Charity number: 274369 THE SOBELL FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE SOBELL FOUNDATION CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent auditors. report on the financial statements 7-10 statement of financial activities Balanco sheet 12 Statement of cash flow$ 13 Notes to the flnanclal statements 14-25
THE SOBELL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2024 Trustees The Hon. Susan Gina Lacroix Andrea Gale Scouller Karls Ann Lacroix Jerome Humphrey Andre Lacroix Julian Michael Edward Lee Sebastian Gaskell Lee Deborah Henny Ann Sobel Charity reglstered number 274369 Principal office PO Box 5402 Wincanlon Somersel BA9 OBH Independent audltors BKL Audit LLP Chartered Accountants 35 Ballards Lane London N3 1XW Bankers C. Hoare & Co. 37 Fleet Street London EC4P 4DQ Investment Manager Troy Asset Management Limited Brookfield House 33 Davies Street London W1K4BP Page 1
THE SOBELL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees present their annual report and financial statements of The Sobell Foundation for the year ended 5 April 2024. The financial statements have been prepared in 8ccord8nce with the accounting policies set out on pages 14-16 of the financial statements and comply with the charity's Trust deed, the Charities Act 2011 and Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities preparing accounts in 8ccord8nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 1st January 2019. Structure, govemance and management a. Constitution The Sobell Foundation was established by the late Sir Michael Sobell on 5 September 1977 for general charitable purposes and is 8 grant-making trust with which he was actively involved until shortly before his death in 1993. The deed of charitable trust, under which The Sobell Foundation was formed, is not specifie about the objects of the trust and allows the trustees absolute discretion to apply funds for general chari18ble purposes. b. Methods of appointment or election of Trustees The trustees use their powers under the Trustee Act 2000 to 8ppoinl new trustees. c. Polieies adopted for the induction and training of Trustees On appointment, new trustees would be provided with information on the structure and administration of the Foundation and, in this respect, would receive a eopy of the most recent aceounls, trustees, report and the trust deed. In addition new trustees would be required to attend training workshops lo ensure they are aware of current legislation and Charity Commission guidelines. The existing Iruslees are updated on any changes in legislation and Ch8rily Commission guidelines as and when they occur. d. Organisational structure and deeision-making policies The trustees aim to meet quarterly to agree the broad strategy and areas of activity for the trust, including consideration of grant making, investment, reserves and risk management policies and performance. Objectives and activities a. Polieies and objectives The objects of the charity are to support projects and activities carried out by other eharilies. The Iruslees aim to support ch8rities wotking in England, Wales, and Israel. Funding is generally restricted to charities working in the following fields." medical Care and treatment, eare and education for physic811y and mentally disabled adults and children and care and support for the elderly and children from disadvantagèd backgrounds. In addition, in Israel only, the trustees support eoexistence projects and projects relating lo immigmnl absorption. Page 2
THE SOBELL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED S APRIL 2024 Objectives and activities leontinuedl b. Strategies for achieving objeetives The Iruslees aim lo achieve a reasonable spread between Jèwish charities loper8ting principally in the UK and Israel) and non-Jewish charities opefftting in the UK, with between a third and a half generally being 811ocaled to the former category. The trustees seek to focus their donations on projects where they feel they can make positive and meaningful dIffenCe lo the quality of the lives of those supported by the relevant charity. Grants are only made to, or through, UK registered charities. c. Activities undertaken to achieve objeetives The Iruslees receive a large number of grant applications from registered charities each year and support as many as possible of those which meet the criteria sel out in the gonl making policy outlined above. The Iruslees aim to deal with requests within three months of receipt, and often quicker, and to respond to each application received, whether or not a grant is made. The day to day administration of grants and the processing and handling of appliealions prior lo Consideration by the trustees is delegated lo a charity consultant. Applicants for major grants may be invited lo give a presentation to the trustees in support of their 8ppIic8tion. The trustees tend to make visits to charities that have received substantial grants. The Iruslees 81so aim lo visit Israel annually, seeing F)olenlial new projects and paying visits to projects which have been supported in the past. In this respect the trustees use the services of a consultant based in Israel who assists them in the evaluation of projects they wish to consider supporting. Many of the charities supported send reports of their activities to the trustees on a regular basis and, in some cases, the trustees make follow-up visits. d. Main activities undertaken to further the Charity's purposes for the public benefit 25S grants lotalling just under £3.23 million We paid during the year, with donations ranging from £1,000 to £150,000. Approximately 700 of grants paid were made lo UK charities and 300A to Jewish charities in Israel and the UK. This allocab'on is within the ranges agreed by the trustees for grant allocation. 63 grants paid in the year were of amounts ranging from £20,000 to £50,000. 2 grants in exeess of £50,000 were paid in the year as follows". £1 $0,000 lo Jewish Care representing the second instalmenl of 8 three-year grant towards the running costs of The Michael Sobell Jewish Community Centre. £100,000 lo The Michael Sobell Hospice towards the running Costs of the centre. The Trustees have complied with section 211 Ilbl of the Charities Act 2011, having due regard to the Charity Commission's guidance on public benefit when reviewing the Foundation's aims and objectives, when setting the grant making policy and in making awards. Page 3
THE SOBELL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED S APRIL 2024 Objectives and activities leontinuedl e. Plans for future periods The trustees aim lo continue to support as many charities as possible that meet the crileri8 set out in their grant making policy, the details of which can be found al. https".IlwvM.sobellfoundation.org.uklSobellGuidelinesForApplicants.htm Financial Review . Overview The Foundation funds the grants it makes lo charities from investment income with any shorfall being mel from the proceeds of investment sales. The trustees have eharilable commitments Ibefore discount) for 2023124 of £1,708,000 and £64,000 for 2024125. b. Reserves policy The trustees aim to maintain a reserve fund, including cash, at a level equating to at least two years normal charitable expenditure in order lo meet any short-lerm variances in cash flow. This en8bles the trustees to resF)ond to gmnl applications and to eover support and govemance costs. c. Investment policy and perfomiance The trustees, investment policy is lo invest their funds prudenuy, b81ancing risk and retum, with a view to maintaining the real capital v81ue of their funds over the medium term. The trustees, investments are managed under a discretionary fund m8nagemenl 8greemenl with one investment manager. The investment manager meets the trustees twice a year to discuss performance. The aim is to provide an annual total return Icapitsl growth with dividends and yield reinvested) of around 40/0. The income from the investment portfolio for the ye8r, £1,162,750, represented a tUrn on the original cost of the investments of c2.00/012023." 2.20AI. The total return on investments, before fees, for the year ended 5 April 2024 was 2.101012023." 3.1 % l against 8 year on year target retum Icapilal growth with dividends and yield reinvesledl of 40k per annum. The MSCI PIMFA Income Index (peer group) showed a return over the same period of 2.7 % 12023." -0.gOAI. d. Factors relevant to achieve objectives The continuing vo18tility of the stock market over the last few years has made the management of the investments particulady difficult. The trustees, on profession81 advice from their investment advisor, remain of the view that the current mix of equities, bonds, cash and other investments is appropriate lo their investment policy and attitude towards risk. Page 4
THE SOBELL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED S APRIL 2024 e. Risk management The Iruslees have identified the major risks to which the charity is exposed. These fall into two main categories". proleelion of assets and income and the integrity of the grant making process. Having carried out their annual view of these risks, the Iruslees remain confident that they have the systems and procedures in place to mitigate the risks as far as possible. f. Going concern After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources lo continue in opeffttional existence for the foreseeable future despite the Curnt uncertain oullook. 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 ean be found in the Accounting Policies. 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 Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give 8 true and fair view of the state of affairs of the Charity and of ils incoming resources and application of resources, induding its income and expenditure, for that period. In preparing these financi81 statements, the Trustees are required lo". select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., 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 time the financial position of the Charity and enable them lo 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 to 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. Page 5
THE SOBELL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED S APRIL 2024 Auditors BKL Audit LLP will be proposed for reappointment at a meeting of the trustees. Approved by order of the members of the board of Trustees and signed on their behalf by". Sebastian Gaskell Lee Trustee Dale". 1710112025 Page 6
THE SOBELL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SOBELL FOUNDATION Opinion We have audited the financial statements of The Sobell Foundation Ilhe 'charity'l for the year ended 5 April 2024 which comprise the statement of financial aclivilies, the balance sheet, 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 A¢pted Accounting Practi1. In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources for the year then ended., have been propedy 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 opinion We conducted our audit in accordan 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 eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concorn In auditing the financial slalements, we have concluded that the Trustees. use of the going concern 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 to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concem for a period of at least Ie1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect lo going COnM are described in the relevant sections of this report. Page 7
THE SOBELL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SOBELL FOUNDATION (CONTINUED) other information The other information comprises the information included in the annual report other than the financial statements 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 assuran conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misslatemenl in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on which are required to report by exception We have nothing lo report in respect of the following mallers where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information 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. Responsibilities of trustegs As explained more fully in the trustees. responsibilities slalement, 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 lo enable the preparation of financial stslements that are free from material misstatement, whether due lo fraud or error. In preparing the financial stslements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going conrn and using the going COnM basis of accounting unless the Trustees either intend lo Iiquidale the charity or to ase operations, or have no realistic altemalive bul to do so. Page 8
THE SOBELL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SOBELL FOUNDATION (CONTINUED) 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 slalemenls as a whole are free from material misslalement, whether due lo fraud or error, and lo issue an auditors. report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instan$ of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstalemenls in respect of irregularities, including fraud. The exlenl lo which our prOdureS are capable of delecling irregularities, including fraud is detailed below.. Enquiring of management around actual and potential litigation and claims., Reviewing board meeting minutes of meetings of those charged with govemance., Reviewing financial statement disclosures and lesling to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions 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 to a material misstalemenl in the financial statements or non-compliance 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 statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional sptiCIsM throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not delecling a material misslatemenl resulting from fraud Is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of Internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubt on the charity's ability lo continue as a going concern. If we conclude that a material uncertainty exists, we are reqLJired to draw attention in OLJr aLJditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditors, report. However, future events or conditions may cause the charity lo cease lo continue as a going cOnrn. Page 9
THE SOBELL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SOBELL FOUNDATION (CONTINUED) Evaluate the overall presentation, structure and Conlenl of the finanryal statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in 8 manner that achieves fair presentation. We communicate wth those charged with governance regarding, among other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely lo the charity's Iruslees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our aLJdil work has been undertaken so that we might stale to the harity's Iruslees those matters we are required to slate to them in an auditors, report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 8KL AAJ£*LLP BKL Audit LLP Chartered Accountants Dale.. 1710112025 BKL Audit LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. Page 10
THE SOBELL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 1,214.034 1,214.034 941,203 Total Income 1,214,034 1,214,034 941,203 Expenditure on: Raising funds Charitable activities 234,055 2,108.152 234,055 2,108.152 245,423 3,644,716 Total expendlture 2,342,207 2,342,207 3,890, 139 Net expenditure before net gainsl{losses) on investments Nel gainslllossesl on investments 11.128.173) 11.128.173) 2,075,948 2.075,948 (2,948,936) (3,244, 137) Net movement in funds 947,775 947,775 (6, 193,073) Reconciliation of funds.. Total funds brought forward Nel movement in funds 57,979,332 947,775 57,979,332 947,775 64, 172,405 (6, 193,073) Total fund$ carried forward 58,927,107 58,927,107 57,979,332 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 14 to 25 form part of these financial statements. Page11
THE SOBELL FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Flxed assets Investments 60,514,062 60,587.929 60.514,062 60,587,929 Current assets Debtors Cash al bank and in hand 10 18 186.673 116.817 397,233 127,992 303,490 525,225 Creditors.. amounts falling due within one year 11.828.365} (2,066, 175) Net current liabilities 11.524.875) (1,540,950) Total assets less current Ilabilities 58,989,187 59,046,979 Creditors.. amounts falling due after more than one year 12 162.0801 fl,067,647) Total net assets 58.927,107 57,979,332 Charity funds Unrestricted funds 15 58.927.107 57,979,332 Totsl funds 58.927,107 57,979,332 The financial statements were approved and authorised for issue by the Trustees and signed on their beh81f by.. 8b6u6ia4 geg Sebastian Gaskell Lee Trustee Dale". 1710112025 The notes on pages 14 to 25 form part of these financi81 statements. Page 12
THE SOBELL FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Note Cash flows from operatlng actlvltles Nel cash used in operating activities 17 13.323.740) f3,311,345) Cash flows from Investlng actlvltles Dividends and interest from investments Proceeds from sale of investments Purchase of investments 1.162.750 1,394,651 20.689.539 23, 143,922 118,539,724) (21, 162,667) Net cash provided by investing activities 3,312,565 3,375,906 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year {11,175} 127,992 64,561 63,431 Cash and cash equivalents at the end of the year 18 116,817 127,992 The notes on pages 14 to 25 form part of these financial statements Page 13
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies 1.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Sobell Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction valLJe unless olhenNise slated in the relevant accounting policy. 1.2 Going concern The Trustees are confident that the Foundation has adequate reserves and reSoUS lo continue operations for the foreseeable future and is well placed to manage ils business risks successfully despite the current uncertain economic oullook. For this reason, they continue lo adopt the going concern basis in preparing the financial statements. 1.3 Fund a¢¢ounting General funds are unreslricled 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. The charity does not have restricted fvnds. 1.4 Income All income is recognised once the Charity has entillemenl to the income, il is probable that the income will be received and the amoLJnt of income receivable can be measured reliably. Income lax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direcUy 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 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 mel at the year end are noted as a commitment, bul not accrued as expenditure. Page 14
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Icontinuedl 1.5 Expenditure {continued) All expenditure is inclusive of irrecoverable VAT. 1.6 Investments Fixed asset investments are a form of financial instrument and are inilialty recognised al their transaction cost and subsequently measured al fair value al the balance sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on inveslmenls, in the Slalement of Financial Activities. 1.7 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 nolificalion of the interest paid or payable by the Bank. 1.8 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.9 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. 1.10 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllemenl can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates il will pay to sellle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Grant commitments are recognised as liabilities in the balan sheet and charged to the statement of profil or loss when the commitment lo make the grant is communicated lo the recipient. Grants due in more than one year are discounted lo present value. The discount rale used is determined using the charity's average income yield on inveslmenls. Page 15
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Icontinuedl 1.11 Financial instruments The Charity 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 al their selllemenl value with the exptIOn of bank loans which are subsequently measured al amortised cost using the effective interest method. The Charity also enters into non-basic financial instruments transactions such as forward foreign exchange contracts. Derivatives are initially recognised at fair value on the dale a derivative contract is entered into and are subsequently re-measured al their fair value. Changes in the fair value of derivatives are recognised in the statement of comprehensive income in administrative expenses. The Charity does not currently apply hedge accounting for interest rale and foreign exchange derivatives. Investment income Unrestricted funds 2024 Total funds 2024 Dividend income Realised gain on forward foreign exchange contracts Unrealised loss on forward foreign exchange contracts Interest 1,092,704 85,686 134,3821 70,046 1,092,704 85,666 134,3821 70,046 1,214,034 1,214,034 unStricted funds 2023 Total funds 2023 Dividend income 1,373,237 (509,314) 55,866 21,414 1,373,237 (509,314) 55,866 21,414 Realised losses on forward exchange contracts unrealld gain on forward exchange contracts Interest 941,203 941,203 Page 16
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Investment management costs Unrestricted funds 2024 Total funds 2024 Investment management fees 234,055 234,055 unstricted funds 2023 Total funds 2023 Investment management fees 245,423 245,423 Analysis of expenditure on charitsble activities Summary by fund type Unrestricted funds 2024 Total 2024 Grant making activities 2,108,152 2.108,152 Unrestricted funds 2023 Total 2023 Grant making activities 3,644,776 3,644,716 Page 17
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of expenditure by activities Support costs 2024 Total funds 2024 Direct costs 2024 Grant making aclivits'es 1,955,933 152,219 2,108,152 Support Gosts 2023 Total funds 2023 Direct costs 2023 Grant making activities 3,500,059 144,657 3,644,716 Analysis of support costs Grant making activities 2024 Total funds 2024 stationery and postage Office functs'ons Information technology Bank charges and processing fees Consultancy fees and expenses General management Audit fees 40 2,864 8,290 604 11,638 102,105 10,860 14,700 1,118 40 2,864 8,290 604 11,638 102,105 10,860 14.700 1,118 Accountancy Trustees, travel to Israel 152,219 152,219 Page 18
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of expenditure by activities Icontinuedl Analysis of support costs Icontinuedl Grant making activities 2023 Total funds 2023 Stationery and postage Office funcb'ons Information technology Bank charges and processing fees Other costs Consultancy fees and expenses General management Audit fees Accountancy Trustees, travel to Israel 109 3,280 6,219 2,109 1,487 16,390 80,000 10,860 14,700 9,503 109 3,280 6.219 2,709 1,487 16,390 80.000 10,860 14,700 9,503 144,657 144,657 Anatysis of grants Grants to Institutions 2024 Total funds 2024 Grant making activities 1,955,933 1,955,933 Grants to Institutions 2023 Total funds 2023 Grant making aelivities 3,500,059 3,500,059 Page 19
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of grants Icontinuedl Analyssofgrdnts Unrgstri¢tsd funds 2024 Total fund$ 2024 Total fund$ 2023 United Kingdom Cornmunily Cultural and Enmronmental Education Hardship Aleiiation Medical Icarellrealmenll 465,500 85,500 235,000 229,500 1,226,500 2,242,000 465,500 85,500 235,000 229,500 1,226.500 2,242,000 281,000 83,500 167,000 155,000 929,500 1,618,000 Isrdel Community Education Hardship Alemation Medical Icarellrealmenll 264,500 237,500 177,000 305,000 984.000 3,226,000 264,500 237,500 177,000 305,000 984,000 3,226,000 295,500 200,000 100,0(H) 255,000 850,500 2,466,500 Total grants in the year Grants awarded in prior periods Cancelled relumed grants New Commitments in the year {1,968,5001 14,0001 683,000 11,968,500) 14,0001 683,000 11,047,000) 1110,0001 2,195,000 Total grants paid and awarded in the year 1,936,500 1,936,5(H) 3,504,5(H) Finance charges on discounting of futur& commitments 19,433 1,955,933 19,433 1,955.933 14,4411 3,500,059 Page 20
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Auditors. remuneration The Audilorfs remuneration amounts lo an audit fee of £10,860 12023 £10,860), accountancy and laxalion ServIS of £14,70012023 - £14,7001. Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2023- £NIL). Fixed asset investments Cash held in investment Direct portfolio investments Managed funds Total Valuatlon At 6 April 2023 Additions Disposals Revaluations 24,526,449 477,790 35,583,690 60,587,929 1.824,673 11.166,961 5,548.090 18,539,724 {2.667,6501 110.101.086} 17,920.8031 {20.689.5391 2.432,743 1356,7951 2,075,948 At 5 April 2024 26,116,21S 1,543,665 32,854,182 60,514,062 Valuation At 5 April 2024 26.116.215 1.543.665 32,854.182 60.514,062 At 5 April 2023 24,526,449 477, 790 35, 583.690 60,587,929 10. Debtors 2024 2023 Due wlthln one year Other debtors 60,591 126.082 159,224 182, 143 55,866 Prepayments and accrued income Financial instruments 186,673 397,233 Page 21
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 11. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income Grants accrued - institutional (see note 131 Financial instruments 85.983 1.708.000 34,382 97,675 1,968,500 1,828,365 2,066, 175 12. Creditors: Amounts falling duo after more than one year 2024 2023 Grants accrued - institutional (see note 131 62,080 7.067,647 13. Grants accrued 2024 2023 As at 6 April 2023 Grants paid in current year New commitments in the year Grants cancelled Reversal of closing finance charge Current year finance charge 3,036.147 1,892,588 13.226,000} (1,047,000) 1,936,500 2, 195,000 4.000 21.353 11,920} (4,441) 1,770,080 3,036, 147 Breakdown of commitments 2024 2023 Due within one year (see note 111 Due after one year (see note 121 1,708,000 62.080 7.968.500 7,067,64T 1,770.080 3,036, 147 Page 22
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 14. Financial instruments 2024 2023 Financial assets Derivative financial Instruments measured at fair value through income and expenditure held as part of a trading portfolio 1.660.482 55.866 2024 2023 Flnancial liabilitles Derivative financial instruments measured at fair value through income and expenditure held as part of a trading portfolio {34,382) The Charity has entered into forward foreign currency contracts. As at 5 April 2024, the outstanding contracts all mature within one month of the year end las in 20231. The Charity is committed to sell US$9,500,00012023 - US$9,900,0001 for a fixed sterling amount. 15. Statement of funds statement of funds - current year Balance at 6 April 2023 Gainsl Balance at 5 (Losses) April 2024 Income Expenditure Unrestricted funds General Funds - all funds 57.979,332 1.214.034 12.342.207) 2.075.948 58.927,107 Statement of funds - prior year Balan at 6 Apnl 2022 Gains/ Balan at (Losses) 5 Apnl 2023 Income Expenditure Unrestricted funds General Funds - all fvnds 64,172.405 941.203 (3,890. 739) (3.244, 137) 57.979.332 Page 23
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 16. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments 60,514,062 60.514,062 303,490 303,490 11,828,365) 11,828,365) 162,0801 62.0801 Current assets Creditors due within one year Creditors due in more than one year Totsl 58,927,107 58,927,107 Anatysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 60,587.929 60,587.929 525,225 525,225 (2,066, 175) (2,066, 175) (1,067,647) (1,067,647) Total 57,979,332 57,979,332 Page 24
THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 17. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Nel incomelexpenditure for the period las per Ststement of Financial Activities) 947,775 (6, 193,073) Adjustments for: Revaluation of investments Dividends and interest from investments Ilncreaselldecre8se in debtors Increaselldecreasel in creditors 12.075.948} 3,507,354 11,162,750} (1,394,651) 210,560 {201,615) 11.243.377) 970,640 Net cash used in operating activities 13.323.740} (3,37 1,345) 18. Anatysls of cash and cash equlvalents 2024 2023 Cash in hand 116.817 127,992 Total cash and cash equivalents 116.817 127,992 19. Anatysis ofchanges in net debt At 6 April 2023 Cash flows At 5 April 2024 Cash al bank and in hand Financi81 investments 127,992 55,866 {11,175} (55,866) 116,817 183,858 167.041} 116,817 20. Related party transactlons One of the Charity's trustees, Sebastian Lee, is also a trustee of Quintessentially Icharily no. 11445041. The Sobell Foundation msde a grant of £5,00012023 Nil) lo this charity during the year. Page 25