2022-04-05-accounts - The Sobell Foundation

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				Page
Reference and administrative		details ofthe Charity,	its Trustees and advisers
Trustees' report				2-6
Independent auditors'	report	on the financial statements		7-10
Statement offinancial	activities
Balance sheet				12
Statement ofcash flows				13
Notes to the financial	statements			14-26

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

Trustees		The Hon.	Susan Gina Lacroix	Susan Gina Lacroix	Susan Gina Lacroix
		Andrea Gaie Scouller
		Karis Ann	Lacroix
		Jerome Humphrey		Andre Lacroix
		Julian Michael Edward Lee
		Sebastian	Gaskell	Lee
		Deborah	Henny Ann Sobel
Charity registered
number		274369
Principal office		PO Box5402
		Wincanton
		Somerset
		BA9 OBH
Independent	auditors	BKLAudit	LLP
		Chartered	Accountants
		35 Ballards Lane
		London
		N3 1XW
Bankers		C. Hoare	8 Co.
		37 Fleet Street
		London
		EC4P 4DQ
Investment	Manager	Troy Asset Management			Limited
		Brookfield	House
		33 Davies	Street
		London
		W1K4BP

						Unrestricted	Total	Total
						funds	funds	funds
						2022	2022	2021
					Note
Income from:
Investments						699,285	699,285	1,888,872
Total income						699,285	699,285	1,888,872
Expenditure on:
Raising funds						273,951	273,951	262,089
Charitable activities						3,741,883	3,741,883	1,676,460
Total expenditure						4,015,834	4,015,834	1,938,549
Net expenditure		before net gains/(losses)		on
investments						(3,316,549)	(3,316,549)	(49,677)
Net gains/(losses)			on investments			3,995,649	3,995,649	8,559,608
Net movement	in		funds			679,100	679,100	8,509,931
Reconciliation	of		funds:
Total funds brought			forward			63,493,305	63,493,305	54,983,374
Net movement	in	funds				679,100	679,100	8,509,931
Total funds carried forward						64,172,405	64,172,405	63,493,305

			BALANCE SHEET	BALANCE SHEET
			AS AT 5	APRIL 2022
					2022		2021
			Note
Fixed assets
Investments					66,076,538		64,758,645
					66,076,538		64,758,645
Current assets
Debtors			10	195,618		418,697
Cash at bank	and	in hand		63,431		175,898
				259,049		594,595
Creditors: amounts		falling due within one
year			11	(1,317,594)		(1,719,998)
Net current liabilities					(1,058,545)		(1,125,403)
Total assets	less	current liabilities			65,017,993		63,633,242
Creditors: amounts		falling due after more
than one year			12		(845,588)		(139,937)
Total net assets					64,172,405		63,493,305
Charity funds
Unrestricted	funds		15		64,172,405		63,493,305
Total funds					64,172,405		63,493,305

				2022	2021
			Note
Cash flows from operating	activities
Net cash used in operating	activities		17	(3,892,032)	(5,773,937)
Cash flows from investing	activities
Dividends, interests and rents from investments				1,100,180	1,639,447
Proceeds from sale of investments				13,629,786	30,168,630
Purchase of investments				(10,952,032)	(27,083,715)
Net cash provided by investing activities				3,777,934	4,724,362
Change in cash and cash	equivalents in	the year		(114,098)	(1,049,575)
Cash and cash equivalents	at the beginning	ofthe year		177,529	1,227,104
Cash and cash equivalents	at the end of	the year		63,431	177,529
The notes on pages 14to 26 form part ofthese financial statements

			Unrestricted	Total
			funds	funds
			2022	2022
Dividend	income		937,966	937,966
Losses on forward		foreign exchange contracts	(400,895)	(400,895)
Interest			162,214	162,214
			699,285	699,285
			Unrestricted	Total
			funds	funds
			2021	2021
Dividend	income		933,770	933,770
Gains on	forward	foreign exchange contracts	817,540	817,540
Interest			137,562	137,562
			1,888,872	1,888,872

Investment	management	fees
Investment	management	fees

Unrestricted	Total
funds	funds
2022	2022
273,951	273,951
Unrestricted	Total
funds	funds
2021	2021
262,089	262,089

			Unrestricted
			funds	Total
			2022	2022
Grant	making	activities	3,741,883	3,741,883
			Unrestricted
			funds	Total
			2021	2021
Grant	making	activities	1,676,460	1,676,460

				Support	Total
			Direct costs	costs	funds
			2022	2022	2022
Grant making		activities	3,593,151	148,732	3,741,883
				Support	Total
			Direct costs	costs	funds
			2021	2021	2021
Grant making		activities	1,544,817	131,643	1,676,460
Analysis	ofsupport costs
				Grant
				making	Total
				activities	funds
				2022	2022
Stationery	and postage			343	343
Information	technology			5,913	5,913
Bank charges		&processing fees		4,083	4,083
Other costs				2,008	2,008
Consultancy		fees and expenses		30,681	30,681
General management				80,000	80,000
Accountancy				14,700	14,700
Audit fees				8,400	8,400
Trustees travel to Israel				2,604	2,604
				148,732	148,732

Analysis of	support costs (continued)
		Grant
		making	Total
		activities	funds
		2021	2021
Stationery and postage		529	529
Information technology		8,157	8,157
Bank charges	&processing fees	644	644
Other costs		2,259	2,259
Consultancy	fees and expenses	30,254	30,254
General management		70,000	70,000
Accountancy		11,400	11,400
Audit fees		8,400	8,400
		131,643	131,643

			Grants to	Total
			Institutions	funds
			2022	2022
Grant	making	activities	3,593,151	3,593,151
			Grants to	Total
			Institutions	funds
			2021	2021
Grant	making	activities	1,544,817	1,544,817

Analysis ofgrants	Analysis ofgrants
					Unrestricted	Total funds	Total Funds
					funds 2022	2022	2021
United Kingdom
Community					534,000	534,000	778,600
Cultural and Environmental					42,500	42,500	79,000
Education					372,500	372,500	320,500
Hardship alleviation					335,400	335,400	679,400
Medical (care/treatment)					1,214,433	1,214,433	1,808,033
					2,498,833	2,498,833	3,665,533
Israel
Community					260,000	260,000	295,000
Cultural and Environmental							27,000
Education					293,000	293,000	515,500
Hardship alleviation					123,000	123,000	270,000
Medical (care/treatment)					310,000	310,000	464,300
					986,000	986,000	1,571,800
Total grants paid	in	the year			3,484,833	3,484,833	5,237,333
Grants awarded	in	prior years			(1,604,333)	(1,604,333)	(3,977,333)
Cance I I ed grants					(10,000)	(10,000)	(19,000)
New commitments		awarded	in	year	1,765,500	1,765,500	271,000
Total grants paid	and awarded			in the year	3,636,000	3,636,000	1,512,000
Finance charges	on	discounting		offuture
commitments					(42,849)	(42,849)	32,817
					3,593,151	3,593,151	1,544,817

		Cash held in
	Managed	investment	Direct
	funds	portfolio	investments	Total
Valuation
At 6 April 2021	25,770,108	1,136,268	37,852,267	64,758,643
Additions	300	6,941,933	4,009,799	10,952,032
Disposals	(964,897)	(6,687,853)	(5,977,036)	(13,629,786)
Revaluations	1,061,553		2,934,096	3,995,649
At 5 April 2022	25,867,064	1,390,348	38,819,126	66,076,538
Net book value
At 5 April 2022	25,867,064	1,390,348	38,819,126	66,076,538
At 5April 2021	25, 770,108	1,136,268	37,852,267	64,758,643

		2022	2021
Due within one year
Other debtors		98,500	113,868
Prepayments	and accrued income	97,118	192,967
Financial instruments			111,862
		195,618	418,697

				2022	2021
				E
Accruals	and deferred	income		86,968	85,665
Grants accrued - institutional			(see note 13)	1,047,000	1,634,333
Financial	instruments			183,626
				1,317,594	1,719,998

2022	2021
845,588	139,937

Grants accrued
				2022	2021
As at 6 April 2021				1,774,270	5,466,786
Opening commitments	paid	in	current year	(1,604,333)	(3,977,333)
New commitments in the year				1,765,500	271,000
Cancelled commitments					(19,000)
Finance charges on discounting			offuture commitments	(42,849)	32,817
				1,892,588	1,774,270

							2022f	2021
Due within	one year	(see note	11)				1,047,000	1,634,333
Due after one year (see note			12)				845,588	139,937
							1,892,588	1,774,270
Financial	instruments
							2022	2021
Financial	assets
Derivative	financial	instruments	measured		at fair value through	income and
expenditure	held as	part ofa trading		portfolio				111,862
							2022	2021
							E
Financial	liabilities
Derivative	financial	instruments	measured		at fair value through	income and
expenditure	held as	part ofa trading		portfolio			(183,626)

Stateme	nt o	ffunds - curren	t year
			Balance at 6			Gains/	Balance at 5
			April 2021	Income	Expenditure	(Losses)	April 2022
Unrestricted		funds
General	Funds - all funds		63,493,305	699,285	(4,015,834)	3,995,649	64,172,405

Stateme	nt o	ffunds - prior y	ear
			Balance at			Gains/	Balance at
			6April 2020	Income	Expenditure	(Losses)	5April 2021
Unrestricted		funds
General	Funds - all funds		54,983,374	1,888,872	(1,938,549)	8,559,608	63,493,305

Analysis ofnet assets between funds - current year
	Unrestricted	Total
	funds	funds
	2022	2022
	E	f.
Fixed asset investments	66,076,538	66,076,538
Current assets	259,049	259,049
Creditors due within one year	(1,317,594)	(1,317,594)
Creditors due in more than one year	(845,588)	(845,588)
Total	64,172,405	64,172,405

Analysis of net assets between funds (continued) Analysis ofnet assets between funds - prior year
	Unrestricted	Total
	funds	funds
	2021	2021
Fixed asset investments	64,758,645	64,758,645
Current assets	594,595	594,595
Creditors due within one year	(1,719,998)	(1,719,998)
Creditors due in more than one year	(139,937)	(139,937)
l	63,493,305	63,493,305

					2022	2021
					E
Net income for the	year (as per Statement		of Financial	Activities)	679,100	8,509,931
Adjustments for:
Revaluation of investments					(3,995,649)	(8,559,608)
Dividends and interest from investments					(1,100,180)	(1,639,447)
(Increase)/decrease	in debtors				223,079	(3,562)
Increase/(decrease)	in creditors				117,992	(3,969,389)
Unrealised (gains)/losses on forward		foreign exchange		contracts	183,626	(111,862)
Net cash used in	operating activities				(3,892,032)	(5,773,937)

		2022	2021
Cash	in hand	63,431	177,529
Total	cash and cash equivalents	63,431	177,529

					Changes in
					market
					value and
					exchange
			At 6April		rate	At 5April
			2021	Cash flows	movements	2022
Cash at	bank and	in hand	175,898	(112,467)		63,431
Financial	Instruments		111,862		(111,862)
			287,760	(112,467)	(111,862)	63,431