Reglstered number: 01477534 Charity number: 279476 D.T.F. LIMITED (A Company Limited by Guarantee Truste8s' Report and Financlal Statements For tho year ended 30 June 2024
D.T.F. LIMITED IA Company Llmlted by Guarantg?) Contents Page Reference and Admlnlslratlve Details of the Company. Its Trustees and Advlsors Trustees. Report Indepondont Audltor's Rgport on the Flnan¢lal Statemènts Consolldated Siatement of Flnanclal Actlvltles Consolldated Balan¢e Sheèt 10 Company BalaT)¢e Sheet Consolldated Statèment of Cash Flov 11 12 Notes to the Flnanclal Statsmonts 13-22
D.T.F. LIMITED IA Company Limltod by Guarantee) Reféronce and Admlnlstrative Oetalls of the Company. Its Truste•s and Advisèrs For the yèar ended 30 June 2024 Trustee$ D Tannen Ml Tannen DA Tannèn J M Miller Company regist&rgd numbfrr 01477534 Charity reglster number 279476 Reglstered offi¢e Sulhertand House 70-78 Wesl Hendon Broadway London NW9 7BT Company secrètary J M Miller AudStorJ Melinek Fine LLP Chartered Accounlanl$ Stslutory Auditors Winston House 349 Regonls Park Road London N3 1DH Bankers Barclays Bank PIC 1 Churchill Place Canary Wharf London E14 5HP Page 1
D.T.F. LIMITED IA Company Limited by Guarantgel Trustees. Report Forthe yéar 8nded 30 June 2024 The Trustees present their annual report together wilh the audited financial statèments of the Company for the ended 30 June 2024. The Annual Report setves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual Report and f5nancial statements of Ihe charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Slal8ment of Recommended Practice ISORPI applicable lo charities pr8paTing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 2019). Since the group and Ihe Company qualify as small under section 383 of the Companies A¢1 20D6. Ihe Group Strategic RepDrt required of medium and large companies under the Companles Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omilled. Objectlve$ and attlvltles Pollcies and obloctlves The objects ol the ¢harfLy are lo relieve poverty, distress and suffering in any part of the woild and to promote the Jewish religlon and education through charitable means. The tru8lees confirm that they have referred lo the guldance contained In the Charity Commission's general guidance on public benefit, and in particular to its supplementary public beriefit guidance on advancing education, when reviewing the trusts aims and objecliv8s, in planning future activities and in settin9 the grant making policy for the year. There have been no material changes in the obj8Ctives or policies of thè charty during tho year. • Grant-maklng polSclgs The Irustees continue to successfully achievg the objects of the charily by making numerous donation5 in general lo registered charities. Applications are evaluated by the trustees on a case Specific basis in accordance with the charit$ objectives. Achievemgnts and p&rformance • R¢vl•w of actlvltle5 During the year undef feview, the charity made chorilable donalions of £292,08312023 - £275,436). The trusl8es are pleased lo report that they have supported a range of community based institutions PToviding education. religious and w¢llare programmes. They continue lo see that local provision of trducalion and welfare inilialives slrenglhens community infrastructure and results in significant achievement8 in the adv8ncomenl of education, the relief of proverty and distress and the PTovision of social support. • Fundralslng actlvltS0s and incomg generatlon The principal source of income arises from renls collected from investment properties owned by the charity arid ils subsidiaries. These incoming resour$ havè allowed Ihe trustees to make lurther grants during the year thus athieving the objects of the charity. Page 2
D.T.F, LIMITED IA Company Llmited by Guarantèe) Trustees. Report {continuedl For the ypar ended 30 June 2024 Aehlèvemènts and performance Icontlnuodl • Investment pollry and performancg Under the Mgmorandum and Articlgs of Association, the eharily has the power lo make any investment which the Iruslees see fit. The Iruslees continue lo assess the charl13 investment portfolio and seek new investment LVPOrtunilies lo ensure that the charily's asset base is maintained and suitable profilg are generated. The trusteès are Satisfied with the retum on investments achieved during the year and are confident that the charity has adequate reserves lo fulfil ils charitable obligations, Flnanclal rovlgw Reserves poIIcy Any assets retained will be so18ly for the purpose of generating income to cover any distributn policy that th8 Iruslees may formulate in the futuro. The charity mainlains sufficient cash reseNes to- fund grants in furtherance of th¢ objeds of the charity for the following Iwo years., meet demands for liquidity and refinancing of the group's subslantial investment portfolio in difficult credit market conditions., and ensure rtspaymenls of the charitls bank Ir)ans can be paid as they fall due. Al the year end the charity had fre8 available reseNes of £4,019,796. Structiirgl govemancè and managfrm8nt Constitutlon D.T.F. Limited is registered as 8 charitable company limilgd by guarantee and was sel up by a Memorandum of Association. The charity was incorporated on 6 February 1980. Boards of Trustge¥ The Iruslees of the Charity who served during the year and who have ntInUed lo gerve since the year end were.. D Tannen, J M Mlller, Ml Tannen, DA Tannen. The day to day running ofthe trust has been delegated lo J M Miller. Trustees are appointed by D Tannen as required. Ther8 8r8 no formal policies or procedures for the appoinlmenl, recruitment and induction of trustees. Rlsk managemont The Iruslees have assessed the major rSsks to which tho cgmp?ny ond the gioL¢P is eXPO8ed, in particular thos8 related to the operations and finances of the company and th8 group, and are satisfied that systems and procedures are in place to manag8 our exposure to the major risks. Page 3
D.T.F. LIMITED IA Company Llmlted by Guarantee) Trustees. Roport Icontlnuedl For the year •nd8d 30 June 2024 Statement of TrustO85' responslbllltles The Trustees (who are also the directors of the Company for the purposes of company lawl ara responsible for proparing the Trustees, Report and the financial slalemenls in accordance wilh applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trusloes to prepare linancial slalements for each financial . Under company law, the Trustees musl not approve the financial stslemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the Group and the Company and of their incoming resources and 8pplication of sour¢e$, including their income and expenditure, for that peyiod. In preparing these financial slalemenls, the TTUStee8 are required to.. select suitab18 accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accountin9 eslimales that are reasonable and prudent.. stale whether applicable UK Accounting Standards IFRS 102) have been folowed, subject to any material departures di8¢108ed and explained in the financial slatemenls., prepare th8 financial statements on thè going concern basis unless it Is inappropriate to prèsume that the Group will Continue in business. The Trustees are responsible for keeping adequate acGounting records that are sufficient to show and explain the Group and the Companvs Iransa¢lions and disclos8 with reasonable 8¢¢ura¢y al any lime the financial position uf the Group and the Company and enable them to ensuTe that the financial stsl8menls comply with Ihe Companiès Act 2006. They are a180 responsible for safeguarding Ihe assets of the Group and the Company and hence for taking reasonable sl6ps for th& prevention and detection of fraud and other irregularities. Dlsclosurfr of Infomiatlon to audltor Each of th8 person5 who are Trustees at the lime when this Trusteès, Report is approved has confirmed that.. 80 far as that Trustee is aware. there is no rel8vanl audit infvmation of which Ihe charitable group's auditor is unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware ol any r818vanl audit information and lo establish that the charitable group's auditor Is aware of that infomialion. Auditor The auditor. Melinek Fine LLP, has indicated his willingness to continue in office. The de8ignaled Trustees will propose a motion reappointing the auditor at a m88ting of the Trustees. Approved by order of th& members of the board of Trust885 and signed on their behalf by.. -L J M Mlller Trustee Date. iYlo4ltsiC Poge 4
D.T.F. LIMITED IA Company Llmlted by Guarantee) Indepondent Audltorfs Report to the Mèmbèrs ol D.T.F. Llmltod Oplnlon We have audited the financial statements of D.T.F. Limf(ed Ilhe 'parenl charrtable company'l and ils subsidiaries Ilhe group'l for the year ended 30 June 2024 which wmprise the Consolidated Slalement of Financial Activities. the Consolidated Balance She8t, the Company Balance Sheet, the Consolidalod Statement of Cash Flows and the ielaled notes, including a summary of signrficant accounting policies. The financial reportlng framework that has been appli¢d in their preparation 1$ applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK arvj Republic of Ireland, IUnile(J Kingdom Generally Acc8pled Accounting Praclicel. In our opinion th& financial statements.. give a true and fair view of the state of the Group's and of the parent charilabl@ companls affairs as at 30 June 2024 and of the Group's incoming resoUe$ and applI110n of resources, inGluding 118 income and gxp8nditure for the year then ended,, have been properly prepared in accordance with United Kingdom Ganerally Accepted Accounting Pracli¢e', and have been prepared in a¢cordanc8 with the requirements of the Companies Act 2006. Basis fof oplnlon We conducted our audit in accordance with Inlemalional Standards on Auditing IUKI IISAS IUK}l and applicable 18w. Our responslbililles under Ih05e standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the Group in accordance with the Othi¢al requirements that are ielevanl lo our audit of the financial statement8 in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other elhi¢al rgsponsibililies in accordance with these requirements. We believe that the audit evidence we have obtained 18 SUff18t and appropriate lo provide a bagis for our opinion. Concluslons relatlng to going concem In auditing the fi'nancial slalement8, we have Gon¢luded that the Trustees, use of the going concern basis of accounting in the preparation of the financial sla18m&nts is appropri810. Based on the work we have performed, we have not id8nlified any m8lerial uncertainties rèlating lo evenls or conditions that, individually or Collectively, may ca¥1 significant doubl on the Group's or the parent charitable company's ability to continue as a going concern for a peiiod of at least tsvefve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are de8cribed in the relevant sections of this report. Page 5
D.T.F. LIMITED IA Company Llmlted by Guarantopl Independent Auditor's Report to thp Membèrs of D.T.F. Llmlted lcontlnul Other Inlormation The other information comprises the infonnation included in the Annual Report other than the financial Slalements and our Auditor's Report Ihereon. The Tiuslees are responsible for the other information ¢onlained within the Annual Report. Our opinion on the financial slalemenls does not cover the olhar information and. except lo Ihe exlenl othèrwise explicitly slated in our report, we do not 8xpres5 any form ol assurance ¢on¢lusion Ihereon. Our responsibility Is lo read the other information and, in doing so. consider whelh¢r the other information is materially inconsislenl with the financial statements or our kriowledge obtained the course of the audit. or otherwise appears lo be malerialty misslaled. If we identify such material inconsistencies or apparent mal@rial misslalemenls, we are required lo determine whether this gives rise lo a material misslalemenl in the financial slatemgnls themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information. we are required lo report that lacl. We have nothing to rer)ort in this regard. Oplnlon on other matters prescribod by thg Companies Act 2006 In our opSnion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the linancial slalement$ are prepared is consistent with the financial slatements. the Trustees. Report has been prepared in accordance w(£h applicable legal requirements. Mattgrs on which we are requlred to report by exc•ptlon In Ihe light of our kftowledge and understanding of the charitable company and 118 environment obtained In the course of the audit, we have not identified malorial misslalements in lh8 Trustees, Report. We have nothing lo report in respect of the following matters in ielalion lo which Companie8 Act 2006 r8quireÈ us lo report lo you il, in our opinion.. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with Ihe accounting records and ralurns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all tho information and explanations we require for our audit,. or the Trustees were not enlilled to prepare the financial slalements in accordance with lh8 small companies regime and lake advanlage of the small companies, exemptions in preparlng the Trustees, Report and from the requlremenl lo prepare a Slralegi¢ Report. R¢sponslbllltles of trustees As explained morè fully in the Trustees, Responsibilities Statement, the Tru$le8s (who are also the dire¢tors of the charitable company for the purposes of company18wl are responsible foi the preparation of the financial slal&menls and for boing satisfied that they give a true and fair view, and for such internal control as Ihe Truslees determine is ne¢e$sary lo enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or èrror. In preparing the financial slatemenls, the Trustees are responsible for assessing the Group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concem and using tho going concern basis ol accounling unless the Trustees either intend to liquidate the Group or the parent ¢harilabl@ company or lo cease operations, or have no realistic allelnalivo bul to do 30. Page 6
D.T.F. LIMITED IA Company Llmlted by Guarantèe) Independent Audltor's Report to thfr Mombors of D.T.F, Llmitod {contlnuedl Audltor's respon$lbllStles for the audlt of the flnanclal Statements Our objectives are lo obtain reasonable assurance about whether Ihe financial statements as a whole are free from material misslatemenl, whether due lo fraud or error. and lo issue at) Audilorfs Report that includes our opinion. Reasonable assuTan¢e is a high level of assuran. but is not a guaranteè that an audit conducted in accordance with ISA8 {UKI will always delect a material misslalement when il exi8ts. Misslalemenls ¢an arise f¥om fraud or error and are considered material if, individually or in Ihe aggregate. they could reasonably b¢ expected lo influ8nce Ihe ecunomic decisions ctf users taken on the basis of these financial stalemenls. Irregularilles, including Iraud. are instances of non-compliance with laws and regulations. We dèsign procedures in line with our responsibilities. outlined above, lo delect material misstalemenls in respect of irr&gulan116s. including fraud, The extent to which our procedures arè capable of deteGling irregularities, ncluding fraud is detailed below.. W• identifd area8 of laws and regulations that could reasonably be expected to have a material 8ff8cI on the financial slalements from our sector experience through discussion with the trust8es and other management las required by auditiny $landardsl. We had regard lo laws and regulations in areas that directly affect the financial statements including financial reporting (including rèlated legislalionl and taxation legislation. We considered that extent of compliance with Ihose laws and Tegulalions as part of our procedures on the related llliancial slalemenls items. With the exception of any known or possible non-compliance, and 88 required by auditing standards, our work in resped ¢)f these was limited lo enquiry of the trustees and management. We communicated idenlified18ws and regulations throughout our team and remained al8rt to any indications ol non4ompliance throughout the audit. We addressed the risk of fraud through management override of controls, by IBsling the approprial8ness of journal enlries and other adjustmenl$,' and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Our audit procedures were designed lo respond to risks of material mlsslalemonl in the financial slalements, recognising that the risk of not detecting a malèrSal misstalemenl due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve delib$ral8 concealment by, for example, forgery, misrepresentations or through collusion. There ar8 inherent limitations in the audil procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are lo become aware of it. A further description ol our respon5ibilili88 for the audit of the financial slalemenls is located on the Financial Reporting Coun¢il's website al.. .ffc.o .uklauiJilorsrey onsibili118s. This description forms part of our Audf(orfs Report. Page 7
D.T.F. LIMITED {A Company Llmlted by Guarantee) Ind¢pend6nt Auditorfs Report to the Membérs of D.T.F. Llmitod Itontlnuodl Use of our report This r8PQrt is made solely to the chartsble company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and lo the charitable company's trustees, as a body, Part 4 of the Chaflties (Aecounls and Reports) Regulations 2008. Our audil wowk has been und8rtaken so that we might state lo the charitable company's member5 those mallers we are required lo slate lo them in an Auditor's Report ond for no other purpose. To the fullest exienl permitted by law, we do not accept OT assume responsibility Its anyone other than the charitable company and ils members. as a body, our audit Wofk, for this report, or for the opinions we have fomied. Aryeh M•llnok (Settlor Statutory Auditor) for and on behalf of M8llnek Flne LLP Chartered Accountants Slalutory AudOrS Winston House 349 Regènts Park Rood London N3 1DH I2 Page 8
D.T.F. LIMITED IA Company Limited by Guarantee) Consolldated Statement of 1Snanclal actlvities lintorporatlng Incomg and txp•ndlturo account) For the year endgd 30 June 2024 Unrèstrlcted funds 2024 Total funds 2024 Total funds 2023 Notè In¢ome from: Donations and legacies Investments 148,664 1.794,679 148,664 1.794,679 293,806 1,673,115 Total Income 1,943.343 1,943,343 1,966,921 Expendlture on., Raising funds Charitable activities 1,322,550 305,943 1,322,550 305,943 1,164,106 289,296 Total expendlturg 1.628.493 1,62BA93 1,453,402 Net Income for thè year and movemènt In tunds bèfore other r&¢ognlsed galnslllo$se$l 314,850 314.850 513,519 Other recognlsed gainslllos5e51: Lossos on revaluation of fixed assets 14 2.488,4231 12,486,423) {93,9001 Net movem9nt In funds {2.171.6731 12.171.573) 419,619 Reeonclllatlon of funds: Total funds brought forward Net movement in funds 18,441.112 16,441,112 12.171,5731 12,171,573) 16,021,493 419,619 Total funds carrled foNard 14,269,539 14,269.639 16,441,112 The Con601idal¢d Statement of Financial Acliwtios includes all gains and losses recognised in the year. The nol8s on page8 1310 22 form part of these financial slalements. Page 9
D.T.F. LIMITED IA Company Llmlted by Guarantee) Rgglstèred number: 01477534 Consolldated Balanc& Sheet As at 30 June 2024 2024 2023 Note Flxed assets Investment property 14 25.050.000 26,119,610 25,050,000 26,119,610 Current assets Debtors Cash al bank and in hand 15 880,909 4,178,332 538,225 3,054,020 4,859,241 3,592.245 Creditors.. amounts falling due within one year 16 {2.793,0751 {3,553,0821 Net current as80ts 2.066,166 39.163 Totsl assets less currènt Ilabilrtlès 27.116.166 26,158,773 Creditors.. amounts falling due after more than one year 17 112.846,626) 19,717,661} Total net assèts 14.269,640 16,441.112 Charlty funds Unreslricled funds 18 14,269,640 16.441,112 Total funds 14,269,540 16,441,112 The financial slalement8 hav8 been prepared in accordance with the provisions applicable to enlilie8 subject to the small companies regime. The financlal 8talem6nls were 4)proved and aulhoiised lor issue by the Trustees and signed on their behalf by.. fvi-LW J M Miller Trusla8 Dale. IAlo41knJ< Th8 notes on pages 13 10 22 form part of these financial slalemenls. Page 10
D.T.F. LIMITED {A Company Limlted by Guarantèè) Reglstered number: 01477534 Company Statemènt of flnancial posltion As at 30 June 2024 2024 2023 Noto Flxed assets Investments Investment property 13 14 181,902 13,945,000 181,902 17,105,000 14.126.902 17,286,902 Current assgts Debtors Cash at bank and in hand 4,844,845 594,320 3.570,855 1,875,834 5,439,165 5,446.689 Credilor8'. amounts falling due within one year 16 13,603,764) 12,139,398} Net current assets 1,835,401 3,307,291 Total assets les$ current Ilabllltles 15,962,303 20,594,193 Credilor5.' amounts falling dl after more than one y8ar 17 17,914.5231 19,717,661) Totsl net assols 8,047.780 10.878.532 CharSty funds Unreslri¢led funds 18 8,047,780 10,876,532 Total funds 8,047.780 10,876,532 The CompanW$ n81 movement in funds for the year was £12.828,752112023- £513,519}. The Trustees acknowledge their responsibilitie8 for Complying with the requiremenls of the Act with respect to accounting records and preparation Df financrdl statements. The financial statements have baen prepared in accordance with the provisions applicablg to enlilies subject to the small companias regime. The financial slalemenls were approved and aulhorised for issue by the Trusté8s and signed on I1r behalf by.. J M Mlller Trustee Date. xq lolfr Th8 notes on pages 13 to 22 form part of these financial statements. P8ge11
D.T.F. LIMITED IA Company Limited by Guarantee} Consolidated Statement of Cash Flows Ftsr the year ended 30 June 2024 2024 2023 Note Cash flows from operatlng aGtlvitlès Net cash used in op8raling activities 19 1,068.095 1,413.976 Cash flows from investlng activitles Purch?se of investments 11.416.813) 12,183,566) Not cash used in Investln9 actlvltlgs 11.418,8131 12.183,566} Cash flows from flnanclng activltles Cash inflows from new borrowing Repayments of borrowing Interest payable 6,400,000 1.300.LIOO 13,107,000) 12.349,7551 1819.9701 {783,3171 Net cash provlded byllused Inl Ilnancing activitlas 1,473.030 11,833,072) Change In cash and cash equlvalents In thè year Cash ar cash equivalents at Ihe beginning ol the year 1,124,312 12,602,662) 3.054.020 5.656.682 Cash and cash equlvalents at the and ol the y&ar 20 4,178,332 3,054,020 The note8 on pages 1310 22 form part of these financial statements Pag8 12
D.T.F. LIMITED IA Company Llmited by Guaranttel Notes to the Flnanclal Statements For the yèar ènded 30 June 2024 General Informatlon D.T.F. Ltd is a charitable trust registered in England and Wal&s under the Charkies Act. The address of the registered office is given on the Informalv)ri page. Accounting pollcle5 2.1 Basis of preparatlon of flnancial ststements The finan¢ial slalem8nts have been prepared In accordance with the Charities SORP IFRS 1021 Accounting and RepLlrting by Charilie8,' Slalemenl of Recommended Practice applicable lo eharilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. D.T.F. Limrted meèts the d8finilion of a public benelrt entity under FRS 102. Assets and liabilities are initially recognised al historical co$1 or transaction value unless olhemise slated in the relevant accountin9 policy. The Consolidated Slalemenl of Financial Activllles ISOFAI and Consolidated Balance Sheet onsolidale th& financial statements of the Company and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company ha8 taken advantage of the exemption allowed under 8ection 408 of the Companios Act 2006 and has not presented 118 own Statement of Financial Adivilies in these financial slalemenls. 2.2 Company Status The company is a ¢omp8ny limiied by guarantee. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is lo £1 per member of the company. 2.3 Taxatlon The charty 15 exempl from corporation lax on ils chaTilable activities. 2.4 Income All income is recognised once th8 Company has enlill8ment lo the income. It is probabl8 that the income will be re¢8iv&d and the amount of income receivable can be measured reliably. Voluntary income 18 received by way of donations and gifts and is included in lull in the Statement of Financial Activities (SOFA} when receivable. Income lax recoverable in rel8l¢on lo inve¥lment income is recognised al the lime the investment income is receiv**le. Page 13
D.T.F. LIMITED {A Company Llmlted by Guarantee) Notes to the Flnancial Stalements For the year ended 30 June 2024 Accountlng pollcles {continued} 2.5 Exp9nditure Expenditure is recognised once there is a legal or constructive obligation lo transfer ecot)omic benefit lo a third party. il is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measur8d reliably. Expenditure is classified by aclivily. The ¢osls of eBch activity are made up of Ihe total of direct costs and shareii costs, including support CO81s involved in undertaking each activity. Direct costs allribulable lo a singl8 tivily are allocated directly lo that aclivily. Shared costs which ¢ontributè to more than one activity and support Costs which are not attributable to a single activity are apportioned beeeTh those activities on a basis consistent with the use of resources. Central staff costs are allocaled on the basis of lime spent, and depreciation charges allocated on Ihe portion of the as$el's use. Expenditure on raising funds includès all èxpenditure Inrred by the Group to raise funds for 118 eharil8ble purposes and includes cost$ of all fundraising activities events and non-charilable trading. Expendilure on Ghaiilable activities is incurred on directly undertaking the activities whh further the Group's objectives, as well as any associated support costs. Grants payable are charged in the y8ar when the offer is made except in those cases wheré the offer is conditional, such grants being recognised as expendiluie when the Conditions attaching are fulfilled. Grants offered subjed to conditions which have not been mel al the year end are ntsled as a commitment, but not acuued as expenditure. All expenditure is inclusive of Irfecoverable VAT. 2.6 Interest recelvabl? Interest on funds held on dèposit is included when re¢8ivable and the wnounl can be measured reliably by the Group.. this is normally upon nolificalion of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Investmonts Fixed asset investments are a form of financial instrument and are initially recognised al th8ir transaction cost and subsequently measured at fair value al the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses. whether realised OT unrealised, are comblned and presented as 'GainsllLos$esl on inveslmenls, in the Consolidated Slalèmenl of Financial Aclivilies. Investments In subsidiaries are valued al cost less provtsion for impairment. 2.8 Investment Property Investment property Is carried al fair value determined annually and derived from external valuations, tho Current market rents and investment property yields for comparable real estala, adjusted if nece558ry for any differance in the nature, location or condition of the specific asset. No depreci81ion is provided. Changes in lair value are recognised in the SOFA. 2.9 Financial Instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic linancial instruments are initially recognlsed al transaction value and subsequently measured at Iheir settlement value with the excèption of bank loans which are subsequenlly m8asured al amortised cost using the effective interest method. Page 14
D.T.F. LIMITED IA Company Llmlted by Guarantee) Notes to the Flnancial Statemonts For tho yoa¥ ended 30 Junè 2024 Accounting policies Icontlnued) 2.10 Fund ae¢ounting General funds are unrestricted funds which are avatlable for use at the diretIOn of tho TrLlStees in furtherance of the gèneral objectives of the Group and which have rKJt been designated for Other purposes. Inve81m¢nl in¢ome, gains and10$s8$ are allocated lo the appropriate fund. Judgemgnts in applylng accountlng polScles and key sources of estlmation uncertalnty In preparing these financial slalemenls the directors have made judgements to determine Ihe fair value of the company's inveslmenl property. Factors taken into consideration include the current market rents and investment property yields for comparablo real eslale, adjusted if necessary for any difference in the nature. location or condition of the specifi'c asset. Net movement In fund$ The nel movement in the funds of the company for the year was a daficil of t2,828,75212023'. surplus £513,519) and has been dealt with in Ihe statement of Financtal Aclivilies of the company. Incomè from donatlons and legaclos Unrèstrlct8d funds 2024 Total funds 2024 Total funds 2023 Donations 148,664 148.664 293,806 Investmenl Incomo Unrestrlcted funds 2024 Total funds 2024 Totsl funds 2023 Inve51mgnt income- local investment properties Investment income- local ¢ash 1.794,292 387 1,794.292 387 1.672.655 460 1,794.679 1.794,679 1,673,115 Page 15
D.T.F. LIMITED IA Company Llmlted by Guawantee) Not¢$ to the Flnancial Statements For the year ended 30 Junè 2024 Investment management costs Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Bank loan interest Bank charges Property expens8S 819,970 9.280 493,300 819.970 9.280 493,300 783,317 6,975 373,814 1,322,550 1.322,550 1,164,106 Anatysls of grants Grants to Instltutions 2024 Total funds 2024 Total funds 2023 Grants payable 292,083 292,083 275,436 The Group has made the following material grants lo inslilulions during the year.. 2024 Name of Instltutlon Achisomoch Aid Co Ltd Hasmonèan High S¢hod Charitabl8 Trust Menorah Foundation Care for All Ltd 106,500 22AOO 20.810 13.000 162,710 Other grants lo institutions of $$ than £10,000 129.373 292,083 Page 16
D.T.F. LIMITED IA Company Llmtted by Guarantee) Note$ to the Financial Statèments For the yèar ènded 30 June 2024 Analysls of oxpendlture by actlvStS0s Grant funding of actlvltles 2024 Support costs 2024 Total funds 2024 Total funds 2023 Grants payable Auditors fèes (see note below) 292,083 292,083 13,860 275,438 13,860 13,860 292,083 13,860 306,943 289,296 10. Audltor's remuneratlon 2024 2023 Feos payable lo the Companys auditor for the audit of the Company's annual accounts 4.410 4,200 Fees payable lo Ihe Companls auditor in respect of.. The auditing of accounts of associates of the charity 9.450 9,000 11. Employges The av8r8g& monthly numbèr of employees was NIL12023 - NILI. 12. Tru$lees' remtsneratlon and expen$g$ During the year, no Trustees received any remun?ralion or other beneflts12023 - £NILI. During the year ended 30 June 2024. no Trustee Èxpenses have been incurr8d12023- £NIL). Page 17
D.T.F. LIMITED IA Company Llmlt•d by Guaranteg) Notes to thg Flnan¢lal Statements For the year ended 30 June 2024 13. Flxed asset investmonts Investm&nts In subsldlary companl Company Co$t or valuatlon Al 1 July 2023 181,902 AI 30 Jun& 2024 181,902 Net book valuè AI 30 June 2024 181.902 AI 30 June 2023 18fj.902 Prlnclpal subsldlarles The registered address of the subsidiary undertakings is al Sulh8rland House, 778 West Hendon Broadway London NW9 7BT. All subsidiaries have been inclu(1od in consolidation. The following were sub$idiary undertakings of the Company= Name5 Company number Prlnclpal aGtlvlty Class of HoldSng sharas Brilven Prop8rt18s Limited Chromegrove Limited Neonhome Propertios Limilod 985961 1047148 2618179 Property invèstment Ordinary Property investment Ordinary Property investm8nl Ordinary 100Y. 100ts The fi'nancial results of the subsidiaries for the year were.. PYafltllLoss) for tho year Net assets Brilven Properti85 Limited Chromegiove Limited Neonhome Properties Limited 211,707 661,313 207,574 74.105 2,925,459 3,404,168 Page 18
D.T.F. LIMITED IA Company Llmltsd by Guarantee) Notes to the Flnancial Statements For the year ended 30 Junè 2024 14. Investment property Group Freehold investment property Valuatlon Al l July 2023 Additions Deticil on revaluation 26,119,610 1.416,813 12.486.423) AI 30 June 2024 25.050.000 C<>mpany Fr•ghold Investment property Valuatlon Al 1 July 2023 Deficit on revaluation 17.105,000 (3.160.000 AI 30 Jun8 2024 13,945,000 The 2023 valuations were made by the Iru81ees, based where applicable on discussions with valuation profe88ionals and on valuation reports on certain of the group's propertiès prepared for lending purp08es, on an open market value for existing use basis. 15. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due wlthln one yèar Trade debtors Amounts owed by group undertakings Other debtors PpayMentS and ?rUed incomè 53,293 34,802 5.983 4,367,391 471,471 3,824 3,072,548 494,485 618.678 8,938 494,485 8,938 680,909 538.225 4.844.B45 3,570,855 Page 19
D.T.F. LIMITED IA Company Limited by Guaranté81 Note$ to Flnan¢lal Statomgnts For the year ended 30 June 2024 16. Croditors: Amounts falling due wlthln on• year Group 2024 Group 2023 Company 2024 Company 2023 8ank loans Amounts owed to group undertakings Other taxation and social 8ecurity Other creditors Accrualg and deferred income 2,184,395 3.020,360 1,738,139 1.308,646 6.598 9A34 640.950 473,360 1.170,791 19,622 8,690 466,935 6.595 27,857 574,228 19,622 36,71 S 476,385 2.793.076 3,553,082 3.603.764 2,139,398 One of the bank loans 10 a subsidiary was r8financ8d aft8r the year 8nd on 3 25-year facility. 17. Credttors: Amounts falllng due after more than one year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans 12.846.626 9,717,861 7.914.S23 9,717,861 The bank loans are secured by fixod charg85 Ovar fr88hold inv8Stm8nl properties of the group. Th8 fBI85 payable on these loan5 are fixed until expiry at interest rates between 4QA and 6.IYo. Page 20
D.T.F. LIMITED {A Company Llmltèd by Guarantee) Notes to the FlnanGlal Statements For the yèar endèd 30 June 2024 18. Statement of funds Statement of funds - current year alan¢g at 30 June 2024 Balance at I July 2023 Galnsl (L055esl Income Expendlture Unrestrlcted funds General Funds 16,441,112 1,943,344 {1,628.4931 {2A86,4231 14.269.540 Statemont of funds- prlor year Balance al 30 Jun8 2023 8alance al 1 July 2022 Gainsl (Losses) Income Expondilure Unrestricted fund5 General Funds 16.021,493 1.966.921 {1,453,4021 193,91)01 16,441,112 19. Recon¢illation ol net movem8nt in funds to nèt cash flow from operallng activ5tles Group 2024 Group 2023 Net income for the period las per Statement of Financial Acliviliesl 314.850 513,519 Adjustments for: Interest payable Increase irb debtors Increase in creditOTS 819.970 1142,6841 75,969 783,317 122,1651 139,305 Net cash provlded by oporating activities 1,068.095 1,413.976 Page 21
D.T.F. LIMITED {A Company Llmltèd by Guarantee) Notes to thg Flnanclal Statements For th8 yéar ended 30 June 2024 20. Analysls of cash and cash equlvalents Group 2024 Group 2023 Cash in hand 4.178,332 3,054.020 Total cash and Cash equlvalents 4,178,332 3,054,020 21. Analy$ls of changes In net debt At 1 July 2023 Cash flows At 30 June 2024 Cash al bank and in hand Debt due within 1 year Debt due after 1 year 3,054,020 1.124,312 4,178,332 13,057.0751 844,824 12.212.251) 19,717,661) {3,128.965> 112.846.6261 {9.720.7161 {1.159.8291 110,880,545> 22. Related party transactions The company is entitled lo 90Yo of both the nel réntal income and the 8ale8 proceeds from a number of residential properties held on trust on ils behalf by H Tannen - Kidlinglon. In the year under review, an amount of £338,50612023 £338,184} included in other debtors relate lo these properties, with income receivable of £322 {2023- £8381. 23. Controlllng party The ultimate controlling party is the trustee8. Pago 22