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← The Dorfman Foundation

2025-04-05-accounts

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The Dorfman Foundation Financial Statements Year Ended 5 April 2025 Charity No: 1120714

The Dorfman Foundation

Report and Financial Statements for the year ended 5 April 2025

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Contents

Page: 1 Reference and administrative information 2-3 Report of the Trustees 4 Independent Examiners Report 5 Statement of Financial Activities 6 Balance Sheet 7-11 Notes forming part of the Financial Statements 12 Appendix a Trustees Sir Lloyd Dorfman CVO CBE 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, TN9 1NR Bankers Lloyds Bank Private Banking, 21-23 Hill Street, London, W1J 5JW Barclays Bank, PO Box 9042, Bowater House, 68 Knightsbridge, SW1 7BW

Investment Managers Navera Investment Management, Riverside House, 2a Southwark Bridge Road, London, United Kingdom, SE1 9HA Charities Property Fund, 33 Margaret Street, London, W1G OJD

1

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The Dorfman Foundation

Report of the Trustees for the year ended 5 April 2025

The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2025. The Financial Statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the charity’s trust deed and applicable law.

Structure, Governance and Management

The Dorfman Foundation is constituted under a Declaration of Trust dated 26 February 2007 created by the Settlor, Sir Lloyd Dorfman. It is a registered charity number 1120714.

The Trustees who have served during the year and since the year end are set out on page 1. The power of appointing new or additional Trustees is vested in the Settlor during his lifetime.

At the regular Trustees’ meetings, the Trustees agree the board strategy and areas of activity for the Foundation, including consideration of grant making, investment, reserves and risk management policies and performance.

Risk management

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that such risks are continuously monitored and that appropriate steps can be taken to lessen these risks.

Objectives and Activities

The Trustees shall hold the Trust Capital and the income thereof upon Trust to pay or apply the whole thereof for the benefit of such charity or charities as the Trustees may from time to time in their absolute discretion determine.

Grant making policy

All applications received are considered by the Trustees on their own merit for suitability of funding.

Public benefit

In meeting the objectives the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and judge that all donations made meet this guidance. All donations are listed in note 5 on page 8.

Achievements and Performance

The Trustees have continued to apply their funds in accordance with the objectives of the Trust and their grant making policy. Donations totalling £401,200 have been made in the year (2024: £1,256,584).

Plans for the future

The Trustees intend to continue providing grants in a similar way to the recent past but retaining flexibility as to the timing, and scale of grant making.

2

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The Dorfman Foundation

Report of the Trustees for the year ended 5 April 2025 (continued)

Financial Review

As at 5 April 2025 the market value of investments held was £3,133,506 (2024: £3,620,484) and cash holdings amounted to £28,513 (2024: £36,139).

The Trustees have written off consultancy fees accrued totalling £67,795.40 during the year. This has been shown as other income in the statement of financial position.

Reserves policy

The Trustees’ policy is to maintain their continuing level of support under the grant making policy that they have agreed. If income resources are insufficient to cover the grants then recourse is made to the other funds of the Trust. The Trustees do not consider that any minimum level of resources is required.

Trustees’ responsibilities in relation to the financial statements

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations and the trust deed. 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.

Approved by the Trustees and signed on their behalf by:

==> picture [193 x 21] intentionally omitted <==

----- Start of picture text -----
TrusteeSir Lloyd Dorfman CV: _ —_
----- End of picture text -----

Date: ZS Mere. 2026

3

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The Dorfman Foundation

Statement of Financial Activities for the year ended 5 April 2025

Notes 2025 2024
£ £
Income and endowments from
Investment income 2 42,499 76,503
Other income 3 67,795 -
Total 110,294 76,503
Expenditure on
Costs of Raising Funds:
Investment management costs 38,592 38,189
Charitable activities 4 412,882 1,268,223
Total 451,474 1,306,412
Net income/(expenditure) before investment gains/(losses) (341,180) (1,229,909)
Net gains/(losses) on investments 8 11,695 384,560
Net gains/(losses) on currency 3 (1)
Net income/(expenditure) (329,482) (845,350)
Total funds at 6 April 2024 3,088,878 3,934,228
Totalfundsat5April2025 2,759,396 3,088,878

All funds are unrestricted and relate to continuing activities.

The notes on pages 7 to 11 form part of these financial statements

5

3,088,878

1 Principal Accounting Policies

The Dorfman Foundation

Notes to the financial statements for the year ended 5 April 2025

(a) Accounting Convention

The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.

(b) Donations, legacies and similar income

Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.

(c) Investment income

Investment income is accounted for in the period in which the charity is entitled to receipt.

(d) Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.

(e) Charitable activities

Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.

(f) Governance costs

Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity.

(g) Fixed asset investments

Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.

(h) Realised gains and losses

Gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised gains and losses are calculated as the difference between the market value at year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Assets.

(i) Taxation

The charity is exempt from tax on its charitable activities.

(j) Going concern

The trustees consider that there are no material uncertainties about the ability to continue as a going concern.

7

The Dorfman Foundation

Notes to the financial statements for the year ended 5 April 2025

2 Investment income 2025 2024 2024
£ £
Interest on cash deposits 7,995 17,370
Income from Navara portfolio 32,479 30,951
Distributions from Charities Property Fund 2,025 28,182
42,499 76,503
3 Other income 2025 2024
£ £
Reversal of Consultancy Fees 67,795 -
4 Charitable activities 2025 2024
£ £
General charitable purpose donations (see note 5) 401,200 1,256,584
Support costs (see note 6) 11,682 11,639
412,882 1,268,223
5 Donations payable Registered 2025 2024
Charity No. £ £
British Academy of Film Television &
Arts (BAFTA) 216726 - 100,000
Community Security Trust 1042391 101,700 101,500
Holocaust Educational Trust 1092892 12,500 12,500
Jewish Care 802559 - 50,500
JW3 Development 1156248 10,000 446,584
New Adventure 1125342 20,000 -
Northern Ballet 259140 60,000 50,000
Norwood 1059050 35,000 35,000
Regents Park Theatre Limited 231670 20,000 -
Sadler's Wells Trust 279884 75,000 400,000
St Martin-in-the-fields Trust 1110406 - 10,000
The Jewish Community Secondary
School 1107705 50,000 -
The Normandy Memorial Trust 1168973 - 25,000
UK Friends of Yad Yisroel 1109649 - 15,000
West London Synagogue 1152354 10,000 -
Donations of£5,000or less 7,000 ——_10,500
401,200 1,256,584

8

The Dorfman Foundation

Notes to the financial statements for the year ended 5 April 2025

6 Support Costs 2025 2024
£ £
Accountancy fees 10,560 10,560
Independent examiner fees 1,122 1,079
11,682 11,639
7 Investments
Charities Properties Fund 2025 2024
£ £ £ £
Marketvalue at 6 April 2024 48,065 630,908
Acquisition cost in the year - =
Proceeds from disposals in the year (23,750) (571,250)
(23,750) (571,250)
Realised gains on disposals (733) 14,065
Movement in unrealised valuation 952 (25,658)
Total gains/(losses) 219 (11,593)
Market value at 5 April 2025 24,535 48,065
Historical cost at 5 April 2025 24,431 48,914
Navera Investment Management 2025 2024
£ £ £ £
Marketvalue at 6 April 2024 3,469,604 3,120,725
Acquisition cost in the year 577,593 779,598
Proceeds from disposals in the year (1,069,273) (826,872)
(491,680) (47,274)
Realised gains on disposals 255,106 105,454
Movement in unrealised valuation (243,630) 290,699
Total gains/(losses) 11,476 396,153
Market value of Investments at 5 April 2025 2,989,400 3,469,604
Portfolio cash 119,571 102,815
Market value at 5 April 2025 3,108,971 3,572,419
Historicalcostat5April2025 2,386,219 2,622,792

9

The Dorfman Foundation

Notes to the financial statements for the year ended 5 April 2025

8 Cash at bank and in hand 2025 2024
£ £
Barclays Private Deposit 27,935 35,574
Lloyds Bank account 578 565
28,513 36,139
9 Creditors: Amounts falling due within one year 2025 2024
£ £
Accountancy Fees 5,280 2,640
InvestmentManager Fees 10,507 9,473
Independent Examiner Fees 1,122 2,124
Consultancy Fees - 67,795
Donations Payable 219,286 221,429
236,195 303,461
10 Creditors: Amounts falling due after one year 2025 2024
£ £
DonationsPayable 166,428 264,284

11 Charitable Commitments

The Trustees have committed to pay the following:

£900,000 to British Academy of Film Television & Arts (BAFTA) -£700,000 donated at 5 April 2025 £150,000 to Highgate School -£64,286 donated at 5 April 2025 £60,000 to Northern Ballet -£20,000 donated at 5 April 2025 £20,000 to Regents Park -£10,000 donated at 5 April 2025 £75,000 to Sadlers Wells Trust -£25,000 donated at 5 April 2025

12 Trustees’ remuneration and benefits

None of the Trustees have been paid any remuneration or received any other benefits from the Charity. No trustees’ expenses were incurred in the year ended 5 April 2025 (2024 - none).

10

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The Dorfman Foundation

Notes to the financial statements for the year ended 5 April 2025

13 Related party transactions

There have been no transactions with persons or entities that are closely connected to the charity or it's trustees, with the exception of the following charities, which have the following Trustees in common: ° JW3 Development - Amy Lux

Sir Lloyd Dorfman resigned as a Trustee of JW3 Development in January 2020. He holds the position of Honorary Vice President.

Consultancy fees of ENil (2024: ENil) were invoiced by Esselco Group Limited during the year for the provision of administration services and operational facilities. Sir Lloyd Dorfman and Charles Dorfman are both Directors of Esselco Group Limited. £67,795 of fees were outstanding at 5 April 2025 (2024: £67,795).

Sir Lloyd Dorfman is deputy chairman and Anthony Wagerman is director and trustee of the Community Security Trust.

11

The Dorfman Foundation

ee

Appendix

Accrued Grants Liability Schedule of Investments

5 April 2025

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