Charity Registration No. 1148454
Company Registration No. 08075575 (England and Wales)
SOHN FOUNDATION LONDON
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
SOHN FOUNDATION LONDON
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees P Butler D Geha A Keusseyan E Sohn M Stotz R White Charity number 1148454 Company number 08075575 Registered office 10 Queen Street Place London EC4R 1BE Independent examiner Mark Taylor HW Fisher Professional Services Limited Chartered Accountants Acre House 11-15 William Road London NW1 3ER United Kingdom
SOHN FOUNDATION LONDON
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
SOHN FOUNDATION LONDON
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MAY 2024
The Trustees present their report and financial statements for the year ended 31 May 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with charity 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
The objectives of the charity are for the public benefit to advance in life, to preserve and protect the health of and otherwise to relieve the needs of children and in particular to promote medical research and patient quality of life in relation to paediatric cancer and paediatric health generally.
To further its objectives the charity may:
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Provide and assist in the provision of money, materials or other help.
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Organise and assist in the provision on conferences, courses of instruction, exhibitions, lectures and other educational activities.
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Promote, encourage, carry out or commission research, surveys, studies or other work, making its useful results available.
In order to meet its objects the Sohn Foundation London works closely with their US counterpart, Ira Sohn Conference Foundation. The Foundation was set up in 1995 by the friends and family of Ira Sohn, a 29 year old Wall Street trader who died from cancer. Furthermore, Ira Sohn Conference Foundation is dedicated to the treatment and care of paediatric cancer, with proceeds raised used to fund research and care.
The annual UK conference hosted by Sohn Foundation London was held in December 2023 and continued to attract a number of high profile speakers and strong attendance. Nevertheless the prevailing economic condition made the fundraising environment challenging and inflation impacted the cost of organising the event. The trustees will maintain a prudent approach to funding grants for research into Paediatric Cancer.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities charity should undertake in regards to public benefit.
Grants are made at the discretion of the board in order to fund causes which are focused on finding cures for paediatric cancer and for the care of children suffering from it.
Financial review
The Statement of Financial Activities (SoFA), set out on page four, shows that Sohn Foundation London had total incoming resources of £152,617 (2023: £145,066) of which £114,816 (2023: £192,493) was expended in the period.
Unrestricted funds as at 31 May 2024 amounted to £50,361 (2023: £12,560) comprising those funds which the Trustees are free to use in accordance with the charity objects of the charity.
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 and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue 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.
The present investment policy is that Sohn Foundation London does not hold shares or investments. However, the charity may invest the charity's money not immediately required for its objects in or upon an investment, securities or property.
The Trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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SOHN FOUNDATION LONDON
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
Particular risks include:
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The overall financial climate will determine whether people/companies are willing to donate to charities. As there have been fluctuations in the financial marketplace, this could have an effect on UK charities. However, the US counterparty could support the Foundation during its first years.
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General advancement in cancer research will also affect people's opinion on whether donations are needed or not.
Structure, governance and management
The Sohn Foundation London is a registered charity (No. 1148454) and a company limited by guarantee and not having share capital (No. 08075575). The registered office is as shown on the legal and administrative information page. The Foundation was incorporated on 18 May 2012 and registered with the Charity Commission on 7 August 2012.
The trustees, who are also the directors for the purpose of company law, who served during the year and up to the date of signature of the financial statements were:
P Butler
D Geha
A Keusseyan E Sohn M Stotz R White
There is no formal policy for the induction or training of new Trustees; this is done on an ad hoc basis. Trustees may be reimbursed by the charity for reasonable expenses.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Foundation established Memorandum of Association and Articles of Association on 18th May 2012. The only member to subscribe to this Memorandum of Association is the charity's US counterpart, Ira Sohn Conference Foundation. One of the Ira Sohn Conference Foundation Trustees sits on the board of the Foundation and the member may appoint Trustees by serving notice in writing to the Foundation.
The Board of Trustees is responsible for the overall governance of the charity's business. Any decision of the Trustees must be a majority decision and the charity must have a minimum of three Trustees.
Public benefit
The Trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. The benefit to the public is manifestly demonstrated by the achievements contained in this report, all of which seeks to advance in life, to preserve and protect the health of and otherwise to relieve the needs of children and in particular to promote medical research and patient quality of life in relation to paediatric cancer and paediatric health generally.
The Trustees' report was approved by the Board of Trustees.
Piers Butler .............................. P Butler
Trustee 25 Feb 2025 Dated: .........................
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SOHN FOUNDATION LONDON
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SOHN FOUNDATION LONDON
I report to the Trustees on my examination of the financial statements of Sohn Foundation London (charity) for the year ended 31 May 2024.
Responsibilities and basis of report
As the Trustees of 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
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:
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1 accounting records were not kept in respect of charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Mark Taylor Mark Taylor
HW Fisher Professional Services Limited
Acre House 11-15 William Road London NW1 3ER United Kingdom
25 Feb 2025 Dated: .........................
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SOHN FOUNDATION LONDON
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations | 2 | 124,426 | 102,124 |
| Incoming resources from charitable activities | 3 | 27,966 | 42,942 |
| Interest receivable | 4 | 225 | - |
| Total income | 152,617 | 145,066 | |
| Expenditure on: | |||
| Charitable activities | |||
| Conference expenditure | 5 | 114,816 | 107,493 |
| Funding of paediatric research | 5 | - | 85,000 |
| Total charitable expenditure | 114,816 | 192,493 | |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 37,801 | (47,427) | |
| Fund balances at 1 June 2023 | 12,560 | 59,987 | |
| Fund balances at 31 May 2024 | 50,361 | 12,560 |
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.
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SOHN FOUNDATION LONDON
BALANCE SHEET
AS AT 31 MAY 2024
| Notes Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Income funds Unrestricted funds |
2024 £ 16,145 41,642 57,787 (7,426) |
£ 50,361 50,361 50,361 |
2023 £ 11,414 9,487 20,901 (8,341) |
£ 12,560 |
|---|---|---|---|---|
| 12,560 | ||||
| 12,560 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2024.
The Trustees are responsible for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
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 companies subject to the small companies regime.
25 Feb 2025
The financial statements were approved by the Trustees on .........................
Piers Butler
..............................
P Butler
Trustee
Company Registration No. 08075575
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SOHN FOUNDATION LONDON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1 Accounting policies
Charity information
Sohn Foundation London is a private company limited by guarantee incorporated in England and Wales. The registered office is 10 Queen Street Place, London, EC4R 1BE.
1.1 Accounting convention
The financial statements have been prepared in accordance 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). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of 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.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Incoming resources
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 is recognised at the time of the donation.
Charitable income is recognised when receivable, except insofar as it is incapable of financial measurement.
1.5 Resources expended
Expenditure is included on an accruals basis as the liability is incurred. Expenditure includes VAT, which is reported as part of the expenditure to which it relates.
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.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity. These costs have been allocated to the charitable activity to which they primarily relate - Conference expenditure.
1.6 Cash at bank and in hand
Cash and cash equivalents include cash in hand, deposits held at call with banks.
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SOHN FOUNDATION LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024
1 Accounting policies
(Continued)
1.7 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.
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.
2 Donations
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 107,305 | 92,500 |
| Grant received | 17,121 | 9,624 |
| 124,426 | 102,124 |
During the year, the charity received a grant of £17,121 (2023: £9,624) from Ira Sohn Conference Foundation Inc.
3 Incoming resources from charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Annual conference | 27,966 | 42,942 |
4 Interest receivable
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Other income | 225 | - |
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SOHN FOUNDATION LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5 Charitable activities
| Conference expenditure Funding of paediatric research 2024 2024 £ £ Charitable expenditure 97,993 - Grant funding of activities (see note 6) - - Share of support costs (see note 7) 7,703 - Share of governance costs (see note 7) 9,120 - 114,816 - |
Total 2024 Conference expenditure Funding of paediatric research 2023 2023 £ £ £ 97,993 94,028 - - - 85,000 7,703 1,724 - 9,120 11,741 - 114,816 107,493 85,000 |
Total 2023 £ 94,028 85,000 1,724 11,741 |
|---|---|---|
| 192,493 |
6 Grants payable
| Grants to institutions: Cancer Research UK Auditory Verbal UK |
2024 £ - - - |
2023 £ 60,000 25,000 |
|---|---|---|
| 85,000 |
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SOHN FOUNDATION LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
| 7 Support costs Support costs Governance costs £ £ Other costs 4,068 - Bank charges 103 - IT expenses 1,319 - Insurance 413 - Consulting 1,800 - Accountancy fees - 5,382 Legal and professional fees - 2,000 Bookkeeping fees - 1,738 7,703 9,120 Analysed between Charitable activities 7,703 9,120 |
2024 Support costs Governance costs £ £ £ 4,068 - - 103 102 - 1,319 522 - 413 40 - 1,800 1,060 - 5,382 - 7,587 2,000 - 2,087 1,738 - 2,067 16,823 1,724 11,741 16,823 1,724 11,741 |
2023 £ - 102 522 40 1,060 7,587 2,087 2,067 |
|---|---|---|
| 13,465 | ||
| 13,465 |
Support and governance costs have been considered individually and allocated to the charitable activity to which they primarily relate; conference expenditure.
Governance costs includes payments to the independent examiners of £5,382 (2023: £7,587) for independent examination fees, and £1,738 (2023: £2,067) for other services.
8 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year or were reimbursed any expenses during current or previous year.
9 Debtors
| Amounts falling due within one year: Prepayments 10 Creditors: amounts falling due within one year Trade creditors Accruals |
2024 £ 16,145 2024 £ 790 6,636 7,426 |
2023 £ 11,414 |
|---|---|---|
| 2023 £ - 8,341 |
||
| 8,341 |
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SOHN FOUNDATION LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
11 Related party transactions
The only member to subscribe to Sohn Foundation London's Memorandum of Association is the charity's US counterpart, Ira Sohn Conference Foundation Inc. One of the Sohn Conference Foundation Inc Trustees sits on the board of Sohn Foundation London and the member may appoint Trustees by serving notice in writing to the Foundation.
During the year, Ira Sohn Conference Foundation Inc gave a grant of £17,121 (2023: £9,624) to Sohn Foundation London.
During the year, the charity paid £1,440 (2023: £1,060) to Flora Butler (daughter of Piers Butler, a trustee) for work completed in respect of the Sohn competition.
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