Charity number.. 1175058 THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION CONTENTS Page Reference and admlnlstrativ• dotalls of the ¢harlty. Its Tntstses and advlse Trustees. report Indepondont oxamin8rfs rnport Statsm•nt of flnanclal a¢tlvrtlos Balancè sh••t Notes to th8 financial statements 8-14
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees Jeremy Sandelson Richard Denton Brigitta Davidson Emanuel DavKlson Gerard Cohen Ilan Rappaport Jonathan Kestenbaum Charity registered number 1175058 Principal offico OGR Stock Denton LLP Winston House 2 Dollis Park London N3 1HF A¢¢ountsnt$ Blick Rolhenberg Limited Chartered AonntS 16 Great Queen Street Covenl Garden London WC28 SAH Page 1
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together the financial statements of the charity for the 1 April 2021 to 31 March 2022. The financial ststements have been prepared in accorilance the accounting policies set out in notes lo the accounts and comply wth the charity's constitubonal document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charits.es preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Objectives and activities a. Pollcl•s and obl¢¢tlv The charity's objectives are.. 1. the advancement of education. the arts. cullure and heritage primarily bul not ex¢lusively by." lil providing support for capital and infrastructure pcojects in the United Kingdom and Israel., and lill purchasing, holding, maintaining and exhib.9 works of art., and 2. the relief of those in need by reason of youth, old age, ill-heatth, disabilty or financial hardship by the provision of support for organisalions in the Unrted Kingdom and Israel. The policies adopted in furtherance of these objects are set out in a grant making policy which has been approved by the trustees. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding al activities the charty should undertake. In setting objects'ves and planning for activibes, the Trustees have given due consideration to general guidance published by the Charity Commission relaling to public benefit, including the gUance 'Public benefit.. running a charity IPB21'. b. Grant4naklng pollcles The grant making policies are sel out in a policy document vA)ich explains in MO detsil the objectives set out in above. The Iruslees VIeW every grant being consi¢Jered lo ensure il complies the policy document. A¢hiovèments and rfOnaneO a. Maln achS8v8mgnts of the charbty During the period. grants of £140.00012021'. £1.112.0001 were distributed to other charitable instf(ulions in line th the charty's objectives. as per note 5 lo the financial stslements. b. Criteria used for measuring succe38 The trustees review the grants that have been made to ensure the funds have been used in the way intended at the lime the grant was approved. Page 2
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Financial review a. Going concarn After making enquiries, the Iruslees have a reasonable expectsts.on that the ¢harty has adequate resources lo continue in operational existence and meet ils liabilib.es as they fall due for the fOseeable future. being a period of at least 1ve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. b. Flnanclal revl During the year, the charity Teceived donations of £390.000 12021.. £933.0001, and returned a net surplus of £244.886 12021". £184.138 nel deficill. Al the balance sheet dale. the Charity reports a net agsel position of £118.09212021'. £126.794 net IBbilityl. 11 is the policy of the charity that unrestricted funds ¥thich have not been designated for a specrfic use should be maintained at a level equivalent to bets%Een three and six months. recurring overheads and 5UPPOrt cost expenditure. The Tru51ees consider that reserve5 al this level V11 ensure that. in the event of a significant drop In lunding, they wll be able lo continue the charity's current actwib.es Nthile consideration is given to ways in which additional funds may be raised. The entire resources of the charity are unrestricted an(1 the Iru$tee$ have complete discretion over their use. Structure. gov•man¢o and managom•nt *. Constitutlon The Manny and Brigitta Davidson Charitable Foundatson 1$ a registered charity, number 1175058, and 1$ constituted under a governing document. The charty was established by a constitutional document on 10 October 2017. The princApal office of the charity is OGR Stock Denton LLP, 2nd Floor. Winston House, 2 Dollis Park. London. N3 1HF. b. M•thod8 of appolntmant or •l•ctlon of Trusta•8 The management of the charity is the responsibility of the Trustees are elected and cL¥opled under the terms of the goveming document. The trustees who served during the year were.. Jeremy Sandelson Richard Denton Brigrtta Dawdson Emanuel Davidson Gerard Cohen Ilan Rappaport Jonathan Kestenbaum New Iruslees are approved and appointed by existing trustees. c. Policies adopted for tho induction and training of Trustees The Trustee board comprises a small number of experienced trustee$. To the extent that training needs are identified trustees receive the appropriate training. Page 3
THE MANNY AMD BRIGITfA DAVIDSON CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 structure. govemance and manag¢meni Iconunued} d. Finanelal rf•k rnanag•m•nt The Tru81ees have as8e88ed the m4.or risks to whth the charity is exposei1. #1 particular Ilh)se relatgj to the opwakn8 and finances of the cl. oThJ are soiwfi&J that 8ysths and predureS am in Dlac• to mitigate exposure lo tho Mai nsk8. PlanB forluturn wltsd• T TruBt88s intond lo continu& pry)mrIa tho charitV8 oWNe8. Th• •xt•nt cyrations 58 dependonl upon donatlorto roccNed. Approvad by ordw of th& membern of tho board crf Tr 8wJnl on thwr bghgif by.. Brtgltta Davld•on Pwje 4
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 Independent examinerf$ report to the Tru$tees of The Manny and Brigltta Davld$on Charltable Foundatlon Imhe charity) I report to the tharty TnJstees on my examinth.on ofthe attounts of the d)arity for the yearended 31 Mard) 2022. This report is made solely to the tharitys Tnjslees. as a body, in 8cWrdan Part 4 of the Charities IA¢counts and Reports) RulationS 2008. My work has been undertaken so that l Might state to the charity's Trustees those matters l arn required lo stste to Iheffl In an independent exarninerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume respon5ibilty to anyone other than the chanty and the charity's Tru5tee5 as a body, for rny work or for this report. Re8ponslbllltle$ and ba$18 of report As the Trustees ol the chanty you are resp)nwble for the weparabon of the accounts In acLordance wth the requirtmenls ol the Charities Act 20111'the 2011 Acri. I report in resp¢ of my exarnination of the charilys a¢counlg carried out under section 145 of the 2011 Act and in carrying out my examination I have follod the aFplIble Directions given by the Charity Commi59ion under secty'on 14515llbl of the 2011 Act. Ind•p•ndont •xamln•f8 Stat•m•nt Sinc¢ th? tharrty'¥ gro¥8 Inrne exceeded £250,IXW) your exorniner mu¥t be a member gf a body li¥ted in sedion 145 of the 2011 Act. I confirm that l am qualified to undertakè thè txzmination baUse l an a mèmber of the ICAEW, whieh is one of the listed bodies. Your attentson is drawn to Ihe fact that the rthanly has ppared the accounts in accordance bmth Acc4unts"ng and Reporting by Charities. Ststemenl of Recommended PraLtJ applicable lo chanbes prep8nng their accounts in accordan with the Finanual Reporting Slandar(J applicable in Ihe UK and Republic of Ireland IFRS 1021 in preferen to the Accounting and Reporting by Charities. Statement of Recommended Practice issued on 1 April 2(M)5 %thich referred lo in the extant regulation5 but has been wlhdravm. l understand thal this has been done in order for the aUnts lo provide a true and fair view in acwrdance wth the Generally Accepted A¢counlin9 practi effe(Aive for repor'r9 periods beginning on or after 1 January 2015. I hav• eompl•t•d my examination. l eenfimi that no matt•ts hav• ¢>Jm• 10 my attantion in eonnadion tha 8x8minalion giving me cause to believe that In any malerial resped. ?oUntIng records wEre not kept in re¥Fe¢t oflhe thanty by seCtn 130 of Ihe 2011 Ad,. gr the aecounts do not aecord wth Ihose recorfs. or the accounts do not comply with the applicab reqU1MentS wiceming the fom) and content ol accounts set out in the Charities (Accounts and Reports) Regulations 2008 olher Ihan any requirement that the awounts give a Irue and fairf wew which is not a rnatter o)n$idered as Part of an indeFendent examination. I have no cOnrn$ and have ccxne across no ott1 matters In cx)nnection the examination to which attention shoulLI be drawn in this report In order to enable a prcyer understsndiro of the aounts to be 8¢hed. Signed.. Dated.. 8.12.2022 Russell Tenzer FCA Blick Rothenberg Llmitsd Chartered Accountants 16 Great Queen Street Covent Garden London WC28 SAH Page S
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Income from: Donations and legacies 390,000 390,000 933,000 Total income Exp¥ndlture on: Charitable activrtj'es 390,000 390,000 933,000 145,114 145,114 1,117,138 Total •xp8nditure 145,114 145,114 1,117,138 Not movement In funds Roconclllatlon of lunds: Totsl funds brought foward Nel movement in funds 244,886 244,886 1184,1381 1126,7941 244,886 1126,7941 244,886 57,344 1184,1381 118,092 118,092 Total funds carrl8d foTh4ard 1126,7941 The Stslemenl of financial actsvities includes all gains and h)sses recognised in the year. The notes on pages 8 10 14 fomi part of these financial $t*ements. Page 6
THE MANNY AND 8RIGJTTA DAVIDSON CHARITA&E FOUNDAMON BALANCE SHEET FOR THE YEAR ENDED 31 IAARCH 2022 2022 2021 Curr•nt amots C88h at bank and in ha1 123.192 33.1(A3 Ci•Yitors.' amounts fallirKJ duo 7Mthin on• year 10 14100) (l59.Sh> N•t curr•nt a•••t• I Ill•bllltl••) 116.M2 1120,7941 Totsl awts l•M currnnt Ilabllllles 118,092 1126,7941 Total n•t a•¥• {Il•blllll••l 118.092 1126,7941 Charlty fund• RestrKled lund$ UnTe8tricted lund$ 11 11 118,092 1128.794} T(knl fund• 118,092 1126,7941 The financ1 8tatem8rts wer• aPpd And auth(xiW for iuu• by th• Trusti And 91gnod on th•ir by.. 8rlgltta Da¥kl•on £1) ncth on 8 to 14 fomi p•t of th95e finarKi* statents. Page 7
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Ganaral infomiation The Manny and Brigitta Davidson Charrtable Foundation is a ChaTitable Incorporated Organisation registered al the Charitie5 Commission in England and Wale5 Wrth charty number 1175058. The financial ststements are prepared in steding, vthich is the functional currency of the charty. Monetary amounts in these financial statements are rounded to the nearest £. Accounting policies 2.1 8asis ot preparation of financial statements The accounts (financial stslemenlsl have been ppare£l in accordance wlh the relevant version of the Statement of Recommended Practice applicable to charities preparing their a¢counls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generalty Accepted Accounting Practice. The accounts (financial sl*emenls} have been prepareil lo give a 'true and fair, view and have departed from the Chants'es (Accounts and Reports) Regulations 2008 only lo the exlenl required lo provide a 'true and fair vieW. This departure has involved followng the relevant version ol the Slalemenl of Recommended Practsce applicable to charf(ies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the A¢untIng and Reporting by ChaTilies." Stslemenl of Recommended Prath¢e effects.ve from 1 April 2005 vthich has since been vrthdrawn. The Manny and Brigitta Davidson Charilable Foundali¢)n meels the definition of a public benefit entity under FRS 102. Assets and liabilib.es are inib.ally feeognised al historical cost or transaction value unless olhemse slated in the relevant accounting policy. 2.2 Golng ¢oncgm After making enquines, the trustees have a reasonable expectation that the charity has adequate resources lo ¢onlinue in operational existence and meet ils liabilits.es as they fall due for the foreseeable future. being a period of al leasl twelve months from the dale these financial stslemenls were approved. A¢IdIngly, they cwtinue lo adopt Ihe going ¢oncem ba$1$ in preparing the financial statements. 2.3 Income Income represents discretionary donalions and is rogniSed once the charity has enliuemenl lo the income, it is probable that the income wll be received and the amount of income receivable can be measured reliabty. Page 8
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies {continued} 2.4 Expondituro Expenditure Is recognised once there is a legal OT constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation Can be meaSUd reliably. Expenditu is classified by acb'vity. The costs of each acthvity are made up of the total of direct costs and shared costs, includin9 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 lo a single activity are apportioned befvn those acb"vities on a basis conslstenl wlh the use of resources. Expenditure on charitable actiwties is incurred on dire¢lJy undertaking the aclivf(ies vthich further the charitys objectives, as well as any associaled support costs. Grants payable are charged In the year %then the offer is made except in these cases where the offer is conditional, such grants being recognised as expenditure vA)en the condrtions attached are fulfilled. Grants offered subject to condibons vthi¢h have not been mel at the year-end are noted as a commitmenl bul nol accrued for as a commitment. All expenditure is inclusive of irrecoverable VAT. 2.5 Cash at bank and In hand Cash at bank and in hand inclLths cash ar¥J Short-lenn highly liquid investments wrth a short maturity ol three months or less from the date of acquisition or opening of the deposit or similar account. 2.6 Flnanclal Instruments The charity has elected lo apply Secti$ 11 and 12 of FRS 102 in resp&cl of financial inslrumenls. Financial assets and financial liabilities are rewgni$ed vknen the ¢hanty become$ party to the contractual provisions of the instrument. Financial liabilits.es are classified according to the substance of Ihe contractual arrangements entered into. The charity's policies for its major dasses of financial assets and financial liabilities are set out below. Financial ayyets 8asic financial assets, including cash and bank balances are iniiially recognised at transaction price, unless the arrangement constitutes a financing transacthon, ¥there the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal bu5ines5 terms or is financed at a rale of interest that 15 not a market rate. Such assets are subsequenuy carried at amortised cost using the effective interest method, less any impairnient. Page 9
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies {continued} Financial instruments Icontinuedl Financial liabilities Basic financial liabilities. including trade and other creditors, are initially recognised at transaction price, unless the arrangement conststutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing Iransactsons are those in %thich payment 15 deferred beyond normal business lems or is financed al a rale of interest that is not a market rate. Debt instruments are subsequentty carrie(l al amorb'sed Cosl, using the effe¢b've interest rate method. Impaimi8nt of financial assots Finan¢ial assets measured at cost and amorbsed cost are assessed 31 the end of each reporting period for obie¢live ewdence of impaiment. If objecb.ve evidence of impairment is found. an impaimienl loss is recognised in the stslement of financial actiwties. For financial assets measured al cost less impairment, the impairnient Ioss 15 measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if il were to be sold at the reporb.ng date. For financial assets measured al am0'sed cosl, the impaimienl loss 1$ measured as the difference befften the asset's carryng amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. 11 the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the conlracL If there is a decrease in the impaimienl loss arising frrjn an event occurring after the impaimient was recognised, the impairment is reversed. The reversal is such ihat the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the statement of financial aclivits'es. Derecognltlon of financlal assets and financlal Ilabllltles Financial assets are derecognised vthen lal the contractual rights to the cash flows from the asset expire or are settled, or Ibl subslantialty all the risks and rewards of the ownership of the asset are transferred to another party or (cl despite having retained some significant risks and rewards of ownership, control of the asset has been transferred lo another party who has the praeb.cal ability lo unilaterally sell the asset to an Unlated third party wlhout imposing additional restrictions. Financial liabilities are derecognised vthen the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setlle the liabilty simultaneousty. Employ¢¢$ The charity had no staff employed during the year under conskleration12021- Nill. No employee received remuneration amounling to more than £60,000 during the year. Page 10
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from donations and18gaci8s Unrestricted funds 2022 Total fund$ 2022 Total funds 2021 Donations 390,000 390.000 933,000 Analysls of grants 2022 2021 The Noam Primary School Limited The National Gallery The London Academy of Music and Dramab"c Art Bowel and Cancer Research Noah's Ark 50,000 100,000 25,000 60,000 100,000 200,000 300,000 Emunah Tikva UK Dennington Synagogue Jewish Care Royal Free Charrty The Holbume Museum The Royal Academy The Wallace Collection University ol Oxfor Other grants to institutions of less than £10,000 each 10.000 13,000 50,000 25,000 250,000 20,000 10,000 25,000 9,000 s.000 140.000 1,112,000 Page 11
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of axpanditure by activiti&s Grant fundlng of activitiès 2022 Support costs 2022 Total funds 2022 Total funds 2021 Charitable acliwties 140.000 5.114 145,114 1.117,138 Totsl 2021 1.112.000 5.138 1.117,138 Gov8mance costs Unrrftrlct•d funds 2022 Total fund$ 2022 Total funds 2021 Bank charges Accountancy fees 554 554 38 5,100 4,S60 4.560 5,114 5.114 5,138 Ind•p•nd•nt •xamlnor'$ romun•ratlon The independent exarninerfy remuneration amounts lo an independent examiner fee of £4,560 12021 £5.1001. Trustees, remuneratlon and expenses During the year. no Trustees received any remuneration or olher benefils12021- £NILI. During the year ended 31 March 2022, no Trustee expenses have been incurred12021- £NILI. 10. Creditors: Amounts falling du8 Within ong yaar 2022 2021 Other creditors 150,000 9,900 Accruals and deferred income 5.100 5,100 159,900 Page 12
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. Statsment of funds statement of funds - current year Balan¢• at 31 March 2022 Balance at 1 April 2021 Incoma Expenditurn unltrIct¢d funds General Funds- all funds {126.7941 390.000 {145,1141 118,092 Statsment of funds - prior year Balance at 31 March 2021 Balance at 1 Awl 2020 Income Expenditure Unrestrlct¢d fund8 General Funds- all funds 57,344 933,1]00 11,117,1381 1126,7941 12. Analysls of n•t assots betw8en funds Analysis ol not a$$•ty botwtsn lunds- current year Unrgstrlctod funds 2022 Total funds 2022 Current assets Creditors due wthin one year 123,192 15,1001 123,192 15,1001 Totsl 118,092 118.092 Page 13
THE MANNY AND BRIGITTA DAVIDSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. Analysis of nat assats batwgen funds (continued) Analysis of net assets beten funds- prior year Unrestricted funds 2021 Total funds 2021 Current assets Creditors due vthhin one year 33,106 1159,9001 33,106 1159,9001 Totsl 1126,7941 1126,7941 13. Rolatsd party transactlons During the year, Emanuel and Brigitta Davidson, tth trustees of the charity, donated £390,000 12021.. £933,000) lo the charty. During the year. £Nil 12021". £50.000} was donated to The Noam Primary School MIted, a charity in vthich Richard Denton is a trustee. Included vthin other creditors is an amount of ÈNil 12021.. £150.0001 1¢h was due lo Emanuel and Brigitta Davidson. trustee5 of the charity. The loan is provided interest free and is unsecured. There are no formal terms regarding ts repayment. Page 14