Bhatzlocho Trust Ltd Charity Accounts

COMPANY REGISTRATION NUMBER: 12969476

CHARITY REGISTRATION NUMBER: 1204660

Bhatzlocho Trust Ltd

Company Limited by Guarantee

Financial Statements

31 October 2025

Bhatzlocho Trust Ltd

Company Limited by Guarantee

Financial Statements

Year ended 31 October 2025

	Page

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

Independent auditor's report to the members	5

Statement of financial activities (including income and expenditure account)	10

Statement of financial position	11

Notes to the financial statements	12

Bhatzlocho Trust Ltd

Company Limited by Guarantee

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

Year ended 31 October 2025

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

Reference and administrative details

Registered charity name	Bhatzlocho Trust Ltd

Charity registration number	1204660

Company registration number	12969476

Principal office and registered	2nd Floor
office	Parkgates
	Bury New Road
	Prestwich
	Manchester
	M25 0TL

The trustees

	M Eichler
	Y Brief
	P Rosenfeld

Auditor	Haffner Hoff Auditors Ltd
	Accountants & statutory auditor
	2nd Floor - Parkgates
	Bury New Road
	Prestwich
	Manchester
	M25 0TL

Bankers	Starling Bank
	1 Duval Square
	London
	E1 6PW

Structure, governance and management

Bhatzlocho Trust Ltd is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 22 October 2020 as a company and the company number is 12969476 . It was registered as a charity on 11 September 2023 with a charity number 1204660 .

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 P Rosenfeld 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 of not receiving rental income and the inability to repay the associated loans. Additionally, the risk of ineffective grant making. These risks are managed by the trustees ensuring a solid tenant with a strong covenant as well as 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 to promote the education of people of all ages in the North West of England 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 that provide education.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education 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 rental income. The charity gives out grants in line with the above objects.

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

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

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 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.

Achievements and performance

During the year the charity received £236,994 (2024: £234,058) in rental income and £216,226 (2024: £55,626) in donations.

The charity paid out £72,304 (2024: £42,898) in charitable expenditure, £212,747 (2024: £146,812) in investment management costs and £34,388 (2024: £2,390) in fundraising.

A significant proportion of the investment management costs relate to one-off refinancing costs, and costs will reduce significantly following the refinance.

The charity has low governance costs. Other costs were kept low and were borne by a local charity.

The governance costs incurred relate to professional fees incurred during the year.

The trustees would like to record their appreciation for all the financial support received from the local charity who has sponsored the office costs during the course of the year.

The charity continued with refurbishment work on the property in ongoing work to equip the building for use for educational purposes. Capital expenditure on the building in the year was £132,226 (2024: £34,267).

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

There was net income for the year amounting to £135,627 (2024: £97,584).

Financial review

Investment performance

The trustees are delighted to report that the property investments are providing a return of 6%. The trustees consider this to be acceptable when compared with returns available on deposits in any of the banking institutions.

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 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 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 charity's free reserves, represented by the net current assets of the charity, stand at £132,331 (2024: liabilities of £100,531).

Total assets of the charity are £2,168,307 (2024: £2,032,680) all of which are unrestricted.

Plans for future periods

The trustees plan to continue to provide educational grants in line with objects of the charity and to equip the building for use for educational purposes.

Trustees' responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

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

- so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and - they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The trustees' annual report was approved on 17 August 2026 and signed on behalf of the board of trustees by:

M Eichler

Trustee

Bhatzlocho Trust Ltd

Company Limited by Guarantee

Independent Auditor's Report to the Members of Bhatzlocho Trust Ltd

Year ended 31 October 2025

Opinion

We have audited the financial statements of Bhatzlocho Trust Ltd (the 'charity') for the year ended 31 October 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 October 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: e identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector, control environment and business performance; results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to (a) identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; (b) detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; (c) the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; (d) the matters identified as to how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code, UK tax legislation and UK Charity Act. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. As a result of performing the above, we identified no key audit matters relating to the potential risk of fraud. Our procedures to respond to risks identified included the following: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. 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 Auditors. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other matters

The prior year financial statements were not audited.

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.

Mr Howard Schwalbe ACA

(Senior Statutory Auditor)

For and on behalf of

Haffner Hoff Auditors Ltd

Accountants & statutory auditor

2nd Floor - Parkgates

Bury New Road

Prestwich

Manchester

M25 0TL

17 August 2026

Bhatzlocho Trust Ltd

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 October 2025

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

Income and endowments

Donations and legacies	5	166,226	50,000	216,226	55,626
Investment income	6	236,994	–	236,994	234,058
Other income	7	1,846	–	1,846	–
		---------	--------	---------	---------
Total income		405,066	50,000	455,066	289,684
		---------	--------	---------	---------

Expenditure

Expenditure on raising funds:

	Costs of raising donations and legacies		8	34,388	–	34,388	2,390
	Investment management costs		9	212,747	–	212,747	146,812
Expenditure on charitable activities		10,11		72,304	–	72,304	42,898
				---------	----	---------	---------
Total expenditure				319,439	–	319,439	192,100
				---------	----	---------	---------

	---------	--------	---------	---------
Net income	85,627	50,000	135,627	97,584
	---------	--------	---------	---------

Transfers between funds	50,000	(50,000)	–	–

Other recognised gains and losses

Gains from revaluation of fixed assets	–	–	–	1,865,733
	---------	--------	---------	------------
Net movement in funds	135,627	–	135,627	1,963,317

Reconciliation of funds

Total funds brought forward	2,032,680	–	2,032,680	69,363
	------------	--------	------------	------------
Total funds carried forward	2,168,307	–	2,168,307	2,032,680
	------------	--------	------------	------------

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

All income and expenditure derive from continuing activities.

Bhatzlocho Trust Ltd

Company Limited by Guarantee

Statement of Financial Position

31 October 2025

	2025	2024
Note	£	£

Fixed assets

Tangible fixed assets	19	5,335	–
Investments	20	3,982,226	3,850,000
		------------	------------
		3,987,561	3,850,000

Current assets

Cash at bank and in hand	218,737	4,404

Creditors: amounts falling due within one year	22	86,406	104,935
		---------	---------
Net current assets		132,331	( 100,531)
		------------	------------
Total assets less current liabilities		4,119,892	3,749,469

Creditors: amounts falling due after more than one year	23	1,951,585	1,716,789
		------------	------------
Net assets		2,168,307	2,032,680
		------------	------------

Funds of the charity

Unrestricted funds:

	Revaluation reserve		1,945,749	1,945,749
	Other unrestricted income funds		222,558	86,931
			------------	------------
Total unrestricted funds			2,168,307	2,032,680
			------------	------------
Total charity funds		25	2,168,307	2,032,680
			------------	------------

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 17 August 2026 , and are signed on behalf of the board by:

M Eichler

Trustee

Bhatzlocho Trust Ltd

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 October 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 2nd Floor, Parkgates, Bury New Road, Prestwich, Manchester, M25 0TL.

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

There are no material uncertainties about the charity's ability to continue.

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 for the valuation of investment property.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	15% straight line

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

Bhatzlocho Trust LTD 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	Restricted Funds	Total Funds 2025
£	£	£

Donations

	Donations	166,226	–	166,226

Grants

Delapage	–	50,000	50,000
	---------	--------	---------
	166,226	50,000	216,226
	---------	--------	---------

Unrestricted Funds	Restricted Funds	Total Funds 2024
£	£	£

Donations

	Donations	55,626	–	55,626

Grants

Delapage	–	–	–
	--------	----	--------
	55,626	–	55,626
	--------	----	--------

6. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Other investment income	236,994	236,994	234,058	234,058
	---------	---------	---------	---------

7. Other income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Other income	1,846	1,846	–	–
	-------	-------	----	----

8. Costs of raising donations and legacies

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Costs of raising donations and legacies	34,388	34,388	2,390	2,390
	--------	--------	-------	-------

9. Investment management costs

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Interest payable	162,746	162,746	146,812	146,812
Cost of obtaining finance	50,001	50,001	–	–
	---------	---------	---------	---------
	212,747	212,747	146,812	146,812
	---------	---------	---------	---------

10. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Charitable activities	60,643	60,643	38,384	38,384
Support costs	11,661	11,661	4,514	4,514
	--------	--------	--------	--------
	72,304	72,304	42,898	42,898
	--------	--------	--------	--------

11. Expenditure on charitable activities by activity type

	Activities undertaken directly	Grant funding of activities	Support costs	Total funds 2025	Total fund 2024
	£	£	£	£	£
Charitable activities	32,226	28,417	1,342	61,985	40,499
Governance costs	–	–	10,319	10,319	2,399
	--------	--------	--------	--------	--------
	32,226	28,417	11,661	72,304	42,898
	--------	--------	--------	--------	--------

12. Analysis of support costs

	Analysis of support costs	Total 2025	Total 2024
	£	£	£
General office	1,342	1,342	146,812
Governance costs	10,319	10,319	3,195
	--------	--------	---------
	11,661	11,661	150,007
	--------	--------	---------

13. Analysis of grants

	2025	2024
	£	£

Grants to institutions

ABS Training LTD	–	1,000
Beis Ruchel ltd	3,000	–
Beis Soroh Schneirer	3,000	5,000
Bluebells Community Club	–	4,000
Lehtzliach	5,000	–
Rabbinical Research College	3,500	–
Tov Vchesed	5,000	–
TTT	–	4,000
Grants Under £2,000	8,917	–
	--------	--------
	28,417	14,000
	--------	--------
Total grants	28,417	14,000
	--------	--------

14. Net income

Net income is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible fixed assets	942	–
	----	----

15. Auditors remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	7,800	–
	-------	----

Fees payable to the charity's auditor and its associates for other services:

Other non-audit services	2,520	–
	-------	----

16. Independent examination fees

	2025	2024
	£	£

Fees payable to the independent examiner for:

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

17. 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).

18. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees nor were any expenses reimbursed to the trustees.

19. Tangible fixed assets

	Equipment
	£
Cost
At 1 November 2024	–
Additions	6,277
	-------
At 31 October 2025	6,277
	-------
Depreciation
At 1 November 2024	–
Charge for the year	942
	-------
At 31 October 2025	942
	-------
Carrying amount
At 31 October 2025	5,335
	-------
At 31 October 2024	–
	-------

20. Investments

	Investment properties
	£
Cost or valuation
At 1 November 2024	3,850,000
Additions	132,226
	------------
At 31 October 2025	3,982,226
	------------
Impairment
At 1 November 2024 and 31 October 2025
Carrying amount
At 31 October 2025	3,982,226
	------------
At 31 October 2024	3,850,000
	------------

All investments shown above are held at valuation.

Investment properties

Investment property represents buildings that the trustees purchased for educational purposes. The income generated is from the current commercial tenants.

Valuation of the property is management valuation based on various RICS valuations.

21. Investments

22. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	23,500	–
Trade creditors	2,586	–
Accruals and deferred income	60,320	104,935
	--------	---------
	86,406	104,935
	--------	---------

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

	2025	2024
	£	£
Bank loans and overdrafts	1,576,796	–
Accruals and deferred income	300,000	300,000
Other creditors	74,789	1,416,789
	------------	------------
	1,951,585	1,716,789
	------------	------------

24. Deferred income

	2025	2024
	£	£
Amount deferred in year	350,000	400,000
	---------	---------

25. Analysis of charitable funds

Unrestricted funds

	At 1 Nov 2024	Income	Expenditure	Transfers	Gains and losses	At 31 Oct 2025
	£	£	£	£	£	£
General funds	86,931	405,066	(319,439)	50,000	–	222,558
Revaluation reserve	1,945,749	–	–	–	–	1,945,749
	------------	---------	---------	--------	----	------------
	2,032,680	405,066	(319,439)	50,000	–	2,168,307
	------------	---------	---------	--------	----	------------

	At 1 Nov 2023	Income	Expenditure	Transfers	Gains and losses	At 31 Oct 2024
	£	£	£	£	£	£
General funds	(10,653)	289,684	(192,100)	–	–	86,931
Revaluation reserve	80,016	–	–	–	1,865,733	1,945,749
	--------	---------	---------	----	------------	------------
	69,363	289,684	(192,100)	–	1,865,733	2,032,680
	--------	---------	---------	----	------------	------------

Restricted funds

	At 1 Nov 2024	Income	Expenditure	Transfers	Gains and losses	At 31 Oct 2025
	£	£	£	£	£	£
Restricted fund - grants receivable	–	50,000	–	(50,000)	–	–
	----	--------	----	--------	----	----

	At 1 Nov 2023	Income	Expenditure	Transfers	Gains and losses	At 31 Oct 2024
	£	£	£	£	£	£
Restricted fund - grants receivable	–	–	–	–	–	–
	----	----	----	----	----	----

26. Analysis of charitable funds - continued

The transfer from the restricted fund to the unrestricted fund relates the utilisation of a restricted capital grant.

27. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2025
	£	£
Tangible fixed assets	5,335	5,335
Investments	3,982,226	3,982,226
Current assets	218,737	218,737
Creditors less than 1 year	(86,406)	(86,406)
Creditors greater than 1 year	(1,951,585)	(1,951,585)
	------------	------------
Net assets	2,168,307	2,168,307
	------------	------------

	Unrestricted Funds	Total Funds 2024
	£	£
Tangible fixed assets	–	–
Investments	3,850,000	3,850,000
Current assets	4,404	4,404
Creditors less than 1 year	(104,935)	(104,935)
Creditors greater than 1 year	(1,716,789)	(1,716,789)
	------------	------------
Net assets	2,032,680	2,032,680
	------------	------------

28. Related parties

Mr P Rosenfeld , a trustee of Bhatzlocho Trust, is also a director of Happy Childcare. During the year, Happy Childcare occupied part of the charity's premises and paid rent totalling £48,600. During the year donations totalling £380 were received from related parties. Eichlers Gifts is a related party because one of the directors of Eichlers Gifts is the spouse of one of the trustees of Bhatzlocho Trust. During the year Bhatzlocho Trust paid Eichlers Gifts £1,268 for the supply of goods used by the charity.

29. Taxation

Bhatzlocho Trust Ltd 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.