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 reSoUr￿s.
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 re￿iVed 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, MacIn￿e 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 foll0v￿d, 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 l￿egUlarl11es.
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 reSoUr￿s, 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 othe￿iSe 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 prO￿dureS 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 cOn￿alment, 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
othe￿iSe 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 Un￿rtaIntieS 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 pa￿nentS 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 re￿iVed
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, ex￿pt 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