REGISTERED COMPANY NUMBER: 05622994 (England and Wales)

REGISTERED CHARITY NUMBER: 1116612

Report of the Trustees and

Audited Financial Statements for the Year Ended 31 December 2024

for

Nes Foundation Ltd

(A Company Limited by Guarantee)

Page

Report of the Trustees

1

to

3

Report of the Independent Auditors

4

to

6

Statement of Financial Activities

7

Balance Sheet

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

to

18

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The main objects of the charity are the relief of poverty, furtherance of the Jewish religious faith and education. This has been achieved by granting funds to UK Charities, who fulfill the above criteria .

Public benefit

In setting the charity's objectives the Trustees have given careful consideration to the Charity Commission's guidance on public benefit.

STRATEGIC REPORT

Reserves policy

The present level of reserves is adequate to support the continuation of our activities and the trustees consider the financial position of the Charity to be satisfactory.

The statement of Financial Activities shows net income for the year of £37,089 (2023: £1,018 net deficit) and our reserves stand at £7,476,674 (2023: £7,439,585) in total.

Future plans

There are no significant future developments to report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document the Memorandum & Articles of Association, and constitute a limited company, limited by guarantee, as defined by the Companies Act 2006.

Risk management

The Trustees have examined the main investment risks to which the Charity is exposed to and is satisfied that systems are in place to mitigate such risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

05622994 (England and Wales)

Registered Charity number

1116612

Registered office

5 North End Road

London

NW11 7RJ

Trustees

Mr S Morgenstern

Mrs R Sheinfeld

Mr N Sheinfeld

Senior Statutory Auditor

Mr A Heller

Auditors

Martin+Heller

Chartered Accountants &

Statutory Auditor

5 North End Road

London

NW11 7RJ

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Nes Foundation Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 30 October 2025 and signed on the board's behalf by:

Mr S Morgenstern - Trustee

Opinion

We have audited the financial statements of Nes Foundation Ltd (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 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; and

-	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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit will determine materiality and assess the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.

Our audit procedures are designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of net detecting a material misstatement due to fraud is higher than the risk of not detecting one result from error, as fruad may involve deliberate concealment by, for example forgery, misrepresentation or through collisusion.

We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsbilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/audit responsibilites. This description forms part of our Report of the Independent Auditors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company'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 charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr A Heller (Senior Statutory Auditor)

for and on behalf of Martin+Heller

Chartered Accountants &

Statutory Auditor

5 North End Road

London

NW11 7RJ

30 October 2025

31.12.24

31.12.23

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

78,419

162,812

Investment income

3

605,803

469,932

Total

684,222

632,744

EXPENDITURE ON

Raising funds

4

347,539

342,374

Charitable activities

5

Grants to Institutions

291,775

275,784

Support costs

7,819

15,604

Total

647,133

633,762

NET INCOME/(EXPENDITURE)

37,089

(1,018

)

RECONCILIATION OF FUNDS

Total funds brought forward

7,439,585

7,440,603

TOTAL FUNDS CARRIED FORWARD

7,476,674

7,439,585

31.12.24

31.12.23

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

11

7,261

9,681

Investments

Investments

12

-

100

Investment property

13

9,592,041

9,592,041

9,599,302

9,601,822

CURRENT ASSETS

Debtors

14

58,160

51,487

Cash at bank

25,326

33,285

83,486

84,772

CREDITORS

Amounts falling due within one year

15

(59,197

)

(153,033

)

NET CURRENT ASSETS

24,289

(68,261

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,623,591

9,533,561

CREDITORS

Amounts falling due after more than one year

16

(2,146,917

)

(2,093,976

)

NET ASSETS

7,476,674

7,439,585

FUNDS

18

Unrestricted funds

7,476,674

7,439,585

TOTAL FUNDS

7,476,674

7,439,585

The financial statements were approved by the Board of Trustees and authorised for issue on 30 October 2025 and were signed on its behalf by:

Mr S Morgenstern - Trustee

Cash flows from operating activities

Cash generated from operations

1

125,147

127,088

Interest paid

(176,008

)

(158,796

)

Net cash used in operating activities

(50,861

)

(31,708

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(3,446

)

Purchase of investment property

-

(132,418

)

Sale of fixed asset investments

100

-

Net cash provided by/(used in) investing activities

100

(135,864

)

Cash flows from financing activities

New loans in year

52,942

90,562

Loan repayments in year

(10,140

)

(9,890

)

Net cash provided by financing activities

42,802

80,672

Change in cash and cash equivalents in the reporting period

(7,959

)

(86,900

)

Cash and cash equivalents at the beginning of the reporting period

33,285

120,185

Cash and cash equivalents at the end of the reporting period

25,326

33,285

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.12.24

31.12.23

£

£

Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities)

37,089

(1,018

)

Adjustments for:

Depreciation charges

2,420

3,227

Interest paid

176,008

158,796

Increase in debtors

(96,216

)

(22,680

)

Increase/(decrease) in creditors

5,846

(11,237

)

Net cash provided by operations

125,147

127,088

2.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

33,285

(7,959

)

25,326

33,285

(7,959

)

25,326

Debt

Debts falling due within 1 year

(24,951

)

10,139

(14,812

)

Debts falling due after 1 year

(2,093,976

)

(52,941

)

(2,146,917

)

(2,118,927

)

(42,802

)

(2,161,729

)

Total

(2,085,642

)

(50,761

)

(2,136,403

)

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

The trustees have allocated all the support cost to the charities sole activity, namely 'Grants to Institutions'.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property fixtures & fittings

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

2.	DONATIONS AND LEGACIES

31.12.24

31.12.23

£

£

Donations

78,419

162,812

3.	INVESTMENT INCOME

31.12.24

31.12.23

£

£

Rents received

605,803

469,932

4.	RAISING FUNDS

Investment management costs

31.12.24

31.12.23

£

£

Portfolio management

54,416

49,734

Rates & water

1,076

6,648

Legal & professional fees

392

115

Light & heat

1,773

4,593

Insurance

26,359

24,482

Property repairs

83,295

89,319

Ground rent

1,800

1,800

Finance fees

-

3,660

Depreciation

2,420

3,227

Interest payable and similar charges

176,008

158,796

347,539

342,374

5.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

(see note

6)

£

Grants to Institutions

291,775

6.	GRANTS PAYABLE

31.12.24

31.12.23

£

£

Grants to Institutions

291,775

275,784

The total grants paid to institutions during the year was as follows:

31.12.24

31.12.23

£

£

Achisomoch

24,970

15,110

Bait Limud Vchesed

17,000

-

Ben Amram Charitable Trust

-

31,000

Chasdei Sorele

10,000

-

Friends of Yeshivas Daas Sholem Shotz

11,000

-

Ichud Mosdos Gur Limited

25,200

26,200

Keren Chochmas Shlomo Trust

19,500

-

Keren Shmuel

19,000

-

Live and Learn

-

21,000

Mifal Tzedoko V'Chesed Limited

32,500

18,000

Peninim

10,000

-

Shir Chesed Beis Yisroel

25,930

73,650

Yeshivas Lev Simcha Limited

41,325

-

Zlotchiv

-

16,000

Donations less than £10,000

55,350

74,824

291,775

275,784

7.	SUPPORT COSTS

Governance

costs

£

Other resources expended

7,819

8.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Auditors' remuneration

2,400

2,100

Depreciation - owned assets

2,420

3,227

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

10.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.24

31.12.23

Trustees

3

3

No employees received emoluments in excess of £60,000.

11.	TANGIBLE FIXED ASSETS

Investment

property

fixtures

& fittings

£

COST

At 1 January 2024 and 31 December 2024

60,524

DEPRECIATION

At 1 January 2024

50,843

Charge for year

2,420

At 31 December 2024

53,263

NET BOOK VALUE

At 31 December 2024

7,261

At 31 December 2023

9,681

12.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

MARKET VALUE

At 1 January 2024

100

Disposals

(100

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

100

There were no investment assets outside the UK.

13.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

9,592,041

NET BOOK VALUE

At 31 December 2024

9,592,041

At 31 December 2023

9,592,041

Fair value at 31 December 2024 is represented by:

£

Valuation in 2016

238,226

Cost

9,353,815

9,592,041

14.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

43,611

38,705

Prepayments and accrued income

14,549

12,782

58,160

51,487

15.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 17)

14,812

24,951

VAT

791

942

Other creditors

30,234

112,830

Accrued expenses

13,360

14,310

59,197

153,033

16.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 17)

2,146,917

2,093,976

17.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year on demand:

Bank loans

14,812

24,951

Amounts falling due between two and five years:

Bank loans - 2-5 years

94,931

48,222

Amounts falling due in more than five years:

Repayable otherwise than by instalments:

Bank loans more 5 yrs non-inst

2,051,986

2,045,754

18.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

7,439,585

37,089

7,476,674

TOTAL FUNDS

7,439,585

37,089

7,476,674

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

684,222

(647,133

)

37,089

TOTAL FUNDS

684,222

(647,133

)

37,089

Comparatives for movement in funds

Net

movement

At

At 1.1.23

in funds

31.12.23

£

£

£

Unrestricted funds

General fund

7,440,603

(1,018

)

7,439,585

TOTAL FUNDS

7,440,603

(1,018

)

7,439,585

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

632,744

(633,762

)

(1,018

)

TOTAL FUNDS

632,744

(633,762

)

(1,018

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1.1.23

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

7,440,603

36,071

7,476,674

TOTAL FUNDS

7,440,603

36,071

7,476,674