Charlty number: 280392 THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Trustees, report and financial statements For the year ended 30 June 2024
THE DAVID TANNEN CHARITABLE TRUST OF 28 PMRCH 1974 Contènts Page Reference and admlnistrativè detalls of the Charlty, its Trustees and advisoys Trustegs. report Indopgndent audltor's report on the financlal Statements Con$olldated statgm8nt of financlal a¢tlvltles Consolldated balance sheet 10 Charlty balancè sheet Consolldated statement of cash Ilows 11 12 Notes to the flnanclal statements 13-22
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Reference and adminlstratlvè d8talls of the Charlty, Its Trusteès and advlsers For the year onded 30 June 2024 Truste0$ D Tannen Ml Tannen DA Tannen J Milr Charfty reglstored number 280392 Pilnclpal offSc• Sulherfand House 70-78 We81 Hendon Broadway London NW9 7BT Audltors Melinek Fine LLP Chartered Accountants statutory Auditors Winston House 349 Regents Parf( Rgad London N31DH Bankers Barclays Bank PIC 1 Churchill Placo Canary Wharf London E14 5HP Poge 1
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Trustees. report For the year ended 30 June 2024 The Trustees present their annual report together with the auditèd financial slalem&nls of The David Tat)nen Charitable Trust for the ended 30 June 2024. Oblectives and activitles • Policies and obloctbves Tho objects of the charity are lo relieve poverty, distress and suffering in any part of th8 world and to piomole the Jewish religKJn and education through charitable means. The trustees conlim that they hava referred lo the guidance contained in Ihe Charity Commission's g&ner81 guidance on public benefit, and in particular lo ils supplementary public benefit guKlanc8 on advancing education, when reviewing the trusts aims and objectives, in planning fuluTe activities and in selling the grant making policy for the year. Achlevements and performance • Rgvigw of actlv5tles During the year under rev¢ew, Ihg charity made charitable donations of £434,70012023- £239,700). The Iru¥lees are pleased to report that they have supported a range of community based instrtulions providing education, religious and welfare programm8s. They continue to see that local provision of education and welfare inilialives slr8nglhen8 community infrastructure and results in significant achievements in Ihe advancement of education, the relief of proverty and distress, and the provision of sooial Support. • Investment pollcy and pèrfomianc Potential inve8tments are individually assessed by the Iruslees and entered into if the trustèes belleve that they will generate funds to allow the charity's objectives lo be mel. The trustees continue lo assess the charitys investment portfolio and seek new investment opportunities lo ensure that the charills asset base is maintained and suitable profits are generated. The Irust8es are satisfied with the Telurn on investments achteved during the year and ar8 confident that the charity ha8 adequate regeNes to fulfil its charitable obligations. Flnancial r•vlew • Reservès pollcy Any assets retained will be solely foT the purpose of generating income to cover any disllibution policy that the trustees may formulate in the future. Th8 charity maintains sufficient cash reserves to.. . fund grants in furtherance of the objects of the charity for the following two years., meet demands for liquidily and refinancing of the group's $ubslanlial investment portfolio in diffi'cult Credit market conditions,. and • ensure repayments of the charSly's bank loans can be paid a8 they fall due. Al the year end the charity had free availablg fesetves of £11,895,550. Page 2
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Trustees, Teport Icontlnuedl For the year ended 30 June 2024 structure. governance and managomènt • Constltutlon The David Tannen Charitable Trust of 28 March 1974 is a registered charity, number 280392. arKI is constituted under a Trust deed. The objects of the charity ale lo relieve poverty, distress and suff8ring in any part ol the workj and lo promo18 the Jewish religion Ihrough charitabl$ means. The aims of the eharily are lo promote Jewish religion, educalign and social welfare by estsblishing, maintaining and supporting synagogues, schools, s¢holarships and charitable services by providing funds, eilhor directly or by way of grants. • Board of Trustees The Iruslees ol the charity who served during the year, have Continued to serve sinc8 the year end, and who manage the day lo day running of the Irusl, were.. D Tannen J M Miller M l Tann8n D A Tannen All trustees are appointed by D Tannen as required. There are no formal policies or procedures for Ihe appointment, recruitment and induGllon of Iruslees. • Rlsk management The Iruslees have considered the major risks lo which the charity is exposod and have reviewed their systems and procedures lo manage those iisks. The Iruslees not consider that there ar8 any specific risks attached to the running of the trust that call lor Specif action lo b8 taken. • Future dèvolopments The Iruslees will continue to manage the charitys investments in order lo generate profits that will enable the Iruslees lo respond lo the chaTily beneficiaries, evolving needs. Page 3
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Twstee$' rèport Icontlnuedl For tho year gndgd 30 June 2024 Statemènt of Trustees, responsibllltles The Trustees are responsible for preparing the Trusle6s' report and the financial 8talem8nts in accordance with applicable law and United Kin9dom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare fvnancial statements for eaeh financial which give a true and fair view of the Slatè Df affairs of the Group and the Charity and of their incoming resources and application of resources, including theii income and expenditure, for that period. In preparing these financial slalements. the Trustees are required to.. select suitable accounting policies and then apply them consistently.. observè the methods and prIncipS of the Chariti89 SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 102) hav8 been folowed, subject lo any material departurÉs disclosed and explained in the financial slalements.. prepare the financial statements on the going concern basis unless il is inappropriate to presume Ihal the Group will continue in business. The Trusle8s are responslble for keeping adequate accounting records that are sufficient lo show and explain the Group and the Charity's Ifansactions and disclose wilh reasonable accuracy al any time the financial position of the Group and the ChaTily an(i enable them lo ensure that th8 financial slalements comply with the Charities Act 2011, the Charity IA¢counls and Reports) Re9ulalions 2008 and the provisions of the Trust doed. They are also responsible for safeguarding the assets of the Group and the Charity and hence lor taking reasonable steps for the prevention and detection of fiaud and olher irregularities. Dbclosure of Informatlon to audltor Each of the per60ns who are Trustees at the lime when this Trustees, report 1$ approved has confirmed that-. so far a8 that Trus18e is aware, there is no rèlavant audit information ol which the charitable group's auditor is un8ware, and that Trustee has taken all Ihe sleps that ought lo have been lak8n as a Trustee in ord¢r lo be aware of any relevant audit information and lo eslablSsh that the charitable 9roup's auditor is aw8re of that information. Audltor The audilor, Melinek Fine LLP, has indicated his willingness lo continue in office. The designaled Trugtees will propose a motion reappointing the auditor al a meeting of the Trustees. Approved by order of the m&mbers of thg board of Trustees and signad on their behalf by.. J Mlller Trustee Page 4
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Independent audltor's report to the Membgrs of The Davld Tannon Charltable Trust of 28 March 1974 Oplnlon We have audited the financial statements of The David Tannen Charitable Trust of 28 March 1974 Ilhe 'parenl charily'l and ils subsidiaries (the 'groiJp'l for the year ended 30 June 2024 which comprise the Consolidated statement ol financial aclivilies. the Consolidated balance sheet, the Charily balance shaol, the Consolidated slalemenl of cash flows and the related notes, including a summary of signrficanl accounting policies. The financial reporting framework that has been applied in their prepaialion is applicable law and Unitod Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard appli¢ablè in the UK and Republic of ITeland' Iuniled Kingdom Generalty Accepted Accounting Praclicel. The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing thgir accounts in a¢coidance wrth the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in prelèrence lo the Accounting and Reporting by Charilie5.' Slalemenl of Recommended Practice issueLI on 1 April 2005 which is r8ferred to in the exlant regulalitrns bul has been withdrawn. This has been done in order for the accounts to provide a Iruo and fair view in accordance with the Generally Accepted Accounting Piactice 8ffeclive for reportin9 periods beginning cn or after 1 January 2015. In our opinion the financial slalemenls.. give a tru8 and fair view of the slate ol the Group's and of the parent charity's affairs as a130 June 2024 and of the Group's incoming resources and application of resources, including ils incom8 and expenditur8 for the year then ended.. have been Pfoperly prepared in accordance with Uniied Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wlh the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with Intem81ional Standards on Auditing IUKI {ISAs {UKII and applicab law. Our re5ponsibililies under those standaid8 are further described in the Audilorfs responsibilities for th8 8udil of th? financial 8lalemenls section ol our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the United Kingdom. including the Fin8ncial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibililles in accordance with these requirements. We believe that the audit evklence we have obtained is sufficient and appropriate to provide a ba$is for our opinion. Conclusions relatlng to golng concem In auditing the financial slatemenls, we have Gon¢luded that the Trustees, use of the goin9 wncern basis of accDuntirJg in the preparation of the financial slalemenls is appropriate. Based on the work we have performèd. we hav8 not identified any material uncertalnties relating lo events or conditions that. individually or collectively. may ca81 signiftcanl doubl on the Group's or the parent charity'$ ability to continue as a going concern for a period ol at least twelve months from wh&n the financial statements are gulhorised for issue. Our responsibilitios and the responsibilities of the Trustees wllh respect to going concern are de8cribeil in the relovant sections of thi5 report. Page S
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Independent audltorfs report to the Members of The Davld Tannen Charltable Trust of 28 March 1974 Icontlnuedl Other ihlormatlon The other information comprises the infomialion included in th8 Annual report other than the financial slalements and our Audilorfs repE*rt Ihereon. The Trustees are responsible for the other information conlainod within the Annual rgpc)rt. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent othe198 explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility Is lo read the other information and, in doing so, consider whether the other infomialion is materially incon818lent with tho financial statements or our knowledge obtained in the wurse of the audit, or otherwise appears to ba materially migslated. If we identify Such material inconsistencies or apparent material misslalem8nls, we are required lo determine whether this gives rise lo a material misstatement in the financial slalemenls themselves. If, based on the work we have performed. we concludè that there is a material misstalemenl of this other information, wo are required to report that fa¢t. We have nothing lo r8POrt in this Tegard. Matters on whlch we aro raqulred lo veport by exctption We have nothing lo report in respect of the following matters where the Charities IAcc¢unls and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the infomalion given in the Trustees. report is inconsistent in any molerial respe¢l with the financial slalemenls., or the parent Charity has not kept sufficient accounting records- or the parent Charify financial slalemonts are not in agreement with the aoUntIng records and Tetuins,. or Wg have not T1Ve all the informalion and explanations we require for our audit. Responsibilitles of Irusto9$ As explained more fully in the TTUSt8es' responsibilities statement. the Trustees are responsible for the preparation of the financial statements whith give a true and fair view, and for such internal control as the Trustees determine is necessary to enable th& preparalic>n of financial slalemenls that ar8 fr8e from material migslatemenl, whelhar due lo fraud OT error. In prèparfng the financial statements, the Trustees arè responsible for assessing the Group's and the parent charills ability lo continue 8$ a 90ing concern, disclosing, as applicable. mallers related lo going concern and using tho going concern basis of accounting unless the Trustees either intend lo liquidate the Group OT the parent charity or lo cease operations, or hav8 no realistic alternative bul to do so. Page 8
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Indopendent audltofs report to tho Members of The Davld Tannèn Charltablè Trust of 28 March 1974 Icontlnued} Auditorfs responslbllitles for the audlt of the flnanclal statements We have been appointed 8$ auditor und8r section 151 of the Charities Act 2011 and report in accordance with the Act and relevant f8gulalions made or having effect Ihereut)dèr. Our objective5 are lo obtain reasonable 888uiance about whether the financial stalemenls as a whole are free from material misslalemenl, whether due lo fraud or error. and to Issue an Auditor's report that includes our opinion. Reasonable assuran¢e is a high level ol assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI W11 always d8lecl a malerial misslalement when il exists. Misglalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expeded to influence the èconomic decisions of users taken on thè bas15 of these financial stalemenls. Irregularities, including fraud, are instances of non-complian¢8 with laws and regulations. We design procedures in line with our r¢sponsibilbties, outlined abovo, lo dolecl material misstalemenls in respect of irregularities, including fraud. The ex18nl to which our procedures are Capable of delecling irregulaTilies, including fraud is detailed below-. We idenlffjied areas of laws and regulations Ihol could reasonably be expected lo have a material effecl on the financial slalemenls from our sector expenen¢e through discussion with the directors and other management las required by auditing standards). We had regard lo laws and regulations in areas that directly affect the fi'nancial slalèmenls including financial reporting lincluding related company legislalionl and laxalion le9islalion. We considered that exlenl of compliance with those laws anLI regulalions as part of oui procedures On the related financial slalemenl items. With th8 exception of any known or possible non-compliance, and as requirad by auditing standards, our work in respect of these was limited lo enquiry of th8 directors. We Communicated identified laws and regulations throughout our team and remained alert lo any indications ol non-compliance throughout the audit. Vve addressed the risk of fraud through managamenl override of conlrols, by lesting the 8pproprialeness of journal entries and other adjuslmenls. assessing whelher the judgements made in making accounting estimates ar8 indicative of a potential bia5'. and evaluating the business rationale of any significant transactions that ar8 unusual or outside the normal course of business. Our audit procedures were designed lo respond lo risks of material misstatement in the financial 81alemenls. recognising that the risk of not delecling a material misslatemenl due lo fraud is higher than the risk of not (iele¢ting one resulting from error, as fraud may invOe deliberate ¢on¢ealmenl by, foi example, forgery, misrepresenlation8 or IhTough collusion. There are inherent limitations in th8 audit pro¢8dures perfom)ed and the further iemoved non-compliance with laws and regulations is from the events an(1 transactions reflected irb the financial statements, the less likely we are to become aware of it. A lurther (Jescriplion of our responsibilities for the audit ol the financial statements is located ¢)n the Financial Reporting Council's w&bsil6 al.. www.frc.o .ukJaudilorsres Dnsibililies. This description forms part of our Audilorfs report. Page 7
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Independent audltor's report to tho Members of Th8 Davld Tannen Charitable Trust of 28 March 1974 {contlnuedl Use of our rèport This report is made solely Iri the eharily's trustees, as a body, in a¢¢ordance with Part 4 of the Ch8rilies (Accounts and Rgportsl Regulations 2008. Our audit work has been undartaken so that we might slate lo the charily's trustees those malleT8 we are required lo slate lo them in an Auditor's report and for no other purpose. To the full8sl extent pormilled by law, we do not accept or assume responsibility lo anyone other than the charity and ils Iruslees. as a body, for our audit work, for this report, or for the opinions w8 have formed. Mellnek Flnfy LLP Chartered Accountants stalulory Auditor,. Winston House 349 Regent$ Park Road London N3 1DH Date:17/. Melinek Fine LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. Page 8
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Consolldatad Statoment of financlal actlvltlos For the y&ar ended 30 June 2024 Endowmgnt Unrestiicted funds funds 2024 2024 Total fund$ 2024 Total funds 2023 Not• Income and endowmènts from: Inveslmenls 2,999N75 2,999,476 2,745,405 Total income and endowmgnts 2,999.475 2.999,475 2,745,405 Expendlture on: Raising funds Charitable activftigs 2,404,715 441,810 2.404.715 441.810 1.823,329 246,810 Total expenditure 2.846,525 2,846,525 2.070,139 Net income before net galns on investments 152,960 $56AOD 152,950 566,400 675,266 8,743,301 Net gains on Inveslmenls Net Incomo In the year and movoment Sn funds 709,360 709.350 9,418,567 Reconclllatlon of funds: Total funds brought forwar(4 Nel movemènt In funds 44,462 33.911,748 709,350 33,956,210 709.350 24,537.643 9,418.567 Total funds carried forward 44.462 34,621.098 34,665.560 33.956,210 The Consolidated statement of financial a¢tNities includes all gains and losses recogni6 in the year. The notes on pages 1310 22 form part of these finan¢ial stslements. Pagè 9
THE DAVID TANNEN CHARITA8LE TRUST OF 28 MARCH 1974 Consolldated balancè sheet As at 30 Junè 2024 2024 2023 Note Flxed assets Investments Investment property 11 12 1.200.010 44,400,000 1,200.010 45,184,000 45,600,010 46,384.010 Current assets Debtors Cash at bank and in hand 13 738,283 12.056.055 585.311 11.459,714 12,794,338 12,045,055 Credilor8-. amounts falling due within one year 14 1898,7881 (11,822,855) Net current assets 11.895.650 222.200 Total assets less curr8nt Ilabilities 57.495.660 46,606,210 Creditors.. amoun15 falling due after more than one year 15 122.830.0001 112,650,000) Total net assets 34,665,560 33,956,210 Charity funds Endowment funds Unrestricted funds 16 44,462 34.621,098 44,462 33,911,748 16 Total funds 34,666.660 33,956,210 The financial 81alemenls We approved and authorised for issue by the Trustees and signed on Ihwr behalf by. MJ J Mlller Trustee Dale. ?g1(J41302S The notes on pages 13 10 22 form part of these linancial slalemenls. Page 10
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Charlty Statement of flnanclal po$itlon As at 30 June 2024 2024 2023 Note Flxed assats Inveslm&nts Investment property 11 12 1.840.737 26,600.000 1,840,737 27.384,000 28.440,737 29,224.737 Current ass&t$ Debtors Cash al bank and in hanrj 13 8.564.751 11,018.050 8,079,968 10,484,100 19,582.801 18,564.068 Creditors.. amounts falliny due within one year 14 1707,977} {1.182,594} Net current assets 18.874.824 17,381.474 Total assots less current liabllltlos 47,31S,661 46.606,211 Creditors. amounts falling due after more than ono year 15 112,660,000) 112.650,0001 Total net assets 34.665.561 33,958,211 Charity funds Endowment funds Unrestricted fund 16 16 44,462 34,621.099 44.462 33,911,749 Total funds 34,686,561 33,956,211 The financial slalements were approved and aulhorised for issue by the Trustees and signed on their behall by.. J Miller Trustee Date. l¥b4l3o¥f The notes on pages 13 10 22 form part of these financial Slalemenls. Page 11
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Consolldated statement of cash flows For the yoar ended 30 June 2024 2024 2023 Note Cash flows from operatlng actlvltles N@1 cash used in operating a¢livilies 17 1,210,930 2,127,234 Proceeds from thè sale of investment property 790.4rA> 6,895,301 Not cash provld•d by Investlng aetlvltles 790,400 6,895,301 Cash flows from financlng activltles Cash inflows from new borrowing Repayments of borrowing Interest payable 10.180.000 {10,235.0001 1170,000} 11,350,019) 11,122,883) Net cash used In flnanclng activltles (1,405.0191 11,292,883} Change In cash and cash equlval•nts In tho year Cash and cash equivalents al the beginning of the year 596,311 11.459,744 7.729,652 3.730.092 Cash and cash equivalents at the ènd ol thè year 18 12,D56.056 11,459.744 The notes on pages 13 10 22 form part of these financial 51atemenl$ Page 12
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Noto5 to tho financiol statements For thg year ond8d 30 June 2024 Gengral Information The David Tannen Charitable Trust 16 a charilable trust r&gisl8red in England and Wales under Ihe Chaiilies Aet. The address of Ihg r¢gislered offiGe is given on thè Informalttin page. Accounting pollclgs 2.1 Basis of pr?paratlon ol financlal statements Tho financial slalements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charilres., Slalement of Recommended Pracli¢e applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charllie8 Act 2011. The fi'nancial statements have been prepared to give a 'lrue and fai¢ view ond have departed from the Charities IAc¢ounls and Reports) Regulations 2008 only lo th8 &xlenl required lo provide a 'lrue and fair, view. This departure has involved foll¢)wing the Charities SORP {FRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice effeclNe from 1 April 2005 which has sinc8 b88n withdrawn. The David Tannen Charitable Trust of 28 March 1974 meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogriised al historical cost or transaction value unless otherwise staled in the relevant accountin9 policy. The Con801idaled slalemonl of financial activities {SOFA} and Con801idaled balanc6 sheel on$olidale the financial slalemenls of the Charity and its subsidiary undertaking. The results of the subsi(Jiary are consolidated on a lin6 by line basis. 2.2 Golng eoncem Th8re are no material unc8rtainlies relating to going concern. 2.3 Income AH income is recoynised once the Charity has entillemenl lo the income, il 1$ probable that th8 income will be recewed and the 8mounl of income receivable can be measured reliably. Income lax rewverable in relation lo investment income is recognised al the lime the investmanl income ts receivable. Page13
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to the financlal statements For the year ended 30 June 2024 A¢countlng policies l¢ontlnuedl 2.4 ExpendSture Exp9ndilute is recognised once there is a 14al or conslruclive obligation to transfer economic bgnefil to a third party, it is probable that a transfer of economlc benefits will be required in selllement and the amount of the obligation can be measured liablY. Expenditure is classitied by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs atlribulable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not allributable to a single activity are apportioned bebNeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on Taising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading, Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the Group's objectives, as well as any 28socialed 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 ollered subject to conditions which have not been mel at the year end are noted as a commitment, bul not awrued as expendiluie. All expendllure is inclusive of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2,6 Taxation The charity is exempl from corporation lax on ils charitable activities. 2.7 Basls of consolidatlon The financial statements consolidate the accounts of The David Tannon Charitable Trust of 28 Mar¢h 1974 and all of its subsidiary undertakings I'subsidiaries'l. The 8lIS of subsidiaries acquired during the year are included from the effective date of acquisition. The income and expenditure account for the year dealt with in the accounts of the charity was a surplus of £709.350 (2023 £9.418,5681. 2.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value al the Balance sheet dalè, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether reali5ed or unrealised, are combined and presented as 'Gainsl{Losses) on inveslments, in the Consolidated statement of financial activities. Investments in subsidiarios are valued at cost less provision for impairment. Page 14
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Not95 to the flnancial $tat•mgnts For the year ended 30 June 2024 Accountlng pollci8s Icontinuedl 2.9 Investment propfrrty Investment property is carrigd al fair value determin8d annually by the trusleos and derivèd from external valuations, the current market rents antl it)veslmenl property yields for comparable real eslale, adjusted if n8cessary for any difference in the nature, location or ¢ondilk)n of the sp8cific a$s81. Changes in fair value are recognised in the SOFA. 2.10 FSnanclal Instruments The Group only has financial assets and financial liabllities ol a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transadion value and subs8quenlly measured at their selllement value with the exeeplion of bank loans which are subgequenlly measured al amortised ¢ost using the effectivè inlorest method. 2.11 Fund accountlng General funds are unreslricled funds which are availabl@ for use al the discretion of the Tfustees in fLÈrtherance of the g&neral obje¢live$ of the Group and which have not been designated for other purposes. Investment in¢ome, gains and losses are allocated lo the appropriate fund. Judg&mgnts In applying accounting pollcle$ and koy sources of estlmatlon uncertainty In prèparing Ih&s8 financial statements the directors have madellgeMentS lo determine th8 fair value of the companls investment property. Factors taken into consideration include the current market rents and investment property yields for comparable r8al estate, adjusted il necessary for any difference in the Ilure, location OT condition of the sp&cific asset. Investment Income Unrestricted funds 2024 Total funds 2024 Total funds 2023 R&nl from investment properties Inler8St 2,584,451 415,024 2.S84,451 415,024 2,741.525 3,880 2.999.475 2,999,475 2,745,405 Page 15
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notès to the flnancial statements For the year ended 30 June 2024 Invèstment managemènt costs Unrestrlctgd funds 2024 Total funds 2024 Total funds 2023 Bank loan inlgresl Propety expenses 1.350,019 1,054,696 1.350,019 1.054.696 1,122,883 700,446 2,404,715 2,404,715 1,823.329 Analysls of grants Grants to Inst5tutions 2024 Total funds 2024 Total funds 2023 Grants payable 434,700 434.700 239,700 The Group has made the following material grants lo instilutlons during the year.. 2024 Nam• of Institutlon Hendon Adalh Yisroel Congregation Hasmon6an High School Charitable Trust Chana Charlly Ltd British Friend8 of United H31zolah18ra61 WST Charity Ltd L¢kel UK Hatzola Northwest Trust Hasmonean Primary Schor)I Community COn[n London Chevraz Mo'oz Ladol 50.000 50.000 30,ODO 30,000 25,000 25,000 20,000 15,000 15,000 Is.000 276,000 159,700 other grants lo inslilulion$- less than £13,000 434.700 Page 16
THE DAVID TANNEN CHARITABLE TRUST OF 28 MRCH 1974 Notes to the financial statements For the yettr ended 30 June 2024 Analysis of expèndlture by a¢tlvitieg Grant fundlng of actlvltles 2024 Support o$t$ 2024 Total funds 2024 Total funds 2023 Grants payable Audilovs remuneration 434.700 434.700 7,110 239,700 7,110 7,110 Total 2024 434.700 7,110 441.B10 246,810 Audltor's remunoratlon 2024 2023 Fees payable lo the Charitys auditor for the oudil of the Charlly's annual accounts 3,960 3,960 Fees payable lo the Charills audf(or in iespect ol.. The auditing of awunls of associates of the Charity 3,160 3,150 Trustees. remuneratlon and expen5•$ During the year. no Trustees received any Temuneralion or other benefils12023- £NILI. During the year ended 30 June 2024, no Trustee expenses have been incurred12023 - tNILI. 10. Employees The average monthly number of employees was NIL12023- NIL). Page 17
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Not9$ to the financial statèments For the year ended 30 June 2024 11. Flxed asset Investments Unlisted Investments Group Cost or valuatlon At 1 July 2023 1,200,010 AI 30 June 2024 1,200,010 Net book valuè AI 30 June 2024 1.200.010 AI 30 June 2023 1,200.010 Investments In Subsidiary Unllsttrd companies invostmenty Total Charity Cost or valuation At 1 July 2023 640,727 1,200.010 1.840,737 At 30 June 2024 640.727 1,200,010 1,840,737 Nèt book value At 30 June 2024 640,727 1,200,010 1.840.737 At 30 June 2023 640,727 1.200,010 1,840,737 Prlnclpal $ub$idiaries The following was a subsidiary undertaking of th8 ChaTIty'. Name Compally nurnber Prlnclpal actlvlty Class of Holdlng shares Oxgrange Ltd 09855971 Property investment Ordinary 100% Included In consolidation Pagè 18
THE DAVID TANNEN CHARITA8LE TRUST OF 28 MARCH 1974 Notes to the flnanclal statements For the year ended 30 June 2024 11. Flxed asset Snvestments Icohtlnuedl The financial results of the subsidiary for the year were.. Nam• Income Expendlture N&t assets OxgT8ng8 Ltd 1.108.538 1.108.638 640,627 Unlisted investments of £1,200,010 compTise 1,023 ordinary shares and 1.028 'A' shares of £1 each. which comprise approximately 229/• of the share capital in The Tannen Group Limited. a parent company of a property investment group. Whilst the investment in The Tannen Group Llmiled could conslilule ti being an Associate, the trustees are of the opinion that The David Tannen Charitable Trust of 28 March 1974 does not exer¢ise signifi¢ant influence over ils operating and financial policy decisions, hence the holding is Irealed strictly as an inveslmftnl. 12. Inv95tm9nt property Group Freehold In¥8stmant prop&rty Valuatlon At 1 July 2023 Disposals 45,184,000 17B4.0001 At 30 June 2024 44,400,000 Charlty Freehold Investment propeity Valuatlon At 1 July 2023 Disposals 27.384,000 1784.0001 At 30 June 2024 26,600,000 Tho 2024 valuations were made by th8 Iru5tees as al 30 June 2024 on an open market valu8 for existing use basis. Page 19
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to the financlal statements For the year ended 30 June 2024 13. D9btors Group 2024 Group 2023 Charity 2024 Charity 2023 Due withln one year Trade debtors Amounts owed by group undertaking8 Other debtors Prepayments and accrued income 78,255 153,047 336.541 52.194 43,529 78.255 7,996,946 489,551 153,047 7,843,948 52,194 30,779 489,652 170,476 738,283 585,311 8,564.751 8,079,968 14. Crédltors: Amounls falllng due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans Trade creditors Amounts owed lo group undertakings Other laxalion and social security Other creditors Accruals and deferred income 10,235,000 17,535 336,540 101,776 88,696 1,043,308 35,087 35,067 17,535 101,735 69,136 642,850 151.73S 51.476 469,699 101,776 87,747 975.536 898,788 11,822,855 707.977 1,182,594 16. Credltors: Amounts falling du8 after more than one year Group 2024 Group 2023 Charlty 2024 Charity 2023 Bank loan8 22,830,000 12,650,000 12,650,000 12,650,000 The bank loans are secured on the groups's frèehold investment propertiès and by a floating charge over the assets ol the charity. The interest rate on the loans are between 5.5DA and 6.7OA per annkjm until expiry. Page 20
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Ntstés to thè flnancial ¥tatement$ For tho ygar ended 30 June 2024 16. Statoment of funds ststement of funds- Current year Balance at 30 Jun6 2024 Balance at I July 2023 Galnsl ILos$o$1 Income Expendbturn Unrestrictèd funds General Funds 33.911,748 2.999.476 12,846,6251 556,400 34,621,098 Endowment funds Endowment Funds- all funds 44,462 44,462 Total of funds 33.956,210 2.999,475 12,846.025) 556,400 34,665,560 17. ReconcIllaOn of net movement In funds to net cash flow from oporatlng activitie Group 2024 Group 2023 Nel income for the period la5 P8r Statèment of Financial Activib'es} 709.350 9.418.567 Adjustments for: Decrea$ellin¢rea$el in debtors Increaselldecreaso} in crgdilofs Profil on sale of investment property Revaluation of investment property Interest payable 1162.9711 5,072 1689.0681 324.013 {6,4001 {3.773.3011 {4,970.0001 1,122.883 1,350,019 Net cash provlded by operatlng actlvltlgs 1.210.930 2,127.234 18. Analysi5 of cash and cash equivalents Group 2024 Group 2023 Cash in hand 12,056.056 11,459,744 Totsl ¢a6h and cash 8quivalonts 12.OE6.065 11.459,744 Page 21
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to the financlal Statements For thg year ended 30 June 2024 19. Analysis of ¢hangos In ngt debt othor non- cash At 30 Juno changes 2024 At 1 July 2023 Cash flows Cash al bank and in hand Debt due within 1 year Debt due after 1 year 11,459.744 110,323.6961 112,650.0001 596,311 12.056,065 74,560 10.180.000 169,136} (10,180,000) 122,830,000) {11,S13.952) 670,871 110.843,0811 20. Operating lease commltmonts The charity leases out the investment pr¢perties under non-cancellable operating leases for the following future minimum lease receivables. Thera ar& no conlingenl rents. Group 2024 Group 2023 Charlty 2024 Charity 2023 Amounts receivable: Mol later than 1 year Later than 1 year and not later than 5 years Later than 5 years 1.348,119 3,835,663 586,685 1,324,626 4,263,842 1,640,809 1,348,119 3,835,663 586,685 1,324,628 4,263,842 1,840,809 5,770.467 7,229.277 5,770,467 7,229,277 Some of the group's investment propertles are rasidential and are leased under short temi rolling contracts. There ale no future minimum lea Toceivables lo dlsclose In respect of these leases. 21. Endowment funds Under the ¥etllemenl d?ted 28 Mah 1974, an amount of £44,462 is to be retained unless provision is granted by th8 settlor lo do otheiSe. 22. Rèlatod party transactions The company is entitled lo 10D/t) of both th& net rental income and the sales proceeds from a number of residential properties held on trust on ils behalf by H Tann&n - KKllinglon. In the year undgr review, an amount of £43.818 12023 - £43,782) included in other deblors relate lo these prop@rt18s, with income re¢eivable of £3612023- £931. Controlllng party The conlrelling party is the trustèes. Page 22