Charity number: 249368
THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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 | 7 - 9 |
| Statement of Financial Activities | 10 |
| Statement of Financial Position | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 - 19 |
THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
| Trustees | M A Ziff |
|---|---|
| E M Ziff | |
| A L Manning | |
| 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 Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG |
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the audited financial statements of the Charity for the year 6 April 2023 to 5 April 2024.
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 £575,172 (2023 - £322,240) of which £541,854 (2023 - £296,531) was spent on grant making. The unrealised loss on investment holdings reflects the performance of the stock market during the period. Further details of the investment portfolio and the changes during the year are shown in note 8 of the accounts.
The net assets of the Charity at 5 April 2024 amounted to £6,755,277 (2023 - £6,772,803). 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 fulfil those objectives in the future.
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
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 89 (2023 - 47) 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 £541,854 (2023 - £296,531). 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.
c. Investment policy and investment objectives
The market value of the investments held by the Charity at the year-end amounted to £4,619,338 (2023 - £4,490,126). 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.
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
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 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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:
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so far as that Trustee is aware, there is no relevant audit information of which the Charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Charity's auditors are aware of that information.
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Auditors
Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
Approved by order of the members of the board of Trustees and signed on their behalf by:
M A Ziff Trustee Date: 23 January 2025
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE 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 2024, which comprise , 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).
In our opinion the financial statements:
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give a true and fair view of the state of the Charity's affairs as at 5 April 2024 and of its result for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006; and
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.
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE OF THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION (CONTINUED)
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE OF THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION (CONTINUED)
Responsibilities of Trustees
As explained more fully in the Trustees' Responsibilities Statement set out on page 2, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.
Auditors' responsibilities for the audit of the financial statements
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:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the charity sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the Charities Act 2011.
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
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understanding the design of the Company’s remuneration policies.
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE OF THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION (CONTINUED)
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with relevant regulators and the Company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Sopher + Co LLP
Chartered Accountants & Statutory Auditors
5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD
23 January 2025
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Charitable activities 3 Total income Expenditure on: Charitable activities Total expenditure Net expenditure before net losses on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 428,434 428,434 575,172 575,172 (146,738) 129,212 (17,526) 6,772,803 (17,526) 6,755,277 |
Total funds 2024 £ 428,434 428,434 575,172 575,172 (146,738) 129,212 (17,526) 6,772,803 (17,526) 6,755,277 |
Total funds 2023 £ 226,009 226,009 322,340 322,340 (96,331) (500,698) (597,029) 7,369,832 (597,029) 6,772,803 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 19 form part of these financial statements.
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2024
| Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 9 Net current assets Total net assets Charity funds Unrestricted funds 10 Total funds |
32,302 2,110,837 2,143,139 (7,200) |
2024 £ 4,619,338 2,135,939 6,755,277 6,755,277 6,755,277 |
27,457 2,262,420 2,289,877 (7,200) |
2023 £ 4,490,126 2,282,677 |
|---|---|---|---|---|
| 6,772,803 | ||||
| 6,772,803 | ||||
| 6,772,803 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
M A Ziff Trustee Date: 23 January 2025
The notes on pages 13 to 19 form part of these financial statements.
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024
| Note Cash flows from operating activities Net cash used in operating activities 12 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 13 The notes on pages 13 to 19 form part of these financial statements |
2024 £ (580,017) 428,434 428,434 (151,583) 2,262,420 2,110,837 |
2023 £ (359,491) 226,009 226,009 (133,482) 2,395,902 2,262,420 |
|---|---|---|
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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 is accounted for on an accruals basis and is stated inclusive of irrecoverable VAT.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2. Accounting policies (continued)
2.5 Expenditure (continued)
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.
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 Interest recoverable on Gift Aid |
2024 £ 145,364 44,261 16,151 222,430 228 428,434 |
Total funds 2024 £ 145,364 44,261 16,151 222,430 228 428,434 |
|---|---|---|
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Income (continued)
| Dividends - equities Tax recoverable on PIDs Receipts from I A Ziff NO.2 Discretionary Settlement |
2023 £ 145,363 16,151 64,495 226,009 |
Total funds 2023 £ 145,363 16,151 64,495 226,009 |
|---|---|---|
4. Analysis of grants
| Grants to registered charities Donations to individuals Grants to registered charities |
Funding of activities 2024 £ 541,754 - 541,754 |
Grants to Individuals 2024 £ - 100 100 Funding of activities 2023 £ 296,531 |
Total funds 2024 £ 541,754 100 541,854 |
|---|---|---|---|
| Total funds 2023 £ 296,531 |
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
5. Analysis of expenditure by activities
| Grants to registered charities Donations to individuals Auditor's fees Administrative support Grants to registered charities Auditor's fees Administrative support |
Grant funding of activities 2024 £ 541,754 100 - - 541,854 Grant funding of activities 2023 £ 296,531 - - 296,531 |
Support costs 2024 £ - - 7,200 26,118 33,318 Support costs 2023 £ - 7,200 18,609 25,809 |
Total funds 2024 £ 541,754 100 7,200 26,118 575,172 |
|---|---|---|---|
| Total funds 2023 £ 296,531 7,200 18,609 322,340 |
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL).
7. Fixed asset investments
| Valuation At 6 April 2023 Revaluations At 5 April 2024 |
Listed investments £ 4,490,126 129,212 |
|---|---|
| 4,619,338 |
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
7. Fixed asset investments (continued)
The historical cost of the listed investments at 5 April 2024 was £13,133,269 (2023 - £13,133,269).
8. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Income tax recoverable | 32,302 | 27,457 |
9. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals | 7,200 | 7,200 |
10. Statement of funds
Statement of funds - current year
| Balance at 6 | Balance at 6 | Gains/ | Balance at 5 | |||
|---|---|---|---|---|---|---|
| April 2023 | Income | Expenditure | (Losses) | April 2024 | ||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | 6,772,803 | 428,434 | (575,172) | 129,212 | 6,755,277 | |
| Statement of funds - prior year | ||||||
| Balance at | Gains/ | Balance at | ||||
| 1 April 2022 | Income | Expenditure | (Losses) | 5 April 2023 | ||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | 7,369,832 | 226,009 | (322,340) | (500,698) | 6,772,803 |
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
11. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Fixed asset investments 4,619,338 Current assets 2,143,139 Creditors due within one year (7,200) Total 6,755,277 Analysis of net assets between funds - prior period Unrestricted funds 2023 £ Fixed asset investments 4,490,126 Current assets 2,289,877 Creditors due within one year (7,200) Total 6,772,803 12. Reconciliation of net movement in funds to net cash flow from operating activities 2024 £ Net expenditure for the period (as per Statement of Financial Activities) (17,526) Adjustments for: Investment income show in investing activities (428,434) Gains/(losses) on revaluation of investments (129,212) Increase in debtors (4,845) Decrease in creditors - Net cash used in operating activities (580,017) |
Total funds 2024 £ 4,619,338 2,143,139 (7,200) 6,755,277 Total funds 2023 £ 4,490,126 2,289,877 (7,200) 6,772,803 2023 £ (597,029) (226,009) 500,698 (16,151) (21,000) (359,491) |
|---|---|
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THE MARJORIE AND ARNOLD ZIFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
13. Analysis of cash and cash equivalents
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Cash and cash equivalents | 2,110,837 | 2,262,420 |
14. Analysis of changes in net debt
| At 6 April | At 5 April | ||
|---|---|---|---|
| 2023 | Cash flows | 2024 | |
| £ | £ | £ | |
| Cash at bank and in hand | 2,262,420 | (151,583) | 2,110,837 |
15. Commitments
At 5 April 2024 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 Between two and five years |
2024 £ 258,333 238,333 458,666 955,332 |
2023 £ 268,833 258,333 696,999 |
|---|---|---|
| 1,224,165 |
The Charity intends to make the above contributions for various charities in the next five years. There are no agreements signed to commit those donations. The donations are subject to the final decision of the Trustees.
16. Related party transactions
During the year the Charity made grants to Pollock House Educational Trust of £10,000, Macabbi GB of £72,175 and The Faith Belief Forum of £ 20,000 all of which M A Ziff is a trustee.
During the year the Charity made grants to Magan David Adams of £10,000, United Hebrew Congregation of £26,240, and University Jewish Collage of £10,000, all of which E M Ziff is a trustee.
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SIGNATURE CERTIFICATE
Document
Name The Marjorie and Arnold Charitable Foundation year end 5 Ap Creator Nicole Meho (nicole.meho@sopherco.com) Date 23 January 2025 12:10:23 UTC Identifier 7537a91e-fdd6-4007-b22b-9dca14cc1efb
Signers
michaelziff@gmail.com
E-mail michaelziff@gmail.com Signed 23 January 2025 12:45:58 UTC IP address 141.0.147.212