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2022-04-05-accounts

Charity number: 249368

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Independent Auditors' Report on the Financial Statements 6 - 9
Statement of Financial Activities 10
Statement of Financial Position 11
Statement of Cash Flows 12
Notes to the Financial Statements 13 - 21

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022

Trustees M A Ziff
E M Ziff
A L Manning
M E Ziff
Charity registered
number
249368
Principal office
Town Centre House
The Merrion Centre
Leeds
LS2 8LY
Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
Bankers
Lloyds TSB Bank Plc
6/7 Park Row
Leeds
LS2 8LY
Solicitors
Wringleys Solicitors LLP
19 Cookridge Street
Leeds
LS2 3AG

Page 1

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present their annual report together with the audited financial statements of the Charity for the year 6 April 2021 to 5 April 2022.

Structure, governance and management

a. Constitution

The Charity was established by a Deed of Trust dated 31 July 1964 and registered as an unincorporated charity in the UK on 22 September 1966. The Trust and Governing Instruments under which the Foundation operates comprise the original Trust Deed and Policies made from time to time by the Trustees. The Trustees served as trustees throughout the period and there were no changes in the year or in the period up to the date of approval of the Report.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The Board of Trustees is a self appointing body and training for new Trustees would be provided by the existing Trustees and their advisors. The day to day running of the Foundation is managed by the Trustees. There are no employees and grants are made on the basis of the Trustees' discretion.

All correspondence is directed by the Secretary to the appropriate Trustee for his or her immediate consideration as to the possibility of a grant. The Trustees are in very close personal contact and continually receive updates on schemes which involve their fellow Trustees. The Secretary provides a monthly update of the position relative to cash availability, future income and pledges due to be paid. The Trustees also hold formal meetings on a regular basis throughout the year. As the Foundation's income is dependent on the dividends receivable as its main source of incoming resources, the performance of the investments is carefully monitored and every effort taken to ensure that any temporary cash surplus arising is carefully invested until it is distributed.

Achievements and performance

a. Main achievements of the Charity

The results for the year are set out on page 10. There have been no changes to the Charity's policies during the year.

The Trust's incoming resources consist of income from the investment portfolio, receipts from the I.A. Ziff Discretionary Settlement and a tax refund. Total expenditure amounted to £505,697 (2021 - £390,588) of which £484,462 (2021 - £356,882) was spent on grant making. The unrealised gain on investment holdings reflects the improved performance of the stock market during the period. Further details of the investment portfolio and the changes during the year are shown in note 9 of the accounts.

The net assets of the Charity at 5 April 2022 amounted to £7,369,832 (2021 - £7,016,028). The Charity's assets are unrestricted, available and adequate to fulfil its obligations. The Charity operates independently in pursuit of its charitable objectives in the UK and will continue to apply and fullfill those objectives in the future.

Page 2

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Objectives and activities

a. Policies and objectives

The objects of the Charity as set out in the Trust Deed have not changed over the fifty-eight years of its existence. The primary purpose of the Charity has been to see a need and within its limited resources attempt to fill it and to encourage others to do the same. It has always been important to the Trustees that any gift made will provide value for money donated so that the cash given will be used to benefit as many people as possible.

This covers a wide variety of schemes which involve the community at many levels including education, public places, the relief of the underprivileged and all branches of the arts. In particular the Trustees find that capital projects for any of the causes mentioned deserve their major support as public cash for building works is very difficult to obtain either from local or national government. The projects that they support in these major schemes will be made use of by many people whom the politicians never seem to appreciate until the job is done voluntarily.

The Trustees meet at regular intervals throughout the year to consider and approve various applications received for funding. The Trust continues to make grants in accordance with terms set out in the Trust Deed and has provided some 47 (2021 - 36) grants to a wide range of charitable institutions during the year. These were of differing amounts depending on the circumstances or nature of the application and amounted to £484,462 (2021 - £356,882). Further details are shown in note 4 of the Accounts.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting out the grant making policy for the year.

Financial review

a. 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.

b. Reserves policy

The Trustees' present intention is to continue to make grants and commitments, as near as is practicable, equate to the net annual and reasonable expectation of future income of the Charity and current liquid funds held. The Charity's policy of reserves is therefore to ensure that there are sufficient funds immediately available to meet the next three years' commitments and to ensure that reasonable expectations of income meet commitments beyond the next four years.

Page 3

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

c. Investment policy and investment objectives

The market value of the investments held by the Charity at the year-end amounted to £4,990,824 (2021 - £4,344,763). The Trustees regularly monitor the performance of the Charity's investment which has been acquired by way of gift from the Charity's founder - Arnold Ziff. The Trustees are closely involved with the Charity and are very mindful of the need to ensure the Charity maintains its dividend streams, which the Trustees consider is more important to meet the Charity's commitments rather than the current value, which is expected to recover over time.

d. Risks and uncertainty facing the Charity

The Trustees are responsible for the identification and management of the major risks facing the Charity. The Trustees receive monthly figures outlining the performance of the Charity's investments and the availability of cash resources to fund future projects. They also meet formally on a regular basis and consider anything that might undermine the capacity of the Charity to fulfil its charitable objectives.

Statement of Trustees' responsibilities

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 & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Page 4

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Auditors

The auditors, Sopher + Co LLP, were appointed during the year and have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 3 February 2023 and signed on their behalf by:

M A Ziff Trustee

----- Start of picture text -----
E M Ziff
Trustee
----- End of picture text -----

Page 5

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

Opinion

We have audited the financial statements of The Marjorie and Arnold Ziff Charitable Foundation (the 'charity') for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including 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 accordance 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements 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 concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 otherwise 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:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, 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 misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, 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 procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Page 8

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOLINDATION INDEPENDETr￿ AUDtfoRS REPORT TO THE MEMBERS OF THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION {coKfiNUED> reading Ihe fflinules of meetings of the Trustees" enquiring ol management as to actual and polenlial litsgation ancf daims- and reviewing corresF)ondence wtth relevant regulators and the Charitys adwsor. There are inherent limftations in our audrt prO¢￿vre$ de￿ribed above. The more removed that laws and regulations are from financial transactions. the less likety it is that we woukl become aware ol non-compliance. Auditing stand&ds also limit the audtt pr￿edureS required to identify non-complian￿ with laws and regulations lo enquiry of the directors and other managemern and the inspection ol regulatory and legal correspondence, if any. Material misstatements Ihat artse due to fraud can be harder lo detect Ihan Ihose that arise Irom emr as they may involve deliberate concealment or colluston. A further description of our resFX)nsibilities for the a￿JIt ol the linancial slatements is kcaled on the Financial Reporting Council's website at.. v*wN.frc.o -uklaudilorsres nsibiif(ies. This description forms part of our Auditors. Rerx)rt. Use of our report This report is made solely to the ¢hartWs trustees. as a tody, in accor(lance wtth Part 4 01 the Charities (Accounts and Reports) Regulalions 2008. (￿r audit wort( has been undertaken so that we mighl stale to Ihe charitys trustees those matters we are required to slate to them in an Auditors, Report and lor no other purpose. To the fullest extent perrnitted by law. we do nol accept or assume responsibilty lo anyone olher than the charity and its trusl asa tor our audit wod(. for this rewrt, or for the opinions we have fomied. Sopher + Co LLP Chartered Accountants & Statutory Audtlors 5 Elstree Gale Elslree Way Borehamwood Hertfordshire WD6 1JD 3 February 2023 Sopher + Co LLP are eligible lo act as audrtors in terms ol section 1212 of the Companies Act 2006. Page 9

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Note
Income from:
Charitable activities
3
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net expenditure before net gains on investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
214,640
214,640
506,897
506,897
(292,257)
646,061
353,804
7,016,028
353,804
7,369,832		 Total
funds
2022
£
214,640
214,640
506,897
506,897
(292,257)
646,061
353,804
7,016,028
353,804
7,369,832		 Total
funds
2021
£
323,095
323,095
390,588
390,588
(67,493)
484,546
417,053
6,598,975
417,053
7,016,028

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 13 to 21 form part of these financial statements.

Page 10

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2022

Note
Fixed assets
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
10
Net current assets
Total net assets
Charity funds
Restricted funds
11
Unrestricted funds
11
Total funds		 11,306
2,395,902
2,407,208
(28,200)		 2022
£
4,990,824
2,379,008
7,369,832
-
7,369,832
7,369,832		 203,391
2,522,580
2,725,971
(54,706)		 2021
£
4,344,763
2,671,265
7,016,028
-
7,016,028
7,016,028

The financial statements were approved and authorised for issue by the Trustees on 03 February 2023 and signed on their behalf by:

M A Ziff

E M Ziff

The notes on pages 13 to 21 form part of these financial statements.

Page 11

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022

Note
Cash flows from operating activities
Net cash used in operating activities
13
Cash flows from investing activities
Investment income
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
14
The notes on pages 13 to 21 form part of these financial statements		 2022
£
(341,317)
214,640
214,640
(126,677)
2,522,580
2,395,903		 2021
£
(380,420)
323,095
323,095
(57,325)
2,579,905
2,522,580

Page 12

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1. General information

The Marjorie & Arnold Ziff Charitable Foundation is a charity registered in England and Wales. The registered office address is Town Centre House, The Merrion Centre, Leeds, LS2 8LY.

The functional and presentational currency of the Charity is £ Sterling.

2. 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Marjorie and Arnold Ziff 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 otherwise stated in the relevant accounting policy.

2.2 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 Charity and which have not been designated for other purposes.

2.3 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 Statement of Financial Position 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 ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.4 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.

Dividends are recognised when the dividend goes ''ex div''.

2.5 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. All expenditure are accounted for on an accrual basis and inclusive of irrecoverable VAT.

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.

Page 13

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. Accounting policies (continued)

2.6 Debtors

Debtors are recognised at their recoverable amounts at the reporting date.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term 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.

2.8 Financial instruments

The Charity only has financial assets and financial liabilities 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.

3. Income

Dividends - equities
Bank deposit interest
Tax recoverable on PIDs
Receipts from I A Ziff NO.2 Discretionary Settlement
Dividends - equities
Bank deposit interest
Tax recoverable on PIDs
Receipts from I A Ziff NO.2 Discretionary Settlement		 2022
£
101,755
-
11,306
101,579
214,640
2021
£
140,518
293
41,958
140,326
323,095		 Total
funds
2022
£
101,755
-
11,306
101,579
214,640
Total
funds
2021
£
140,518
293
41,958
140,326
323,095

Page 14

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

4. Analysis of grants

Grants to registered charities
Grants to registered charities		 Grants to
Institutions
2022
£
484,462
Grants to
Institutions
2021
£
356,882		 Total
funds
2022
£
484,462
Total
funds
2021
£
356,882

5. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2022
£
Grants to registered charities
484,462
Auditor's fees
7,200
Administrative support
15,235
506,897		 Total
2022
£
484,462
7,200
15,235
506,897

Page 15

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

5. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Grants to registered charities
Accountancy fees
Auditor's fees
Administrative support		 Unrestricted
funds
2021
£
356,882
16,000
5,000
12,706
390,588		 Total
2021
£
356,882
16,000
5,000
12,706
390,588

6. Analysis of expenditure by activities

Grants to registered charities
Auditor's fees
Adminstrative support		 Grant
funding of
activities
2022
£
484,462
-
-
484,462		 Support
costs
2022
£
-
7,200
15,236
22,436		 Total
funds
2022
£
484,462
7,200
15,236
506,897

Page 16

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

6. Analysis of expenditure by activities (continued)

Grants to registered charities
Accountancy fees
Auditor's fees
Administrative support		 Grant
funding of
activities
2021
£
356,882
-
-
-
356,882		 Support
costs
2021
£
-
16,000
5,000
12,706
33,706		 Total
funds
2021
£
356,882
16,000
5,000
12,706
390,588

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 5 April 2022, no Trustee expenses have been incurred (2021 - £NIL).

8. Fixed asset investments

Valuation
At 6 April 2021
Revaluations
At 5 April 2022		 Listed
investments
£
4,344,763
646,061
4,990,824

The historical cost of the listed investments at 5 April 2022 was £13,133,269 (2021 - £13,133,269).

Page 17

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

9. Debtors

Due within one year
Other debtors
Income tax recoverable		 2022
£
-
11,306
11,306		 2021
£
161,433
41,958
203,391

10. Creditors: Amounts falling due within one year

2022 2021
£ £
Accruals 28,200 54,706

Page 18

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

11. Statement of funds

Statement of funds - current year

Balance at 6 Balance at 6 Gains/ Balance at 5
April 2021 Income Expenditure (Losses) April 2022
£ £ £ £ £
Unrestricted funds 7,016,028 214,640 (506,897) 646,061 7,369,832
Statement of funds - prior year
Balance at Transfers Balance at
1 April 2020 Income Expenditure in/out 5 April 2021
£ £ £ £ £
Unrestricted funds 6,598,975 323,095 (390,588) 484,546 7,016,028

12. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Fixed asset investments
4,990,824
Current assets
2,407,208
Creditors due within one year
(28,200)
Total
7,369,832		 Total
funds
2022
£
4,990,824
2,407,208
(28,200)
7,369,832

Page 19

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

12. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
4,344,763
2,725,971
(54,706)
7,016,028		 Total
funds
2021
£
4,344,763
2,725,971
(54,706)
7,016,028

13. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Investment income show in investing activities
Gains on revaluation of investments
Decrease in debtors
(Increase)/decrease in creditors
Net cash used in operating activities
14.
Analysis of cash and cash equivalents
Cash and cash equivalents		 2022
£
353,804
(214,640)
(646,061)
192,085
(26,505)
(341,317)
2022
£
2,395,903		 2021
£
417,053
(323,095)
(484,546)
1,662
8,506
(380,420)
2021
£
2,522,580

Page 20

THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

15. Analysis of changes in net debt

At 6 April At 5 April
2021 Cash flows 2022
£ £ £
Cash at bank and in hand 2,522,580 (126,678) 2,395,902

16. Commitments

At 5 April 2022 the Charity had the following commitments:

Commitments in respect of grants approved which have not been accrued in the financial statements but will form part of grants:

Within one year
Between one and two years
After more than two years		 2022
£
245,800
245,800
-
491,600		 2021
£
287,833
287,833
575,666
1,151,332

The Charity intends to make the above contributions for various charities in the next two years. There are no agreements signed to commit those donations. The donations are subject to the final decision of the Trustees.

17. Related party transactions

During the year the Charity made grants to Leeds Hospital Chairty of £66,666, Leeds Jewish Welfare Board of £50,250 and United Hebrew Congregation of £6,539 of which E M Ziff is a trustee.

During the year grants were made to Maccabi GB of £102,500 and Western Marble Arch Synagogue of £16,936 of which M A Ziff is a trustee.

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