Charity Registration No. 1180786
THE TAMIR-STERNBERG FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
THE TAMIR-STERNBERG FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | N Tamir (Chairman) |
|---|---|
| M V Sternberg QC (Secretary) | |
| D Sternberg | |
| R A Tamir | |
| Charity number | 1180786 |
| Registered ofce | 82 Lawn Road |
| London | |
| NW3 2XB | |
| United Kingdom | |
| Independent examiner | Andrew Rich |
| HW Fisher LLP | |
| Acre House | |
| 11-15 William Road | |
| London | |
| NW1 3ER | |
| United Kingdom | |
| Bankers | Credit Suisse (UK) Limited |
| Five Cabot Square | |
| London | |
| E14 4QR | |
| United Kingdom | |
| Solicitors | Payne Hicks Beach |
| 10 New Square | |
| Lincoln's Inn | |
| London | |
| WC2A 3QG | |
| Investment broker | Credit Suisse (UK) Limited |
| Five Cabot Square | |
| London | |
| E14 4QR | |
| United Kingdom |
THE TAMIR-STERNBERG FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of fnancial actvites | 4 |
| Balance sheet | 5 |
| Notes to the fnancial statements | 6 - 10 |
THE TAMIR STERNBERG FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2021
The Trustees present their annual report and the financial statements for the year ended 30[th] June 2021 The accounts have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with the Foundation's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Structure, governance and management
The Foundation is registered with the Charity Commission (No. 1180786) and established by a will proved on the 18 October 2016. Monies were received on 4 July 2018 and the charity commenced operations on that day.
The trustees who served during the period and up to the date of signature of the accounts were: N Tamir (Chairman) M V Sternberg QC (Secretary) D Sternberg R A Tamir
Key management personnel comprise only the trustees. The Trust does not employ any staff but takes external advice as necessary. All decisions are taken by the trustees collectively.
The power of appointing new or additional trustees is vested with the existing trustees. The trustees meet regularly to review and approve grant applications.
The Trustees maintain a risk register which is reviewed annually in order to assess the major risks to which the Charity is exposed. They are satisfied that systems are in place to manage exposure to risks. The main risk is considered to be the exposure to fluctuations in investment values.
The Trustees have had regard to the Public Benefit Guidance issued by the Charity Commission in deciding the activities the Trust undertakes.
Objectives and activities
The Foundation's objects are to benefit charitable causes for all purposes which are charitable according to English law.
Grant making policy
The trustees will be making grants based on managing the portfolio and agreeing distributions on a total return basis. The trustees strongly advise against submitting any unsolicited applications to the Trust.
Safeguarding
Although the Foundation does not work directly with children or vulnerable adults, it may provide funding to other charities that work with these groups. As such the trustees seek to ensure, through proportionate and reasonable due diligence, that charities which they support take their responsibilities seriously and that they have adequate and appropriate safeguards in place. The trustees intend to review their safeguarding policy and procedures on an annual basis.
Financial review
The net assets of the Foundation as at 30 June 2021 amounted to £4,708,876 (2020: £4,303,802). The funds were invested during the year and investment income of £49,352 (2020: £50,825) was generated.
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THE TAMIR STERNBERG FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2021
The Foundation made grants in the period totalling £62,750 (2020: £69,000).
It is the policy of the Trust to maintain unrestricted funds (free reserves), at a level which will enable the Trust to meet grant commitments over the long term. Grants paid during the year are disclosed in note 6 of the accounts.
Investment policy and investment performance
In accordance with the Will, the trustees have the power to invest in stocks, shares, investments and property as they see fit. The trustees' objective is to achieve returns above both inflation and those obtainable on bank deposits. Investment returns are to be achieved at an acceptable level of risk in order to fulfil the Trust's objects. The trustees’ aim, over the long-term, to maintain the capital value of the endowment in real terms, adopt a moderate risk profile and look for a total return of 4% out of which up to 3% will be disbursed.
During the year the loss on revaluation of investments was £152,453 and the gain on sale of investments was £74,068. The cumulative gain on revaluation to date is £194,755 (2020: loss £124,644).
The investments should be sufficiently liquid to meet any expenditure requirement as determined by the trustees from time to time. The Trustees meet regularly during the period to review investments.
The Trustees have considered the on-going effect of the Covid-19 pandemic on the Foundation's activities. The Trustees are of the view that the pandemic will have little impact on the ability of the Foundation to continue its work.
On behalf of the Board of Trustees
N Tamir
Trustee 27 Jan 2022 Dated: .........................
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THE TAMIR-STERNBERG FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE TAMIR-STERNBERG FOUNDATION
I report to the trustees on my examination of the financial statements of The Tamir-Sternberg Foundation (the the Foundation) for the year ended 30 June 2021.
Responsibilities and basis of report
As the trustees of the the Foundation you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the the Foundation’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 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 now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the the Foundation as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Andrew Rich
Andrew Rich HW Fisher LLP
Acre House 11-15 William Road
London NW1 3ER United Kingdom
Dated: ......................... 27 Jan 2022
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THE TAMIR-STERNBERG FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 49,352 | 50,825 |
| Expenditure on: | |||
| Raising funds | 4 | 21,713 | 14,291 |
| Charitable actvites | 5 | 66,404 | 72,330 |
| Total resources expended | 88,117 | 86,621 | |
| Net gains/(losses) on investments | 10 | 444,855 | (78,385) |
| Net incoming/(outgoing) resources | 406,090 | (114,181) | |
| Other recognised gains and losses | |||
| Other gains or losses | 11 | (1,016) | - |
| Net movement in funds | 405,074 | (114,181) | |
| Fund balances at 1 July 2020 | 4,303,802 | 4,417,983 | |
| Fund balances at 30 June 2021 | 4,708,876 | 4,303,802 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE TAMIR-STERNBERG FOUNDATION
BALANCE SHEET
AS AT 30 JUNE 2021
| 2021 Notes £ Fixed assets Investments 12 Current assets - Creditors: amounts falling due within one year 13 (3,300) Net current liabilites Total assets less current liabilites Income funds Unrestricted funds The fnancial statements were approved by the Trustees on ......................... 27 Jan 2022 |
£ 4,712,176 (3,300) 4,708,876 4,708,876 4,708,876 |
2020 £ - (3,300) |
£ 4,307,102 (3,300) 4,303,802 4,303,802 4,303,802 |
|---|---|---|---|
.............................. N Tamir Trustee
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THE TAMIR-STERNBERG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
1 Accounting policies
Charity information
The Tamir-Sternberg Foundation is an unincorporated charity. The Governing document is a will proved on 18 October 2016.
1.1 Accounting convention
The financial statements have been prepared in accordance with the terms of the will that established the Foundation, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019). The the Foundation is a Public Benefit Entity as defined by FRS 102.
The the Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
The Trustees have considered the effect of the prolonged Covid-19 pandemic on the Foundation's activities. The Trustees are of the view that the pandemic will have little impact on the ability of the Foundation to continue its work. Therefore at the time of approving the accounts, the trustees have a reasonable expectation that the the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continues to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Resources expended
Resources expended are recognised in the period to which they relate.
All costs which can be directly attributed to charitable activities are allocated to the relevant activities. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
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THE TAMIR-STERNBERG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1 Accounting policies
(Continued)
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.8 Financial instruments
The the Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
The charity has financial assets and financial liabilities only of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.9 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the year.
2 Critical accounting estimates and judgements
In the application of the the Foundation’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There were no critical accounting estimates and judgements in the accounting period.
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Income from unlisted investments | 49,352 | 36,671 |
| Interest receivable | - | 14,154 |
| 49,352 | 50,825 |
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THE TAMIR-STERNBERG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
4 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Investment management | 21,713 | 14,291 |
| 21,713 | 14,291 |
5 Charitable activities
| Unrestricted funds Unrestricted funds 2021 2020 £ £ Bank / interest charges 354 - Grant funding of actvites (see note 6) 62,750 69,000 Share of governance costs (see note 7) 3,300 3,330 66,404 72,330 |
Unrestricted funds Unrestricted funds 2021 2020 £ £ Bank / interest charges 354 - Grant funding of actvites (see note 6) 62,750 69,000 Share of governance costs (see note 7) 3,300 3,330 66,404 72,330 |
Unrestricted funds Unrestricted funds 2021 2020 £ £ Bank / interest charges 354 - Grant funding of actvites (see note 6) 62,750 69,000 Share of governance costs (see note 7) 3,300 3,330 66,404 72,330 |
|---|---|---|
| 2021 £ 354 62,750 3,300 66,404 |
2020 £ - 69,000 3,330 |
|
| 72,330 |
| 6 Grants payable Unrestricted funds Unrestricted funds 2021 2020 £ £ Grants to insttutons: Britsh Friends of The Hebrew University 30,000 30,000 New Israel Fund 5,000 5,000 The Faith and Belief Forum 5,000 5,000 North Western Reform Synagogue 10,000 10,000 Reform Judaism 5,000 5,000 Friends of The Earth Trust 3,000 3,000 The Human Milk Foundaton 1,000 1,000 Prism the Gif Fund - 10,000 Anne Frank UK Trust 2,000 - My Israel 750 - Royal College of Music 1,000 - 62,750 69,000 |
6 Grants payable Unrestricted funds Unrestricted funds 2021 2020 £ £ Grants to insttutons: Britsh Friends of The Hebrew University 30,000 30,000 New Israel Fund 5,000 5,000 The Faith and Belief Forum 5,000 5,000 North Western Reform Synagogue 10,000 10,000 Reform Judaism 5,000 5,000 Friends of The Earth Trust 3,000 3,000 The Human Milk Foundaton 1,000 1,000 Prism the Gif Fund - 10,000 Anne Frank UK Trust 2,000 - My Israel 750 - Royal College of Music 1,000 - 62,750 69,000 |
6 Grants payable Unrestricted funds Unrestricted funds 2021 2020 £ £ Grants to insttutons: Britsh Friends of The Hebrew University 30,000 30,000 New Israel Fund 5,000 5,000 The Faith and Belief Forum 5,000 5,000 North Western Reform Synagogue 10,000 10,000 Reform Judaism 5,000 5,000 Friends of The Earth Trust 3,000 3,000 The Human Milk Foundaton 1,000 1,000 Prism the Gif Fund - 10,000 Anne Frank UK Trust 2,000 - My Israel 750 - Royal College of Music 1,000 - 62,750 69,000 |
|---|---|---|
| 2021 £ 30,000 5,000 5,000 10,000 5,000 3,000 1,000 - 2,000 750 1,000 62,750 |
2020 £ 30,000 5,000 5,000 10,000 5,000 3,000 1,000 10,000 - - - |
|
| 69,000 |
-
8 -
THE TAMIR-STERNBERG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
7 Support costs
| Support costs Governance costs £ £ Accountancy - 1,800 Independent examinaton fees - 1,500 - 3,300 Analysed between Charitable actvites - 3,300 |
2021 Support costs Governance costs £ £ £ 1,800 - 1,800 1,500 - 1,530 3,300 - 3,330 3,300 - 3,330 |
2020 £ 1,800 1,530 |
|---|---|---|
| 3,330 | ||
| 3,330 |
Fees payable to the independent examiner in the year include £1,500 (2020: £1,530) and £1,800 (2020: £1,800) in respect of the preparation of the statutory accounts.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year.
9 Employees
There were no employees during the year.
10 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Revaluaton of investments | 319,399 | (152,453) |
| Gain/(loss) on sale of investments | 125,456 | 74,068 |
| 444,855 | (78,385) |
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THE TAMIR-STERNBERG FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
| 11 | Other gains or losses | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Foreign exchange gains | (1,016) | - |
12 Fixed asset investments
| Listed investments Cash in portolio £ Cost or valuaton At 1 July 2020 2,251,782 2,055,320 Additons 3,243,151 (3,243,151) Valuaton changes 319,399 - Investment income - 49,352 Management charges - (21,713) Foreign exchange variance - (1,015) Cash withdrawn - (66,406) Disposals (1,651,736) 1,777,193 At 30 June 2021 4,162,596 549,580 Carrying amount At 30 June 2021 4,162,596 549,580 At 30 June 2020 2,251,782 2,055,320 |
Total £ 4,307,102 - 319,399 49,352 (21,713) (1,015) (66,406) 125,457 |
|---|---|
| 4,712,176 | |
| 4,712,176 | |
| 4,307,102 |
13 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Accruals | 3,300 | 3,300 |
14 Related party transactions
During the year, a grant of £5,000 (2020: £5,000) was made to the Faith and Belief Forum, a charity in which M. V. Sternberg QC and N. Tamir are Trustees. N. Tamir is also a Trustee of the New Israel Fund which received £5,000 (2020: £5,000). There were no other disclosable related party transactions during the year.
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Issuer
Issuer HW Fisher Document generated Thu, 27th Jan 2022 10:49:20 UTC Document fingerprint 5da64e7aaceddf939215cd117304a2cf
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Thu, 27th Jan 2022 14:20:28 UTC Noam Tamir - Signer (489f7724cc1976e6a0be28eaf60d8888) Thu, 27th Jan 2022 14:39:28 UTC Andy Rich - Signer (4e5a01d76d96ed4f1aad028709c8b4cc) Audit history log Date Action Thu, 27th Jan 2022 14:39:28 UTC The envelope has been signed by all parties. (217.207.100.70) Thu, 27th Jan 2022 14:39:28 UTC Andy Rich signed the envelope. (217.207.100.70) Thu, 27th Jan 2022 14:38:59 UTC Andy Rich viewed the envelope. (217.207.100.70) Thu, 27th Jan 2022 14:38:52 UTC Andy Rich viewed the envelope. (194.124.240.237) Thu, 27th Jan 2022 14:20:28 UTC Document emailed to arich@hwfisher.co.uk (35.178.181.168) Thu, 27th Jan 2022 14:20:28 UTC Sent the envelope to Andy Rich (arich@hwfisher.co.uk) for signing. (82.35.197.72) Thu, 27th Jan 2022 14:20:28 UTC Noam Tamir signed the envelope. (82.35.197.72) Thu, 27th Jan 2022 14:15:37 UTC Noam Tamir viewed the envelope. (82.35.197.72) Thu, 27th Jan 2022 14:15:19 UTC Noam Tamir opened the document email. (82.35.197.72) Thu, 27th Jan 2022 10:57:10 UTC Document emailed to noamtamir7@gmail.com (52.56.57.233) Thu, 27th Jan 2022 10:57:10 UTC Sent the envelope to Noam Tamir (noamtamir7@gmail.com) for signing. (217.207.100.70) Thu, 27th Jan 2022 10:52:16 UTC Andy Rich has been assigned to this envelope (217.207.100.70) Thu, 27th Jan 2022 10:52:16 UTC Noam Tamir has been assigned to this envelope (217.207.100.70) Thu, 27th Jan 2022 10:50:03 UTC Document generated with fingerprint 6e47e1843e2aec4edcebd2751849195e (217.207.100.70) Thu, 27th Jan 2022 10:49:52 UTC Document generated with fingerprint 887fe3db0c63c759b0fb9aa66479813f (217.207.100.70) Thu, 27th Jan 2022 10:49:30 UTC Document generated with fingerprint 5da64e7aaceddf939215cd117304a2cf (217.207.100.70)
Thu, 27th Jan 2022 10:49:20 UTC Envelope generated by Jackie O'Donoghue (217.207.100.70)