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2023-04-05-accounts

The Dorfman The Dorfman The Dorfman The Dorfman Foun dation dation dation
Report and Financial Statements for the year ended 5 April 2023
Contents
Page:
Reference
and Administration		 details
2-3 Report ofthe Trustees
Independent
Examiners		 Report
Statement of Financial Activities
Balance Sheet
7-11 Notes forming part of the Financial Statements
12 Appendix
Trustees
Sir Lloyd Dorfman
CVO		 OBE
Sarah Dorfman
OBE
Amy Lux
Sophie Dorfman
Charles Dorfman
Anthony
Wagerman
Peter Leach
Principal Office
22 Manchester
Square,		 London, W1U 3PT
Accountants
BDO LLP, 55 Baker Street, London, W1U 7EU
Independent Examiner
Steve Hale FCA FCCA on behalf of Perrys Audit Limited
Churchdown
Chambers,		 Bordyke, Tonbridge, Kent, TN91NR
Bankers
Lloyds Bank Private Banking, 21-23 Hill Street, London, W1J 5JW
Barclays Bank, PO Box 9042, Bowater House, 68 Knightsbridge, SW17BW

Notes 2023 2022
E 6
Income and endowments from
Investment
income		 108,623 142,592
Total 108,623 142,592
Expenditure
on
Costs of Raising Funds:
Investment
management		 costs 41,972 44,665
Charitable
activities		 475,399 1,139,769
Total 517,371 1,184,434
Net income/(expenditure) before Investment gains/(losses) (408,748) (1,041,842)
Net gains/(losses)
on investments		 (307,211) 642,444
Net gains/(losses)
on currency		 (1) 2
Net income/(expenditure) (715,960) (399,396)
Total funds at 6 April 2022 4,650,188 5,049,584
Total funds at 5 April 2023 3,934,228 4,650,188

2 Investment
income		 2023 2022
E E
Interest on cash deposits 2,545 19
Income from Veritas portfolio 32,715 35,639
Distributions
from Charities		 Property Fund 73,363 106,934
108,623 142,592
3 Charitable
Activities		 2023 2022
E E
General charitable
purpose		 donations (see note 4) 396,000 1,060,622
Support costs (see note 5) 79,399 79,147
473,399 1,139,769
4 Donations
payable		 Charity
Number		 2023 2022
E
AJEX Charitable
Foundation		 1082148 5,000 10,000
Community
Security Trust		 1042391 101,000 100,000
Dalaid 1064655 15,000
Donmar Warehouse
Projects		 Limited 284262 6,000
English National
Ballet		 214005 10,000
Holocaust
Educational		 Trust 1092892 12,500 12,500
Nightingale
Hammerson		 207316 666,667
Norwood
Ravenswood		 1059050 35,000 35,000
Royal Academy of Dance 312826 200,000
Royal Academy Trust 1067270 20,000
Royal Marsden Cancer Charity 1095197 250,000
The Bike Project 1152354 10,000
World Jewish Relief 290767 10,000
Donations of E5,000 or less 16,500 23,000
396,000 1,142,167
Write back overprovision - BAFTA (81,545)
396,000 1,060,622

5 Support Costs 2023 2022
E E
Accountancy
fees		 10,560 10,320
Consultancy
Fees		 67,795 67,795
Independent
Examiners		 Fees 1,044 1,032
79,399 79,147
6 Investments
Charities Properties
Fund		 2023 2022
Market value at 6 April 2022 2,100,676 3,105,289
Acquisition
cost in the year
Proceeds from disposals in the year (1,250,000) (1,350,000)
(1,250,000) (1,350,000)
Realised
gains on disposals		 108,447 97,652
Movement
in unrealised		 valuation (328,215) 247,735
Total gains/(losses) (219,768) 345,387
Market value at 5 April 2023 630,908 2,100,676
Historic Cost at 5 April 2023 606,099 1,747,652
Veritas Investment
Management		 2023 2022
Market value at 6 April 2022 3,168,866 3,075,093
Acquisition cost in the year 717,771 648,015
Proceeds from disposals in the year (678,469) (851,299)
39,302 (203,284)
Realised gains on disposals 52,420 170,377
Movement
in unrealised		 valuation (139,863) 126,680
Total gains/(losses) (87,443) 297,057
Market value of Investments at 5 April 2023 3,120,725 3,168,866
Portfolio cash 156,940 203,959
Portfoiio value at 5 April 2023 3,277,665 3,372,825
Historic Cost at 5 April 2023 2,564,612 2,472,890

7 Cash at bank and in hand 2023 2022
E E
Barclays Wealth Charity Saver 756,442 153,561
Lloyds Bank account 554 541
756,996 154,102
8 Creditors:
Amounts		 falling due within one year 2023 2022
E E
Accountancy
Fees		 5,280 3,520
Investment
Manager		 Fees 10,477 11,260
Independent
Examiners
Fees		 2,076 1,032
Consultancy
Fees		 67,795 67,795
Donations
payable		 381,429 508,095
467,057 591,702
9 Creditors:
Amounts		 falling due after one year 2023 2022
E E.
Donations
payable		 264,284 385,713
10 Charitable
Commitments
The Trustees
have committed
to pay the following:
E900,000 to British Academy of Film Television a Arts (BAFTA) - E500,000 donated at 5 April 2023
E180,000 to Cygnet School - E120,000 donated at 5 April 2023
E150,000 to Highgate School - E64,286 donated at 5 April 2023
E200,000 to Royal Academy of Dance - E100,000donated at 5 April 2023

Balance at New Liability Adjustments Adjustments Payments Balance at
6April 2022 in year in year in the year 5 April 2023
BAFTA 400,000.00 400,000.
Cygnet School 120,000.00 (60,000.OD)
Highgate School 107,142.43 (21,428.57) 85,713.86
Staggtes 166,666.34 0.32 (166,666.66)
Prince's Trustlnternational 100,000.00 (100,000.00)
Royal Academy ofDance 200,000.00 (100,000.00) 100,000.00
200,000.00 0.32 (448,095.23) 645 71386
Year Ended 5 April
2024 2025 2026 Later Years Total
BAFTA 200,000.00 100,000.00 100,000.00 400,000.00
Cygnet School 60,000.00 60,000.00
Hlghgate School 21,429.00 21,429.0D 21,429.00 21,426.86 85,713.86
Royal Academy of Dance 100,000.00 100,000.00
381,429.00 121,429.00 121,429.00 21,426.86 645,713.86
Payments falhng due within one year
Payments falling due after one year
The Dorfman The Dorfman The Dorfman Foundati Foundati on
Schedule of Investments for Verites Investment Management for the year ended 5 April 2023
0 p0 ning 5elmc m Acaulsltlohs nlspossls Closing
Uhlts Cost Value Units Cost orms pmceeds cost profluloss Units cost value Inmme
5 E E 5 E E E 1 C
A n
ptc
06-AP .11 bIbm 31S m,lul 85,710
05.AP 23 fnd 310 m, 247 74,UZ
Aamu.
0!.Ap:11 hind
DS sm ll P
h		 43,D13
23 D .21 P
h		 35 9,001
OS.Ap '13 If d IN 52,013 51,05D
Ane 7
heumr		 I
elAP 22 hind 176 41,150 50,537
30.N Zl P
h		 4i 7,139
05Ap 13 fnd Ho oh39D
Alphd d
I
ai.Ap Iz a/nd 22,311 53,710
18.J I't2 smm 5put os)
10-J 1.21 snm Split
Ztom.23 P m 500 15,534
05.6p .11 ff d 57,90Z
A
05.Ap 11 hfms 52,197
iu.J -22 snd split Izu
n J .22 Md 5Plt cei
OS.A9.13 If d 4m 51,197 35,714
A
ph		 duu
a!.Ap 22 h/nd 9SD 30,136 55,531
05.AP .13 fnd DSO 3O,UD 65,413
Schedule Schedule of Investments of Investments for Verltas Investment Management Management for the year for the year ended 5April 2D23
Opening Dalmcss Aceulsltlohs Dlspssds Closing
Unns Cost
C		 VSIU8
C		 Units Cost
5		 Unhs P/ocMdt
5		 Cott
5		 Uhns cost
I		 value
I		 Ihcotn8
I
I
D		 hp te k.755 07/12/2017
S6.Ap 11 b/hd 188,808 ISD,775 93,741
85 Ap.13 /f
d		 180,0M 100,775 750
Ah
tkDt		 P gl
M.AP .11 b/nd 455 51,367 81,493
I'ldy22 Sl 78 13,4m 9,149 42170
IIA g.21 51 17,195 9,852 7,4d
DS.AP.13 /nd 5D,I66 IMls
4 en
/O.Ap .11
DSAp 13		 b/hd
/I
d		 MD 27,770 350 27,77D N,dsr 758
B
dtdg		 F tdsd tt
86-Ap 11 0/nd 540 II,M2.
854p.m /I
d		 54D 57,M'I 6I,NI 1,885
S
IRC
05.Ap .11 b/hd 2,47d 56,044 76,D76
13Ahy.21 5 I 753 lel5 1 17,N6
D5Ap
13		 /hm 1,757 38,9N 51,701
coPohhlhF dd
~		 Iklh F M
86.AP.11 0/nd 478 52,ul5 51,739
ISFd.23 51 MD d,751 51/d5 t5,734)
85-Ap .13 56s
e
0		 h t to I/FI t/ g59615510/DI/I/D7
06.49021 b/hd 05,008 08,MD
05-4p.23 as,ooo 87,411 U145
The Dorfman The Dorfman The Dorfman Foundati Foundati on
Schedule of Investments for Veritas Investment management forthe year ended 5 April 2023
Opening 0almcm Acaunltlohs ntsposals Closing
Units Cost Value Ungs COSt Units Proceeds Cost Pfugt/loss Units Cost Value Income
1 1 6 E 6 1 1 1 1
no n PLC 739519/IO/RD25
W.Ap -Rl b/bm IDD, DOD 188,341 94,450
05.Ap 13 Inu IDD,OOD 100,141 98,978
ns
4		 pic
N Ap -22 b/am IARS 24,572 42,185
13.n .23 P h 171 l,m4
05Ap.l3 /f d 1,782 31,027 45A31 614
n
D6 Ap .11 b/nd I,UD 75,116
OI.Ap '13 /f d 1,158 75,1m 183,778
F .n d c«p
06Ap 12. h/am I,DN 'B,780 121,958
ID.AI O I I 105 11,809 7,747 d,mZ
OI.Ap '13 /f d 895 46,833 08,5DS
F I
u		 du IC Aoao Nom
OIAp 22 6/nd 1,4RS 97,442 71,919
RAJ .11 5 I 355 13AII 14,361 no,alai
17-J .Zl I I 267 19,343 18,311 t7,979l
18.J 22 5 I 113 8,950 15,3D3 l6A53)
29-J IR I I 575 23,7m 39,457 05,708)
05.Ap:13 /f d I,un
0 eddas I
06Ap ZR b/nd
27.lur.l'I P h 92 ISASI
IAJ 22 P h 81 13,9I5
19.0 22 5 I 13,'157 3S,516 07160)
OI.APa13 /f d
The Dorfman Dorfman Foundati Foundati on
Schedule of Investments For Verltas Investment Management forthe year ended 5/lpdl 2023
opening Balances ACBUI ItlobS nlspDssls Closing
Units Cost Value Units Cost ungs Proceeds Cost Progtgoss Units Cost Value ln«ome
E 5 1 2 6 5 5 1 E
Hcn
56Ap -21 b/nd 1,105 71,5th
16Sm.22 Sl 3N 26,050
DS.Ap 423 /Ad 717 42,947 29,980
hti ~SN d gl Ae
D6.Ap en b/nd 3,nr 65,1DI 78,611
15.H .n 5 I n4 ID,D70 2,5'll
DSAp 13 If 6 1,053 57,550 88,718 N2
I t«
ti		 SB kf R I th BD hp ttssl/120019
866p 12 b/hd 182,5N IDS,018 95,414
85.Ap.13 If 6 ID2,DDD IDSdla I,DIS
Itlti
85.AD -21 I /nd 105 47,3m 61,139
31ehy.21 P b 31 9,086
05 Ap.13 /nd Sr,tn N,N9 385
I
I itl
5		 she h
Is Ap.n b/hd 45,178 d,417
3hsmn P b 9,572
17/ .11 P b 9D 17,818
DSAp.n If 6 ho nBro n,sls
Ihmo PPLC
t6AP n bind 598 5D,NB
DS Ap.23 Ind NS 47,457 373

The Doffman The Doffman The Doffman Foundatio Foundatio n
Schedule of Investments for Verltas Investment Management forthe year ended 5April 2023
Uponlng Dalmcas Acqulsltlons Ultpotals Closing
Ungs Cost
2		 Value
6		 Units CDSt
E		 Uolte pmceeds
6		 cost
6		 progmom
5		 Units cost
5		 value
C		 Income
6
7
I ku/k		 DS/Aur
06.AP .H b/hm
08 A g.22. P
b		 ID,119
I I-A gcm P
h		 27D 52,997
ZDD .m P
h		 143 14,001
D5 Ap 23 /kd 5t,m7 cs,raf
9
I		 ~ lug lit
I		 NAD
05.AP -ll b/kd 23,mg 4I '112
05 AP .13 /kd 193 Z3,048 1,032.
Ld mrc p4 A «k lkl* g
06.AP.12
DS-AP.13		 b/nd
If 6		 65,731 IDDAZI IDD 65,731 93,901 f,ok
k
hauL		 G
D!.AP m b/kd no 63,470 93,171
D5Ap 23 /kd no 03470 97,25Z 1,171
05.Ap 11 b/md 368 55,476 101,831
ZS.J .23 sf 14,982 7,453 7,5Z9
D5 Ap .23 Ikm 319 41,511 md/00 BZ
Alk ftmq
Iu Ap
DS.Ap		 .12
'13		 b/hm
4 6		 1'1,249 m,199 356 19P149 01,3DO 056
N 0 Ikulus I
.Slsg		 la/12/1015
06Ap 12 b/kd lm, aDD 94,907
05Ap '13 If 6 lsa,am W,955 91,219

Schedule of Investments Schedule of Investments Schedule of Investments for Veritas for Veritas Investment Management Management Forthe year ended 0 April 2023
Upanlngeslmcos Acnulsltlohs nlspmals Closing
Unhs Cost Vdus Units Cost Unhs Proceeds Cost P/oflt/Ines Untts Cost Value alm/m
E E E E 2 C 5 E 2
mm pLc
05.AO
0508		 -11
23		 I/nu 807 69,595 007 69,lns 56,ms I,nl
NINE I
06.Ap
30-/		 .m
-ll		 6/nd
P
h		 m6 m,el
05.AP .23 /mu 356 12,451 34,565 151
0
h		 Iklu SAG
t6.AP 11 h/nd 3S5 r/, 127 m1,606
20N 23 Sl 45 10,331 1,755
O'I.Ap 13 N 6 34D 64,500 oo,oso
AV IL
0		 5h nr N shorn tr 0
06.ap 22 h/nu
Issnt.21 P
h		 121,DD3 119,201
304/ .11 nwu 0 (351)
0144 -13 5 I 10,655 10,255 18,175
D3.N .23 5 I 10'1,341 101,473 IDO,691 781
571
Ol.sp -23 /n 0
Sf N I u m I hmphnr. 81m05/In/lD23
IN.Ap ll 6/mu
OOA 0.12 P
h		 100,050
D5 Ap .13 /mu IOD, OOD 00,940 m,375
5 N 4 0 I humgurlalD/D2/1025
Oo.sp
05 Ap		 .n
.13		 h/Nu
/mu		 100,050 102m/91 INI, DOO 101,191 l,sm
The Dorfman The Dorfman The Dorfman Foundati Foundati on
Schedule of Investments for Veritas Investment uananement for the year ended 5 April 2023
opening Salmcm Acnuultlohs nlspo/als Closing
Unns C05t
E		 Value
E		 Unm Cost
E		 Unns pmcaeds
5		 cost
E		 profn/lorn
E		 Unns cost
E		 value
1		 Income
E
fy mml
05.Ap .11 b/nd HD m, 303 57,415
OJ .13 P
h		 25,593
DSAp 23 If d ms 7i,ms 90,7ol
T 5 d un f«t NC
06.Ap 22 3/hm Itdts
08.5n.n 5 I 590 40336 10,413 I'1,512
05.4p.23 If d 35D
lh Pi 3«5 I
tm		 h
S6 Ap 12 b/nm II7,921
II.A 0-21 5 I 55 N,N2 9A71 15,mt
05.Ap -13 5 6 1ID 36,9N 97,743 In/
T
t		 5 pplyn
06.4p
OI.Ap		 .21
13		 b/md
/nd		 35,3m 46D 35 ms 86,636 1,115
II
I		 PLC 1.5533/D7/1016
06.4p .11 0/nm
02.u 13 P
h		 IDD,DN 91,IDS
05.Ap el3 If 6 IDO, DOS 92,IDS 91,100
U lt dnf ad 0lt,5513/D//lsn
Dl Ap .12 0/Am
22Jd.lt A dl t I 22 Ol)
OS.AP 13 5 d
u it dnuad Gilt.75%21/07/1013
In Ap
05.Ap		 .21
-13		 h/nm
If d		 ro,ols 7D,DSD 70,665 69,320 ml
Schedule of Investments Schedule of Investments Schedule of Investments for Veritas for Veritas Investment Management Management forthe year forthe year ended 3 Aprf) 2023
Opening Balances Acquisitions Ufspossls Closing
Units C05t Value Units Cost Units proceeds cost pront/loss Units cost value Income
E E E E 5 E E 5 E
U it dn Sd I n t tl kmoat. 1258M/03/2614
/B.AP.12 bfnu
D3rdH P h 44,600 66,1N
21hl
H		 4 dl tu t UU
DS.Ap.23 /hm 44,6DD 66,116 «,557 H
Bit dkhgd hn I» .I km eat H5822/D3/ID26
06.4p
22		 6/hm
14O 1-12 P h 57,000 75,141
Hel .23 4 det« t (6)
05.49 -H /f d 57,OSD 75,136 S0,614 44
U n dst I 7 ml nui I d d.o5515/Ol/2025
014p.22 b/nu SI,ND 67,SI4
15.49.12 A«m d
I t«		 t I3)
Iscubtt 5 6 Sl,ND SI,H9 Or,aad I3,365
15O tll 4 dl t««t 51
05 Ap.23 /md
U It dn dth e 9 4
IN! Ap
22		 b/nu 304 5O,D57 119,9nl
D/.J I-'ll 5 I 20 0,274 3,NO 4/454
15.n .H 51 35 15,997 9,3H
26.J .21 5 t 41 N, 535 S,OH 8,514
05 Ap.13 /hm Isr N,sm 1,2ld
Hei*7 NltC 2.125812/04/IOH
a!Ap.12. 0/hm IOO,SDO IOO,7la IN,DIS
22:Ap:H 5 I ISD,OOO IDD,OSO IDD,78D IISD)
05.Ap .13 2,125