**COMPANY REGISTRATION NUMBER: 12584365 CHARITY REGISTRATION NUMBER: 1189828** ## **STEINBOCK FOUNDATION** ## **TRUSTEES' REPORT AND UNAUDITED ACCOUNTS** **31 MARCH 2024** **STEINBOCK FOUNDATION** ## **STEINBOCK FOUNDATION COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 MARCH 24** ||Pages|| |---|---|---| |Trustees' Annual Report||2| |Independent Examiners Report||4| |Statement of Financial Activities||5| |Balance Sheet||6| |Notes to the Accounts||7| Page 1 **STEINBOCK FOUNDATION TRUSTEES ANNUAL REPORT** The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2024. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Company No. 12584365** ## **Charity No. 1189828** ## **Principal and Registered Office** 45 Stamford Hill London N16 5SR ## **Directors and Trustees** The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: David Steinbock Samuel Steinbock Stephanie Steinbock ## **INDEPENDENT EXAMINERS** Brookheim Limited 35 Mayfield Gardens London NW4 2PY ## **OBJECTIVES AND ACTIVITIES** The charity's objectives are to further those purposes both in the UK and overseas which are recognised as charitable under English Law. The charity receives income from charitable donations and loan interest, which it utilises in the provision and distribution of grants and donations. The charity's activity in principally, but not limited to, the provision and distribution of grants and donations to charitable organisations and needy individuals for the purpose of the advancement of the Jewish religion, the advancement of education in accordance with the Jewish religion ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable Activities** During the year the charity pursued its philanthropic objects. The charity raised £299,857 in donations and other income and made grants totalling £34,738 (2023: £34,811) to charitable organisations and individuals that further the objectives of the charity. ## **FINANCIAL REVIEW** ## **Financial Position** The financial results for the charity for the year to 31 March 2024 are fully reflected in the Financial Statements and the Notes thereon. The present level of funding is adequate to meet the trustees objectives. The trustees consider the financial position of the charity to be satisfactory. The charity's principal funding sources during the year were donations from individuals and loan interest. ## **Reserves Policy** Page 2 ## **STEINBOCK FOUNDATION TRUSTEES ANNUAL REPORT** The reserves policy of the charity is to maintain Unrestricted Funds, which are the free reserves of the charity, to ensure that it is in a position to continue its on-going grant making activities and cover contingencies arising from additional calls made on the charity for the support of organisations and individuals in times of need. the trustees expect to receive increase in such demands in future years and therefore consider it necessary to maintain unrestricted funds to ensure there are sufficient reserves to provide financial stability and flexibility. As at 31 March 2024 the charity has total distributable reserves of £1,484,847 (2023: 1,222,182). ## **Going Concern** The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern as the trustees have a reasonable basis to expect that the charity has adequate financial ability to continue its operations for the foreseeable future based on its expectation of future receipts of donations. ## **PLANS FOR FUTURE PERIODS** The charity plans to continue its grant making for the advancement of the Jewish religion, education and the relief of poverty. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing Document** The charity is constituted as a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association. ## **Risk Management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate such exposure. ## **Recruitment and Appointment of New Trustees** The charity may by ordinary resolution appoint a person who is willing to be a trustee either to fill a vacancy or as an additional trustee. New trustees are appointed based on personal competence, specialist skills, local availability and from those who are able to promote the charitable activities of the charity. Induction of new trustees into the workings of the charity is undertaken by the current trustees. ## **Statement of disclosure of information to auditor** So far as the trustees are aware, there is no relevant audit information of which the company's auditors are unaware and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102). Signed on behalf of the board Samuel Steinbock Trustee Page 3 ## **STEINBOCK FOUNDATION INDEPENDENT EXAMINERS REPORT** ## **Independent Examiner's Report to the trustees of STEINBOCK FOUNDATION** I report to the charity trustees on my examination of the financial statements of STEINBOCK FOUNDATION for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by being a qualified member of ICAEW. I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that: - [accounting records were not kept in accordance with section 386 of the 2006 Act ; or] - the financial statements do not accord with those records; or - the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or - the financial statements have not been prepared in accordance with the Charities SORP (FRS 102). 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. Pini Shebson ACA Brookheim Limited 35 Mayfield Gardens London NW4 2PY 29 January 2025 Page 4 ## **STEINBOCK FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 MARCH 2024** |**Notes**
**Income and endowments from:**
Donations and legacies
3
Other
4
**Total**
**Expenditure on:**
Charitable activities
5
Other
7
**Total**
**Net income**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
11
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
215,579
84,278|**Total funds**
**2024**
**£**
215,579
84,278|**Total funds**
**2023**
**£**
133,750
69,262| |---|---|---|---| ||299,857
36,688
504|299,857
36,688
504|203,012
36,761
479| ||37,192|37,192|37,240| ||262,665|262,665|165,772| ||262,665
1,222,182|262,665
1,222,182|165,772
1,056,410| ||1,484,847|1,484,847|1,222,182| Page 5 **STEINBOCK FOUNDATION BALANCE SHEET** ## **AS AT 31 MARCH 2024** |**Company No.**
**12584365**
**Notes**
**Current assets**
Debtors
9
Cash at bank and in hand
**Creditors:**Amount falling due within
one year
10
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset or**
**liability**
**Total net assets**
**The funds of the charity**
**Unrestricted funds**
General funds
11
**Total funds**|**2024**
**£**
1,461,221
25,606
1,486,827
(1,980)
1,484,847
1,484,847
1,484,847
1,484,847
1,484,847
1,484,847|**2023**
**£**
321,221
902,961| |---|---|---| |||1,224,182
(2,000)| |||1,222,182
1,222,182| |||1,222,182| |||1,222,182| |||1,222,182| |||1,222,182| These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on And signed on its behalf by: Samuel Steinbock Trustee Page 6 **STEINBOCK FOUNDATION NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 31 MARCH 2022** - 1 **Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with 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 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** |**Fund accounting**|| |---|---| |Unrestricted funds|These are available for use at the discretion of the trustees in furtherance of the general| ||objects of the charity.| |Designated funds|These are unrestricted funds earmarked by the trustees for particular purposes.| |Revaluation funds|These are unrestricted funds which include a revaluation reserve representing the| ||restatement of investment assets at their market values.| |Restricted funds|These are available for use subject to restrictions imposed by the donor or through terms| ||of an appeal.| |**Income**|| |Recognition of income|Income is included in the Statement of Financial Activities (SoFA) when the charity| ||becomes entitled to, and virtually certain to receive, the income and the amount of the| ||income can be measured with sufficient reliability.| |Income with related|Where income has related expenditure the income and related expenditure is reported| |expenditure|gross in the SoFA.| |Donations and legacies|Voluntary income received by way of grants, donations and gifts is included in the the| ||SoFA when receivable and only when the Charity has unconditional entitlement to the| ||income.| |Tax reclaims on|Income from tax reclaims is included in the SoFA at the same time as the gift/donation| |donations and gifts|to which it relates.| |Donated services and|These are only included in income (with an equivalent amount in expenditure) where the| |facilities|benefit to the Charity is reasonably quantifiable, measurable and material.| |Volunteer help|The value of any volunteer help received is not included in the accounts.| |Investment income|This is included in the accounts when receivable.| |Gains/(losses) on
revaluation of fixed|This includes any gain or loss resulting from revaluing investments to market value at
the end of the year.| |assets|| |Gains/(losses) on|This includes any gain or loss on the sale of investments.| |investment assets|| Page 7 **STEINBOCK FOUNDATION NOTES TO THE ACCOUNTS** ## **Expenditure** |**Expenditure**|| |---|---| |Recognition of|Expenditure is recognised on an accruals basis. Expenditure includes any VAT which| |expenditure|cannot be fully recovered, and is reported as part of the expenditure to which it relates.| |Expenditure on raising|These comprise the costs associated with attracting voluntary income, fundraising| |funds|trading costs and investment management costs.| |Expenditure on|These comprise the costs incurred by the Charity in the delivery of its activities and| |charitable activities|services in the furtherance of its objects, including the making of grants and governance| ||costs.| |Grants payable|All grant expenditure is accounted for on an actual paid basis plus an accrual for grants| ||that have been approved by the trustees at the end of the year but not yet paid.| |Governance costs|These include those costs associated with meeting the constitutional and statutory| ||requirements of the Charity, including any audit/independent examination fees, costs| ||linked to the strategic management of the Charity, together with a share of other| ||administration costs.| |Other expenditure|These are support costs not allocated to a particular activity.| ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Trade and other debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Research and development** Expenditure on research and development is written off in the year in which it is incurred. ## 2 **Company status** The company is a private company limited by guarantee and consequently does not have share capital. ## 3 **Income from donations and legacies** |**Income from donations and legacies**|||| |---|---|---|---| |Donations|**Unrestricted**
**£**
215,579
215,579|**Total**
**2024**
**£**
431,158
431,158|**Total**
**2023**
**£**
133,750| ||||133,750| Page 8 **STEINBOCK FOUNDATION NOTES TO THE ACCOUNTS** ## 4 **Other income** |Loan Interest
5
**Expenditure on charitable activities**
_Expenditure on charitable activities_
Grants made
_Governance costs_
Independent Examiners Fees
6
**Analysis of grants**
**Activity or programme**
Grants
7
**Other expenditure**
General administrative costs
8
**Staff costs**
No employee received emoluments in excess of £60,000.
9
**Debtors**
Debtors|**Unrestricted**
**£**
84,278
84,278|**Total**
**2024**
**£**
84,278
84,278|**Total**
**2023**
**£**
69,262| |---|---|---|---| ||||69,262| ||||| ||**Unrestricted**
**£**
34,738
1,950
36,688
**Grants to**
**Institutions**
**£**
34,708
**Unrestricted**
**£**
504
504
**2024**
**£**
1,461,221
1,461,221|**Total**
**2024**
**£**
34,738
1,950
36,688
**Total**
**2024**
**£**
34,708
34,708
**Total**
**2024**
**£**
504
504|**Total**
**2023**
**£**
34,811
1,950| ||||36,761| ||||**Total**
**2023**
**£**
34,811| ||||34,811| ||||**Total**
**2023**
**£**
479| ||||479| ||||**2023**
**£**
321,221| ||||321,221| Page 9 **STEINBOCK FOUNDATION NOTES TO THE ACCOUNTS** ## 10 **Creditors:** amounts falling due within one year |**Creditors:**
amounts falling due within one year||| |---|---|---| |Bank loans and overdrafts
Accruals|**2024**
**£**
30
1950
1,980|**2023**
**£**
50
1,950| |||2,000| ## 11 **Movement in funds** |**Restricted**
**funds:**
**Unrestricted funds:**
**General funds**
**Total funds**
12 **Analysis of net assets between funds**
Net current assets|**At 1 April**
**2023**
**£**
1,222,182
1,222,182|**Incoming**
**resources**
**(including**
**other**
**gains/losses)**
**£**
299,857
299,857|**Resources**
**expended**
**£**
(37,192)
(37,192)
**Unrestricted**
**funds**
**£**
1,484,847
1,484,847|**At 31**
**March 2024**
**£**
1,484,847| |---|---|---|---|---| |||||1,484,847| |||||**Total**
**£**
1,484,847| |||||1,484,847| ## 13 **Related party disclosures** One or more of the Trustees made personal donations to the charity during the year. There were no other related party transactions during the year. ## 14 **Limited liability** In the event of a wind-up each member's liability is limited to £1. Page 10