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← The Tag Foundation For Social Development

2022-12-31-accounts

Charity registration number 1137017

Company registration number 07219378 (England and Wales)

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr R Bellau
Mrs N Elias
Mr R Leiman
Rabbi Y Ives
Charity number 1137017
Company number 07219378
Registered office 5 Technology Park
Colindeep Lane
London
United Kingdom
NW9 6BX

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Statement of financial position 8
Notes to the financial statements 9 - 16

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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).

Objectives and activities

Having been established as a registered charity in the UK in 2010, The Tag Foundation for Social Development (Tag) became established as a not-for-profit (501(c)3) in the USA in 2011, as a registered organisation in Myanmar in 2013, and as a registered CBO in Kenya in 2017. Each Tag registered entity is legally independent and governed by the laws in each of the jurisdictions where it has been established, enabling it to operate effectively in the local context and with locally recruited staff.

During this reporting period, one of Tag’s main focus' was on developing its Youth Development Fund and its Relationship Centre. Tag’s international development work in Myanmar and Kenya is now being run by the independent Tag entities in those jurisdictions.

During most of this reporting period, the war in Ukraine raged on. Tag was already working with several communities in Ukraine, but we greatly increased our activities in support of those affected by the conflict.

We have continued to benefit from several expert/pro bono corporate volunteers, in areas such as HR, marketing and operational processes, that have enabled us to continue our activities despite a comparatively modest budget.

Tag has two main organisations: Tag International Development, which develops and delivers expertise-driven projects in developing countries, and Tag Institute for Social Development, a social science research centre that applies Jewish ideas and values to social challenges. Both are registered under the umbrella organization—The Tag Foundation for Social Development in the UK.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

Tag International Development

Several of Tag’s international projects continued this year through the independent Tag organizations in Kenya and Myanmar. In Kenya, the Hoops for Kids basketball project continued, along with several agriculture-enhancing initiatives. In Myanmar, Tag’s Plan Bee organization experienced steady growth and progress into new South-East-Asian markets. However, during this reporting period, Ukraine became our main focus as a result of the war inflicted upon it by Russia.

Youth Educational Scholarships

The Leiman Youth Scholarship Fund was established in early 2020 to provide partial scholarships to enable young people from deprived areas to secure a place at a Jewish high school, giving them an opportunity to benefit from both a strong Jewish and general studies education. Since 2019, we have been providing individual scholarships for high school education in Argentina, Belarus and Ukraine, as well as providing a range of other support for orphaned and disadvantaged children in Ukraine and Belarus. In 2022, this work greatly expanded. We gave out 70 scholarships during 2022 to youth attending high schools in Belarus, Ukraine, and Argentina. We had plans to build a sports centre in Zhytomyr in Western Ukraine, but the hostilities that started in February 2022 have made that impossible. Instead, we have turned to various relief efforts in Poland, Ukraine, and Israel.

Our partnership with the schools widened to include a range of other assistance, from educational equipment to the salary for a social worker. In Argentina, we assisted in providing computer technology that helped the school incorporate digital learning methods. In Argentina, we also assisted in the refurbishment of the children’s playground, not only providing a safe play area for young children, but also enhancing the overall school site. Given the war in Ukraine, we were forced to change some of our activities in the country.

Ukraine assistance

Our main efforts during this reporting period were directed to a range of assistance inside of Ukraine, in light of the humanitarian crisis unfolding there. Tag assisted its partners in various cities across Ukraine in a multitude of ways, from solar lamps to firewood, from baby food to prescription eyeglasses. We assisted in the conversion of basements into bomb shelters for schools and community centres, and in installing air conditioning in the same centres. We provided therapists and social workers to help people deal with the trauma, and we supported a range of summer and winter children and adult programs. We supported the distribution of food parcels and fixed broken windows in people’s homes. Overall, thousands of people have benefited from a range of efforts made during this reporting period by Tag.

Refugee home in Poland

Our needs analysis in the aftermath of the full-scale invasion of Ukraine identified a strong need for safe accommodation for vulnerable women and children who had fled Ukraine. To this effect, Tag partnership with an Israeli NGO called Topaz to establish homes for refugees in the city of Rzeszow in Poland. The homes were running from May 2022 until the end of March 2023, when it became clear that this facility was no longer essential.

Ukraine orphanage in Israel

In the early weeks of the war in Ukraine, our partner from Zhytomyr decided to transfer their entire orphanage to Israel. Tag has supported them in a variety of ways, as these children were displaced from their normal lives.

Educational partnerships

Tag continued to sponsor a variety of youth projects, including a winter camp and youth leadership development course in London and Jewish education-based initiatives in South London.

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Tag Institute

During this period, an assessment began to determine which of our previous projects should be revived. At present, we are actively working on four areas: relationships, social values, Israel and international development. These are where we have strong opportunities, and in which Tag has unique expertise and perspectives.

Tag Institute’s social work progressed well this year. For example, we published a weekly column on the largest Judaism website: www.chabad.org which has been read by tens of thousands from all over the world. We have now prepared an innovative book presenting the teaching of the Lubavitcher Rebbe, which is being prepared for publication at present (September 2023).

Israel Hub

Tag is now giving increased attention to its foundational goal of increasing the sharing of Israeli expertise with developing countries. To this end, the organization has been shifting greater focus towards how to educate and inform key audiences on this matter, through published writings, collaborations with suitable partners and educational activities. In this reporting period, a book on Israel’s expertise was completed and a website on the topic – www.israelhub.org – was created.

Relationship centre

To help people who are struggling to form and secure lasting relationships, we have begun the process of building a substantial online resource. The website www.datewell.org contains extensive materials, in text, audio and video formats on a wide range of topics. A series of successful educational activities have been undertaken, including a range of podcast appearances and public education events. In addition, assistance is provided to hundreds of individuals to guide them towards dating success. A handbook guide for professionals was published during this time, and work on a substantial book for the wider public was created, which is near completion.

The second area of focus has been research into what expertise Israel can most uniquely offer the developing world, with the aim of significantly expanding on the reach of this expertise and expanding its potential to help vulnerable people around the world. This culminated in the establishment of the Israel Hub, which was an outgrowth of a previous project called Israel Global Initiative which was launched at the Israel Knesset in early 2016.

Some of Tag Institute's social projects have continued. We have been working to relaunch some of our previous projects in the city of Bat Yam in Israel, especially those relating to ageing enrichment and bullying. Tag continued to sponsor a variety of youth projects, including a winter camp and youth leadership development course in London and Jewish education-based initiatives in South London.

Financial review

In light of the planned reduction in future activity of the charity as it moves some of its resources to Tag US, it is the policy of the charity to maintain only minimal unrestricted funds, at a level to provide sufficient funds to cover its basic on-going administration costs. Any future charitable expenditure will only be funded by corresponding future charitable income received.

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Plans for future periods COVID-19

For the early part of the reporting period, some restrictions were still in place due to the coronavirus pandemic. This prevented us from project-related travel, and it further consolidated our transition towards a more remote mode of operating.

Looking forward

Tag has delivered over 40 projects in 15 countries since it was established in 2010. During this time, the landscape has evolved enormously, and we have adapted the focus of our activities over the years to reflect those changes. Looking ahead, we see ourselves focused primarily on educational initiatives, and on projects related to Ukraine.

Structure, governance and management

The charity is controlled by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr R Bellau

Mrs N Elias Mr R Leiman Rabbi Y Ives

As set out in the Articles of Association, the first trustees were those notified to Companies House on incorporation of the charitable company. The trustees may appoint any person who is willing to act as a trustee. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

The trustees administer the charity on an ongoing basis. There is regular communication to resolve strategy and ongoing developments. The trustees have appointed a Chief Finance Officer who, assisted by the office staff, ensures the day to day matters are attended to. To facilitate operations, the Chief Finance Officer has been delegated certain authority including financial, HR and operations.

Induction and training of new trustees

The trustees are all aware of their responsibilities and the roles within the organisation. Various topics of relevance are discussed as required to ensure an appropriate level of understanding and knowledge.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees' report was approved by the Board of Trustees.

Rabbi Y Ives Trustee

29 September 2023

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

I report to the Trustees on my examination of the financial statements of The Tag Foundation for Social Development (the charity) for the year ended 31 December 2022.

Responsibilities and basis of report

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

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

Independent examiner's statement

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

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

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

Gedalia Waldman BA FCA Grunberg & Co Limited Chartered Accountants 5 Technology Park Colindeep Lane Colindale London NW9 6BX

Dated: 29 September 2023

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Donations and legacies
2
329,136
110,188
Other income
3
615
-
Total income
329,751
110,188
Expenditure on:
Charitable activities
4
324,495
72,273
Net income for the year/
Other gains or losses
2,350
(2,350)
Net movement in funds
7,606
35,565
Fund balances at 1 January
2022
22,414
4,777
Fund balances at 31
December 2022
30,020
40,342		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
439,324
172,141
-
615
-
-
439,939
172,141
-
396,768
165,955
-
-
-
-
43,171
6,186
-
27,191
16,228
4,777
70,362
22,414
4,777		 Total
2021
£
172,141
-
172,141
165,955
-
6,186
21,005
27,191

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

2022 2021
Notes £ £ £ £
Fixed assets
Tangible assets 10 1,318,335 1,318,335
Current assets
Debtors 11 15,394 6,494
Cash at bank and in hand 41,173 21,543
56,567 28,037
Creditors: amounts falling due within one
year 13 (1,304,540) (1,319,181)
Net current liabilities (1,247,973) (1,291,144)
Total assets less current liabilities 70,362 27,191
Income funds
Restricted funds 14 40,342 4,777
Unrestricted funds 30,020 22,414
70,362 27,191

The charitable company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022.

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the Trustees on 29 September 2023

Rabbi Y Ives Trustee

Company registration number 07219378

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

The Tag Foundation for Social Development is a private company limited by guarantee incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, NW9 6BX, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional and presentational currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The trustees have considered a 12 month period ahead. The trustees are confident that continued financial support to the charity will be forthcoming for the foreseeable future and that the charity will raise the necessary funds to ensure that the charity can meet its day-to-day commitments.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when:

Investment income is recognised on a receivable basis.

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 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 are allocated on the portion of the asset’s use.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings not provided Fixtures and fittings fully depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.11 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

2 Donations and legacies
Unrestricted Restricted Total Unrestricted
funds funds funds
2022 2022 2022 2021
£ £ £ £
Donations and gifts 329,136 110,188 439,324 172,141
3 Other income
Unrestricted Total
funds
2022 2021
£ £
FX Movement 615 -
4 Charitable activities
2022 2021
£ £
Grant funding of activities (see note 5) 388,082 159,646
Share of support costs (see note 6) 4,023 3,865
Share of governance costs (see note 6) 4,663 2,444
396,768 165,955
Analysis by fund
Unrestricted funds 324,495 165,955
Restricted funds 72,273 -
396,768 165,955
5 Grants payable
2022 2021
Grants to institutions 388,082 159,646

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

5 Grants payable

(Continued)

6 Support costs

Support costs
Governance
costs
£
£
Management
-
-
Finance
332
-
Motor, travel and
accommodation
3,691
-
Independent examination
-
4,663
4,023
4,663
Analysed between
Charitable activities
4,023
4,663		 2022 Support costs
Governance
costs
£
£
£
-
14
-
332
3,851
-
3,691
-
-
4,663
-
2,444
8,686
3,865
2,444
8,686
3,865
2,444		 2021
£
14
3,851
-
2,444
6,309
6,309

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2021: None).

8 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

9 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

10 Tangible fixed assets

Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 January 2022
1,318,335
7,543
At 31 December 2022
1,318,335
7,543
Depreciation and impairment
At 1 January 2022
-
7,543
At 31 December 2022
-
7,543
Carrying amount
At 31 December 2022
1,318,335
-
At 31 December 2021
1,318,335
-		 Total
£
1,325,878
1,325,878
7,543
7,543
1,318,335
1,318,335

In a departure from generally accepted accounting standards, the Charity has not depreciated the building element of the freehold property. The use of the property is provided, by way of a licence to occupy, to another charitable organisation in fulfilment of the Charity's objectives. Due to the nature of the use of property, the directors believe carrying the freehold property at historical cost more accurately reflects the true and fair view of the of the freehold property than by depreciating the building.

11 Debtors

Amounts falling due within one year:
Other debtors
12
Loans and overdrafts
Bank overdrafts
Other loans
Payable within one year		 2022
£
15,394
2022
£
-
1,301,000
1,301,000
1,301,000		 2021
£
6,494
2021
£
15,301
1,301,000
1,316,301
1,316,301

The balance in relation to the loan is secured by a fixed charge over the property owned by the charity.

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Creditors: amounts falling due within one year

Notes
Bank overdrafts
12
Other borrowings
Accruals and deferred income		 2022
£
-
1,301,000
3,540
1,304,540		 2021
£
15,301
1,301,000
2,880
1,319,181

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in Movement in funds Movement in funds Movement in funds
funds
Balance at Incoming Balance at Incoming Resources Revaluations, Balance at
1 January 2021 resources 1 January 2022 resources expended gains and losses 31 December
2022
£ £ £ £ £ £ £
Restricted
funds 4,777 - 4,777 110,188 (72,273) (2,350) 40,342
15 Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fund balances at 31
December 2022 are
represented by:
Tangible assets - 1,318,335 1,318,335 - 1,318,335 1,318,335
Current assets/(liabilities) 30,020 (1,277,993) (1,247,973) 22,414 (1,313,558) (1,291,144)
30,020 40,342 70,362 22,414 4,777 27,191

16 Related party transactions

Other debtors consist of an amount of £15,394 (2021: £6,494) owed from the American arm of the Tag Foundation for Social Development.

THE TAG FOUNDATION FOR SOCIAL DEVELOPMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

17 Limited by Guarantee

The Company is limited by guarantee, and every member promises that if the Charity is dissolved while he or she remains a member, or within twelve months after they cease to be a member, to contribute an amount not exceeding £10 towards the cost of dissolution of the liabilities incurred by the Charity.