Charity number: 257950 SIR SIGMUND STERNBERG CHARITABLE FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent auditors. report on the financial statements Statement of financial activities 10-13 14 Balance sheet 15 Statement of cash flows 16 Notes to the financial statements 17-35
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025 Trustees Michael V Sternberg OBE KC KCFO Noam Tamir Martin D Paisner CBE MA LLM Jeremy Simon Smilg Dilwar Hussain MBE (resigned 16 November 20251 Jonathan Ronald Kropman Charity registered number 257950 Principal office Ground Floor- Star House 1041108 Grafton Road London NW5 48A Independent auditors BKL Audit LLP Chartered Accounlanls 35 Ballards Lane London N3 1XW Bankers Barclays Bank 1 Churchill Place London NW1 3ER Solicitors Payne Hicks Beach 10 New Square Lincolns Inn London WC2A 3QG Page 1
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees present their annual report together with the audited financial statements of the Charity for the year ended 5 April 2025. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Pr8Ctice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applieable in the UK and Republic of Ireland IFRS1021 leffective 1 January 20191. Objectives and activities a. Polieies and objectives The Charitable Trust is constituted by Trust Deed Idated 20 December 1968," amended on 12 March 2008", further amended on 21 August 20131 and its public benefit objectives and aims are lo apply the Trust Fund and Income thereof for general charitable purposes. ChariL9ble grants are made and interfaith acb'vities promoted and supported as decided by the Trustees from lime to lime, Details of significant activities are given below. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidanee 'Public benefit." running a charity IPB21' b. Main activities undertaken to further the Charity's purposes for the public benefit The main 8Ctivities of the Charity during the year was that of making grants lo charitable institutions for gener81 charitable purposes and in preparing for and then undertaking the important events sel out next. Achievements and performance Main achievements of the Charity The Trustees eonsider that the performance of the Charity this year has been excellent. During the year, the Charity made grants to charitable institub'ons for general charitable purposes. The Charity continued ils support lo the Woolf Institute in the Univèrsity of Cambridge, also lo Queens, College, Cambridge for the annu81 Sigmund Sternberg LLM Sludentship. The Chair of the Foundation was the guest of the President of Queens, College Cambridge in April 2024 and 2025 when the College honoured the eontribulion of the Charity to legal education in the name of the late founder. The Trustees Continued the promotion and support of education in the field of racial and ligIouS activities. The Trustees continued the promotion and support of education in the field of racial and religious activities linterfaith activitiesl, in particular, between the three Abrahamic faiths Ichrislian, Jewish and Muslim). The Foundation also continued its SUPFX)rt for the P8rli8mentors Project, which is 8 unique undertaking, and which is currenuy managed by the Faith and Belief Forum. The Trustees continued their SUPF)Ort for progressive organisalions including the New Israel Fund, the Anne Frank Charity and a variety of related charitable causes. The Trustees Under the flag of the annual Sir Sigmund Slernberg Memorial Lecture hosted an important interfaith discussion 8t Grays Inn in January 2025, which was addressed by a leading Imam, an important female Bishop in the Chuffh of England and a Senior Rabbi in the Progressive wing of the Liberal Reform Jewish movement. The topic related to the difficulties of inlerf8ith work following the atrocities on October 7th, 2023, and what followed. There was a constructive discussion and further work in this area is planned. Page 2
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Achievements and performance Icontinuedl The Trustees prepared for the Slernberg Interfaith Gold Awards and subsequenuy made three awards of the Medallion in May 2025, when, in 8 well-attended and wam event al Gray's Inn, London WC2 when the three cipients were Professor Jub. Joh81 OBE, L8ur8 Marks CBE and Julie Siddiqi MBE, whose details are 8S follows". Julie Siddiqi MBE Julie is Co-founder of The Big Iftar. This during Ramadan, creates hunddS of eommunity events. Her work in interfaith led lo her being given the Points of Light Award by then Prime Minister Theresa May. Julie was previously a member of the National Muslim Women's Advisory Group and many important groups working in this field. She is a Govemor of two Ioc81 schools. She was pvIouslY listed by the Times in the 100 Most Influential Muslim Women in the UK. She is Co-founder of Nisa-Nashim the Jewish and Muslim Women's Network, the largest network of ils kind in Europe. Julie is a Steering Committee member of the Together Coalition chaired by Archbishop Justin Welby She was made an MBE in the Queen's Birthday Honours List 2020 for Services Promoting Interfaith Understanding. Laura Marks CBE Laura is the Founder and Chair of Mitzvah Day, the UK'S biggest failh-based day of social action. She was Senior Vice President of the Board of Deputies of British Jews from 2012 for three years. She chaired the government's inter faith project - A Year of Setviee She is now Advisor to the new Sadaqa Day, the Muslim version of Mitzvah Day. She is the Chair of the Holocaust Memorial Day Trust. She was made 8 CBE in 2023 Jagbir Jhutti-Joh81 OBE Jagbir is a senior lecturer in Sikh Studies at the University of Birmingham. Her research covers issues of gender inequality, Sikh identity, racialisation, mis18ken identity and many which confront the Sikh community. She h8S been on The Commission on Religion and Belief in British Public Life. She is a steering group member on the UK Freedom of Religion Forum She is on the Panel of Experts on Freedom of Religion or Belief She was made an OBE for seNices to Higher Education, Faith Communities and the Voluntary Sector. Page 3
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Achievements and performance Icontinuedl The Trustees prepared and implemented the Times Sternberg Active Life Awards together with the Times Newspaper and the presentations were made with the kind permission of the Chancellor of the Exchequer 8t 11, Downing Sl in April 2025. The winners were. Or Denis Durno Dr. Denis Durno MBE, DL, MD, FRCGP in recognition of his lifelong dedication to heallhc8re, social enterprise, and community development. A general practitioner for over 36 years, he was honoured with an MBE for his contributions lo heallhc8re and his community. His involvement with C8mphill Schools bègan in the late 1960s when he sought specialized education for his sons, two of whom have leaming disabilities. Camphill Schools and Newton Dee Village, founded by Austrian refugees in Aberdeenshire, emphasize Rudolf Steiner's 8nthroposophical principles in their approach lo education and eommunily living. Durno and his wife Audrey formed 8 lasting connection with Camphill, both locally and internationally. In 1999, he was asked lo support the crèation of a bakery and coffee shop in Aberdeen lo provide meaningful work for adults with learning disabilities. When the original founders stepped away, he took full leadership.. founding The Bread Maker in 2006. His efforts secured a property, raised over £1 million, and creatèd a thriving soci81 enterprise, offering 8pprentieeships and skills training. The Bread Maker has since supported over 200 individuals, improving their physical and mental wèll-being while fostering independence. The initiative's success has been reeognized by social care partnerships and the wider eommunily. Though Dr. Durno stepped down as chairman in 2008, he remains a key mentor and advocate. His vision continues to inspire, demonstrating how holistic support can empower individuals with disabilities to live active, fulfilling lives. Roey Burden In 2003, Having been a volunteer for the Victim Support Service for many years she immediately sel about developing the Coroners Court Support Setvice ICCSSI. From their start with just 2 volunteers in the Westminster Coroner's Court, she continued lo work tirelessly lo extend the service throughout the country and now they have 370 volunteers (plus 45 in training at time of writingll in 49 courts covering 44 coronial areas. She is going to be 93 this year and is still a Trustee of the charity, still working each week to ty and oise funds in these tricky times and still Iravelling around the country lo meet as many of the volunteers as she ean. Over the years she has made numerous presentations to raise awareness of the charity and was even interviewed for a rent podcast A Lawyer Talks by Joshua Rozenberg114110120241. Dr Ben Essex Dr. Essex, for his pioneering work in developing decision pathways that empower parents of children with special educab'onal needs and disabilities ISENDI to navigate Complex legal systems. A medical doctor with huge experience in Africa, Indi8, and South America, he worked as a eonsultant for the Wodd Health Organizalion IWHOI on a 12-year research project focused on diagnosing and managing medical, obstetric, and mental health Conditions in underserved aas. Following his tirement in 2014, al the agè of 74, Dr. Essex trained as a volunteer with the Independent Provider of Special Eduealional Advice IIPSEAI, providing legal advice and Tribunal support to parents seeking assessments and provisions for their children. Serving as a Iruslee from 2016 to 2022, he becamè incressingly aware of the challenges parents face due to bureaucratic obstacles and lack of aceessible legal guidance. Between 2020 and 2023, 8t over 80 years old, Dr. Essex dedicated 6,000 hours to developing 8 comprehensive set of 56 interlinked decision pathways, designed to help parents without legal training navigate SEND laws and appeal un18wful decisions. Working with Nottingham Univèrsity computer science students, he created a user-friendly website that has since been accessed by over 14,000 parents. In 2023, he tmnsferred the intellectual eopyrighl to Liverpool University, ensuring the pathways remain free and accessible. Dr. Essex's work has empOWed families, reduced reliance on costly leg81 profession81s, and significanlly improved access to SEND support for some of society's most vulnerable children. Page 4
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Achievements and performance Icontinuedl Sarah Hosking Sarah Hosking, now in her mid-80s, for her extraordinary dedication to supporting women writers and artists. Over Iwo decades ago, she established the Hosking Houses Trust using a personal inheritance to eale unique residency program for women over 40. This initiative provides 8 peaceful retreat in 8 Watwickshire village, allowing residents to focus on their creative work without external obligations. Sinee its inception, the Trust has expanded, offering bursaries and, more recently, acquiring a second cottage to support more artists. Sarah's commitment to the arts began early in her career after studying painting and working in arts 8dminislralion. She played 8 pioneering role in incorporating visual arts into NHS hospi181s, including Broadmoor, and later pursued an MA in Tudor history. Her passion for fostering crealivily led her lo transform Church Cottage into 8 saneluary for writers, inspired by Virginia Woolf s belief in the neSsitY of a room of one's own. Through relentless fundraising, Sarah secured over £450,000 lo sustain the Trust. She has also 8Uthored books, organized literary events, and received multiple aecolades, induding an MBE in 2024 for her contributions lo literature and the arts. Despite stepping back from daily opemtions, she remains actively involved, recently investing her inheritance to expand the Trust's offerings. Sarah Hosking's generosity, vision, and determination have changed the lives of many women in the arts, providing them with the space and support needed lo create. Her legacy is one of empowerment, artistic enrichment, and unwavering dedic8tion. Ivan Lyons In August 2020 aged 31, Joseph Lyons unexpectedly took his own life. Ivan was 75 al the lime. Joe's Dad and he, decided to create "Joe's Buddy Line Charity" in Joe's legacy and lasting memory, which was approved in January 2021 by the Charity Commission. The charity aims lo promote and protect the mental health of young people, from Primary school to University. Ivan is 8 school Wellbeing Govemor, Governor of two SEN schools and a Youth Justice Panel Member, all in Surrey. With this experience and his imagination, Ivan innovatively created over 10 initlstives, in over 30 schools, supporting the eommunily locally and further afield. Not only has Ivan created 8 network of qualified practitioners for local schools, but he has also worked with psychologists and lecturers to coale a range of thought-provoking mental health leaflets. Furthermore, Ivan has innovatively created an approach for young people to think about their own mental health, through an illuminated buddy board, linking individuals lo their own support group within that school, alongside 8 buddy bench and calm room, which gives young people a space to release and discuss their own emotions in a way that is appropriate for them. Ivan is incredibly Sela1, coaling something positive from such a tragic circumstance, which can heighten so many emotions. This takes intense bravery every day. Ivan has not given up and uses the Charity as a cathartic way lo help manage his grief whilst supporting others. He is a hero, inspiring young people, teachers, parenlslguardians and governors. He does not stop working on the charity and his work with young people, as a governor and youth justice panel member. It's his passion. Ivan has and is continuing to have an influence, effective in helping others support their own ment81 health and deserves this recognition. Page 5
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Achievements and performance Icontinuedl Judith Potts Judith Potts is the Founder of Esme's Umbrella Iwww.charlesbonnetsyndrome.ukl which is the only charity dedicated lo raising awareness of Chades Bonnet Syndrome. It began as a Campaign in 2015 and became a charity in 2021, when she was 72. Charles Bonnet Syndrome ICBSI causes vivid, silent, visual hallucinations - often frightening when a variable amount of vision has been lost. 11 is not a mental heatth condition but, for nearly two centuries, has been misdiagnosed as such, or dismissed as unimportant. There are an estimated 1 million people in the UK who live with the condition, many of whom kept silent, fe8ring the hallucinations meant they were 'losing their minds,. Too often, those who did confide in a GP or hospital doctor, found themselves in 8 psychiatric ward. Judith is n()w 75 and continues her full-time, unpaid work. She speaks 8t conferences, runs events, contributes to Webinars, reassures and exp18ins CBS lo the countless people who contact her, contributes lo CBS research projeets, rsises funds and writes about the subject for all types of publications, plus working with scriptwriters to bring CBS to 8 television audience. The work of Judith's one-woman charity successfully persuaded the World Health Organisalion to recognise CBS as 8 condition in ils own right, with a code in ICD 11," raised awareness of the Condition to the level where more ophthalmologists now discuss CBS with their patients", and estsblished the UK as the global leader of CBS research. Since the age of 70, her work has been focused on children and young people. Doctors assumed that CBS was 8 condition of adults only but Judith's determination to disprove the medical assumption was successful. Judith's mission is to ensure that every he81thcare professional will be aware of CBS", that no child nor adult is left lo cope alone with CBS, disturbing hallucinations," that the NHS will be persuaded to design 8 proper pathway for diagnosis, and that CBS research will find the treatments to 811eviate this debilitating, distressing and little-understood condition. The Trustees offer warm thanks lo Sir John Rilblat, who is the Chair of the Judges of the Times Slernberg Active Life Awards, and to all of its Judges who worked so hard in choosing the winners in 8 highly competitive arena. The Chair of the Charity would also like to thank the Trustees and Mr Josh Cass for their ongoing and v81u8ble commitment in the year lo the affairs of the charity and lo ils well-being. Financial review a. Going coneem After making 8ppropriale enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial statements. Further details gardIng the adoption of the going concern basis ean be found in the aceounling policies. b. Reserves policy The Trustees have examined the requirement for fe reserves which are those unrestricted funds not invested in Fixed Assets. 11 is the policy of the charity to maintain free reserves at 8 level considered adequate lo provide sufficient funds to enable it lo meet its charitable commitments as they f811 due," the free reserves amounted lo £927,731 12024. £159,522). Designated funds have been created up lo an amount equivalent to the value of fixed assets held as these represent funds not immediately available for making charitable grants or for making payments for general charitable purposès. Designated funds amounted to £18,166,62412024." £3,048,545). Page 6
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 c. Financial review The main source of the charity's income is investment income in the form of rentsl income received from investment properties and the dividènd income from its holding of shares in Slarmount (Securities) Limited, which holding was transferred to it from the Executors of the late founder's esL9te in November 2024. The Iruslees consider that the income yield is considerably more 8ttr8ctive than might reasonably be obtained in other areas with a similar risk Iminimuml profile and the investment property portfolio is considered to repsent a good over811 investment return. Details of income and expènditure are shown in the Statement of Financial Activities and the notes lo the financial statements give details of the expenditure which has supported the activities of the Charitable Foundation during the year in meeting its key objectives. The charity's assets are held for general charitable purposes as specified in the Trust Deed dated 20 December 1968 and the Board of Trustees consider that the financial position of the charity al 5 April 2023 is sab'sfactory. The quoted investments and freehold, leasehold and ground rent investment properties held by the eharily have been acquired in aceordanee with the powers available lo the Iruslees. The trustees, have estimated the fair values of the investment properties and the quoted investments details are shown in the notes to the Financi81 Statements. During the year there were unrealised gains of £NIL12024". £219,45018nd unre81ised losses of £72,59512024". NIL) arising on revaluation of investment properties. d. Financial risk management The trustees continually review the affairs of the charity to identify any major risks which the charity faces. In order to lessen such risks, the trustees previously appointed Property Management Agents to manage all of the charity's investment properties and port lo the trustees with their recommendations in regard thereto," the Iruslees consider that this appointment, combined with the policy of maintaining Free Reserves and Designated Funds at the levels set out above, will ensure that the charity has sufficient resources in the event of adverse conditions arising. The Iruslees consider that the charity does not face any other significant businèss or operational risks. Structure, govemance and management a. Constitution Sir Sigmund Sternberg Charitable Foundation is a registered charity, number 257950, and is eonslituled under Trust deed. Page 7
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Structure, govemance and management Icontinuedl 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. Appointment of trustees is governed by the Trust Deed of the charity. The trustees are responsible for the day lo day administration of the charity and hold periodic trustees, meetings. The Trustees who served during the year and up to the date of signature of the financial statements were. Michael V Slernberg OBE KC KCFO Noam Tamir Martin D Paisner CBE Jeremy Simon Smilg Dilwar Hussain MBE (resigned 16 November 20251 Jonathan Ronald Kropman The Board of Trustees is authorised to appoint new Iruslees to fill vacancies arising through resignation or death of an existing trustee. The Board of Trustees ensures that the skill requirements of Iruslees are kept under review. New Iruslees, if required, are sought by recommendation from existing trustees and are given a synopsis of the history of the charity, ils development, current activities and future plans, and the required training is given by existing trustees The Sir Sigmund Sternberg Charitable Foundation wishes to express ils appreciation of the efforts of its trustees and 811 those 8SSOCi8ted with it over the18St year. De18ils of the related p8ty transactions are shown in note 22 of the notes to the Financial Stalemenls. c. Investment powers The Trust Deed authorises the trustees lo make and hold investments using the gener81 funds of the charity. Plans for future periods The charity will continue its current activities for public benefit. Page 8
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the fin8nci81 statements in accordance with 8pplic8ble law and United Kingdom Accounting Standards Iunited Kingdom Generally Aecepled Accounting Practice). The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair view of the stale of affairs of the Charity and of its incoming resources and 8ppIic8tion of resources, including its income and expenditure, for that period. In preparing these financi81 statements, the Trustees are required to". select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgements and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Stsndards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., 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 lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime 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. Oisclosure of infomiation to auditors Each of the persons who are Trustees al the time when this Trustees. report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit informab'on and to establish that the charity's auditors are aware of that information. Auditors The auditors, BKL Audit LLP, have indicated their willingness lo continue in offi. 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 and signed on their behalf by.. Mickaeé VS6ekHbeks Michael V Sternberg OBE KC KCFO Ichair of Trusleesl Dale.. 1410112026 Page 9
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SIR SIGMUND STERNBERG CHARITABLE FOUNDATION Qualified opinion We have audited the financial statements of Sir Sigmund Stemberg Charitable Foundation Ilhe 'charity'l for the year ended 5 April 2025 which comprise the Slalement of financial activities, the Balance sheet, the Slalement 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, Iunited Kingdom Generally Apted Accounting Practi1. The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations bul has been withdrawn. This has been done in order for the accounts lo 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. Except for the effects of the maller described in the Basis for Qualified Opinion section of our report, in our opinion the financial statements.. give a true and fair view of the stale of the charity's affairs as al 5 April 2025 and of ils incoming resources and application of resources for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for qualified opinion As described hereinafter in note 26, under the will of the late Sir Sigmund Sternberg 186 'A' ordinary shares in Stsmiount ISe¢uriliesl Ltd, an unlisted propety company registered In England and Wales, were transferred lo the charity during the year. The value of those shares were shown in these financial statements al the probate value as at 18 October 2016 of £15,561,386. The number of shares held makes the charity's holdings significant investment in an associated company. Al the year end dale, the Investment is held at probate value and the charity has not obtsined a reliable fair value estimate for this investment. The investment continues lo be carried al the original probate value. Legacy income is also shown at the 2016 probate value. As per s.14 of Financial Reporting Standard 102, this conslitules a departure from the requirements of FRS 102 which requires that Investments in Associates be accounted for using fair value If reliably measurable. The absence of a current fair value adjustment may materially affect the carrying value of the investment and related disclosures. Consequently, we were unable lo determine the adjustments that might be e$Sary lo the carrying amount of the investments In the financial statements. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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 qualified opinion. Page 10
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SIR SIGMUND STERNBERG CHARITABLE FOUNDATION ICONTINUEDI Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going conrn basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast signilicanl doubt on the charity's ability lo continue as going conrn for a period of al least e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. other information The other information comprises the information included in the Annual report other than the financial slalements and our Auditors. report Ihereon. 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 lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo 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 lo be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslatemenl 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. other than the impact of the details sel out in the basis of opinion above, which would potentially impact the closing reserves of the charity, we have nothing to report in this regard. Matters on which are required to report by exception other than the impact of the details sel out in the basis of opinion above, we have nothing lo report in respect of the following mallers where the Charities (Accounts and Reportsl Regulations 2008 requires us lo report to you if, in our opinion.. the infomialion given in the Trustees, report is inconsistent in any material respect with the financial slalements., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Page11
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SIR SIGMUND STERNBERG CHARITABLE FOUNDATION ICONTINUEDI 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 neSSary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charity or to cease operations, or have no realistic allernalive bul to do so. Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assuran, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstalemenl when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Enquiring of management and those charged with governance around actual and potential litigation and claims", Reviewing board meeting minutes of meetings of those charged with governance, Reviewing financial statement disclosures and testing to supporting documentstion to assess compliance with applicable laws and regulations., Performing audit wort< over the risk of management override of controls, including lesling of journal entries outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misslalemenl in the financial stslemenls or non-complian with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial ststemenls, as we will be less likely to become aware of InStanS of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.o .ukJaudilorsres onsibilities. This description forms part of our Auditors, report. Page 12
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SIR SIGMUND STERNBERG CHARITABLE FOUNDATION ICONTINUEDI Use of our report This report is made solely to the charitys Iruslees, as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's trustees those mallers we are required lo stale 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 lo anyone other than the charity and its Iruslees, as a body, for our audit work, for this report, or for the opinions we have formed. BKL LLP BKL Audit LLP Chartered Accountants Statutory Auditor 35 Ballards Lane London N3 1XW Dale.. 14101/2026 BKL Audit LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. Page 13
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Investments 15,633.468 687.212 15,633.468 687.212 71.000 309,318 Total income 16,320,680 16,320,680 380,318 Expenditure on: Propety management Charitable activities 93.948 267.849 93.948 267.849 95.321 309,522 Total expenditure 361,797 361,797 404,843 Net incomel{expenditure) before net {lossesllgains on investments Nel Ilossesllgains on investments 15,958.883 172,5951 15,958.883 172,5951 (24,525) 219,450 Net movement in funds 15,886.288 15,886.288 194.925 Reconciliation of funds: Total funds brought forward Nel movement in funds 3,208.067 15,886.288 3,208.067 15,886.288 3,013,142 194,925 Total funds carried forward 19,094.355 19,094.355 3,208.067 The Ststemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 17 to 35 form part of these financial statements. Page 14
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION BALANCE SHEET AS AT 5 APRIL 2025 2025 2024 Note Fixed assets Tangible assets Investments Investment propety 12 4,033 15.561.386 2.601,205 4. 745 14 13 3, 043,800 18,166,624 3, 048,545 Current assets Debtors 15 42.420 370,000 615,183 51,780 Investments Cash al bank and in hand 16 200,435 1,027.603 252,215 Current liabilities Creditors.. amounts falling due within one year 17 199,8721 (92, 693) Net current assets 927.731 159.522 Total assets less current liabilities 19.094,355 3,208,067 Total net assets 19,094,355 3,208,067 Charity funds Reslricled funds Unrestricted funds 19,094,35S 3,208,067 Totsl funds 19.094,355 3,208.067 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Michael V Sternbery OBE KC KCFO (Chair of Trustees) Dale.. 1410112026 The notes on pages 17 to 35 form part of these financial statements. Page 15
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED S APRIL 2025 2025 2024 Cash flows from operating activities Nel cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments 30,960 (18.837) 383,788 2, 762 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 414,748 116.0751 216,510 200,435 Cash and cash equivalents at the end of the year 615,183 200,435 The notes on pages 17 to 35 form part of these financial statements Page 16
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 General information The Sir Sigmund Slernberg Charitable Foundation is an unincorporated charity registered with the Charity Commission for England and Wales. The registered oftice is Star House, 1041108 Grafton Road, London, NW5 4BA. Accounting policies 2.1 Basis of preparation of financial ¥tstements The financial statements have been prepared in accordan with the Charities SORP IFRS 1021- 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 IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements are prepared in sterling, which is the fLJnclional currency of the Charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. modified lo include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are sel out below. Sir Sigmund Sternberg Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inilialty recognised al historical cost or transaction value unless otherwise slated in the relevant awounting policy. Page 17
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Accounting policies Icontinuedl 2.2 Income All income is recognised once the Charity has entillemenl lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing enlillement, the probability of reIpt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement lo a legacy exists when the Charity has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in question will not be required to satisfy claims in the eslale. ReIpl of a legacy must be recognised when it is probable that il will be received and the fair value of the amount re1Vable, which will generally be the expected cash amount lo be distributed to the Charity, can be reliably measured. Income tax recoverable in relation lo investment income is recognised at the lime the investment income is re1Vable. Page 18
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Accounting policies Icontinuedl 2.3 Expenditure Expenditure is recognised On there is a legal or constructive obligation lo transfer economic benefit lo a third party, il 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 lo a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fvndraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made expt in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted as commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tangible fixed assets and depreciation Tangible fixed assets costing £NIL or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, on a reducing balan basis. Depreciation is provided on the following basis.. Fixtures and fittings 15Q/o Reducing balan Page 19
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Accounting policies Icontinuedl 2.6 Investments Fixed asset investments are a form of financial instrument and are inilialty recognised al their transaction cost and subsequently measured at fair value al the Balance sheet dale, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the Slalement of financial aclivilies. 2.7 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.8 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 dale of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates il will pay to settle the debt or the amount il has reiVed as advanced payments for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required to sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Slalement of financial activities as a finan cost. 2.10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.11 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fvnd. Page 20
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Donations Legacies 38,463 38.463 15,595,005 15,595.005 15,633,468 15,633.468 Unrestrictgd funds 2024 Total funds 2024 Donations 46, 000 25, 000 46,000 25,000 Legacies 71, 000 71.000 Investment income Unrestricted funds 2025 Total funds 2025 Rental income Dividends 303,424 379,311 4,477 303.424 379.311 4.477 Bank interest 687,212 687.212 Page 21
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Investment income Icontinuedl Unrestricted funds 2024 Total funds 2024 Rental income Bank interest 306,556 2, 762 306,556 2, 762 309,318 309.318 Investment management costs Unrestrlcted funds 2025 Total funds 2025 Propety management expenses 93,948 93,948 Propety management expenses above include managing agents, commissions on the collection of rents, the day to day management of the property portfolio, including issues relating lo rent arrears, advi on lease renewals and sales also any agent's commissions on sales. Unrestricted funds 2024 Total funds 2024 Propety management expenses 95,321 95,321 Analysis of grants Grants to Institutions 2025 Total funds 2025 Grants and donations 173,620 173.620 Page 22
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Analysis of grants Icontinuedl Grants lo Institutions 2024 Total funds 2024 Grants and donations 217,089 217,089 The Charity has made the following material grants to institutions during the year.. 2025 2024 Name of institution The Faith and Belief Forum Iformerfy The Three Faiths Forum) The Faith and Belief Forum - donation towards Offi costs Woolf Institute World Congress of Faiths 95,066 12,344 10,000 30 135, 728 22,196 10,000 30 rii Queen's College Cambridge New Israel Fund Anne Frank Trust My Israel Royal Free Hospital Norwood Ravenswood Teenange Canr Trust Other lamounls less than £1,000> 10,000 12,500 5,000 1,500 10,000 10,000 5,000 2,180 15,000 17,500 2,000 12,600 2,035 173,620 217,089 173,620 217,089 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2025 Total 2025 Direct costs 267,849 267,849 Page 23
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Analysis of expenditure on charitable activities Icontinuedl Summary by fund type Icontinuedl Unrestricted funds 2024 Total 2024 Direct costs 309, 522 309,522 Analysis of expenditure by activities Activities undertaken directly 2025 Grant funding of activities 2025 Support costs 2025 Total funds 2025 Direct costs 10,888 173,620 83,341 267.849 Activities undertaken diG11Y 2024 Grant funding ol activities 2024 Support costs 2024 Total funds 2024 Direct costs 5.958 217.089 86,475 309.522 Analysis of direct costs Total funds 2025 Activities 2025 Events costs 10,888 10.888 Page 24
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Analysis of expenditure by activities Icontinuedl Analysis of direct costs {continued} Total funds 2024 Activities 2024 Events costs 5.958 5,958 Anatysis of support Costs Total funds 2025 Activities 2025 Service charges and rates Office rent Cleaning Insuran 5,291 4,000 1,440 1,680 766 712 5,291 4,000 1.440 1,680 766 712 Sundry expenses Depreciation charge Bank charges Travel expenses Information technology Legal and professional Governance costs 98 98 859 859 5,211 45,459 17,825 5,211 45.459 17.825 83,341 83,341 Page 25
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Analysis of expenditure by activities Icontinuedl Analysis of support costs Icontinuedl Total funds 2024 Activities 2024 Staff costs Service charges and rates Office rent Cleaning Telephone and internel charges Sundry expenses Depreciation Bank charges Information technology Leg81 and professional Governance costs 19,246 6,982 4.000 959 7,045 2,528 837 16 2.120 19,246 6,982 4,000 959 7,045 2,528 837 16 2,120 21,201 21,541 21,201 21.541 86.475 86,475 Auditors. remuneration 2025 2024 Fees payable lo the Charity's auditor for the audit of the Charity's annual accounts 13,650 12,750 Fees payable lo the Charivs auditor in respect of. All non-audil services 4,175 3,500 17,825 16,250 Page 26
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 10. Staff costs 2025 2024 Wages and salaries 12,274 12.274 The average number of persons employed by the Charity during the year was as follows". 2025 No. 2024 No. Admin staff No employee received remuneration amounting to more than £60,000 in either year. 11. Trustees. remuneration and expensos On 20 November 2024, 122 shares in Starmounl Isecuriliesl Limited were transferred into the charity, at which date Slarmount (Securities) Limited became an associated company of the Sir Sigmund Sternberg Charitable Foundation. Two Trustees re1ve remuneration from Martin Slowe Estates Limited, a subsidiary of Stamiount Isecuriliesl Limited, in respect of preexisling employment with that company. The level of these salaries has been reviewed by an independent remuneration consultant and approved by the non-conflicled Trustees. The value of Trustees, remuneration, for the period 2D November 2024 to 5 April 2025, and other benefits relating to this employment during the year was as follows.. 2025 2024 Michael V Slernbery OBE KC KCFO Noam Tamir Remuneration 88,121 74,520 Remuneration During the year ended 5 April 2025, £832 (2024 - £4451 were reimbursed to two trustees in respeel of Iravelling expenses. Page 27
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 12. Tangible fixed assets Fixtures and fittings Cost or valuation At 6 April 2024 94,911 At 5 April 2025 94,911 Depreciation At 6 April 2024 Charge for the year 90.166 712 At 5 April 2025 90,878 Net book value At 5 April 2025 4,033 At 5 April 2024 4, 745 Page 28
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 13. Investment property Freehold investment property Valuation At 6 April 2024 Revaluation losses Transfers lo current assets 3,043,800 {72,5951 1370.0001 At 5 April 2025 2.601,205 Investment properties comprise the following.. Freehold Properties 2,4,6 & 8 The Bridge, Chippenham, Wilts 10 & 12 The Bridge, Chippenham. Wills 14 & 16 The Bridge, Chippenham, Witts 18 The Bridge, Chippenham, Wilts 20122 The Bridge, Chippenham, Wilts 47 Union Street, Adershot, Hants Long Leasehold Properties Supermarket, 41 St John's Way, Corringham, Essex The properties were revalued on S April 2025 by a professional valuer, Marc Robson Ltd. Historical acquisition value of those properties were £2,417,165. 14. Fixed asset investments Unlisted investments Cost Additions 15,561.386 At 5 April 2025 15,561,386 The investments comprise 186 shares of Starmounl Isecuriliesl Limited and are held at probate value as at October 2016. These shares have not been revalued to fair value al the balan sheet dale. Please see note 26 for further details. Page 29
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 15. Debtors 2025 2024 Due within one year Prepayments 42,420 51,780 42,420 51,780 16. Current asset investments 2025 2024 Investment propety 370,000 Short Leasehold Properties. Ground and First Floors of Star House, 1041108 Grafton Road, London, NW5 17. Creditors- Amounts falling due within one year 2025 2024 Other tsxalion and social security Accruals and deferred income 15,908 83,964 22,440 70,253 99,872 92.693 Included in Accruals and deferred income is deferred rental income in the current year for £67,13712024'. £45,968) with amounts released in the year of £45,96812024.' £47,073). This is deferred as rental income was reiVed relating to a period post 5 April 2025. 18. Financial instruments 2025 2024 Financial assets Financial assets measured at fair value through Income and expenditure 16.546,569 200,435 Page 30
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 19. Summary offunds Summary offunds - current year Balance at 6 April 2024 Transfers inlout Gainsl Balance at 5 {Lossesl April 2025 Income Expenditure Designated funds 3,048,545 15,561,386 159,522 759.294 1712) 1370,0001 1361.085) 370,000 72,5951 18,166,624 927.731 General funds 3.208,067 16,320,680 1361,797) 172,5951 19,094.355 The trustees have established a Designated Fund lo match the fixed asset investments of the charity. Each year there is a transfer into or OLJt of the Designated Funds from or to the General Funds so that the closing balance equals the fixed asset investments. Summary of funds - prior year Balan at l April 2023 Transfers in/out Gainsi Balan at (Losses) 5 Apnl 2024 Income Expenditu Designated funds General funds 2,830, 962 182,18Q 217,583 (217, 583) 3,048.545 159,522 380,318 (404,843) 219,450 3.013, 142 380.318 (404,843) 219,450 3,208.067 Page 31
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 20. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year 4,033 4.033 15,561,386 15,561.386 2,601,205 2,601,205 1,027,603 1,027.603 {99,8721 199.8721 Total 19,094,35S 19,094,355 Analysis of net assets between funds - prior year Unreslricled funds 2024 Total funds 2024 Tangible fixed assets Investment propety Current assets Creditors due within one year 4, T45 3,043, 800 252,215 (92, 693) 4, 745 3,043,800 252,215 (92,693) Total 3.208, 067 3,208.067 Page 32
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 21. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Nel income for the year las per Statement of Financial Aeliviliesl 15,886,288 194,925 Adjustments for: Depreciation charges Revaluation Dividends, interests and rents from investments Investments wrillen off Decreasellincreasel in debtors Increase in tdItorS Shares transferred as part of legacy 712 72,595 1383,7881 837 (219,450) (2. 762) 1.030 (21,344) 27,927 9,360 7,179 115.561,3861 Net cash provided byl(used inl operating activities 30,960 (18,837) 22. Anatysls ofcash and cash equlvalents 2025 2024 Cash in hand 615,183 200,435 Total cash and cash equivalents 615,183 200,435 23. Anatysis ofchanges in net debt At 6 April 2024 Cash flows At 5 April 2025 Cash al bank and in hand 200,435 414,748 370,000 615.183 370,000 Liquid investments 200.435 784,748 985.183 Page 33
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 24. Contingent liabilities The charity owns a long lease of floors at Star House, 105, Grafton Road, Kentish Town, London NW5 4BA . The lease contains a qualified repairing covenant so the Charity has in this respect a liability lo the freeholder of the building which is a firm called Finer Homes Limited. One of the Iruslees of the charity is a director of Finer Homes Limited and the shares in Finer Homes Limited were held currently by the executors of the eslale of the late Sir Sigmund Slernberg, who are themselves also trustees of the charity. In the year covered by these accounts no issues arose in relation to these relationships or the However il is likely that in sUCeding years mallers will arise requiring payment by the charity towards its repairing obligations under the lease. At that point the Iruslees of the charity will lake expert building surveying advi. It is not possible al this stage lo quantify what those liabilities might amount to. 25. Related party transactions Finer Homes Limited The Charity leased office premises from Finer Homes Limited, a company of which Noam Tamir is a director land Martin Slowe until his death on 17 April 20231, at a rent of £4,000 per annum for the year to 5 April 2025 12024.. £4,000). Finer Homes Limited was enlilled to receive £36,792 12024.. £35,754) from the charity relating lo service charges. The Charity leases part of one of its premises lo a relative of one of the Trustees for a commercial rent of £15,000 per annum {2024'. £15,000) the rale having been independently assessed. Faith and Belief Forum The Charity made a grant lo the Faith and Belief Forum of £95,06612024.' £135,7281 a charity of which Michael Sternberg OBE KC KCFO was its Honorary President and Noam Tamir was a trustee. A donation towards the oftice costs of £12,344 {2024.' £22,196) was also made. New Israel Fund £12,50012024.' £17,500) was granted to the New Israel Fund a charity of which Martin Paisner CBE is a Iruslee. Payne Hicks Beach £28,680 12024.. £NILI was paid lo Payne Hicks Beach for legal advice to the Iruslees, a firm in which Martin Paisner CBE is a partner. No amount was paid directly or indirecuy to Martin Paisner CBE who provides lime and advi lo the charity for no reward. starmount Securities Limited Two Iruslees of the charity, M V Slernberg and N Tamir, also serve as directors of Slarmounl Securities Limited. M V Sternberg holds a minority personal shareholding in the company. MV Stenberg, M D Paisner & N Tamir also hold minority interests as Iruslees for certain beneficiaries. These interests are held in a personal capacity and are not connected with the charity's 43.669A shareholding. Page 34
SIR SIGMUND STERNBERG CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 26. Legacy receivable The balance of the residuary estate of the late Sir Sigmund Sternberg, whatever that eventually may amount lo, is held for the trustees of the charitable foundation. Under the will of the late Sir Sigmund Sternberg, who died on 18 October 2016, this charity was left whatever might be left within the residuary estate of the deceased, after inter alia111 All the costs of the adminislralion of the estate had been discharged., 121 The payment of all inheritance tax and all other taxes had been completed., 131 The payment of all specific bequests,. and 141 the exercise by the Executors of the Estate of powers expressly conferred upon them under the will of the leslator. When the estate is wound up, the residuary estate will comprise a number of "A. ordinary shares in starmounl Isecuriliesl Ltd. This is an unquoted property investment company. The value of this bequest of the residuary eslale is not currently aSrtainable, inter alia because the administration of the estate is continuing. In the year lo 5 April 2025, 186 A" ordinary shares, valued at probate valuation of £15,561,386, were transferred to the charity, leaving a small balance lo be transferred On liabilities lo HM Revenue & Customs are sellled. Whilst there is clarity over the description of the gift under the terms of the will, the remaining balance has not been brought into account in these financial slalemenls of this Charity for the year ended 5 April 2025, principally because ils ultimate extent and its value when it vests is currently unknown. They Trustees are of the opinion that the costs lo revalue these shares OUe1gh the benefits to the users of these accounts. The Trustees will seek lo have the shares formally valued once the final amount lo be transferred is known. Michael Slemberg OBE KC KCFO and Noam Tamir are Executors of the Estate of the late Sir Sigmund sternberg. They are also together directors of Slarmount {Securiliesl Limited. Page 35