or deficit on revaluation is recognised in the SOFA and taken to Other Unrestricted Funds.

  3. 1.15 FINANCIAL INSTRUMENTS Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all its financial liabilities.

Basic financial instruments

Rental and other debtors

Rental and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.

Rent in advance and other creditors

Rent in advance and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose only of[the][cash][flow][statement.]

17

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

  1. ACCOUNTING POLICIES (cont’d)

  2. 1.18 FUND ACCOUNTING Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and in accordance with relevant law.

Designated Funds are Unrestricted Funds, which have been set-aside at the discretion of the Trustees for specific purposes as noted below (Note 1.19).

Non-Charitable Funds are Unrestricted Funds and comprise the net aggregate reserves of the Charity’s subsidiaries computed by reference to the accounting policies of the subsidiaries.

Other Unrestricted Funds comprise Other Charitable Funds, representing the accumulated surplus or deficit on income and expenditure account and the excess of fair value over the cost of investments.

Restricted Funds are funds subject to specific restricted conditions imposed by donors. There are no Restricted Funds as at the Balance Sheet date.

2025 2024
£7000 £7000
BankCharges and Interest 5 10
5 10

18

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LEVMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3. GRANTS AND DONATIONS PAYABLE

Grants and Donations Paid

2025 2024
£°000 £7000
4,425 4,754

All Grants and Donations were paid to charitable institutions for the advancement of religion and education and for the relief of poverty.

The composition of donations is shown below.

£7000
Beth Jacob Grammar School For Girls Limited 1,544
CML - Chevras Mo’oz Ladol 225
Kahal Chassidim Bobov 129
BC Trust 123
Amud Hatzdokoh Trust 90
The Friends of the Bobover Yeshiva
Talmud Torah Tiferes Shlome Trust		 72
69
Friends of Mir
Kollel Rabinow (Divre Shir) Foundation
Yeshuos Shabbos		 67
60
56
Mifal Tzedoko V’chesed Limited 45
The Rehabilitation Trust 39
TheNew Rachmistrivke Synagogue Trust 38
Sassov Beis Hamderash 38
GitterFoundation Ltd 36
Yesamach Levav 32
Marbeh Torah Trust 31
WSTCharity Limited 28
Shaarei Orah Ltd 27
Keren Shlomo Trust 27
Bonei Olam Limited 26
The Friends ofYeshivas Brisk 26
The Z.S.V. Trust 25
Other donations 1,572
4,425
  1. GOVERNANCE COSTS
GOVERNANCE COSTS
2025 2024
£7000 £°000
Auditors’ Remuneration 42 45
Legal and Professional Fees
Depreciation		 9
-		 1]
5] 57

19

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

  1. STAFF COSTS AND EMOLUMENTS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

By NET INCOME/(EXPENDITURE) BEFORE TAX

This is stated after charging:

==> picture [425 x 84] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |2025|2024| |£7000|£7000| |Depreciation|-||| |Auditors’|Remuneration:| |Audit|Fees|145|138| |Other Professional|Services|5|8|

----- End of picture text -----

No remuneration or other benefits from employment with the Charity or a related entity were received by the Trustees or connected parties. No Trustee expenses have been incurred.

The Group’s property outgoings include employment costs of £239,083 (2024: £230,380) payable for porterage. The average number of porterage staff employed during the year was 9 (2024: 9).

  1. TAXATION

Major components of tax expense

==> picture [425 x 113] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |£7000|£7000| |Current|tax:| |UK|current|tax|expense|360|-| |Deferred|tax:| |Origination|and|reversal|of timing|differences|1,032|(66)| |Taxation|1,392|(66)|

----- End of picture text -----

All tax is recognised in the Consolidated Income and Expenditure Account.

20

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Ti TAXATION (cont’d)

Reconciliation of tax expense

The tax assessed on the net income for the year is higher than the standard rate of corporation tax in the UK of 25% (2024: 25%) by reference to the analysis below.

2025 2024
£7000 £7000
Net income/(expenditure) before tax 6,025 (2,996)
Net income/(expenditure) by rate oftax
Income exempt from tax		 1,506
]		 (749)
787
Expenses not deductible fortax purposes
Timing difference on unrealised gains
Utilisation oflosses brought forward		 17
(14)
(117)		 215
(1)
(310)
Land remediation relief - (2)
Other differences (1) (6)
Taxation 1,392 (66)

Factors that may affect future tax expense

The deferred tax liability at 31 March 2025 has been calculated based on the rate of 25% (2024: 25%).

8. NET MOVEMENT IN FUNDS

The Net Movement in Funds of the Charity for the year was a surplus of £4,633,000 (2024: deficit of £2,930,000) and has been dealt with in the Statement of Financial Activities of the Charity.

21

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

TANGIBLE FIXED ASSETS

Group and Charity

Group and Charity
Property
Held for use
by Charity
£7000
Freehold Properties at Cost
At April 2024
Additions
Disposals		 272
(68)
At 3] March 2025 1,243
Depreciation
At 1 April 2024 58
Disposals (58)
At 31 March 2025 -
NetBook Value
At 31 March 2025 1,243
At31March2024 98]

The Property Held for Use by Charity is stated at historical cost. It represents the cost of land earmarked for the construction of an educational institution. Part of this property forms the assets representing the Designated Funds in these respects.

22

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10. INVESTMENTS

Long
Freehold Leasehold Listed Investments Other
Group Properties Properties Investments in Associates Investments Total
£7000 £7000 £°000 £7000 £7000 £7000
FAIRVALUE
At April 2024
Additions
Revaluation		 95,925
-
2,302		 12,78]
(8)
(105)		 2
-
2		 3,958
-
9		 13,108
-
(1,405)
At31 March 2025 98,227 12,668 4 3,967 11,703 126,569
Investments
Long in
Charity Freehold
Prop rties
£7000		 Leasehold
Properties
£7000		 Listed
Investments
£7000		 Subsidiary
Undertakings
£7000		 Other
Investments
£7000		 Total
£7000
FAIRVALUE
At April 2024
Revaluation		 24,243
(2,210)		 92]
186		 2
2		 57,791
4,652		 12,795
(1,371)
At31March2025 22,033 1,107 4 62,443 11,424 97,011

a) All Investments, subject to the comments below, are stated at fair value as at 31 March 2025.

The historical cost of the Group's Investment Properties at 31 March 2025 is £23,902,000 (2024: £23,910,000). The historical cost of the Charity’s Investment Properties at 3] March 2025 is £14,074,000 (2024: £14,074,000).

The Group’s aggregate professional valuations of investment property included in the above table have been reduced by an amount of £372,000 (2024: £470,000) relating to lease incentives included in other debtors.

The Charity’s aggregate professional valuations of investment property included in the above table have been reduced by an amount of £370,000 (2024: £466,000) relating to lease incentives included in other debtors.

23

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10. INVESTMENTS (cont’d)

Valuation techniques and key inputs

The Group’s residential apartments and houses (£93 million) were valued using a sales valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation and condition. The largest discounts were applied to those properties subject to registered tenancies, reflecting the relative difference in security of tenure, whilst the smallest discounts were applied to those properties subject to assured shorthold tenancies.

The Group’s commercial units (£18 million) were valued using the income capitalisation method, requiring the application of an appropriate market based yield to net operating income. Adjustments are made to allow for voids when less than five years are left under the current tenancy and to reflect market rent at the point of lease expiry or rent review.

The historical cost of the Group's shares in Daejan Group Holdings Limited is £414,000 (2024: £414,000).

The historical cost of the Charity's shares in Daejan Group Holdings Limited is £405,000 (2024: £405,000).

The historical cost of the Investments in Subsidiary Undertakings is £162,000 (2024: £162,000).

24

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10. INVESTMENTS (cont’d)

e) The Charity holds directly and indirectly the undermentioned proportion of the issued share capital in the following Companies, all of which are incorporated in Great Britain and registered in England & Wales and whose registered address is at Freshwater House, 158 - 162 Shaftesbury Avenue, London WC2H 8HR (unless otherwise indicated) and have certain directors in common with the Charity.

Company Percentage
Number Holding
Directly Held Subsidiaries
Bastion Products Limited 00470283 100
Charles Development Company Limited 00563142 100
Cherry Orchard Properties Limited 00990596 100
Endsleigh Court Services Limited 00501255 100
L KB
Investments Limited		 00631653 100
Metropolitan Properties Co (Cloisters) Limited 00954321 100
Newprop Company Limited 00473750 100
Company Percentage
Number Holding
Indirectly Held Subsidiaries
Brigade Properties Limited 00730498 100
Delbast Corporation (USA) n/a 100
Kayville Properties Limited 00754315 100
LKB (Endsleigh) Limited 09486023 100
OwenCooper(Properties)Limited 00629014 100

The aggregate amount of assets, liabilities and funds of[the][subsidiary][undertakings][are] as follows:

Capital &
Assets Liabilities Reserves
£7000 £7000 £7000
Bastion Products Limited 3,778 (1,788) 1,990
Brigade Properties Limited 2,114 (445) 1,669
Charles Development Company Limited 529 (54) 475
Cherry Orchard Properties Limited 1,818 (1,090) 728
Endsleigh Court Services Limited 699 - 699
Kayville Properties Limited 535 (129) 406
L K B Investments Limited 91.559 (45,195) 46,364
LKB (Endsleigh) Limited - (381) (381)
Metropolitan PropertiesCo (Cloisters) Limited
Newprop Company Limited		 6,483
7.72)		 (3,450)
(4,931)		 3,033
2,790
OwenCooper(Properties)Limited 323 () 322

25

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10. INVESTMENTS (cont’d)

A summary of turnover, expenditure and profit or loss for the year is shown below for each operational subsidiary undertaking.

Charles Cherry
Bastion
Products
Limited		 Brigade
Properties
Limited		 Development
Company
Limited		 Orchard
Properties
Limited
£7000 £7000 £°000 £7000
Turnover 248 55 13 130
Cost ofsales (148) (7) - (35)
Administrative
expenses (15) (6) (2) (6)
Net valuation gains /
(losses) on
investment property		 59 130 - (400)
Net valuation losses on
other investments - - (33) -
Profit on disposal of
investment property 137 - - -
Interest receivable
and similar income - - -
Interest payable and
similar charges		 (49) (9) - (17)
Profit/(loss) before tax
Taxation		 232
(35)		 163
(41)		 (22)
9		 (327)
98
Profit / (loss) for financial
year		 197 122 (13) (229)
Metropolitan
Kayville
Properties		 LKB
Investments		 Properties Co
(Cloisters)		 Newprop
Company
Limited
£7000		 Limited
£7000		 Limited
£7000		 Limited
£°000
Turnover
Cost ofsales		 28
(8)		 4,667
(2,825)		 307
(135)		 417
(394)
Administrative
expenses (3) (46) (14) (19)
Net valuation gains/
(tosses)on
investment property - 4,399 8 24
Profit on disposal of
investment property - 113 - -
Interest receivable and
similar income - 2 - -
Interest payable and
similar charges		 = (391) (86) (55)
Profit / (loss) before tax 17 5,919 80 (27)
Taxation (4) (1.424) 2 7
Profit / (loss) for financial
year		 13 4.495 82 (20)

26

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10. INVESTMENTS (cont’d)
f)
The Charity’s indirect subsidiary, Delbast Corporation, owns a20% interest in Metro-
Bastion Associates, a property investment company. Both entities are controlled and
their operations carried out in theUSA by their directors. The registered office address
of both Delbast Corporation and Metro-Bastion Associates
is 1651 Coney Island
Avenue, Brooklyn,NY 11230,USA.Asummary oftheCharity’s share oftheNetAssets
ofMetro-Bastion Associates can be found below.
Group 2025 2024
£7000 £7000
At
1] April 2024
Share ofloss ofassociate		 3,958
(59)		 4,770
(585)
Foreign currency translation 68 (227)
At 31 March 2025 3,967 3,958
11. DEBTORS
Group Charity
2025 2024 2025 2024
Note £7000 £7000 £7000 £7000
Amount owed by subsidiary
undertakings lla - 2 9,317 9,419
Amounts due from connected
undertakings
Loan debtors (charitable purposes)		 \lb 17,65]
167		 16,109
107		 12
167		 16
107
Rental debtors 5,456 5,325 2,553 2,854
Other debtors Ile 2,303 1,848 1,259 701
25,577 23,389 13,308 13,097

All debtors are interest-free and repayable on demand except as disclosed below.

27

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11. DEBTORS (cont’d)

a) Amounts owed by subsidiary undertakings comprise the following:

DEBTORS (cont’d)
Amountsowedbysubsidiaryundertakingscomprisethefollowing:
Amounts owed by subsidiary undertakings comprise the following: 2025 2024
£7000 £7000
Loan debtors 9,317 9,419
9,317 9,419
Loan Debtor
2025 2024
£7000 £7000
Bastion Products Limited 616 618
Brigade PropertiesLimited
Cherry Orchard Properties Limited		 108
216		 108
216
L K B Investments Limited 6,617 6,717
Metropolitan Properties Co (Cloisters) Limited
Newprop Company Limited		 1,079
681		 1,079
68]
9,317 9,419

The L K B Investments Limited loan includes a facility of £4.84 million which bears interest at a rate of 5% per annum and is repayable by 29 June 2026. The remaining loans bear interest at 8% per annum and are effectively repayable on demand (see Note 22).

b) Amounts due from connected undertakings comprise amounts due from companies, certain directors of which are also directors of companies within this Group. The amounts mainly comprise balances due on property management current account which are interest free and are effectively repayable on demand.

effectively repayable on demand.
Group Charity
2025 2024 2025 2024
£7000 £7000 £7000 £7000
Freshwater Property Management
Limited 17,249 14,199 - -
Estate ofOM andNG Freshwater 390 390 - -
Highdorn Co. Limited 12 1,520 12 16
17,651 16,109 12 16

c) Included within other debtors is an amount of £750,000 falling due after more than one year.

28

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

  1. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Group Charity
2025 2024 2025 2024
£7000 £7000 £7000 £°000
Amounts owed to connected
undertakings
Taxation and social security		 12a 21,438
600		 20,834
169		 1,454
240		 680
169
Rent in advance 2,887 2,425 1,067 914
Other creditors and accruals 3,096 3,608 2,244 2,767
28,021 27,036 5,005 4,530

Amounts owed to connected undertakings comprise amounts due to companies, certain directors of which are also directors of companies within this Group. Except as detailed below, the amounts are due on property management current account, are interest free and are effectively repayable on demand.

a) Amounts owed to connected undertakings comprise the following:

Group Charity
2025 2024 2025 2024
£7000 £7000 £7000 £’000
Freshwater Property Management
Limited
Highdorn Co. Limited		 47
21,391		 -
20,719		 47
1,407		 -
565
Mayfair Charities Limited - 115 - 115
21,438 20,834 1,454 680

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group and Charity

2025 2024
£7000 £7000
Other creditors 4,743 4,857
4,743 4,857

29

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14. PROVISION FOR LIABILITIES

The movement in the deferred taxation provision during the year was:

Investment Listed
Group Property Investments Total
£7000 £7000 £000
At April 2024
Charge duringtheyear		 17,839
1,041		 60
(8)
At31March2025 18,880 52 18,932

There are no deferred tax provisions for the Charity; it is exempt from tax due to its charitable status on the basis all income and gains will be applied solely for qualifying charitable purposes.

15. OPERATING LEASES

As Lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

follows:
2025 2024
£7000 £7000
Not later than 1 year 4,165 3,682
Laterthan 1 yearand not later than 5 years 7,353 7,696
Laterthan 5 years 11,419 10,181
22,937 21,559

16. UNRESTRICTED INCOME FUNDS

Other Non
Designated Charitable Charitable Total
Group Funds Funds Funds Funds
£7000 £7000 £7000 £7000
Balance at April 2024 3,800 41,310 57,790
Net income/(expenditure) forthe
year (1,874) 1,855 4,652 4,633
Transfers 1,000 (1,000) - -
Balanceat3]March2025 2,926 42,165 62,442 107,533

30

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16. UNRESTRICTED INCOME FUNDS (cont’d)

Other
Designated Charitable
Charity Funds Funds’ Tota! Funds
£7000 £°000 £7000
Balance at April 2024 3,800 99,101
Net income/(expenditure) for the
year (1,874) 6,507 4,633
Transfers 1,000 (1,000) -
Balance at 31 March 2025 2,926 104,608 107,534
ANALYSIS OFNET ASSETSBETWEEN BETWEENFUNDS
Net
Fixed Current Long Term
Group Assets Assets Liabilities Total
£7000 £7000 £7000 £7000
Unrestricted Income Funds 127,812 3,396 (23,675) 107,533
Total Funds 127,812 3,396 (23,675) 107,533
Net
Fixed Current Long Term
Charity Assets Assets Liabilities Total
£7000 £7000 £7000 £7000
Unrestricted Income Funds 98,254 14,023 (4,743) 107,534
TotalFunds 98,254 14,023 (4,743) 107,534

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

  1. CONTINGENT LIABILITIES AND GUARANTEES

The Charity has given the following limited guarantees:

(a) £1,500,000 (2024: £750,000) in respect of bank overdraft facilities provided to Service To The Aged Limited, a charitable company of which someofthe trustees are also Trustees of[the] Charity.

(b) £300,000 (2024: £300,000) in respect of bank overdraft facilities provided to Beth Jacob Grammar School for Girls Limited, a charitable company of which some of[the][trustees][are][also] Trustees of the Charity.

3]

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19. TRUSTEES' INTERESTS IN CONTRACTS

Included within Property Outgoings are management and administration charges of £5,000 (2024: £11,000) paid to Highdorn Co. Limited and £155,000 (2024: £185,000) paid to Freshwater Property Management Limited charged at normal commercial rates for day-to-day management of the properties held by the Subsidiaries. Both Highdorn Co. Limited and Freshwater Property Management Limited are members ofthe Freshwater Group of Companies with which this Group is connected. Mr B S E Freshwater is a director of Highdorn Co. Limited and Freshwater Property Management Limited but has no beneficial interest in their share capital.

20. FINANCIAL INSTRUMENTS

==> picture [423 x 149] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Charity| |2025|2024|2025|2024| |£7000|£7000|£7000|£7000| |Financial|assets|measured|at|fair| |value|through|income|and| |expenditure:| |Listed|investments|(see Note|10)|4|2|4|2| |Other|investments|(see Note|10)|11,703|13,108|11,424|12,795| |Investment|in|associates|(see Note|10)|3,967|3,958|-|-| |Investment|in|subsidiary|undertakings| |(see Note|10)|-|-|62,443|57,791|

----- End of picture text -----

The income, expense, net gains and losses, including changes in fair value, for financial assets measured at fair value and financial assets and liabilities measured at amortised cost are included within the Statement of Financial Activities.

The fair values of the principal investments held at fair value through income and expenditure at the balance sheet date are determined by trustees’ valuation.

21. ANALYSIS OF CHANGES IN NET DEBT

==> picture [423 x 90] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |At|Non-cash|At| |1|Apr 2024|Cash|flows|movements|31|Mar 2025| |£000|£000|£°000|£7000| |Cash|in|hand|and|at|bank|2,548|3,292|-|5,840| |Debt|due|after one|year|(4,857)|-|114|(4,743)| |(2,309)|3,292|114|1,097|

----- End of picture text -----

Non-cash movements represent exchange rate movements.

32

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22. RELATED PARTY TRANSACTIONS

In addition to the matters set out elsewhere in these Financial Statements, the following related party transactions should be noted.

The Charity received donations of £2,000,000 (2024: £1,250,000) from Metropolitan Properties Company Limited; a Trustee of the Charity is a director of the donor company.

The Charity received dividends aggregating £548,186 (2024: £548,186) from Daejan Group Holdings Limited, a company of which certain Trustees of the Charity are directors.

The Charity had the following interest receivable from subsidiary undertakings:

2025 2024
£7000 £7000
Bastion Products Limited 49 49
Brigade Properties Limited 9 9
Cherry Orchard Properties Limited
LK B Investments Limited		 17
389		 17
389
Metropolitan PropertiesCo (Cloisters) Limited 86 86
Newprop Company Limited 55 54
605 604

Grants and Donations made by the Charity include the following amounts which were donated to charitable companies, the trustees of which are Trustees of the Charity.

2025 2024
£000 £000
Beth Jacob Grammar School for Girls Limited 1.544 1,75]
Parsha Limited
Regent Charities Limited
Sassov Beis Hamedrash		 -
32		 60
56
The Union ofOrthodox Hebrew Congregations - ]
ZichronChaimLimited - 22

33

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23. ACCOUNTING ESTIMATES AND JUDGEMENTS

(i) Property valuation

The valuation of the Group’s property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions (as set out in Note 10). Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. As noted in Note 1 above, all the Group’s properties are valued by external valuers with appropriate qualifications and experience.

(ii) Unlisted investments valuation

The valuation of the Group’s unlisted investments is subjective, depending on many factors, including comparator dividend yields and net asset values, assumed rationale of prospective share purchasers, and the deemed impact of entity specific conditions on the aforementioned measures. Significant judgement is also required when selecting comparator companies to be included in the population from which expected yields and discounted net asset values are derived. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

(iii) Trade debtors

Management uses details of the age of trade debtors and the status of any disputes together with external evidence ofthe credit status of the counterparty in making judgements concerning any need to impair the carrying values.

34

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE STATEMENT OF CASH FLOWS

  1. RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES
2025 2024
£7000 £7000
Net expenditure forthe year 4,633 (2,930)
Adjustments for:
Depreciation charges
(Gains)/losses on investments
Dividends, interest and rents from investments		 -
(5,936)
(4,651)		 ]
1,628
(4,038)
Increase/(decrease) in donations and designated fund
provisions 87 -
(Increase)/decrease in debtors (2,144) (2,246)
Increase/(decrease) in creditors 338 3,71]
Increase/(decrease) in provisions for liabilities 1,033 (65)
Share of(profit)/loss of associate 59 585
Net cash used in operating activities (6,581) (3,354)
25. ANALYSIS OF CASHAND CASH EQUIVALENTS
2025 2024
£°000 £7000
Cash at bank and in hand 5,840 2,548
Totalcashandcashequivalents 5,840 2,548

35

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED

MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2025

The following pages do not form part of the statutory financial statements which are the subject of the independent auditor's report on pages6 to 9.

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE)

INCOME & EXPENDITURE ACCOUNT (STATEMENT OF FINANCIAL ACTIVITIES) FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
£°000 £°000 £7000 £000
Income and Endowments from:
Donations and Grants Received 2,000 4,253
Investments:
Income from Fixed Asset Investments 548 548
Interest Receivable and Similar Income 742 722
Rents and Charges Receivable 3,142 3,004
Total Income 6,432 5,527
Expenditure on:
Raising Funds:
Property Outgoings
Interest Payable and SimilarCharges		 (1,487)
(3)		 (1,177)
(6)
Charitable Activities:
Grants and Donations (4,425) (4,754)
Payments from Special Projects Fund (1,874) (1,122)
Expenditure Relating to Properties
Held for Charitable Purposes		 (42) (39)
Other:
Governance Costs (51) (57)
Total Expenditure (7,882) (7,155)
NETEXPENDITURE BEFORE
GAINSONINVESTMENTS (1,450) (1,628)
Net Gains on Investments:
Disposal ofTangible Fixed Assets 4,730 -
Disposal of Investment Property
Valuation ofInvestment Property		 93
(2,023)		 -
(2,447)
Valuation of Listed and Other
Investments 3,283 1,145
6,083 (1,302)
NET INCOME/(EXPENDITURE)
FOR THE YEARAND NET
MOVEMENT INFUNDS 4,633 (2,930)
Reconciliation ofFunds:
Total Funds Brought Forward 102.901 105.83]
TOTAL FUNDS CARRIED
FORWARD 107,534 102.90]

THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE)

PROPERTY REVENUE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

==> picture [456 x 230] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |Unrestricted|Funds|Unrestricted|Funds| |£7000|£7000|£7000|£7000| |Rents|and|Other Charges|Receivable|3,142|3,004| |Less:|Property|Outgoings| |Ground Rent Payable|(312)|(312)| |General|and|Water Rates|(129)|(15)| |Insurance|(57)|(33)| |Repairs and Maintenance|(560)|(370)| |Lighting|and Heating|(200)|(248)| |Porterage|and|Cleaning|(85)|(95)| |Legal|and|Professional|Charges|(90)|(36)| |Management and|Letting Commission|(54)|(68)| |(1,487)|(1,177)| |NET PROPERTY SURPLUS|1,655|1,827|

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