Charity registration number: 1160879 MURIEL AND GERSHON COREN CHARITABLE FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Statement of Trustees, Responsibilities Independent Auditorfs Report on the Financial Statements Consolidated Statement of Financial Activities 10 Consolidated Balance Sheet Charity Balance Sheet 12 Consolidated Statement of Cash Flows 13 Notes to the Financial Statements 14-28
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025 Trustees Anthony Coren Graham Weinberg Stephen Stanton Charity registered number 1160879 Principal office and registered address Care of Manna UK PO Box 899 Edgware HA8 4YD Independent Auditor MHA Chartered Accountants 2 London Wall Place London EC2Y SAU Investment Advlsors Quilters Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB Cazenove Capital 1 London Wall Pla London EC2Y SAU Brooks Macdonald 21 Lombard Streel London EC3V 9AH Page 1
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees present their annual report together with the audited financial statements of the Charity for the year ended 5 April 2025. The Trustees have adopted the provisions of the Statement of Recommended Practi ISORP) '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 guidan published by the Charity Commission relating to public benefit. including the guidan 'Public benefit.. running a charity (PB2}'. d. Grant4naking 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 6 to the accounts. Achievements and performance a. Main achievements of the Charity During the year. the Charity made grants to charitable institutions of £3,330,000 (2024.. £2,045,000). Further details can be found in note 6 to the financial statements. Page 2
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Achievements and performance (continued) b. Investment policy and perforniance The Trustees have powers to invest the trust fund in any assets that they consider appropriate. The Charity maintains its investments in a range of fixed interest and equity securities in managed portfolios. The investment portfolios produce regular income each year. which is essential to the Charity's ongoing operation as this income funds the grant payments. The Trustees note that portfolio income funds only a proportion of the grant payments with the remaining balance met from capital reSoUrs. The Trustees meet the advisors lce yeady to monitor investment performance across a range of benchmarks. and to take appropriate advice. The Charitys 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 Financial review During the year, the Charity reiVed incoming resources of £1,411.517 (2024.. £1.442,239). Costs of raising funds were £551,520 (2024: £456,106). Grants paid were £3,330,000 (2024.. £2,045,000). Support costs were £48,379 (2024: £55,762). Net gains on disposal of investments were of £287,096 (2024.. £4,574,776). Taxation charges were £809.960 (2024.. £731,909). This resulted in net oufflows of £1,421,326 (2024: net inflows of £4,192,056}. At 5 April 2025 the value of the Charity funds were £67,065,351 (2024.. £68,486,677), being expendable endowment funds of £1,843,021 (2024: £1,843,021). general funds of £65,202.536 {2024: £66,625,051) and subsidiary company non-controlling interest of £19.794 (2024: £18,605). The Trustees consider that the Charivs performance in the period has been satisfactory. The Trustees plan to see Renco Properties Limited's remaining propety when market conditions allow and an appropriate offer is secured. b. Fundraising The majority of income is from the Charity's investment portfolio, with the remaining income derived from Renco Properties Limited. No extemal fundraisers are used. and the Trustees monitor all fijndraising. 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 £67,065,351 (2024.. £68,486,677) 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 2025 e. Prlnclpal rlsks and uncertalntles The Trustees have assessed Ihe major risks lo which the Charity is exposed. in particular those related to the operations and finances of the Chanty, and are satisfied that Systems and procedures are in place to miligale exposure to the rnajor risks. The pnncipal notes relate to the investment portfolio, and mitigation of the risks are detsiled above In the Investment policy and performace. Structure, governance and management a. Constitution Muriel & Gershon Coren Charitable Foundation is a Charitable IncAJrporated Organisalion and a registered Charity, number 1160879, and is govemed by its Constitution dated 10 March 2015. Appointment and training of Trustees The Charity is managed by its Trustees as set out on page 1. The orginal trustees hold office for an unlimited number of years whilst new truslees are subject to appoinlment every three years There are currently has three Trustees. All Truslees gtve freely of their time. New Trustees would be appointed by existing Trustees and would be required to attend appropriate training courses and would be asked to declare potential conflicts of interest. New Trustees would be provided with information that is relevant to the Charity and their work as a Trustee for the Chanty. New Trustees would be given an introduction lo the Charity Commission guidance Should any TTUStee require ongoing training this will be facilitated. Future Plans The Trustees plan lo contsnue the grant giving to the relevent entities. Dlsclosure of information to auditor Each of the persons who are Trustees at the time when this Trustees, Report is approved has confim)ed that.. so far as that Trustee is aware. there is no relevant audit infomiation of which the charitsble group's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that infomalion. The Auditor, MHA, previously traded through the legal entity Maclntyre Hudson LLP. In response to regulatory changes, MacIne HLJdson LLP ceased to hold an audit registration wilh Ihe engagement transitioning to MHA Audit Services LLP. MHA will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006. Approved by order of the members of the Board of Trustees and signed on their behalf by Graham Weinberg Trustee Date.. (v AwJ-2ozC Page 4
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2025 The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial stalements for each financial year which give a true and fair view of the slate of affairs of the Group and the Charity and of their incoming resources and application of resources. including their income and expenditure, for thai period. In preparing these financial statements, the Truslees are required to". select suitsble accounting policies and then apply them cDnsistently, observe the methods and principles of the Charities SORP (FRS 102},' make iudgemenls and accounting estimates that are reasonable and prudent,. state whelher applicable UK Accounting Standards IFRS 102) have been foll0vd, subject lo any matenal departures disclosed and explained in the finanaal statements. and prepare the financial statements on the going concem basis unless il is inappropriate to presume that Ihe Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charitys transactions and disclose wth reasonable accuracy at any time the financial position of the Group and the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts 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 sleps for the prevention and detection of fraud and other legUlarl11es. Approved by order of the members of the Board of Trusteès and signed on its behalf by.. Graham Weinberg Trustee Date: 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'l and its subsidiaries (the 'group') for the year ended 5 April 2025 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, induding 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 accordan 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 charivs affairs as at 5 April 2025 and of the Group's incoming resources and application of reSoUrs, including its income and expenditure for the year then ended- have been properly prepared in accordan 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 Intemational 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 requiremenls 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 concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, 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 induded in the Annual Report other than the financial statements and our Auditorfs 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 otheiSe 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 misstatemenl. 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 concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations. or have no realistic altemative 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 assuran. 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 prOdureS 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 govemance to identify any instances of known or suspected instances of fraud- Enquiry of those charged with govemance 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 joumal 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 complian with applicable laws and regulations. Because of the inherent limitations of an audit. Ihere 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 cOnalment, forgery, collusion, omission or misrepresentation. A further description of our responsibililies for the audit of the financial statements is localed on Ihe Financial Reporting Council's website at.. www.frc.or .ukJauditorsres onsibilities. This description forms part of our Audito¢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 charitys trustees, as a body, in accordance 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 permitted 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. o&. eJd,t John Coverdale Bsc FCA (Senior statutory auditor) For and on behalf of MHA Statutory Auditor London, United Kingdom Date.. 14 August 2025 MHA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. MHA is the trading name of MHA Audit Services LLP. a limited liability partnership in England and Wales (registered number OC455542). Page 9
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Unrestricted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income and endowments from: Investments 1.411,517 1,411,517 1,442.239 Totsl income and endowments 1.411,517 1,411,517 1,442.239 Expenditure on: Raising funds Charitable activities 551,520 3.378,379 551,520 3,378,379 456.106 2,100,762 Total expenditure 3.929,899 3,929,899 2,556.868 Net expenditure before net gains on investments Net gains on investments (2.518,382) 287,096 {2,518,382) (1,114.629) 287,096 4,574,776 Net (expenditure)lincome before taxation (2.231,286) 809,960 {2,231,286) 809,960 3,460,147 731,909 Taxation 10 Net movement in funds (1,421,326) {1,421,326 4,192.056 Reconciliation of funds: Total funds brought foNard Net movement in funds 66,643,656 (1.421,326) 1,843.021 68,486,677 {1,421,326 64,294.621 4,192,056 Total funds carried forward 65.222,330 1,843.021 67,065,351 68,486.677 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 14 to 28 form part of these financial statements. Page 10
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 5 APRIL 2025 2025 2025 2024 2024 Note Fixed assets Investment propety Investments 3,845,834 57,946,632 3,845,834 58,391,369 12 61,792,466 62,237,203 Current assets Debtors. Amounts falling due within one year Cash al bank and in hand 13 28,597 5,398.791 53,456 7,103,492 21 5.427,388 7,156,948 Current liabilities Creditors. Amounts falling due within one year 14 (94,503) 185,514) Net current assets 5,332,885 7,071,434 Creditors.. amounts falling due after more Ihan one year Deferred laxation 15 (60.000) 112,000) 1809,960) 16 Total net assets 67,065,351 68,486,677 Charity funds Endowment funds Unrestricted fvnds 17 1,843,021 65,222,330 1,843,021 66.643.656 17 Total funds 67.065,351 68,486.677 The financial statements were approved and authonsed for issue by the Trustees and signed on their behalf by.. Graham Weinberg Truste8 Date. IF IVfJ-loZ The notes on pages 14 to 28 form part of these financial statements. Page11
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION CHARITY BALANCE SHEET AS AT S APRIL 2025 2025 2024 Note Fixed assets Investment propety Investments 60,000 64,446,632 60,000 64,891,369 12 64,506.632 64,951,369 Current assels Cash al bank and in hand 3.144.526 4.287,269 3,144.526 4,287,269 Current Ilabilitles Credilors.. amounts falling due within one year 14 (15,673) (242.898) Net current assets 3,128,853 4,044,371 Total net assets 67,635,485 68,995,740 Charity funds Endowment funds 17 1,843,021 65.792,464 1,843,021 67,152,719 Unrestricted funds 17 Total funds 67,635,485 68,995.740 The Charitys net rnovement in funds for Ihe year was (£1,360,255) (2024.. £526.240). The financial statements were 8pproved and aLrthorised for issue by the Trustees and signed on their behalf by.. -LLL Graham Weinberg Trustee Date.. (* Ly-1102 The notes on pages 14 to 28 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 2025 2025 2024 Note Cash flows from operating activities Net cash used in operating activities 20 {3,848,051I (3,366,862) Cash flows from investing activities Dividends and interest from investments 1,411,517 1,442,239 400.000 11,213,386 54,288,329 (10,481,553) (66,892,897) Proceeds from the sale of investment propety Proceeds from sale of investments Purchase of investments Net cash provided byl(used in) investing activities 2,143,350 (10,762,329) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year {1,704,701) (14.129,191) 7,103,492 21,232.683 Cash and cash equivalents at the end of the year 21 5,398,791 7,103,492 The notes on pages 14 to 28 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 2025 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. 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 Sin 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 otheiSe 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 UnrtaIntieS 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 concem. Page 14
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 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 On 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. (li) the costs incurred and the costs to complete the contract can be measured reliably. 2.4 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third paty, 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. l 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 nonnally 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 2025 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 exdusively 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 Balan 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 'Gainsl{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. 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-tenn 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 2025 Accounting policies (continued) 2.11 Liabilities and provisions Liabilities 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 panentS 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 13. 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 and bank loans are classified as financial instruments. and are measured at amortised cost as detailed in Notes 14 and 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 2025 Investment income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Rent Dividends 183,819 1,227,650 48 183,819 1,227,650 48 221.723 1,220.492 24 Bank and other interest reiVed 1,411,517 1,411,517 1,442,239 Expenditure on raising funds 2025 2024 Investment management fees Subsidiary trading and administration expenditure 397,829 153,691 241,321 214.785 551,520 456.106 Analysis of expenditure by activities Grant funding of activities 2025 Support costs 2025 Total funds 2025 Charitable activities 3,330,000 48.379 3,378,379 Grant funding of activities 2024 Support cosls 2024 Total funds 2024 Charitable activities 2,045,000 55,762 2,100.762 Page 18
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Grants paid to Charities etc 2025 2024 British Blind Sport British Friends of United Hatzalah of Israel Camp Simcha Campaign Against Antisemitism CPRE 10,000 10,000 5,000 20,000 10,000 20,000 75,000 10,000 10,000 20,000 5.000 10.000 Jewish Trails Foundation for Jewish Heritage Goods for Goods Harif Halzola 20,000 30.000 10.000 5.000 16.000 9.000 5,000 10.000 10,000 20.000 25.000 Howards Humanitarian Project Inspired Jami UK 10,000 10,000 20,000 40,000 70,000 10,000 1.705,000 195,000 3,000 10,000 50,000 20,000 20,000 10,000 10,000 15,000 University of Jewish Chaplaincy Jewish Childs Day Jewish Futures Trust Jewish Women's Aid JNF UK KKL 1,130,000 300.000 Long Lane Pastures Trust Magen David Adom UK Manna UK 10.000 50,000 15.000 10,000 5.000 5,000 5.000 25,000 20.000 Middle East Education London Prostate Cancer UK National Trust RNLI Seret Intemational UK Gives Ltd Shomrim London North and East Smile Train 30,000 20,000 10,000 15,000 10,000 10,000 Society for Protection of Unborn Children SSAFA St John Ambulance St Joseph Hospice Technion UK The Archer Academy Together Plan Tony Coren Gategi Project UK Jewish Film 5.000 10,000 5.000 5,000 10.000 5,000 20,000 300,000 20,000 10.000 225,000 10.000 Page 19
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 UKLFI Charitable Foundation UK Toremet Ltd 20,000 472,000 10,000 10.000 Youth Hostel Association (England + Wales) 5.000 3,330,000 2,045,000 Governance costs 2025 2024 Accountancy services Audit services 13,062 35,317 15.157 40,605 48,379 55.762 Staff costs 2025 2024 Wages and salaries Social security costs 30,000 2,884 30.000 32,884 30.000 Page 20
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Staff costs (continued) The average number of persons employed by the Charity during the year was as follows.. Group 2025 No. Group 2024 No. Employees No employee received remuneration amounting to more than £60.000 in either year. 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 (2024: £Nil). During the year ended 5 April 2025, no Trustee expenses have been incurred (2024: £Nil). 10. Taxation 2025 2024 Deferred tax Charged to financial activities (809,960) (731,909) Total deferred tax (809,960) (731,909) Taxation on net {expenditure)lincome (809,960) (731,909) There were no factors, apart from the Chariws 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 250/0 (2024: 250/0, expt the Charity net income is exempt from tax). There were no factors that may affect future tax charges. Page 21
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 11. Investment properties Group Freehold investment properties Valuation At 6 April 2024 3.845,834 At 5 April 2025 3,845,834 Charity Freehold investment property Valuation At 6 April 2024 60,000 At 5 April 2025 60,000 The freehold investment properties were valued by the Trustees at 5 April 2025. 12. Fixed asset investments Listed investments Group Cost or valuation At 6 April 2024 Additions Disposals Revaluations 58,391,369 10,481,553 (11,161,023) 234,733 At 5 April 2025 57,946,632 Net book value At 5 April 2025 57.946,632 At 5 April 2024 58,391,369 Page 22
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 12. Fixed asset investments (continued) Investments in subsidiary Listed companies investments Total Charity Cost or valuation At 6 April 2024 Additions 35,183.195 58,391,369 93,574,564 10,481,553 10,481,553 {11,161,023) (11,161,023) 234,733 234,733 Disposals Revaluations At 5 April 2025 35,183.195 57,946,632 93.129,827 Impairment At 6 April 2024 28,683.195 28,683,195 At 5 April 2025 28,683.195 28,683,195 Net book value At 5 April 2025 6,500,000 57,946,632 64,446,632 At 5 April 2024 6,500,000 58,391,369 64,891.369 Principal subsidiary The following was a subsidiary undertaking of the Charity: Name Company number Registered office or principal Holding place of business Renco Properties Limited 00526647 6th Floor, 2 London Wall Place. London, United Kingdom. EC2Y SAU Page 23
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 13. Debtors Group 2025 Group 2024 Trade debtors Other debtors Prepayments and accrued income 23,744 346 4,507 31.227 21.829 400 28,597 53,456 14. Creditors: Amounts falling due within one year Group 2025 Group 2024 Charity 2025 Charity 2024 Trade creditors Other taxation and social security Other creditors Accruals 20,719 11,367 19,981 6,838 2,407 56,288 9,380 9.380 3,293 3,000 233.518 62,417 94,503 85,514 15,673 242.898 15. Creditors: Amounts falling due after more than one year Group 2025 Group 2024 Other creditors 60,000 12.000 Page 24
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 16. Deferred taxation Group 2025 As at 6 April 2024 Charged to financial activities (809,960) 809,960 The deferred tax balance is made up as follows: Group 2025 Group 2024 Revaluation of investment properties Management expenses (809,960) (809,960) 809,960 (809,960) Page 25
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 17. Statement of funds Statement of funds - current year Balance at 6 April 2024 Gainsl Balance at 5 (losses) April 2025 Income Expenditure Unrestricted funds General Fund 66.625,051 1,410,082 (3,119.693) 287,096 65.202,536 Subsidiary company- Non- controlling interest 18,605 1,435 (246) 19,794 66,643,656 1,411,517 (3,119,939) 287,096 65,222,330 Endowment funds Expendable endowment fund 1,843,021 1,843,021 Total of funds 68,486,677 1,411,517 (3,119,939) 287,096 67,065,351 statement of funds - prior year Balan at 6 April 2023 Gainsl Balance at (losses) 5 April 2024 Income Expenditure Unrestricted funds General Fund 62,432.995 1.442,239 (1,824,959) 4,574,776 66,625,051 Subsidiary companies- Non- controlling interest 18.605 18.605 62,451.600 1.442.239 (1,824,959) 4,574,776 66,643.656 Endowment funds Expendable endowment fund 1.843,021 1,843,021 Total of funds 64,294.621 1.442,239 (1,824,959) 4,574,776 68,486.677 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 26
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 18. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Endowment funds funds 2025 2025 Total funds 2025 Fixed asset investments 56,103,611 3,845,834 5,427,388 (94,503) (60,000) 1,843,021 57.946,632 3,845,834 5.427,388 {94,503) (60,000) Investment properties Current assets Creditors due within one year Creditors due in more than one year Total 2025 65,222,330 1,843,021 67.065,351 Analysis of net assets between funds - prior year Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year Deferred taxation 56,548,348 3,845,834 7,156,948 (85,514) (12,000) (809,960) 1,843,021 58,391.369 3,845.834 7,156.948 (85,514) (12.000) (809,960) Total 2024 66,643,656 1,843.021 68,486,677 19. Guarantees. Commitments and Contingent Liabilities At 5 April 2025 there were no commitments or contingent liabilities (2024: £Nil). Page 27
MURIEL AND GERSHON COREN CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 20. Reconciliation of net movement in funds to net cash flow from operating activities Group 2025 Group 2024 Net (expenditure)lincome for the year (as per Statement of Financial Activities) {1,421,326) 4,192.056 Adjustments for: Gains on investments (287,096) (5,218,911) {1,411,517I (1,442,239) 24,859 (12,178) 56,989 (153.681) (809,960) (731,909) Dividends and interest from investments (note 3) Decreasel{increase) in debtors (note 13) Increasel(decrease) in creditors (note 14 and 15) Decrease in deferred tax (note 16) Net cash used in operating activities {3,848,051) (3,366,862) 21. Analysis of cash and cash equivalents Group 2025 Group 2024 Cash in hand 5,398,791 7,103.492 Total cash and cash equivalents 5,398,791 7,103,492 22. Analysis of changes in cash and cash equivalents At 6 April 2024 Cash flows At S April 2025 Cash at bank and in hand 7,103.492 {1,704,701) 5.398,791 7,103.492 {1,704,701) 5.398,791 23. Related party transactions During the year, a grant of £300,000 (2024: £225,000) 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. Page 28