**Charity registration number 1191776**
## **GERALD EDELMAN FOUNDATION**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2024**
## **GERALD EDELMAN FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr R H Kleiner H Woolf D Patel C Lundberg **Charity number** 1191776 **Principal address** 73 Cornhill London EC3V 3QQ
|**Independent examiner**|David Convisser FCA|
|---|---|
||9 Sylvia Avenue|
||Hatch End|
||Pinner|
||Middlesex|
||HA5 4QW|
|**Bankers**|Metro Bank|
||One Southampton Row|
||London|
||WC1B 5HA|
## **GERALD EDELMAN FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Statement of Trustees' responsibilities|3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 10|
## **GERALD EDELMAN FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2024**_
The Trustees present their annual report and financial statements for the year ended 5 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity'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)" (effective 1 January 2019).
## **Objectives and activities**
The objects of the CIO are:
a). The advancement of education through the support of educational establishments such as schools, colleges and universities or organisations;
b). The advancement of education of young people as well as the provision of support and assistance to provide a stable environment for such young people to prosper and succeed;
c). Such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine.’
The Trustees have resolved that initially the primary focus of the charity will be working with the Federation of London Youth Clubs aka London Youth which is a registered charity.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
In line with the Trustees grant policy set out above the sum of £5,500 (2023 -£4,613) was paid to the Federation of London Youth Clubs in the year under review.
## **Financial review**
The net expenditure for the year was £3,815 (2023- Income £834).
Total income was £3,459 (2023-£5,532) which primarily consisted of income from fundraising events.
Expenditure totalled £7,274 (2023-£4,698) and comprised grants to registered charities as set out above and fundraising expenditure..
At present the charity does not hold sufficient funds to necessitate a reserves policy being in place.
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## **GERALD EDELMAN FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_
## **Structure, governance and management**
The charity is a Charitable Incorporated Organisation registered in England and Wales by the Charity Commission on 13 October 2020.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Mr R H Kleiner H Woolf S Coleman (Retired 30 November 2024) E Zekia (Retired 26 February 2024) D Patel C Lundberg Appointed 26 February 2024
The power of appointment of new Trustees is vested in the Board. In selecting individuals for appointment regard will be given to their skills, knowledge and experience needed for the effective administration of the charity.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trustees meet regularly in order to discuss the ongoing administrative and other issues arising.
The Trustees' report was approved by the Board of Trustees.
Mr R H Kleiner
## **Trustee**
15 January 2025
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## **GERALD EDELMAN FOUNDATION**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2024**_
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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GERALD EDELMAN FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GERALD EDELMAN FOUNDATION
I report to the Trustees on my examin8lion of the firK4wal slatements lknld Edelman Foundation lthe dwrity}
fr)r the year ended 5April 2024.
Responsibilities arKI basis of report
As the Trustees of the ¢harty you are resnSIte for the preparation of the finanaal Statennts in acc(YdarM* with
the requirements of the CharthesAct 2011 (the 2011 A(ai.
I report in resp8cl of my examinatton of the Charis finaal statements wried out tjndèr section 145 of the 2011
Act. In carryng out tny examinab.on I have frA10j all the appcae Dir&xS gNen by the Chartty Commls$lon
under section 14515llbl of the 2011 Art.
Independent gxaminèrfs statement
Your attenb.on is drawn to the fact that the charity has prepargj finaal statem in a(xx)rdance wrfh Accountsng
and Resx)rting by Charities preparing Iheir acInts in aco)rdanc& the Financial RewrtiTrJ Standard applicable
in the UK and Retxjblic of Ireland IFRS 1021 in weferere lo the AcccxJnb"EVJ and RetxytsTrg by Charitiès." Statement
of Recommended Prdctice issued 1 April 2005 whith is refeThed to in the exiant regulations but has now been
withdtawn.
l understsnd that this has been done in cwder for financi81 ststernents to provide a true and fair vièw in accordance
with Generally A¢¢optsd Accounting Practic* efftIve f¢N pOrting Feriods beginning on or after 1 January 2015.
I have completed my examinab"on. l (x)nfimi that rn matters have cx)me to my attenthjn irb connection with the
gxamination giving me cause to believe thal in any rnalerial $t".
acctyJnting rerdS were not kept in resk*Ct ofthe (*haTrty as reouir8(I by sg(Jion 130 of the 2011 ACL or
the financi81 statements (k) not aixx>rd bwth Ihose re(x)rds". or
the financ4al ststernents do rK)t ct)mply th ar¥Ai(%ble reqUirents conceming the form and content of
Bccounts set out in the Chartties IAuJ)unts and RepK)rtsl Regulations 2008 oth&r trian any requirement that the
acexjunts giva a truè and fair view which is t a matter 0)nSider as part of an independent examination.
I have no con¢ems and have come across no other matters in o)nTrtiOn with the examinati¢)n to which attention
shou
drawn in this ret%Jrt in or(Jer lo enable a propw undèrstandiNJ of th8 financial statements to be reached.
D Convisser FCA
9 Sylvia Avenue
Hatth End
Pinner
Middlesex
HA5 4QW
Dated: 15 Janlbary 2025
## **GERALD EDELMAN FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 5 APRIL 2024**_
|||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**2**|2,374|-|
|Other trading activities|**3**|1,035|5,517|
|Investments|**4**|50|15|
|**Total income**||3,459|5,532|
|**Expenditure on:**||||
|Raising funds|**5**|1,774|85|
|Charitable activities|**6**|5,500|4,613|
|**Total expenditure**||7,274|4,698|
|**Net (expenditure)/income for the year/**||||
|**Net movement in funds**||(3,815)|834|
|Fund balances at 6 April 2023||8,103|7,269|
|**Fund balances at 5 April 2024**||4,288|8,103|
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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## **GERALD EDELMAN FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2024**_
|**2024**
**Notes**
**Current assets**
Cash at bank and in hand
**Net current assets**
**Income funds**
Unrestricted funds
The financial statements were approved by the Trustees on 15 January 2025
Mr R H Kleiner
**Trustee**|**2023**
**£**
4,288
4,288
4,288|**£**
7,269|
|---|---|---|
|||8,103|
|||8,103|
||||
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## **GERALD EDELMAN FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2024**_
## **1 Accounting policies**
## **Charity information**
Gerald Edelman Foundation is a Charitable Incorporated Organisation registered in England and Wales. The registered office is 73 Cornhill, London EC3V 3QQ. The charity is also a Public Benefit Entity as set out in FRS 102.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.
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 charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Income**
Income is recognised when the charity 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.
Cash donations are recognised on receipt. Other donations are recognised once the charity 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.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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## **GERALD EDELMAN FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.6 Taxation**
As a registered charity it is exempt from tax on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.
## **2 Donations and legacies**
|Donations and gifts
**3**
**Other trading activities**
Fundraising events|**2024**
**£**
2,374
**2024**
**£**
1,035|2023
£
-|
|---|---|---|
|||2023
£
5,517|
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## **GERALD EDELMAN FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2024**_
## **4 Investments**
|Interest receivable
**5**
**Expenditure on raising funds**
**Fundraising and publicity**
Other fundraising costs
**6**
**Expenditure on charitable activities**
**Direct costs**
Grant funding of activities (see note 7)
**7**
**Grants payable**
Grants to institutions:
Federation of London Youth Clubs|**2024**
**£**
50
**2024**
**£**
1,774
**2024**
**£**
5,501
**2024**
**£**
5,500|2023
£
15|
|---|---|---|
|||**2023**
**£**
85|
|||**2023**
**£**
4,613|
|||**2024**
**£**
4,613|
-
## **8 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were refunded to the Trustees in the year.
## **9 Employees**
The average monthly number of employees during the year was:
||**2024**|
|---|---|
||**Number**|
|Total|-|
There were no employees whose annual remuneration was more than £60,000.
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## **GERALD EDELMAN FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_
## **10 Related party transactions**
There were no disclosable related party transactions during the year
## **11 APB Ethical Standard relevant circumstances**
In common with many entities of our size we use our independent examiners to assist with the preparation of the accounts.
## **12 Share capital**
The charity has no share capital as it is a Charitable Incorporated Organisation.
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