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 dIffe￿nCe 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 Cur￿nt 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 Practi￿1.
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 I￿e1ve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees wth respect lo going COn￿M 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 ne￿SSary 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 con￿rn and using the going COn￿M
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 prO￿dureS 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
s￿ptiCIsM 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 cOn￿rn.
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 reSoU￿S 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 ex￿ptIOn 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
un￿Stricted
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
unreall￿d 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
un￿stricted
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 ServI￿S of £14,70012023 - £14,7001.
Trustees. remuneration and expenses
During the year, no Trustees re￿iVed 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