Emes Foundation Charity Accounts

COMPANY REGISTRATION NUMBER: 08906964

CHARITY REGISTRATION NUMBER: 1156518

Emes Foundation

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2025

Emes Foundation

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2025

	Page

Trustees' annual report (incorporating the director's report)	1

Independent examiner's report to the trustees	6

Statement of financial activities (including income and expenditure account)	8

Statement of financial position	9

Notes to the financial statements	10

Emes Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2025

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025 .

Reference and administrative details

Registered charity name	Emes Foundation

Charity registration number	1156518

Company registration number	08906964

Principal office and registered	Suite 9
office	342 Great Cheetham Street East
	Salford
	Manchester
	M7 4UJ

The trustees

	Mrs S Emanuel
	Y Emanuel
	A I Stern
	Mrs H Stern

Independent examiner	Mr Howard Schwalbe ACA
	2nd Floor - Parkgates
	Bury New Road
	Prestwich
	Manchester
	M25 0TL

Structure, governance and management

Emes Foundation is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 21 February 2014 as a company and the company number is 8906964. It was registered as a charity on 03 April 2014 with a charity number being 1156518 .

Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.

There is no chief executive officer. The day to day affairs are undertaken by Mr A Stern on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.

There are no policies for the induction or training of new trustees.

Risk review

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.

The risks faced by the trust are principally operational risks from ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations.

Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.

Objectives and activities

The objects of the charity are:

(i) For the public benefit promote the education of people of all ages around the world in such ways as the charity trustees think fit, including awarding to such persons scholarships, maintenance allowances or grants; or by grants to charities or other organisations worldwide that provide education.

(ii) The prevention or relief of poverty or financial hardship anywhere in the world by providing: grants or loans to individuals in need and /or charities, or other organisations working to prevent or relieve poverty of financial hardship.

(iii) To advance the orthodox Jewish religion worldwide for the benefit of the public in accordance with the principles of the code of Jewish law (Shulchan Aruch).

Public benefit

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

Grant making policy

The charity is funded by donations and investment income. The charity gives out grants in line with the above objects.

There were no grants paid to individuals during the year.

Grants made during the year to institutions are as detailed in the accounts.

The application of the funds by way of grants to either institutions or individuals and is almost always to institutions.

The trustees consider they have met the public benefit test and outline these achievements below.

The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.

The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

The charity received £333,601 (2024: £186,684) in donations during the year, of which £323,468 (2024: £264,348) was paid out by way of grants and support costs. These grants were made in line with the stated objects of the charity and were for educational or relief of poverty purposes.

The charity also had investment income receivable during the year amounting to £62,443 (2024: £65,251) and associated costs amounted to £32,824 (2024: £25,642).

The charity has low governance costs comprising professional fees.

All other office costs are borne by a local benefactor and the trustees wish to record their appreciation to the benefactor for the free use of their offices.

Grants made during the year to institutions are as detailed in the accounts

There were no material fundraising costs during the year.

Related party transactions are disclosed as applicable in the notes to the accounts.

The net income and movement of funds for the year was £39,752 (2024: (£38,055)).

Financial review

Investment performance

The investments of the charity have collectively provided a 11% gross return during the year.

The trustees consider this acceptable when compared with returns available on deposits in any of the banking institutions for which returns are far lower and do not allow for a capital growth potential. These property investment returns are not at the expense of any exposure of loan to value covenants that would put these investments at risk. Additionally, the trustees are hopeful that the property investments will rise in value in the future too.

Reserves policy

The unrestricted fund represents the unrestricted funds arising from past operating results.

The trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.

In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve roughly equal to the net current assets of the charity.

The trustees have considered the fair value of the investment property taking into account the loan to value of the properties as well as the nature and exposure of the syndicate properties. The trustees consider the holding value to be the fair value.

The trustees are delighted to have made many valuable contributions to the community as a result of this income and hope to be able to do so for many years to come.

The free reserves being the net current liabilities stand at £22,108 (2024: (£15,871)) all of which are unrestricted. The trustees acknowledge the net current liabilities position, and are confident that the charity will be able to continue for the foreseeable future as they confirm they will not call in their loans to the detriment of the cash flow of the charity.

It should be noted that the creditors are made up of accruals and loans from the trustees.

It is appropriate therefore for the financial statements to be prepared on a going concern basis.

Total funds held by the charity at the year end were £504,669 (2024: £464,917), all of these were unrestricted.

The trustees' annual report and the strategic report were approved on 29 December 2025 and signed on behalf of the board of trustees by:

Y Emanuel

Trustee

Emes Foundation

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Emes Foundation

Year ended 31 March 2025

I report to the trustees on my examination of the financial statements of Emes Foundation ('the charity') for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr Howard Schwalbe ACA Independent Examiner

2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL

29 December 2025

Emes Foundation

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 March 2025

	2025		2024
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	333,601	333,601	186,684
Investment income	6	62,443	62,443	65,251
		---------	---------	---------
Total income		396,044	396,044	251,935
		---------	---------	---------

Expenditure

Expenditure on raising funds:

	Investment management costs	7	32,824	32,824	25,642
Expenditure on charitable activities		8,9	323,468	323,468	264,348
			---------	---------	---------
Total expenditure			356,292	356,292	289,990
			---------	---------	---------

	---------	---------	---------
Net income/(expenditure) and net movement in funds	39,752	39,752	( 38,055)
	---------	---------	---------

Reconciliation of funds

Total funds brought forward	464,917	464,917	502,972
	---------	---------	---------
Total funds carried forward	504,669	504,669	464,917
	---------	---------	---------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Emes Foundation

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Investments	15		695,686	658,232

Current assets

Debtors	16	–	1,000
Cash at bank and in hand		10,291	15,529
		--------	--------
		10,291	16,529

Creditors: amounts falling due within one year	17	32,399		32,400
		--------		--------
Net current liabilities			22,108	15,871
			---------	---------
Total assets less current liabilities			673,578	642,361

Creditors: amounts falling due after more than one year	18	168,909	177,444
		---------	---------
Net assets		504,669	464,917
		---------	---------

Funds of the charity

Unrestricted funds		504,669	464,917
		---------	---------
Total charity funds	19	504,669	464,917
		---------	---------

For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 29 December 2025 , and are signed on behalf of the board by:

A I Stern

Trustee

Emes Foundation

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

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 Suite 9, 342 Great Cheetham Street East, Salford, Manchester, M7 4UJ.

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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The charity has net current liabilities. The trustees acknowledge the above and are confident that the charity will be able to continue for the foreseeable future as they confirm they will not call in their loans to the detriment of the cash flow of the charity. It should be noted that the creditors are made up of accruals and loans from the trustees. It is appropriate therefore for the financial statements to be prepared on a going concern basis.

Fair value

Debtors and creditors are stated at fair value.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported besides the valuation of fixed asset investments at the year end.

Fund accounting

Unrestricted funds held by the charity are funds that can be used in accordance with the charitable objects at the discretion of the trustees.

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.

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, non-charitable 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 resource. 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. If a reliable measure of fair value is no longer available 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.

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 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.

Financial instruments

A financial asset or a financial liability is recognised only when the charity 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. 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. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

Emes Foundation is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.

5. Donations and legacies

Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
£	£	£	£

Donations

Donations	333,601	333,601	186,684	186,684
	---------	---------	---------	---------

6. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Income from investment properties	62,443	62,443	65,251	65,251
	--------	--------	--------	--------

7. Investment management costs

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Property repairs and maintenance charges	18,919	18,919	10,977	10,977
Interest & other finance costs	13,905	13,905	14,665	14,665
	--------	--------	--------	--------
	32,824	32,824	25,642	25,642
	--------	--------	--------	--------

8. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Charitable grants	320,525	320,525	259,790	259,790
Support costs	2,943	2,943	4,558	4,558
	---------	---------	---------	---------
	323,468	323,468	264,348	264,348
	---------	---------	---------	---------

9. Expenditure on charitable activities by activity type

	Grant funding of activities	Support costs	Total funds 2025	Total fund 2024
	£	£	£	£
Charitable grants	320,525	543	321,068	261,947
Governance costs	–	2,400	2,400	2,401
	---------	-------	---------	---------
	320,525	2,943	323,468	264,348
	---------	-------	---------	---------

10. Analysis of support costs

	Analysis of support costs activity 1	Total 2025	Total 2024
	£	£	£
General office	543	543	2,157
Governance costs	2,400	2,400	2,401
	-------	-------	-------
	2,943	2,943	4,558
	-------	-------	-------

11. Analysis of grants

	2025	2024
	£	£

Grants to institutions

Asser Bishvil	25,750	22,950
B C G C T	45,750	–
Format CT	–	10,000
Grants Under £15,000	195,725	144,690
MHK	–	38,000
Teshuva Tefilloh Tzedoko	29,300	44,150
Yemin Charitable Trust	24,000	–
	---------	---------
	320,525	259,790
	---------	---------
Total grants	320,525	259,790
	---------	---------

12. Independent examination fees

	2025	2024
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	2,400	2,400
	-------	-------

13. Staff costs

The average head count of employees during the year was Nil (2024: Nil).

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

14. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

15. Investments

	Investment properties
	£
Cost or valuation
At 1 April 2024	658,232
Additions	39,731
Disposals	(2,277)
	---------
At 31 March 2025	695,686
	---------
Impairment
At 1 April 2024 and 31 March 2025
Carrying amount
At 31 March 2025	695,686
	---------
At 31 March 2024	658,232
	---------

All investments shown above are held at valuation.

Investment properties

Investment properties represents capital introduced by the charity into the syndicate plus accrued surpluses less deficiencies but without revaluing the syndicate properties. The syndicate in which the charity is a participator has borrowings that are secured on the syndicate property. The charity accounts for its syndicate investments under the equity accounting basis and thus the charity's share of the borrowings is not included in these financial statements.

Valuation of the syndicate property is at fair value of the syndicate property in the opinion of the trustees. The percentage holding ranges from 1% to 5%. The charity owns four syndicates. The trustees consider that they do not have significant influence over the operating and financial policy of the undertaking.

The charity also has a 100% interest in an additional investment property. The value of this property at the year end amounted to £375,000. This is stated after the revaluation in the year by the trustees to reflect the fair value of the investment at the year end.

16. Debtors

	2025	2024
	£	£
Other debtors	–	1,000
	----	-------

17. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	6,000	6,000
Accruals and deferred income	2,400	2,400
Other creditors	23,999	24,000
	--------	--------
	32,399	32,400
	--------	--------

The bank loan is secured on the investment property of the charity.

18. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	168,909	177,444
	---------	---------

The bank loan is secured on the investment property of the charity.

19. Analysis of charitable funds

Unrestricted funds

	At 1 April 2024	Income	Expenditure	At 31 March 2025
	£	£	£	£
General funds	464,917	396,044	(356,292)	504,669
	---------	---------	---------	---------

	At 1 April 2023	Income	Expenditure	At 31 March 2024
	£	£	£	£
General funds	502,972	251,935	(289,990)	464,917
	---------	---------	---------	---------

20. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2025
	£	£
Investments	695,686	695,686
Current assets	10,291	10,291
Creditors less than 1 year	(32,399)	(32,399)
Creditors greater than 1 year	(168,909)	(168,909)
	---------	---------
Net assets	504,669	504,669
	---------	---------

	Unrestricted Funds	Total Funds 2024
	£	£
Investments	658,232	658,232
Current assets	16,529	16,529
Creditors less than 1 year	(32,400)	(32,400)
Creditors greater than 1 year	(177,444)	(177,444)
	---------	---------
Net assets	464,917	464,917
	---------	---------

21. Related parties

Mr A I Stern and Mr Y Emanuel , trustees of Emes Foundation , are also shareholders and directors of Elstar Ltd, a UK company. During the year, Elstar Ltd donated £2,750 to the charity. In a previous year Elstar Ltd lent on an interest free basis £24,000 to Emes Foundation . Emes Foundation had rental income receivable in the year from Elstar Ltd amounting to £5,000. Mr A I Stern and Mr Y Emanuel, trustees of Emes Foundation , are also shareholders and directors of S E Capital Limited, a UK company. During the year S E Capital Limited donated £258,000 to Emes Foundation . Emes Foundation had rental income receivable in the year from SE Capital Limited amounting to £15,000. MR Y and Mrs S Emanuel , trustees of Emes Foundation are also shareholders and directors of Emanuel investments Ltd, a UK Company. During the year Emanuel investments Ltd donated £35,100 to Emes Foundation . Mr A I and Mrs H Stern , trustees of Emes Foundation are also shareholders and directors of Stern Holdings Ltd, a UK Company. During the year Stern Holdings Ltd donated £25,000 to Emes Foundation . Mrs H Emanuel a close relative of Mr Y Emanuel donated £6,000 to Emes Foundation during the year. Additionally, £18,750 was received in donations from various companies with directorship from close family members. During the year, the charity donated £24,000 to Yemin Charitable Trust, whose directors are close family members of the trustees of Emes Foundation .

22. Taxation

Emes Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.