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← Magen David Adom UK

2023-12-31-accounts

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS

Reference and administrative details of the Charity,
its Trustees and advisers		 3
CEO’s report 4
Trustees’ report 5 - 11
Independent auditors’ report on the financial
statements		 12 - 15
Statement of financial activities 16
Balance sheet 17 - 18
Statement of cash flows 19
Notes to the financial statements 20 - 38

2

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES

P. Abram

D. Burger, Chief Executive (resigned 17 January 2023) D. Bernstein CBE (appointed 16 March 2023)

D. Curtis B. Dingle

INDEPENDENT AUDITORS

BKL Audit LLP Chartered Accountants 35 Ballards Lane London N3 1XW

R. Ellison

M. Franks M. Geller

R. Jacobs

A. Jacobson (appointed 16 January 2024)

B. Kalms M. Meyer (appointed 20 June 2023)

R. Ordever N. Springer

E. Ziff OBE DL Hon DBA (appointed 16 July 2024)

Company registered number 05718138 Charity registered number 1113409

REGISTERED OFFICE

Winston House 2 Dollis Park London N3 1HF

COMPANY SECRETARY

Daniel Burger

CHIEF EXECUTIVE OFFICER

Daniel Burger

BANKERS

CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Israel Discount Bank Ltd Mapu Street 16 Tel Aviv Yafo Israel National Westminster Bank PLC 250 Regent Street London WC1A 4RY

SOLICITORS

Womble Bond Dickinson LLP 4 More London Riverside London SE1 2AU

Bromhead Johnson LLP 57-59 High Street Twyford Berkshire RG10 9AJ

3

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REPORT

able to donate blood in Israel. Since 1999, anyone who had lived in Britain for more than six months (between 1980 and 1996) had been ruled ineligible for donation because of the Mad Cow’s Disease Crisis. However, with the Ministry of Health ruling that the risk no longer outweighed the reward, this changed. A launch event was held at the ‘Peres Centre for Peace and Innovation’, in Jaffa, and two of our UKdonated bloodmobiles were present to take donations on the spot.

When I look back at my comments from twelve months ago, the closing line of my report leaves me somewhat numb.

“Thank you for your continued support and I look forward to further growing our cause in 2023.”

At the time of writing, it was an innocuous sign-off. It was a hope for an increase in our fundraising ability and, in turn, our lifesaving capability in Israel. The events of October 7th provoked the circumstances for the Magen David Adom (MDA) cause to grow beyond recognition. How I wish that had not been the case. Our community responded in the most unbelievable way. Millions of pounds were donated without us even asking. Millions more were given in response to our emergency appeal. How I wish we did not have to make that ask.

MDA is more than just an emergency medical response service. It is also Israel’s national blood service and a conduit for global humanitarian aid. This is what took paramedic Felix Lotan to Turkey in the aftermath of the February earthquake that devastated large areas of the country. We were also able to call upon Shai Weiss, CEO of Virgin Atlantic, one year after they facilitated the spectacular evacuation of Ukrainian orphans, to provide much-needed aid by way of sending two aircraft full of medial and humanitarian aid to those impacted by the tragedy.

It is not possible to write a ‘normal’ review of 2023. In short, there was October 7th and then there was everything that went on before it. We have not yet returned to business as usual. Perhaps we never will. Or, at the least, ‘business as usual’ will be a preparedness for the new reality of ongoing wars in Gaza and on the Lebanese border, as well as persistent and growing threat of attacks from Iran itself and not just it’s proxies. Ultimately, MDA needs to be ready for any scenario but this will only be possible if MDA UK and our colleagues around the world raise the necessary funds.

Our ability to forge these relationships and build these connections is critical to our organisation. Hosting Labour Friends of Israel, in July, (and Conservative Friends of Israel prior to that) not only allowed us to showcase the outstanding work of our colleagues in Israel, but also to ensure that future UK lawmakers understand the unique challenges of safeguarding the health of all Israeli citizens. These learnings benefit all and this can only be a good thing.

To this end, 2023 had been a remarkable year, even before the horrific events of that fateful Simchat Torah. In the days leading up to October 7th, we had closed our celebrations of Israel’s 75th anniversary with Table75. An innovative food-based experience, that saw leading Chef Avishay Sing bring a taste of Israel to London, across three incredible evenings. Previously, we hosted the IDF’s Cantor, Shai Abrahmson, as well as summer events for Young MDA and our Patrons’ Reception at the Omer Tiroche Gallery.

As I alluded to in my introduction, the events of October 7th dominated 2023. Our response began on that very Saturday, and we have not stopped since. We have fundraised non-stop to ensure our colleagues have everything that they need to save more lives. Sadly, we lost 33 of our finest, murdered while trying to save others. It is a tragedy beyond words and their memories continue to be mourned as we come to terms with what happened.

Earlier in the year Brenda & Maurice Geller hosted a dinner for some of our CFMDA supporters (Christian Friends of Magen David Adom) celebrating the achievements of MDA UK President Lord Reading, Christine Darg and Pastor Adeboye who were recognised as three of the top 50 Christian Allies of Israel. Our Christian friends and supporters are such an integral part of our organisation, not just here in the UK but in communities such as Lagos and Abuja, too. It was very special to be at the RCCG (Redeemed Christian Church of God) dedication at the Marcus Blood Centre, in Ramla, last March.

2023 ended with an event we wish we did not have to hold: a hastily put together dinner at London’s Peninsula hotel. Over 400 guests attended to pay tribute to the MDA heroes of October 7th, and we raised over £500,000 in the process. The event was hosted by Rob Rinder MBE, and we heard from those who had been present on that horrific day in the Gaza Envelope, as the emergency calls flooded in. I am certain that all those that were present will never forget the raw emotion and outpouring of love that was felt that evening.

I am delighted that David Bernstein CBE and Marc Meyer joined our board, bringing with them a huge breadth of experience. I have no doubt that they will prove to be invaluable assets to our Board and mission.

This year I am going to finish by thanking you, again, and with the hope that, whilst support for MDA continues to grow, it is against the backdrop of a safe and peaceful Israel.

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A big part of MDA UK’s mission is to connect Brits with our lifesaving work in Israel; not only those living in the UK but expats in Israel too. January brought a landmark moment when, for the first time in a generation, UK-born olim were

Daniel Burger, CEO Date: 20/09/2024

4

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Magen David Adom UK for the 1 January 2023 to 31 December 2023. The Annual Report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.

OBJECTIVES AND ACTIVITIES

a. Policies and objectives

The Charity’s charitable objects are defined in the Articles of Association as ‘...primarily to assist Magen David Adom in Israel, or, where in the opinion of the Board of Trustees it is appropriate, in any other equivalent or similar organisation in Israel or anywhere in the world in the work of providing medical care and treatment for persons irrespective of the nationality, race, religion, ethnic origin, age disability, sexual orientation or political affiliation’.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.

b. Strategies for achieving objectives

The overarching strategy for the charity is to continue supporting the projects of Magen David Adom in Israel. It also continues to support the Jewish community and the British Red Cross in a variety of other ways.

c. Activities undertaken to achieve objectives

In practice these objects are met by:

The funding of these activities is raised by appealing for, soliciting, accepting and receiving endowments, legacies, bequests, gifts or donations for any purpose consistent with the objectives of the Charity.

The Charity provides and maintains such administrative organisation as is required for the advancement of the objectives

The company is administered by the Chief Executive supported by an executive assistant, an operations manager, a data operations lead, a data operations administrator, a fundraising manager, an events coordinator and three volunteers.

d. Volunteers

MDA UK has volunteers that make up local and regional fundraising committees in the UK.

e. Main activities undertaken to further the Charity’s purposes for the public benefit

The Charity undertakes the following key activities in order to further it’s purposes for the public benefit:

5

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENTS AND PERFORMANCE

a. Main achievements of the Charity

To 30th September 2023, MDA UK was on target to achieve its financial goals for 2023 with £3.3m in income. After the terrible events of October 7th, 2023, we saw increased levels of giving from our donors, with our emergency appeal raising an additional £13.2m. These funds were donated to MDA Israel to support their humanitarian mission and essential lifesaving work in Israel. None of this would have been possible without a dedicated board and team of professional staff who work tirelessly to produce these results. Magen David Adom UK’s reach in the UK and further afield continues to grow with loyal committees from Gibraltar to Manchester and Hull, and Glasgow to Cambridge.

b. Key performance indicators

The main key performance indicators reviewed by the Charity are:

c. Review of activities

We use a traffic light system to review our ongoing activities as follows:

Thanks to the power of and respect of the MDA brand it has enabled MDA UK to raise a high level of donations to enable the charity to meet its objectives and go beyond by funding capital projects at a time of great need in Israel.

e. Fundraising activities and income generation

In 2023 we held numerous fundraising activities, events and appeals which contributed to high levels of income generation, including:

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6

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three to six months’ expenditure. The Trustees consider that reserves at this level will ensure that in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

c. Material investments policy

The Charity has adopted a policy of placing its funds on short term deposit with its bankers as it wishes to maintain flexibility to meet urgent requests for financial assistance. Quoted securities when given to the Charity are sold as soon as practicable except where this conflicts with the donor’s wishes.

d. Principal risks and uncertainties

All the below are factors that contribute to the financial risk of the charity:

e. Financial risk management objectives and policies

The following procedures and software packages limit the exposure/risks to fraud on the charity:

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7

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

f. Principal funding

The below are MDA UK’s core/principal means of funding:

g. Review of the Year

The total funds raised for Magen David Adom in Israel, international support and UK first aid training programme during the year ended 31 December 2023 totalled £16,964,884 (2022: £5,191,084).

Legacy income in 2023 was £952,685 (2022: £758.798) and remains a significant part of our income.

Donations and gifts in 2023 were £15,151,514 (2022: £3,041,147) and total income excluding legacies in 2023 was £16,012,199 (2022: £3,229,644). Person to Person major donor fundraising continues to grow and represents 9% of income net of legacies.

MDA UK’s support of MDA Israel continued during 2023 driven by a number of successful fundraising events throughout the year to September 2023. Following the events of 7th October 2023 MDA UK raised significant funds from our donors via our emergency appeal “Operation Swords of Iron”. These funds were donated to MDA Israel to support their humanitarian mission and essential lifesaving work in Israel.

None of this would be possible without a dedicated board and team of professional staff who work tirelessly to produce these results. Magen David Adom UK’s reach in the UK and further afield continues to grow with loyal committees from Gibraltar to Manchester and Hull Glasgow to Cambridge.

h. Financial Review

The accounts for the year are set out on pages 18 to 21. The company continues its valuable contribution to Magen David Adom in Israel and other similar humanitarian causes where funds are donated for that purpose.

It is the policy of the company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three to six months’ expenditure. The directors consider that reserves at this level will ensure that in the event of a significant drop in funding, they will be able to continue the company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The company has adopted a policy of placing its funds on short-term deposit with its bankers as it wishes to maintain flexibility to meet urgent requests for financial assistance. Quoted securities when given to the company are sold as soon as practicable except where this conflicts with the donor’s wishes.

Cash at the bank and in hand on 31 December 2023 was £6,294,608 (2022: £1,877,763).

There has been an increasing trend for donors and legators, to some extent, to fund restricted items including vehicles. As with capital projects, the items are paid for once they are in Israel and payment requested against invoice. In the case of ambulances, on some occasions the lead time can be a few months which further inflates Magen David Adom UK’s bank position.

8

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

Magen David Adom UK is a charitable company limited by guarantee, Charity Registration number 1113409.

b. Methods of appointment or election of Trustees

The key process for appointment of new Trustees is as follows:

c. Organisational structure and decision-making policies

The key processes involved in decision making are:

d. Policies adopted for the induction and training of Trustees

New Trustees are provided with a Charity Commission publication on the Trustees’ duties and are given guidance on the Charity’s articles of association, the board and decision-making processes of the Charity and recent financial performance.

e. Pay policy for key management personnel

Pay for key management personel is goverened by a remuneration policy, which is benchmarked on an annual basis. The Executive Committee will discuss and approve pay increases on an annual basis.

f. Related party relationships

We work in cooperation with the following organisations:

g. Trustees’ indemnities

MDA UK has adequate liability cover levels via Towergate Insurance for our trustees up to £500,000.

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9

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

h. Committees of the Board

There are five Committees of the Board – the Executive Committee, the Governance Committee, the Israel Property Committee, the British Red Cross Liaison Committee and the MDA Europe Liaison Committee. All five Committees report directly to the Chair of the Board and have delegated authorities and responsibilities.

The Executive Committee is responsible for providing advice and guidance on the activities, organisation, management and day-to-day operational matters and challenges facing Magen David Adom UK.

The Governance Committee is responsible for providing advice and guidance on issues involving the governance, reputation, community standing and ethics applicable to Magen David Adom UK and its activities.

The Israel Property Committee is responsible for providing advice and guidance on the application of resources of Magen David Adom UK towards the construction, improvement and renovation of Magen David Adom sites in Israel. Such advice may relate to the manner of Magen David Adom UK’s supervision of such investments within Israel.

The British Red Cross Liaison Committee is responsible for liaising on joint projects between the British Red Cross and Magen David Adom UK.

The MDA Europe Liaison Committee is responsible for liaising on joint projects with other MDA European societies to ensure alignment between the societies and fundraising across the continent.

i. Members of the Committees

Executive Committee:

D. Burger

D. Curtis

M. Franks

R. Jacobs (Chair) B. Kalms

R. Ordever

Governance Committee:

D. Bernstein CBE (Chair)

D. Burger

D. Curtis

R. Ellison

R. Jacobs

Israel Property Committee:

D. Burger (Chair)

R. Jacobs

A. Jacobson

B. Kalms

British Red Cross Liaison Committee:

D. Burger R. Ellison

R. Jacobs (Co-Chair)

MDA Europe Liaison Committee:

D. Burger

M. Meyer (Chair)

PLANS FOR FUTURE PERIODS

The Charity intends to continue and enhance its charitable efforts in accordance with its objectives as expressed in the articles of association.

10

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors of the Charity 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 Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

AUDITORS

The auditors, BKL Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Marc Franks

................................................

M. Franks (Trustee) Date: 20/09/2024

11

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF MAGEN DAVID ADOM UK

OPINION

We have audited the financial statements of Magen David Adom UK (the ‘charitable company’) for the year ended 31 December 2023 which comprise the Statement of financial activities, the Income and expenditure account, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council’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.

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12

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF MAGEN DAVID ADOM UK (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors 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.

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13

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF MAGEN DAVID ADOM UK (CONTINUED)

AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors’ 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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

14

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF MAGEN DAVID ADOM UK (CONTINUED)

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.

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 Auditors’ report.

USE OF OUR REPORT

This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s trustees 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

BKL Audit LLP

BKL Audit LLP

Chartered Accountants Statutory Auditor 35 Ballards Lane London N3 1XW

Date: 20/09/2024

BKL Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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15

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME FROM:
Donations
and legacies
Investments
Total income
EXPENDITURE ON:
Raising funds
Charitable activities
Total expenditure
NET INCOME/
(EXPENDITURE)
Transfers between funds
NET MOVEMENT
IN FUNDS
RECONCILIATION
OF FUNDS:
Total funds
brought forward
Net movement in funds
Total funds
carried forward		 Unrestricted
funds
Restricted
funds
Total
Funds
Total
Funds
Note
2023
£
2023
£
2023
£
2022
£
3
11,122,984
5,824,299
16,947,283
5,165,753
4
17,601
-
17,601
120
11,140,585
5,824,299
16,964,884
5,165,873
5
1,314,488
–
1,314,488
768,468
6
5,861,331
7,071,423
12,932,754
4,870,483
7,175,819
7,071,423
14,247,242
5,638,951
3,964,766
(1,247,124)
2,717,642
(473,078)
14
(884,299)
884,299
-
-
3,080,467
(362,825)
2,717,642
(473,078)
1,213,646
760,806
1,974,452
2,447,530
3,080,467
(362,825)
2,717,642
(473,078)
4,294,113
397,981
4,692,094
1,974,452

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 38 form part of these financial statements.

16

BALANCE SHEET AS AT 31 DECEMBER 2023

FIXED ASSETS
Note
Tangible assets
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
14
Unrestricted funds
Designated funds
14
General funds
14
Total unrestricted funds
14
Total funds
2,190,334
6,294,608		 2023
£
9,417

1,759,773
1,877,763		 2022
£
16,328
9,417



4,682,677		 16,328
1,958,124
8,484,942
(3,802,265)		 3,637,536
(1,679,412)
2,480,593

1,213,646
4,692,094 1,974,452
397,981


4,692,094		 760,806
-
1,213,646
1,813,520

4,692,094 1,974,452

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Registered Charity Number: 1113409 | Company registered number: 05718138 | MAGEN DAVID ADOM UK (A company limited by guarantee)

17

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

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

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Marc Franks

................................................

M. Franks

(Trustee) Date: 20/09/2024

The notes on pages 20 to 38 form part of these financial statements.

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Registered Charity Number: 1113409 | Company registered number: 05718138 | MAGEN DAVID ADOM UK (A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
2022
£
4,401,151
(28,245)
17,601
120
(1,907)
(5,248)
15,694
(5,128)
4,416,845
(33,373)
1,877,763
1,911,136
6,294,608
1,877,763

The notes on pages 20 to 38 form part of these financial statements

==> picture [497 x 216] intentionally omitted <==

19

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. GENERAL INFORMATION

Magen David Adom (UK) is a Charitable Company established on 22nd February 2006 by memorandum and articles of Incorporation subsequently ammended on 20th May 2010.

2. ACCOUNTING POLICIES

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Magen David Adom UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity’s objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

20

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

==> picture [507 x 188] intentionally omitted <==

21

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund.

==> picture [507 x 188] intentionally omitted <==

22

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. INCOME FROM DONATIONS AND LEGACIES

Donations
Legacies
Donated goods
Gift aid
Donations
Legacies
Donated goods
Gift aid		 Unrestricted
funds
2023
Restricted
funds
2023
Total
funds
2023
£
£
£
9,389,855
5,761,659
15,151,514
952,685
-
952,685
-
62,640
62,640
780,444
-
780,444
11,122,984
5,824,299
16,947,283
Unrestricted
funds
2022
Restricted
funds
2022
Total
funds
2022
£
£
£
781,220
2,259,927
3,041,147
665,798
93,000
758,798
-
1,257,277
1,257,277
108,531
-
108,531
1,555,549
3,610,204
5,165,753

4. INVESTMENT INCOME

Bank Interest

Bank Interest

Unrestricted Total
funds funds
2023 2023
£ £
17,601 17,601
Unrestricted Total
funds funds
2022 2022
£ £
120 120

23

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. EXPENDITURE ON RAISING FUNDS

Costs of raising voluntary income

Direct expenses on funds raised
Costs of raising voluntary income - wages and salaries
Costs of raising voluntary income - NI
Costs of raising voluntary income - pension costs
Direct expenses on funds raised
Costs of raising voluntary income - wages and salaries
Costs of raising voluntary income - NI
Costs of raising voluntary income - pension costs		 Unrestricted
funds
2023
Total
funds
2023
£
£
995,989
995,989
271,958
271,958
30,588
30,588
15,953
15,953
1,314,488
1,314,488
Unrestricted
funds
2022
Total
funds
2022
£
£
507,609
507,609
221,966
221,966
27,514
27,514
11,379
11,379
768,468
768,468

==> picture [497 x 185] intentionally omitted <==

24

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Assistance to MDA Israel
Other Medical Related Activities
Assistance to MDA Israel
Other Medical Related Activities		 Unrestricted
funds
Restricted
funds
Total
funds
2023
2023
2023
£
£
£
5,785,978
6,998,783
12,784,761
75,353
72,640
147,993
5,861,331
7,071,423
12,932,754
Unrestricted
funds
2022
Restricted
funds
2022
Total
funds
2022
£
£
£
1,617,883
1,818,784
3,436,667
176,539
1,257,277
1,433,816
1,794,422
3,076,061
4,870,483

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Assistance to MDA Israel
Other Medical Related Activities		 Activities
undertaken
Support
Total
directly
2023
costs
2023
funds
2023
£
£
£
12,209,536
575,225
12,784,761
147,993
-
147,993
12,357,529
575,225
12,932,754

25

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

Assistance to MDA Israel
Other Medical Related Activities		 Activities
undertaken
directly
Support
costs
Total
funds
2022
£
2022
£
2022
£
3,055,440
381,227
3,436,667
1,433,816
-
1,433,816
4,489,256
381,227
4,870,483

Analysis of direct costs

Staff costs
Medical equipment
Casualty stations refurbishment costs
Ambulances and other emergency vehicles associated
costs
International & IFRC
Gifts in kind (donated goods)
Associated costs of Gifts in kind (donated goods)
MDA Technology
Miscellaneous project costs
Command and Control
MDA Israel training		 Other
Assistance
to MDA
Israel
Medical
Related
Activities
Total
funds
2023
£
2023
£
2023
£
68,289
-
68,289
2,975,112
-
2,975,112
549,682
-
549,682
5,356,428
-
5,356,428
5,820
55,353
61,173
-
62,640
62,640
-
30,000
30,000
170,984
-
170,984
313,628
-
313,628
2,686,450
-
2,686,450
83,143
-
83,143
12,209,536
147,993
12,357,529

26

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

Analysis of direct costs (continued)

Staff costs
Medical equipment
Casualty stations refurbishment costs
Ambulances and other emergency vehicles associated
costs
International & IFRC
Gifts in kind (donated goods)
Associated costs of Gifts in kind (donated goods)
MDA Technology
Miscellaneous project costs
MDA Israel training		 Assistance
to MDA
Israel
Other Medical
Related
Activities
Total
funds
2022
2022
2022
£
£
£
45,296
-
45,296
430,150
-
430,150
1,286,374
-
1,286,374
788,221
-
788,221
51,075
59,000
110,075
-
1,257,277
1,257,277
-
42,500
42,500
25,080
-
25,080
107,106
75,039
182,145
322,138
-
322,138
3,055,440
1,433,816
4,489,256

Analysis of support costs

Staff costs
Depreciation
Premises costs
Legal and professional fees
Office expenses
Audit and Accountancy Fees
Other administrative costs
(Gains) / Losses on Forex		 Assistance
to MDA
Total
Israel
2023
funds
2023
£
£
186,660
186,660
8,818
8,818
42,963
42,963
39,198
39,198
51,808
51,808
20,280
20,280
67,026
67,026
158,472
158,472
575,225
575,225

27

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

Analysis of support costs (continued)

Staff costs
Depreciation
Premises costs
Legal and professional fees
Office expenses
Audit and Accountancy Fees
Other administrative costs
(Gains) / Losses on Forex
8. AUDITORS’ REMUNERATION
Fees payable to the Charity’s auditor for the preparation
and audit of the Charity’s annual accounts
9. STAFF COSTS
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 Assistance
to MDA
Total
Israel
2022
funds
2022
£
£
212,595
212,595
13,069
13,069
35,497
35,497
12,926
12,926
52,649
52,649
6,720
6,720
78,612
78,612
(30,841)
(30,841)
381,227
381,227
2023
2022
£
£
18,000
9,000
2023
2022
£
£
506,915
451,838
44,766
43,190
21,767
23,722
573,448
518,750

28

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. STAFF COSTS (CONTINUED)

The average number of persons employed by the Charity during the year was as follows:

Management and administration of charity
Directors		 2023
No.
2022
No.
7
8
1
1
8
9

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £150,001 - £160,000 - 1
In the band £160,001 - £170,000 1 -

Key management personnel of the charity comprise the Chief Executive & senior leadership team. The total employee remuneration and benefits of the key management personnel of the Charity were £332,619 (2022: £391,636).

10. TRUSTEES’ REMUNERATION AND EXPENSES

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. The value of Trustees’ remuneration and other benefits was as follows:

2023 2022
£ £
D. Burger Remuneration 161,550 155,720
Pension contributions paid 11,950 8,550

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).

29

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS

11. TANGIBLE FIXED ASSETS
COST OR VALUATION
At 1 January 2023
Additions
Disposals
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for the year
On disposals
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Long-term
leasehold
Fixtures and
property
£
fittings
£
Total
£
14,080
83,253
97,333
-
1,907
1,907
-
(36,993)
(36,993)
14,080
48,167
62,247
9,152
71,853
81,005
2,816
6,003
8,818
-
(36,993)
(36,993)
11,967
40,863
52,830
2,113
7,304
9,417
4,928
11,400
16,328

==> picture [498 x 185] intentionally omitted <==

30

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. DEBTORS

DUE AFTER MORE THAN ONE YEAR
Trade debtors
DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
2022
£
579,400
828,250
579,400
828,250
1,592,714
883,885
7,511
30,398
10,709
17,240
2,190,334
1,759,773

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals and deferred income		 2023
£
2022
£
327,510
290,978
3,474,755
1,388,434
3,802,265
1,679,412

31

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. STATEMENT OF FUNDS

Statement of funds - current year

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Medical Equipment
Blood Services
Ambulances
First Responder Vehicles
GENERAL FUNDS
General Funds - all funds
TOTAL UNRESTRICTED
FUNDS		 Balance at
1 January
Transfers
Balance at
31 December
2023
£
Income
£
Expenditure
£
in/out
£
2023
£
-
-
-
35,844
35,844
-
-
-
645,672
645,672
-
-
-
524,783
524,783
-
-
-
1,274,294
1,274,294
-
-
-
2,480,593
2,480,593
1,213,646
11,140,585
(7,175,819)
(3,364,892)
1,813,520
1,213,646
11,140,585
(7,175,819)
(884,299)
4,294,113

==> picture [498 x 141] intentionally omitted <==

==> picture [498 x 140] intentionally omitted <==

32

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. STATEMENT OF FUNDS (CONTINUED)

Statement of funds - current year (continued)

RESTRICTED FUNDS
Ambulance stations refurbishment costs
National blood and logistic centre
Ambulances
Bikes
Bloodmobiles
Medical equipment
Holocaust survivors’ fund
Training
Gift in kind & associated costs
International
Awaiting project
Total of funds		 Balance at
1 January
Transfers
Balance at
31 December
2023
£
Income
£
Expenditure
£
in/out
£
2023
£
89,948
137,818
(644,870)
417,104
-
165,654
173,159
(173,159)
-
165,654
283,259
5,023,816
(5,774,270)
467,195
-
18,165
54,767
(34,995)
-
37,937
27,972
155,418
(150,000)
-
33,390
103,708
193,469
(203,489)
-
93,688
25,000
-
-
-
25,000
18,000
-
(18,000)
-
-
-
62,640
(62,640)
-
-
10,000
-
(10,000)
-
-
19,100
23,212
-
-
42,312
760,806
5,824,299
(7,071,423)
884,299
397,981
1,974,452
16,964,884
(14,247,242)
-
4,692,094

Expenditure includes obligations to pay for items on order as further described in the accounting policy reference note 2.8.

33

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. STATEMENT OF FUNDS (CONTINUED)

Expenditure includes obligations to pay for items on order as further described in the accounting policy reference note 2.8.

Designated funds comprise:

Ambulances

Monies designated for use on the purchase of Ambulances.

Blood Services

Monies designated for the purchase of blood services at MDA.

First Responder Vehicles

Monies designated for the purchase of First Responder vehicles.

Medical Equipment

Monies designated for the purchase of medical equipment for MDA.

Restricted funds comprise:

Ambulances

The income from this fund supports the purchasing of ambulances for MDA Israel.

Ambulance Stations

The income from this fund supports capital projects building new ambulance stations in Israel and refurbishing existing stations.

Awaiting Project

This fund contains monies given to the Charity where the donor is yet to decide on which project they wish to support.

Bikes

The income from this fund supports the purchasing of first responder motorcycles for MDA Israel.

Bloodmobiles

This fund supports the purchasing of bloodmobiles that collect blood for the blood services.

Gifts in Kind & Associated costs

MDA UK works in partnership with International Health Partners, an organisation which specialises in securing medicines from pharmaceutical companies, free of charge, for the benefit of overseas charities and the World Health Organisation, to provide much needed medicines in those countries the WHO deems urgent. The only cost to MDA UK is a contribution towards the shipment of the medicines and medical supplies to the destination countries.

Holocaust Survivors’ Fund

This fund supports Holocaust Survivors living in Israel and their associated costs of transport to hospital for treatment.

International

This fund supports overseas humanitarian work for MDA Israel as part of its commitment to the IFRC.

Medical Equipment

This fund supports the purchase of medical equipment for MDA.

34

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. STATEMENT OF FUNDS (CONTINUED)

National Blood and Logistics Centre

This fund supported the construction of Israel’s Marcus National Blood Service Centre.

Training

This fund’s purpose is to support medic and paramedic training costs.

Statement of funds- prior year
UNRESTRICTED FUNDS
General Funds - all funds
RESTRICTED FUNDS
Ambulance stations refurbishment costs
National blood and logistic centre
Ambulances
Bikes
Bloodmobiles
Medical equipment
Holocaust survivors’ fund
Training
Gift in kind & associated costs
International
Awaiting project
Total of funds		 Balance at
1 January
2022
Income
Expenditure
Balance at
31 December
2022
£
£
£
£
2,220,867
1,555,669
(2,562,890)
1,213,646
-
513,927
(423,979)
89,948
-
655,973
(490,319)
165,654
58,697
1,009,231
(784,669)
283,259
15,400
2,765
-
18,165
11,898
16,074
-
27,972
94,843
128,682
(119,817)
103,708
25,000
-
-
25,000
18,000
-
-
18,000
-
1,257,277
(1,257,277)
-
-
10,000
-
10,000
2,825
16,275
-
19,100
226,663
3,610,204
(3,076,061)
760,806
2,447,530
5,165,873
(5,638,951)
1,974,452

35

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. SUMMARY OF FUNDS

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at
Balance at
1 January
2023
£
Income
£
Expenditure
£
Transfers in/out
£
31 December
2023
£
-
-
-
2,480,593
2,480,593
1,213,646
11,140,585
(7,175,819)
(3,364,892)
1,813,520
760,806
5,824,299
(7,071,423)
884,299
397,981
1,974,452
16,964,884
(14,247,242)
-
4,692,094

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 January
2022
Income
Expenditure
Balance at
31 December
2022
£
£
£
£
2,220,867
1,555,669
(2,562,890)
1,213,646
226,663
3,610,204
(3,076,061)
760,806
2,447,530
5,165,873
(5,638,951)
1,974,452

==> picture [498 x 122] intentionally omitted <==

==> picture [498 x 123] intentionally omitted <==

36

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

- Analysis of net assets between funds current year

Tangible fixed assets
Debtors due after more than one year
Current assets
Creditors due within one year
Total		 Unrestricted
funds
Restricted
funds
Total
funds
2023
£
2023
£
2023
£
9,417
-
9,417
579,400
-
579,400
7,507,561
397,981
7,905,542
(3,802,265)
-
(3,802,265)
4,294,113
397,981
4,692,094

- Analysis of net assets between funds prior year

Tangible fixed assets
Debtors due after more than one year
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
Restricted
funds
2022
Total
funds
2022
£
£
£
16,328
-
16,328
828,250
-
828,250
2,048,480
760,806
2,809,286
(1,679,412)
-
(1,679,412)
1,213,646
760,806
1,974,452

==> picture [497 x 172] intentionally omitted <==

37

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/expenditure for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by/(used in) operating activities		 2023
£
2,717,642
2022
£
(473,078)
8,818
13,069
(17,601)
(120)
(430,561)
54,704
2,122,853
377,180
4,401,151
(28,245)

18. ANALYSIS OF CASH AND CASH EQUIVALENTS

18. ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Total cash and cash equivalents		 2023
£
2022
£
6,294,608
1,877,763
6,294,608
1,877,763

19. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand At
At
1 January
31 December
2023
Cash flows
2023
£
£
£
1,877,763
4,416,845
6,294,608
1,877,763
4,416,845
6,294,608

38

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