**Charity registration number: 1160879**
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2024**
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 4|
|**Statement of Trustees' Responsibilities**|5|
|**Independent Auditor's Report on the Financial Statements**|6 - 9|
|**Consolidated Statement of Financial Activities**|10|
|**Consolidated Balance Sheet**|11|
|**Charity Balance Sheet**|12|
|**Consolidated Statement of Cash Flows**|13|
|**Notes to the Financial Statements**|14 - 33|
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024**
|**Trustees**|Anthony Coren|
|---|---|
||Graham Weinberg|
||Stephen Stanton|
|**Charity registered**
**number**
1160879
**Principal office and**
**registered address**
Room 303
Winston House
2 Dollis Park
London
N3 1HF
**Independent Auditor**
MHA
Chartered Accountants
2 London Wall Place
London
EC2Y 5AU
**Investment Advisors**
Quilters Cheviot
Senator House
85 Queen Victoria Street
London
EC4V 4AB
Cazenove Capital
1 London Wall Place
London
EC2Y 5AU
Brooks Macdonald
21 Lombard Street
London
EC3V 9AH||
Page 1
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024**
The Trustees present their annual report together with the audited financial statements of the Charity for the year ended 5 April 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ (FRS102) in preparing the annual report and financial statements of the Charity.
## **Objectives and activities**
## **a. Purpose, aims and objectives**
The purpose of the Charity, as per its Constitution, is for the benefit or in furtherance of such charitable purposes as are exclusively charitable according to the laws of England and Wales, charitable institutions or charitable foundations and in such manner and in such proportions as the Trustees may from time to time in their discretion determine.
The Trustees may therefore pay or apply the income and capital of the trust fund in such manner as they think fit to or for the benefit of any charitable object or purpose.
## **b. Main activities undertaken to further the Charity's purposes for the public benefit**
The Charity is a grant making charity and so does not work directly with vulnerable groups but may fund other organisations that do.
The Trustees meet regularly to:
- Assess the performance of the investment portfolio;
- Discuss the general areas in which funds will be applied; and
- Consider potential grants.
## **c. Public Benefit**
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)'.
## **d. Grant-making policies**
The Trustees adopt a flexible approach to identifying causes to support. Projects are selected when the Trustees consider our donation would make a significant social and economic impact on the local community and other areas in the most effective way. Further details can be found in Note 7 to the accounts.
## **Achievements and performance**
## **a. Main achievements of the Charity**
During the year, the Charity made grants to charitable institutions of £2,045,000 _(2023 - £1,221,000)_ . Further details can be found in Note 7 to the financial statements.
Page 2
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **Achievements and performance (continued)**
## **b. Investment policy and performance**
The Trustees have powers to invest the trust fund in any assets that they consider appropriate. They have appointed Canaccord Genuity Wealth Limited as the Trust's investment advisers and all investments are registered in their nominee company.
The Charity maintains its investments in a range of fixed interest and equity securities in a managed portfolio. The investment portfolio produces regular income each year, which is essential to the Charity’s ongoing operation as this income funds the grant payments.
The Trustees meet the managers twice yearly to monitor investment performance across a range of benchmarks, and to take appropriate advice. The Charity’s investment policy stipulates that there should be a balance between income and capital growth based on a medium risk profile. The Trustees are satisfied with the performance of the investments during the year.
## **Financial review**
## **a. Financial review**
During the year, the Charity received incoming resources of £1,442,239 (2023 - £60,384,843). Administration costs and costs of raising funds were £456,106 (2023 - £335,511) and grants paid were £2,045,000 (2023 - £1,221,000) resulting in net outflows of £961,782 (2023 - net inflows of £58,828,332).
During the year the Charity had realised net gains of £4,574,776 (2023 - net losses of £1,481,303) on disposal of investments. At 5 April 2024 the value of the Charity funds were £68,486,677 (2023 - £64,294,621), being expendable endowment funds of £1,843,021 (2023 - £1,843,021) and general funds of £66,643,656 (2023 - £62,451,600).
The Trustees consider that the Charity’s performance in the period has been satisfactory.
## **b. Fundraising**
The majority of income is from the Charity's investment portfolio. No external fundraisers are used. The trustees monitor all fundraising.
## **c. 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.
## **d. Reserves policy**
During the year the reserves policy of the charity was reviewed by the trustees.
In line with the Trustees' intention to maintain the prevailing level of charitable expenditure, the level of reserves held of £68,486,677 _(2023 - £64,294,621)_ is considered adequate, taking into account a number of factors.
At present, no funds have been earmarked for specific grants.
Page 3
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
e. Principal risks and uncertainties
The Trusteès have assessed the major risks to which the Charity is exposed, in particular those related to the
operations and finances of the Charity, and are satisfied that systems and procedures are in place lo mitigate
exposure to Ihe major risks. The pnncipal notes relate to the investment portfolio. and mitigation of the risks are
detailed above in the Investment policy and perfomiace.
Structure. govemance and management
a. Constitution
Muriel & Gershon Coren Charitable Foundation is a Charitable Inc£)rporated Organisation and a registered
charity. number 1160879, and is govemed by its Constitution dated 10 March 2015.
Appointment and training of Trustees
The Chanty is manaoed by its Trustees as set out on page 1.
The orginal trustees hold office for an unlimited number of years whilst new trLSStees are subject to
appointment every three years There are currently has three Trustees. All Trustees give Treely af their
time. New Trustees would be appointed by existing Trustees and would be required lo attend apprc)priale
training courses and would be asked to declare potential conflicts of interest. New Trustees would be
prnvide.rl with information that ig relevant lo tha Charity and their work as a Tru-
-Icc for the Charity. New
Trustees would be given an introduclioii lu Ilie Clidrity Commission guidance. Should any Trustee require
onooing training this will be facilitated.
Future Plans
The Trustees are going to continue the grant giving to the relevent entities.
Disclosure of infomiation to auditor
Each of the persons who are Trustees at the time when thi3 Trustees, Report is approved has confirimed th81.
so far as that Trustee is aware. there is no relevanl audit informalion of which the charitaJle qroup's
auditor is unaware, and
that Truslee has taken all the steps that ought to have been taken as a Trustee in order to be amiare of
any relevant audit infomation and to establish that the charitable group's auditor is aware of that
information.
Avviuvgd by urder of the membe[5 of the Board of Trustees and signed on Iheir behalf by..
Graham Weinberg
Trustee
Date.
Page 4
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2024
The Truslees 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 Accounling
Practice).
The law applicable to charities in England & Wales reqLtires the Trustees to prepare financi81 statements for
each financial year which give a true and fair view of the state of affairs of the Group and the Charity and of their
incoming resources and application of resources. including their income and expendiiure, for Ihai period. In
preparing these financi21 slalements, the Trugtees are required to".
select suitable accounling policies and then apply them consistently-,
observe the methods and principles of the Charities SORP {FRS 102)..
make judgements and accounting estimates that are aSOnable and prudent,"
state whelher applicable UK Accounting Standards {FRS 102) have been followed, subjecl to 8ny material
departures disclosed and explained In the financial slalemenls",
prepare the fin2nci21 gt2tements on the going concem basis unle99 it ig in8ppropri8te to presume that the
Group wtll contlnue in buslness.
The Trustees are responsible for keeping adequate accounting records thai are sufficieni ro show and explain
the Group and the Charills transactions and disclose wilh reasonable accuracy al any time the financial position
of the Group and the Charity and enable them lo ensure that the financial slatements comply with the Charities
Act 2011. the Charity (Accounls and Reports) Regulations 2008 and the provisions of the Trust deed. They are
also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps
for the prevention and delection of fraud and other Irregularities
Approved by order of the members of the Board of Trustees and signed on rts behalf by.
Graham Weinberg
Trustee
Date..
19feM4
Page 5
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **Opinion**
We have audited the financial statements of Muriel and Gershon Coren Charitable Foundation (the 'parent charity') and its subsidiaries (the 'group') for the year ended 5 April 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated 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).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the Group's and of the parent charity's affairs as at 5 April 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent charity'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.
Page 6
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MURIEL AND GERSHON COREN CHARITABLE FOUNDATION (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- the parent Charity has not kept sufficient accounting records; or
- the parent Charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the financial statements which 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 Group's and the parent charity'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 Group or the parent charity or to cease operations, or have no realistic alternative but to do so.
Page 7
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MURIEL AND GERSHON COREN CHARITABLE FOUNDATION (CONTINUED)**
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 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 Auditor's 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:
- Obtaining and understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements;
- Enquiry of those charged with governance to identify any instances of known or suspected instances of fraud;
- Enquiry of those charged with governance around actual and potential litigation and claims;
- Enquiry of management about any instances of non-compliance with laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing the accounting estimates for bias;
- Challenging assumptions and judgements made by Trustees on significant accounting estimates;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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.
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 Auditor's Report.
Page 8
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MURIEL AND GERSHON COREN
CHARITABLE FOUNDATION {CONTINUED)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordarrce with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the
charity's trustees those matters we are required to state to them in an Auditorfs Report and for no other purpose.
To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity
and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Yogan Patel, FCA Isenior statutory auditor)
For and on behalf of
MHA
Statutory Auditor
London, United Kingdom
Date: 21 Janaury 2025
MHA are eligible to act as auditors in temis of section 1212 of the Companies Act 2006.
MHA is the trading name of Maclntyre Hudson LLP, a limited liability partnership in England and Wales
(registered number OC312313).
Page 9
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024**
|**Note**
**Income and endowments from:**
Donations
3
Investments
4
**Total income and endowments**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net (expenditure)/income before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
**Net income before taxation**
Taxation
11
**Net income after taxation**
NCI acquisition
18
**Net movement in funds before other**
**recognised gains/(losses)**
**Other recognised losses:**
Deficit on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**-**
**1,442,239**
**1,442,239**
**456,106**
**2,100,762**
**2,556,868**
**(1,114,629)**
**4,574,776**
**3,460,147**
**731,909**
**4,192,056**
**-**
**4,192,056**
**-**
**4,192,056**
**62,451,600**
**4,192,056**
**66,643,656**|**Endowment**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**1,843,021**
**-**
**1,843,021**|**Total**
**funds**
**2024**
**£**
**-**
**1,442,239**
**1,442,239**
**456,106**
**2,100,762**
**2,556,868**
**(1,114,629)**
**4,574,776**
**3,460,147**
**731,909**
**4,192,056**
**-**
**4,192,056**
**-**
**4,192,056**
**64,294,621**
**4,192,056**
**68,486,677**|_Total_
_funds_
_2023_
_£_
_59,536,182_
_848,661_
_60,384,843_
_306,755_
_1,249,756_
_1,556,511_
_58,828,332_
_(1,481,303)_
_57,347,029_
_1,461,953_
_58,808,982_
_1,196,901_
_60,005,883_
_(730,988)_
_59,274,895_
_5,019,726_
_59,274,895_
_64,294,621_|
|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 14 to 33 form part of these financial statements.
Page 10
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION
CONSOLIDATED BALANCE SHEET
AS AT S APRIL 2024
2024
2024
2023
2023
Note
Fixed assets
Investment properties
IrivebliTierilb
12
13
3,845,834
58,391,369
3, 559,420
4 1,242,304
62,237,203
44,8U7, [24
Current assets
Debtors: Amounts falling due within one year
Cash at bank and in hand
14
53,456
7,103.492
41,278
21,232.683
7.156.948
21.273.961
Creditors.. Amounts falling due wthin one
year
15
(85,517}
(239, 198)
Net current assets
7,071,431
27,034,763
Creditors.. amounts falling due after more
than one year
Deferred taxation
16
(12,000
(809,957>
17
(7,541,866)
Total net a55ets
68,486,677
64,294,621
Charity funds
Endowment funds
Unrestricted fijnds
18
1,843,021
66.643.6S6
1.843,021
62,451,600
18
Total fund5
68,486,677
64,294,621
The financlal siatemenls were appruved aiid authorised for issue by the Trust¢e-
and signed on their behalf by..
Graham Weinberg
Trustee
D3te'.
The notes on pages14 to 32 fomi pan of these finarbLial statements.
Page11
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION
CHARI BALANCE SHEET
AS AT S APRIL 2024
2024
2024
2023
2023
Note
Fixed assets
Investmenl properties
Inveslments
12
60.000
fA,891.369
60,000
52,118,609
13
64,951,369
52.178.609
Current assets
Cash at bank and in hand
4,287,269
16,300,271
4,287,269
16.300.271
Crcditors.. Amounts falling due within onp.
year
15
{242,898)
(9.380)
Net current assets
4,044,371
q6,?.Qn,891
Total net assets
68,995,740
68,469, 500
Charity funds
Endowmp.nl funds
Unrestricted lunds
18
18
1,843,021
67,152,719
1 A4.3.021
66,626,479
68,469,500
Total funds
68.995.740
The Charitys net movement in funds for the year was £526.240 (2023 - £63,449, 774).
Thé financial qt2lements were approved and authvrised for issue by the Trustaos and signp.rl rjn their behalf by..
Graham Weinberg
Trustee
Dale..
The notes on pages 14 to 32 fomi part of these financial statements
Page 12
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024**
|**Note**
**Cash flows from operating activities**
Net cash used in operating activities
21
**Cash flows from investing activities**
Dividends and interest from investments
Proceeds from the sale of investment property
Proceeds from sale of investments
Purchase of investments
Gift of listed investments from Gershon Coren Charitable Foundation
13
Gift of freehold investment property from Gershon Coren Charitable
Foundation
12
Transfer of listed investments with consolidation of Renco Properties
Limited
Transfer of investment property with consolidation of Renco Properties
Limited
**Net cash 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**
22|**2024**
**£**
**(3,366,862)**
**1,442,239**
**400,000**
**54,217,704**
**(66,892,897)**
**-**
**-**
**-**
**-**
**(10,832,954)**
**(14,199,816)**
**21,232,683**
**7,032,867**|_2023_
_£_
_63,087,526_
_848,661_
_4,664,554_
_6,243,550_
_(7,638,055)_
_(15,176,806)_
_(60,000)_
_(25,560,202)_
_(8,210,012)_
**(44,888,310)**
**18,199,216**
_3,033,467_
_21,232,683_|
|---|---|---|
The notes on pages 14 to 33 form part of these financial statements
Page 13
**MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **1. General information**
The Muriel and Gershon Coren Charitable Foundation is a Charitable Incorporated Organisation, registered charity number 1160879, with the Charity Commission in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activity is for the benefit of such exclusively charitable objects and purposes as the Trustees in their absolute discretion think fit.
## **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) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Muriel and Gershon Coren Charitable Foundation 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.
The financial statements are prepared in sterling which is the functional currency of the Charity, rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
No income and expenditure account is presented for the Charity alone.
## **2.2 Going concern**
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 14
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **2. Accounting policies (continued)**
## **2.3 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. Donations are accounted for on receipt of the donation.
Investment income is accounted for in the period in which the charity becomes entitled to receive it and is not restricted.
Legacy income is accounted for only once the will has been reviewed, grant of probate certified and it has been confimed that there is an entitlement to a sum which can be measured reliably and it is probable that it will be received.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Rental income is recognised in the period in which the service arises and when all of the following conditions are satisfied:
(i) the amount of revenue can be measured reliably;
(ii) the costs incurred and the costs to complete the contract can be measured reliably.
## **2.4 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.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 15
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **2. Accounting policies (continued)**
## **2.6 Taxation**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **2.7 Deferred taxation**
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
## **2.8 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.
Current asset investments are short term highly liquid investments are held at fair value. These include cash on despot and cash equivalent with a maturity of less than one year.
Investment in subsidiary are initially valued at fair value on the date of acquisition, and subsequently at cost less provision for impairment.
Investment properties are carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities.
## **2.9 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.
## **2.10 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.
Page 16
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **2. Accounting policies (continued)**
## **2.11 Liabilities**
Liabilities and provisions 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 Consolidated Statement of Financial Activities as a finance cost.
## **2.12 Financial instruments**
The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:
Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 14. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Liabilities – trade creditors, accruals, other creditors, bank loans and pension deficit liability will be classified as financial instruments, and are measured at amortised cost as detailed in Notes 15. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.
## **2.13 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 Group and which have not been designated for other purposes.
Expendable Endowment funds represent those assets which must be held permanently by the Foundation but can be applied on charitable activities at the discretion of the Trustees. Income arising on the endowment funds can be used in accordance with the objects of the Foundation and is included in unrestricted income.
Gains and losses on the endowment investments form part of the general unrestricted fund. Investment management charges are charged to the unrestricted fund.
Investment income, gains and losses are allocated to the appropriate fund.
Page 17
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **3. Income from donations**
|**Unrestricted**
**funds**
**2024**
**£**
Donations
-
**4.**
**Investment income**
**Unrestricted**
**funds**
**2024**
**£**
Rent
221,723
Dividends
1,220,492
Bank interest
24
1,442,239
**5.**
**Expenditure on raising funds**
Investment management fees
Subsidiary trading and administration expenditure|**Total**
**funds**
**2024**
**£**
**-**
**Total**
**funds**
**2024**
**£**
**221,723**
**1,220,492**
**24**
**1,442,239**
**2024**
**£**
**241,321**
**214,785**
**456,106**|_Total_
_funds_
_2023_
_£_
_59,536,182_|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_282,086_
_560,894_
_5,681_|
|||_848,661_|
|||_2023_
_£_
_189,503_
_117,252_|
|||_306,755_|
Page 18
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **6. Analysis of expenditure by activities**
|Charitable activities
Charitable activities|**Grant**
**funding of**
**activities**
**2024**
**£**
2,045,000
_Grant_
_funding of_
_activities_
_2023_
_£_
_1,221,000_|**Governance**
**costs**
**2024**
**£**
55,762
_Governance_
_costs_
_2023_
_£_
_28,756_|**Total**
**funds**
**2024**
**£**
**2,100,762**|
|---|---|---|---|
||||_Total_
_funds_
_2023_
_£_
_1,249,756_|
Page 19
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **7. Grants paid to Charities etc**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Better World Charity|**-**|_5,000_|
|British Blind Sport|**5,000**|_-_|
|British Friends of United Hatzalah of Israel|**10,000**|_-_|
|Jewish Trails|**20,000**|_20,000_|
|Campaign Against Anti-Semitism|**-**|_10,000_|
|Centre for Jewish Life|**-**|_5,000_|
|Charitable gifts via Smart Giving|**-**|_175,000_|
|Foundation for Jewish Heritage|**30,000**|_10,000_|
|Goods for Goods|**10,000**|_-_|
|Harif|**5,000**|_5,000_|
|Hatzola|**16,000**|_26,000_|
|Howards Humanitarian Project|**9,000**|_-_|
|Inspired|**5,000**|_5,000_|
|Institute for Jewish Policy|**-**|_5,000_|
|International Christian Embassy|**-**|_5,000_|
|Israel Film Festival|**-**|_5,000_|
|Jami UK|**10,000**|_10,000_|
|Jewish Chaplaincy|**10,000**|_-_|
|Jewish Childs Day|**20,000**|_10,000_|
|Jewish Futures Trust|**25,000**|_15,000_|
|Jewish Medical Association|**-**|_5,000_|
|JNF UK|**1,130,000**|_455,000_|
|KKL|**300,000**|_-_|
|Magen David Adom UK|**10,000**|_-_|
|Manna UK|**50,000**|_50,000_|
|Middle East Education London|**15,000**|_5,000_|
|Prostate Cancer UK|**10,000**|_-_|
|National Trust|**5,000**|_-_|
|Renaissance Publicity|**-**|_5,000_|
|RNLI|**5,000**|_-_|
|Seret International|**5,000**|_-_|
|UK Gives Ltd|**25,000**|_55,000_|
|Shomrim London|**20,000**|_10,000_|
|Smile Train|**-**|_10,000_|
|Society for Protection of Unborn Children|**5,000**|_-_|
|SSAFA|**10,000**|_-_|
|St John Ambulance|**5,000**|_-_|
|St Joseph Hospice|**5,000**|_-_|
Page 20
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
|Technion UK
Together Plan
Tony Coren Gategi Project
UK Jewish Film
UK Toremet Limited
UKLFI Charitable Foundation
Youth Hostel Association (England + Wales)|**10,000**
**10,000**
**225,000**
**10,000**
**-**
**10,000**
**5,000**
**2,045,000**|_-_
_10,000_
_200,000_
_10,000_
_85,000_
_10,000_
_-_|
|---|---|---|
|||_1,221,000_|
|**8.**
**Governance costs**
Accountancy services
Audit services
Bank charges|**2024**
**£**
**15,157**
**40,605**
**-**
**55,762**|_2023_
_£_
_7,767_
_20,808_
_181_|
|---|---|---|
|||_28,756_|
## **9. Staff costs**
|Wages and salaries
Social security costs|**2024**
**£**
**30,000**
**-**
**30,000**|_2023_
_£_
_21,256_
_3,484_|
|---|---|---|
||||
|||_24,740_|
The average number of persons employed by the Group during the year was as follows:
||**2024**|_2023_|
|---|---|---|
||**No.**|_No._|
|Employees|3|_2_|
No employee received remuneration amounting to more than £60,000 in the year.
Page 21
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **10. Trustees' remuneration and expenses**
The Trustees are considered to be the Key Management Personnel of the Charity.
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year ended 5 April 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
## **11. Taxation**
|**Corporation tax**
Current tax on net income for the year
Adjustments in respect of previous periods
**Total current tax**
**Deferred tax**
Changes in investment values and disposals
**Total deferred tax**
**Taxation on net income**|**2024**
**£**
**-**
**-**
**-**
**(731,909)**
**(731,909)**
**(731,909)**|_2023_
_£_
_110,883_
_(11,558)_
_99,325_
_(1,561,278)_
_(1,561,278)_
_(1,461,953)_|
|---|---|---|
There were no factors, apart from the charity's net income being exempt from tax, that affected the tax credit for the year which has been calculated on net income at the standard rate of corporation tax in the UK of 25% _(2023 - 19%, except the charity net income is exempt from tax)._
There were no factors that may affect future tax charges.
Page 22
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
|**12.**
**Investment properties**
**Group**
**Valuation**
At 5 April 2023
Disposals
Gain on revaluation
At 5 April 2024
**Charity**
**Valuation**
At 6 April 2023
At 5 April 2024|**Freehold**
**investment**
**properties**
**£**
**3,559,420**
**(300,000)**
**586,414**
**3,845,834**
**Freehold**
**investment**
**property**
**£**
**60,000**
**60,000**|
|---|---|
Page 23
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
|**13.**
**Fixed asset investments**
**Group**
**Cost or valuation**
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
**Net book value**
At 5 April 2024
_At 5 April 2023_
**Charity**
**Cost or valuation**
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
**Impairment**
Charge for the year
At 5 April 2024
**Net book value**
At 5 April 2024|**Investments**
**in**
**subsidiary**
**companies**
**£**
**35,183,195**
**-**
**-**
**-**
**35,183,195**
**28,683,195**
**28,683,195**
**6,500,000**|**Listed**
**investments**
**£**
**16,935,414**
**65,575,327**
**(27,754,833)**
**3,635,461**
**58,391,369**
**-**
**-**
**58,391,369**|**Listed**
**investments**
**£**
**41,242,304**
**66,892,987**
**(53,379,383)**
**3,635,461**
**58,391,369**
**58,391,369**
_41,242,304_
**Total**
**£**
**52,118,609**
**65,575,327**
**(27,754,833)**
**3,635,461**
**93,574,564**
**28,683,195**
**28,683,195**
**64,891,369**|
|---|---|---|---|
Page 24
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **13. Fixed asset investments (continued)**
_At 5 April 2023_
_35,183,195 16,935,414 52,118,609_
Page 25
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **13. Fixed asset investments (continued)**
## **Principal subsidiary**
The following was a subsidiary undertaking of the Charity:
|**Name**|**Company**|**Registered office or principal**|**Holding**|
|---|---|---|---|
||**number**|**place of business**||
|Renco Properties Limited|00526647|6th Floor, 2 London Wall Place,|99.94%|
|||London, United Kingdom, EC2Y||
|||5AU||
## **14. Debtors**
|Trade debtors
Other debtors
Prepayments and accrued income|**Group**
**2024**
**£**
**31,227**
**21,829**
**400**
**53,456**|_Group_
_2023_
_£_
_3,844_
_37,434_
_-_|
|---|---|---|
||||
|||_41,278_|
Page 26
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **15. Creditors: Amounts falling due within one year**
|Other creditor
Trade creditors
Corporation tax
Other taxation and social security
Other creditors
Accruals|**Group**
**2024**
**£**
**-**
**19,981**
**-**
**6,838**
**2,407**
**56,291**
**85,517**|_Group_
_2023_
_£_
_-_
_9,506_
_134,459_
_9,727_
_14,407_
_71,099_
_239,198_|**Charity**
**2024**
**£**
**233,518**
**9,380**
**-**
**-**
**-**
**-**
**242,898**|_Charity_
_2023_
_£_
_-_
_9,380_
_-_
_-_
_-_
_-_|
|---|---|---|---|---|
||||||
|||||_9,380_|
## **16. Creditors: Amounts falling due after more than one year**
|Other creditors
**17.**
**Deferred taxation**
**Group**
At 6 April 2023
Movement for the period|**Group**
**2024**
**£**
**12,000**|_Group_
_2023_
_£_
_-_|
|---|---|---|
|||**2024**
**£**
**1,541,866**
**(731,909)**|
||||
|||**809,957**|
Page 27
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **17. Deferred taxation (continued)**
The deferred tax liability is made up as follows:
|Revaluation of investment properties
Revaluation of listed investments|**Group**
**2024**
**£**
**-**
**(809,957)**
**(809,957)**|_Group_
_2023_
_£_
_(663,357)_
_(878,509)_
_(1,541,866)_|
|---|---|---|
Page 28
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **18. Statement of funds**
**Statement of funds - current year**
|**Unrestricted funds**
General Fund
Subsidiary company - Non-
controlling interest
**Endowment funds**
Endowment Funds - all funds
**Total of funds**|**Balance at 6**
**April 2023**
**£**
**62,432,995**
**18,605**
**62,451,600**
**1,843,021**
**64,294,621**|**Income**
**£**
**1,442,239**
**-**
**1,442,239**
**-**
**1,442,239**|**Expenditure**
**£**
**(1,824,959)**
**-**
**(1,824,959)**
**-**
**(1,824,959)**|**Gains/**
**(Losses)**
**£**
**4,574,776**
**-**
**4,574,776**
**-**
**4,574,776**|**Balance at 5**
**April 2024**
**£**
**66,625,051**
**18,605**|
|---|---|---|---|---|---|
||||||**66,643,656**|
||||||**1,843,021**|
||||||**68,486,677**|
Page 29
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **18. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
General Fund
Subsidiary
companies -
Non-controlling
interest
**Endowment**
**funds**
Expendable
endowment fund
**Total of funds**|_Balance at_
_1 April 2022_
_£_
_3,176,705_
_-_
_3,176,705_
_1,843,021_
_5,019,726_|_Income_
_£_
_60,384,464_
_379_
_60,384,843_
_-_
_60,384,843_|_Expenditure_
_£_
_(1,554,020)_
_(2,491)_
_(1,556,511)_
_-_
_(1,556,511)_|_Transfers_
_in/out_
_£_
_-_
_21,828_
_21,828_
_-_
_21,828_|_Gains/_
_(Losses)_
_£_
_425,846_
_(1,111)_
_424,735_
_-_
_424,735_|_Balance at_
_5 April 2023_
_£_
_62,432,995_
_18,605_|
|---|---|---|---|---|---|---|
|||||||_62,451,600_|
|||||||_1,843,021_|
|||||||_64,294,621_|
The Expendable Endowment fund is held permanently by the Foundation but can be applied on charitable activities at the discretion of the Trustees. Income arising on the endowment funds can be used in accordance with the objects of the Foundation.
Page 30
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
|**19.**
**Analysis of net assets between funds**
**Analysis of net assets between funds - current period**
**Unrestricted**
**funds**
**2024**
**£**
Fixed asset investments
56,548,348
Investment properties
3,845,834
Current assets
7,156,948
Creditors due within one year
(85,517)
Creditors due in more than one year
(12,000)
Deferred taxation
(809,957)
**Total**
66,643,656
**Analysis of net assets between funds - prior period**
_Unrestricted_
_funds_
_2023_
_£_
Fixed asset investments
_39,399,283_
Investment property
_3,559,420_
Current assets
_21,273,961_
Creditors due within one year
_(239,198)_
Provisions for liabilities and charges
_(1,541,866)_
**Total**
_62,451,600_|**Endowment**
**funds**
**2024**
**£**
1,843,021
-
-
-
-
-
1,843,021
_Endowment_
_funds_
_2023_
_£_
_1,843,021_
_-_
_-_
_-_
_-_
_1,843,021_|**Total**
**funds**
**2024**
**£**
**58,391,369**
**3,845,834**
**7,156,948**
**(85,517)**
**(12,000)**
**(809,957)**
**68,486,677**
_Total_
_funds_
_2023_
_£_
_41,242,304_
_3,559,420_
_21,273,961_
_(239,198)_
_(1,541,866)_
_64,294,621_|
|---|---|---|
## **20. Guarantees, Commitments and Contingent Liabilities**
At 5 April 2024 there were no commitments or contingent liabilities _(2023 - £Nil)._
Page 31
**MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **21. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the period (as per Statement of Financial Activities)
**Adjustments for:**
(Gains)/losses on investments
Dividends and interest from investments
4
(Increase) in debtors
14
(Decrease)/increase in creditors
15
Value of NCI loss in period to 100% control
Increase in deferred tax
17
Increase in corporation tax
11
**Net cash provided by/(used in) operating activities**
**22.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**23.**
**Analysis of changes in net debt**
**At 6 April**
**2023**
**£**
Cash at bank and in hand
**21,232,683**
**21,232,683**|**Group**
**2024**
**£**
**4,192,056**
**(5,218,911)**
**(1,442,239)**
**(12,178)**
**(153,681)**
**-**
**(731,909)**
**-**
**(3,366,862)**
**Group**
**2024**
**£**
**7,032,867**
**7,032,867**
**Cash flows**
**£**
**(14,199,816)**
**(14,199,816)**|_Group_
_2023_
_£_
_58,808,982_
_2,212,291_
_(848,661)_
_(41,278)_
_82,966_
_1,196,901_
_1,541,866_
_134,459_
_63,087,526_
_Group_
_2023_
_£_
_21,232,683_
_21,232,683_
**At 5 April**
**2024**
**£**
**7,032,867**
**7,032,867**|
|---|---|---|
Page 32
## **MURIEL AND GERSHON COREN CHARITABLE FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **24. Related party transactions**
During the year, a grant of £225,000 _(2023 - £200,000)_ was made to the Tony Coren Gategi Project, of which Anthony Coren, a Trustee of the Charity, is also a Board member. Anthony Coren was not involved in the discussions relating to this grant. There are no balances outstanding at 5 April 2024.
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