Charity number: 274369 THE SOBELL FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 THE SOBELL FOUNDATION CONTENTS Page Rofvron¢o and admlnistrativo dots11$ of the Charity. Its Tru$tsos and advisors Tru$tso$' rgport Independent auditors. report on the financial statements Statsment of financial activities 10 Balance sho•t Statoment of cash flo 12 Notes to thè financlal $tatsm•nts 13-24 THE SOBELL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 202S Trustees The Hon. Susan Gina Lacroix Andrea Gale Scouller Karls Ann Lacroix Jerome Humphrey Andre Lacroix Julian Michael Edward Lee Sebastian Gaskell Lee Deborah Henny Ann Sobel (resigned 8 June 20251 Chloe Fletcher (appointed 13 January 20251 Charity reglstsred number 274369 Prlnclpal offico PO Box 80420 London N3 9HX Indèpendont audltors BKL Audit LLP Chartered Accountsnts 35 Ballards Lane London N3 1XW Bank•r* C. Hoare & Co. 37 Fleet Street London EC4P 4DQ Invostmont Managor Troy ￿Set Management Limited Brookfield House 33 Davies Street London W1K4BP Page 1 THE SOBELL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 202S The Trustees present their annual report and financial 5ts1ement5 of The Sobell Foundation for the year ended 5 April 2025. The financial stslemenls have been prepared in a¢¢ordan¢e with the a¢counlin9 poli¢ies sel out on pages 14 - 16 of the financial statements and Comply ￿th the charrty's trust deed. the Charities Act 2011 and Accounts'ng and Reporh'ng by Charities.. Statement of Recommended Practice applicable to charities preparing accounts in accordance vthh the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 1st January 2019. Structur0* govornanca and managament a. Con6tltution The Sobell Foundation was established by the late Sir Mich￿1 Sobell on 5 September 1977 for general charitable purposes and Is a granl-making trust with vthich he was actively Involved until shortty before his death in 1993. The deed of ¢hantsble Irusl. under which The Sobell Foundation was ftsrmed. Is not specific about the objects of the trust and allows the Trustees absolute discrelion lo apply funds for general charrtable purposes. b. M•thod8 of appolntm•nt or el•¢tlon of Tru8ts•s The Tru$tee$ use their powers under the Trustee Acl 2000 to appoinl new Truslees. ¢. Poll¢l•$ adoptsd for tho Indu¢tlon and tralnlng of Trust••• On appointment, new Trustees would be provided wth information on the structure and adminislralion of the Foundation and, in this respect. would receive a copy of the most recent accounts, Trustees. report and the trust deed. In addikn'on new Trustees would be require¢J lo attend training workshops to ensure they are aware of current legislation and Charty Commission guidelines. The existing Trustees are updated on any changes in legislation and Charity Commission guidelines as and ￿en Ihey occur. d. Organl$atlonal $tructur• and d•cl$lonrymaking pollcles The Trustees aim to meet quarterty to agree the broad strategy and areas of activity for the foundation, including consideration of granl-making. investment. reserves and risk management policies and performance. Oblectlvos and actlvbtbos a. Poli¢ie$ and objectives The objects of the Foundation are to support projects and activities carried out by other charib'es. The Trustees aim to 5UPPOrt charities working in England, Wales. and Israel. Funding is generally restricted lo charities working in the followng fields medical care and treatment. Ca￿ and edu¢ab"on for physically and mentally disabled adLJIts and children and care and support for the elderly and children from disadvantaged ba¢kground$. In addition, in Israel only, the Trustees support ￿XistenCe proJe¢ls and piojecis relating to immigrant absorption. Page 2 THE SOBELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 202S Objec￿Ve8 and a¢tivitbe$ Icontlnued) b. Stratoglo$ for achl•vlng oblo¢tlvos The Trustee5 aim to achieve a reasonable spread belween Jewsh charib.es loper8ts.ng prinrApally in the UK and Israel) and non-Jewish charities operating in the UK. th be1V￿n a third and a half generally being allocated lo the former category. The Trustees seek to focus their donab.ons on projects where they feel they can make a positive and meaningful difference to the quality of the lives of those supported by the relevant charty. Grants are onty made lo, or through, UK registered charrties. c. A¢tivlllg8 undertaken to achlovg objgcllvos The Trustees receive a large number of grant applications from registered ¢hari(ies ea¢h year and support ag many as possible of those which meet the ¢rileria set out in the grant making policy outlined above. The Trustees aim lo deal wth requests wthin Ihree months of receipl, and often quicker, and lo respond lo each application received, whether or not a grant 1$ made. The day lo day adminislralion of grants and the processing and handling of applications prior to consideration by the Trustees Is delegated to a chanty ￿nSU￿an1. Applicants for major grants may be invited lo give a presentatson lo the Trustees in support of their appli¢alion. The Trustees lend lo make visrt5 to charities that have received substanbal grants. The Trustees a150 airn lo visit Israel annually, seeing polentsal new projects and paying visits lo proie¢ls which have been Supported in the past. In thig respect the Trustees use the services of a consultant based In Israel who assists them in the evaluation of projects they wsh lo consider supporting. Many of the charities supported send reports of their activits'es lo the Trustees on a regular basis and, in some ¢ase$. the Trustees make follow-up vi$iI$. d. Maln a¢tlvltl•8 undèrtakèn to lurther th• Charity's Pur￿¢8 for the publlc I￿n•fit 219 grants totalling just over £2.76 million were paid during the year, with donations ranging from £1,000 to £150,000. Approximately 70% 01 grants paid were made to UK charits.es and 30.10 to Jewish charities in Israel and the UK. This allocakn.on is wrthin the ranges agreed by the Trustees for grant allocab"on. 51 grants pai¢J in the year were ol amounts ranging Irom £20.000 10 £50.000. 2 grants in excess of £50,000 were paid in the year as follows.. £150,000 to Jewish Care representing the third instalment of a three-year grant towards the running costs of The Michael Sobell Jewish Communty Centre. The Michael Sobell Hospice towards the running ￿$ts of the centre. The Trustees have complied vthh section 211}Ib} of the Charitses Act 2011, having due regard to the Charity Commission's guidance on public benefit when reviewng the Foundation's aims and objectives, when Setting the grant making policy and in making awards. Page 3 THE SOBELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 202S Objec￿Ve8 and a¢tivitbe$ Icontlnued) e. Plans for future ￿rIodS The Trustee5 aim lo continue lo support as many chariti.es as F*)ssible that meet the criteria set out in their grant- making policy, the details of which can be found at https'.1/¥￿.s0be1IfOUndatIon.0rg.Uk1s0be1lGUIdeIlne$F0fAPpI1cants.hIrn Flnanclal R•vl•w a. Ovorviow The Foundation funds the grants rt makes lo charilies from investmenl income wrth any shorttall being mel from the proceeds of investment sales. The Trusleey have charitable ¢ommrtmenls (before discount) for 2024125 of £833,000 and £70,000 for 2025126. b. Rg¥grve$ pollcy The Trustees aim lo maintsin a reserve fund. indudirKJ cash. at a level equating lo al least years normal charitable expenditure in order lo meet any short-lemi variances in cash flow. This enables the Trustees lo respond to grant applications and to cover support and govemance ¢osls. The total funds carried fonNard are £59,206,08912024. £58,927,107}. ¢. Investment pollcy and perforniance The Tru51ees' investment policy is lo invest their fund5 prudently, balanrjng risk and return, with a view lo maintaining the ￿01 capital valve of their funds over the medium lem). The Trustees, investments are managed under a discretionary lund management agreement one investment manager. The investment manager meet$ the Trustees ¢w¢e a year lo dis¢u$$ perfomiance. The aim is to provide an annual total return Icapitsl growth with dividends and yield reinvested) of around 4%. The income from the investment portlolio for the year, £998,244, represented a relum on the original ¢o$l of the investments of c1.7% {2024'. c2.0%). The lolal relum on investments. before fees. for the year ended 5 April 2025 wa$ 4.55% 12024.. 2.1%) again$1 a year on year target return (capital growth wth dividends and weld reinvested) of 4% per annum. The MSCI PIMFA Income Index Ipeer group) showed a return over the same period of 4.03%12024'. 2.7°AI. d. Factors rglevant to a¢hlev• obJ•¢tl¥es The continuing volatility of the stock market over the last few year5 has made the management of the investments particularty difficutt. The Trustees. on professional a(fvi¢e from their investment advisor, remain of the view that the Cyr￿nt mix of equities. ￿n￿$. cash and other investments is appropriate to their investment policy and attitude towards risk. Page 4 THE SOBELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 202S è. Rlsk managemant The Trustees have identified the major risks to vthich the Charity is exposed. These fall into rnain categories.. protection of assets and income and the integrity of the grant-making process. Having carried out their annual review of these risks, the Trustees 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 expectats'on that the Charity has adequate resources to continue in operalional existence for the foreseeable fvture despite the current uncertain outlook. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further delai15 regarding the adoption of the going concern basis can be found in the Accounting Policies. Statsmont of Tru8t•es' rnsponslbiliti•s The Trustees are responsible for preparing the Trustees. rew)rt and the financial slatemenls in accordance with applicable law and United Kingdom Accounting Stsndards Iunited Kingdom Generally Accepted Accounts'ng Practicel. The law applicable to Charities in England & Wales requices the Trustees to prepare financial slalemenls for each financial year which give a true and fair view of the $tate of affairs of Ihe Charty and of its incoming resources and application ol resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistenlly., observe the methods and pnnciples of the Charities SORP IFRS 1021., make judgments and ac¢ountsng e$tsmate$ that are reasonable and prudent.. state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial stslements". prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity wll continue in business. The Trustees are responsible for keeping adequate accounting records that are suffiaent to show and explain the Charity's transactions and disdose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply wth the Charities Act 2011, the Charity (Accounts and Report51 Regulation5 2008 and the provisions of the trust deed. They are a150 responsible for safeguarding the assets of the Chanty and hence for taking ￿asonable steps for the prevention and detection of fraud and other irregularities. Disclosure of inforniation to audito Each of the persons who are Truslees at the time when this Trustees. report is approved has confimied that.. so far as that Trustee is aware, there is no relevant audit informats'on of vthich the Charitys auditors are unaware, and that Trustee has tsken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Charitys auditors are aware of that infomialion. Page 5 THE SOBELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 202S Auditorn 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 arKI signed on their behalf by.. SssASTAN LSE Sabastian Gaskell L88 Trustee Dale. 0811012025 Page 6 THE SOBELL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SOBELL FOUNDATION Opinion We have audf(ed the financial statements of The Sobell Foundation {the 'Charty'l for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation Is applicable law and Unrted Kingdom Accounting Standards, in¢luding Financial Reporting Stsndard 102 'The Financial Repo￿n9 Stsndard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounbng Practi¢el. In our opinion the financial ststements.. give a true and fair wew of the state of the Charitys affairs a$ al 5 April 2025 and of its incoming resources and application ol resources for the year then ended., have been propedy prepa￿d in accordance vilh United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wth the requirements of the Charities Act 2011. Ba¥1$ for oplnlon We conducted our audit in accordance with Inlemalional 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 ol the Charity in accordance with the ethical requirements that are relevant to our audrt 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 accordan¢e wlh these requirements. We believe that the audrt ewdence we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Concluslons rela￿n9 to golng conc•m In auditing the financial stslements. v* have ￿nClUded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed. we have not identified any material uncertainties relating lo events or conditions that. individualty or collectively. may cast signtficanl doubt on the Chartys ability lo continue as a going concern for a period of at least ￿1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the Trustees vith ￿SpeCt to going concem are described in the relevant sections of this report. Other inforniation 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 infomiation contained ¥Mthin the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent olherwse explicilty slated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomalion and. in doing $0. Consider whether the other infomiation is materially inconsistent wth the ffinancial statements or our knO%￿edge obtained in the course of the audit, or otherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required lo detemiine whether this gives rise to a material misstatement in the financial statements themselve5. If, based on the work have performed, we conclude that there is a material misslatemenl of this olhei Informab"on, a￿ ￿Ul￿d to report that fact. We have nothing to report in this regard. Page 7 THE SOBELL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SOBELL FOUNDATION {CONTINUEDI Mattors on vknl¢h w• ar• r•qulr•d to r•port by •x¢•ptlon We have nothing to report in respect of the following matters vthere the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion". the information given in the Trustee5' report is inconsistent in any material respect with the financial stslements". or sufficient accounting records have not been kept.. or the financial statemen15 are not in agreement with the a¢¢ounling records and retums., OT we have not received all the inf0m)at￿n and explanation$ we require for our audit. R•8ponslbllltl•8 of Trustsos AS explained more fully in the Tru$tee$' responsibilth'es ststemenl, the Twslees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financial statemen15 that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charitls ability to conts'nue as a going concern, disclosing, as applicable, matters related to going concem and usin9 the goin9 concern basis ol accounting unless the Trustees thther Intend to I￿uld81e the Chanty or lo cease operations, or have no realislie alternative bul lo do so. Audltor8' responslbllltbos tor th• audlt of financlal statsments We have been appointed a$ auditor under se¢b'on 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effeci thereunder. Our objectives are lo obtain reasonable assurance about Yh)elher the financial statements as a whole are free from material misstslement. whether due to fraud or error. and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll a￿yS detect a material misstatement ￿en it exists. Misstatements can arise from traud or error and are considered material rf, individualty or in the aggregate. they could reasonably be expected lo Influence the economic decisions of users tsken on the basis of these financial stalemenls. Irregularities, induding fraud, are instances of norrtompliance wth laws and regulations. We design procedures in line with our responsibilibes, outlined above. to detect material mis5tatement5 in respect of irregularities, including fraud. The extent to which our procedure5 are capable of detecting irregularrties, including fraud 15 detailed below. Enquiring of management around actual and potenb.al litsgation and daims., Reviewng board meeting minutes of meetings of those charged wth govemance., Reviewing financial statement disclosures and lestsng 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 adiuslmenls for appropriateness, evaluating the bu5ine5s rationale of significant transactions outside the normal Course of business and reviewng accounting estimates for bias. Because of the inherent limitations of an audrt, there is a risk that we wll not delect all irregularities, including those leading to a material misslalemenl in the financial 51alements or non-compliance wth regulation. This risk in¢￿3$e$ the MO￿ that compliance wth a law or ￿gulatIOn is removed from the events and transactions refflected in the financial ststements. as wll be less likety to become aware of instances of non-compliance. Page 8 THE SOBELL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SOBELL FOUNDATION {CONTINUEDI The risk 15 also greater regarding irregularitie5 occurring due to fraud rather than error, as fraud involve5 intentional concealment, forgery. collusion. omission or misrepiesentsb"on. As part of an audrt in accordance with ISAS IUKI. we exercise professional judgment and maintain professional 5ceplicism throughout the audit. We a150'. Identify and asse5S the risks of material misstatement of the financial statement5, whether due to fraud or error, design and perfom audrt proceilures responsive to those risks. and obtsin audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misslalemenl resuming from fraud is higher than for one resulting from error, as fraud may involve ¢ollusion, forgery, intentional omi$sion$. misrepresenlation$, or the override of internal ¢ontrol. Obtain an understanding ol inlemal control relevant to the audit in order lo design audrf( procedures that are appropriate in the circumstsnces. bul not for the purpose of expressing an opinion of the effectiveness of the Charity'$ internal control. Evaluate the appropriateness of accountsng 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 concem basis of accounting and. based on the audit evidence obtained. whether a malenal uncertainty exists related lo events or condition8 that may cast significanl doubt on the Chanty's ability to continue as a going concem. If we conclude that a material uncertainty exists. we are required to draw attention in our auditors. report lo the related disclosures in the financial stslements or, if such disclosures are ina¢Jequate. lo modify our opinion. Our conclusions are based on the audit evidence obtained up to ihe date of our auditors, report. However. lulure events or conditions may cause the charity lo cease lo conts'nue as a going concem. Evaluate the overall presentalion, stnjcture and contenl of the financial statements, including the disclosures, and whether the financial slalements represent the underlying transactions and events in a manner that achieves lair presentslion. We communicate those charged wrth govemance regarding, among other matter5, the planned scope and liming of the audit and signifi¢ant audrt findings, induding any significant deficiencies in Internal control that we identify during our audit. Uso of our report This report is made solely to the Charty's Twstees. as a body. in a¢¢ordan¢e with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audrt work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Chanly and Its Trustees. as a body, for our audit work. for this ￿POrt. or for the opinions we have fomed. BKL LLP BKL Audit LLP Chartered Accountants Slalutory Audf(or London Date. 0811012025 BKL Audit LLP are eligible to act as auditors in tems of section 1212 of the Companies Act 2006. Page 9 THE SOBELL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 202S Unrestricted funds 2025 Total funds 2025 Total funds 2024 Nots Incom8 from: Investment5 1.184,037 1.184,037 1,214,034 Total incomo 1,184,037 1,184,037 1,214.034 Expendltur• on: Raising funds Charitable aclivibes 2SS,175 2.030,836 255,175 2.030,836 234,055 2, 108, 152 Total oxpondlture 2.286,011 2,286,011 2,342.207 Ngt oxpgndlture before n•t galnslllosse$l on Inv8stm8nt8 11,101,974) 11,101,974) (Y, 128, 173) 1.380,936 1.380,936 2,075,948 Net gainslllossesl on investments Not movement In lunds 278,962 278,962 947. 775 Reconclllatlon of funds: Total funds brought forward Nel movement in funds 58,927,107 278,962 $8,927,107 278,962 57,979,332 947, 775 Totsl funds ¢arrlgd fobw4rd 59,206,069 S9.206,069 58,927, 107 The Statement of Financial Activitie5 includes all gains and losses recognised in the year. The notes on pages 13 to 24 fom part of these financial stslements. Page 10 THE SOBELL FOUNDATION BALANCE SHEET AS AT S APRIL 2025 2025 2024 Mote Flx•d ass•ts Investments 59,538,492 60,514,062 59,538.492 60,514,062 Curr•nt a$sots Debtors Cash al bank and in hand 10 18 475.287 177.847 186,673 116,87T 653,134 303,490 Creditors.. amounts falling due within one year 1916,9571 {7,828.365) Ng1 ¢urrent1Sabilili {263,8231 (1,524,875) Total a88ots lè#* current Ilabllltlè# 59.274.669 58,989, 18T Creditors,. amounts falling due after mo than one year 12 {68,6001 (62,080) Total not a880ts 59,206,069 58,927, 107 Charlty fund$ Unreslri¢ted funds 15 59,206,069 58,927, 107 Total fund 59,206.069 58,927, 107 The financial slalemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. Sebastian Gaskell Lo0 Trustee Dale 0811012025 The notes on pages 13 to 24 fomi part of these financial statements. Page 11 THE SOBELL FOUNDATION STATEMEMT OF CASH FLOWS FOR THE YEAR ENDED S APRIL 202S 202S 2024 Note Cash flow&% Irom op•ratlng a¢tlvltl•s Net cash used in operating activities 17 13,333,910) (3,323, 740) Cash flov4S Irom Inv•stlng a¢tlvltlo8 Dividends and interest from investments Proceed5 from sale of investments Purchase of investments 1,038.434 1, 162, 750 36,240.801 20,689,539 133,884.2951 (78,539, T24) Ng1 ca$h provlded by investing a¢llvitie$ 3,394,940 3,312,565 Chang• In cash and cash ¢qulvaknts In th• year Cash and cash equivalents at the beginning of the year 61.030 111.1751 127,992 116,817 Cash and cash •qulval•nts *t •nd of th• y￿r 16 177,847 116,817 The notes on pages 13 to 24 form part of these financial statements Page 12 THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 202S Accounting policies 1.1 Ba$1$ of proparallon of finan¢lal $tstgmonts The financAal statements have been prepared in accordance wth the Charities SORP IFRS 1021- Accounting and Reporting by Charities". Ststement of Recommended Practice applicable lo charitie5 preparing their accounts in accordance wth the Financial Reporting Standard applicable In the UK and Republic of I￿land IFRS 1021 leffecbve 1 January 20191. the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Charits'es Act 2011. The Sobell Foundation meets the definibon of a public benefit entity under FRS 102. A55ets and liabil￿eS are Initially re¢ognised al historical cost or transathon value unless otherwise slated In the relevant accounting policy. 1.2 Going con¢gm The Trustees are confident that the Foundation has adequate reserves and resource5 to conts'nue operations for the foreseeable future and is well placed to manage rts business risks successfully despite the current uncertain economic ouY¢)ok. Fof this reason, they continue lo adopt the going concern basis in preparing the financial statements. 1.3 Fund accountlng General funds are Unrestr￿ted lunds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. The Charity does not have restricted funds. 1.4 Income All income is ￿COgnised once the Charity has enlrtlemenl to the income. il is probable that the income wll be received and the amount of inwne receivable can be measured reliably. Income tax recoverable in relation to irweslmenl income is recognised al the ts'me the investment in¢ome 15 receivable. 1.5 Costs of all fundral$lng aclJ¥1tl￿. ¢vonts and non charbtablo tradlng Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefit5 will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on raising funds indudes all expenditure in￿rred by the Charity to raise funds for ils charitable purpose$. Expenditure on charitable activrties is incurred on direclly undertaking the aclivf(ies vknich fvrther the Chanty's objectives, as well as any a550cialed support cost5. Grants payable are charged in the year when the offer is made except in those cases there the offer is conditional, such grants being recognised as expenditure when the condits'ons attaching are fulfilled. Grants offered subject to conditions %thich have not been met at the year end are noted as a commf(menl, but not accrued as expendrture. Page 13 THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 202S Accounting policies (continued) 1.5 Costs of all fundraising activities. events and non charitablo trading Icontinuodl All expenditure 15 inclusive of irrecoverable VAT. 1.6 Investhiènts Fixed asset investments are a form of financial instrument and are inilially recognised al their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in %thich case rt is measured al cost less impairment. Investment gains and losses. vh)elher realised of unrealised. are combined and presented as 'GainsllLossesl on investments. in the Stslemenl of Financial Activities. 1.7 Inter8st receivable Interest on funds held on deposrt is induded when receivable and the amount can bè measured reliably by the Charity". this is nomally upon nolifi¢atson of the interest paid or payable by the Bank. 1.8 0obtor¥ Trade and other debtors are reco9nised al Ihe settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 1.9 Cash at bank and In hand Cash at bank and in hand in¢ludes ￿$h and $hort-term hwhty liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or Similar account. 1.10 Liabiliti•$ and provisions Liabilities are re¢ogni$ed vknen there is an ¢)bligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be estimated reliably. Liabilits'es are recognised at the amount that the Charity anticipate5 rt wll pay 10 settle the debt or the amount rt has received a$ advanced payments for the goods or services It musl prowde. Grant commitments are recognised as liabilrties in the balance sheet and charged to the ststement of profit or loss when the commitment to make the grant is communicated to the recipient. Grants due in more than one year are discounted lo present value. The discount rate used is determined using the Chanty's average Income yield on Investrnents. Page 14 THE SOBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 202S Accounting policies (continued) 1.11 Financial instruments The Charity has financial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The Charity also enters into northsic financial instruments transactions such as forward foreign exchange contracts. Derivabves are In￿'allY re￿niSe