Charlty nUmr. 280392 THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Trustees. report and financial statements For the year onded 30 June 2025
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Contents Page Rgference and admlni5tratlve details of the Charityi its Trusteos and adv15ers Trustees, report Independent audltols report on the flnanclèl statemants Consolidated statem6nt of flnan¢ial actlvilios Consolldated balanco sheet 10 Charlty balance Sheet Consolidated $tatemont of cash flows 11 12 Notes to the financlal statements 13-22
TrIE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 R•feronco and adminlstrallve details of tho Charfty, Its Trustees and advisers For the yfrar endgd 30 Jvne 2025 Tru$tees D Tannen Ml T8nnen DA Tannen J Miller Charity raglstered number 280392 Principal offSce Sutherland House 70-78 Wesl Hendon Broadway London NW9 7BT Audltors Melinek Fine LLP Chartered Accountan15 Stalulory Auditor Winston House 349 Regents Park Road London N3 1DH Bankers Barc*5 Bank PIC 1 Churchill Place Canary Wharf London E14 5HP Pag8 1
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1874 Trustses. report Forthe yoarended 30 June 2025 The Trustees present their annual report logelh8T With the audited financial slalemenls of The David Tann8n Charitable Trust for the ended 30 June 2025. Obloctlv8$ and actSvltles Pollcles and objeetivès The objects of the chariiy are lo relieve poverty, distre and suffering in any part of the world and lo promote th8 Jawish religiDn and educalion through charitable maans. The Iruslee8 confirm that they have referred lo the guidance contained in the Charily Commission's general guidance on public benefit, and in particular to ils supplementary public benefit guidance on advancing edu¢alion, when reviewing the trusts aims and objectives, in planning future activities and in selling thè grant making poliw for the year. Achievements and performance • Rvview of aetlvltles During the year under review, the chority made charitable donatb)ns of £451,30012024- £434,7L)01. The trustees are pl8ased to report that they have supported a range of community based inslilulions prov¢ding 8ducation, religious and welfare programmes. Théy continue to see that local provision of education and welfare inilialives slren9lhens community infrastructure and results in significant achievements in the advancement of education, the relief of Pfoverty and distress, and the provision of social support. • Investment pollcy and perfomiance Potential investments are individually assessed by the trustees and entered into rf the trustèés believe that they will generate funds lo allow the charity's objectives lo be mel. The tTUStee8 coiilinu8 lo assess the eharily's investment portfolio and seek n8w investment opportunities to ensur8 that the charity's assel base is maintained and suitable profits are genemted. The Iruslees ar8 satisfied with the return on investments achieved during the year ané are confid8nt that the charity has adequate reservés lo fulfil ils chafitsble obligalions. Flnancial revhw RgseNe$ policy Any assets retained will be solely for the purposè of generating income to cover any di8tribulion policy that the trustees may foimulale in the future. The charity maintains sufficient cash reserves lo.. fund grants in furtherance of the objeds of the charity for the following two years- meet demands lor liquidity and refinancing of the group's Substantial investment portfolio in drfficvll credit markol Conditions,. and ensur8 repayments of the charitys bank loans can be paid as they fall due. Al the year end the charily had free available reseTves of £12,145,660. Page 2
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Trustees. rèport {contlnuedl For thg y?ar endgd 30 June 2025 Structure. governance and managemènt • Constltution The David Tannen Charitable TN$l of 28 MarGh 1974 is a registered charity, number 280392, and is consliluted under a Trust deed. The objects of tha chorily are lo relieve poverty, distress and suffarin9 in any part of the world and to promote th8 Jewish religion through charitable m88ns. The aims of the charity alè lo promote Jewish ieligion, education and social welfare by 8slablishing, maintaining and supporting syna9ogu8s, schools, scholarships and charitable services by proV1n9 funds, either diTeclly or by way of grants. • Board of Trustees The trustees of the charity who served during the year, have continued lo serve since the year end. and who manage the day to day running of the trust, were.. D Tannen J M Miller M l Tannen D A Tannen All liuslees are appointed by D Tanntn as required. There are no formal polici8s or procedures for the appoinlmenl, recruilmenl and induction of trustee8. • Rlsk managemènt The trustees have considered the major risks lo which the charity 13 exposed and have reviewed their system5 and procedures lo manage those risks. The Iruslees do not consider that there are any specific risks attached lo the running ol the Irusl that call for specifi¢ action to be taken. Futuro d¢velopments The trustees will continue lo manage the charity's inv&slMenls in order lo genorale prgfi'ls that wll enable the trustees to respond to the charity b8n8ficiaries' evofving needs. Page 3
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Trustees, report {¢ontlnuedl For thè yoar ended 30 June 2026 Statgment of Trustees. responsibilltles The Trustees are responsible for preparing the Trustees. report and the financial slatements in ac¢ordan¢e wilh applicable law and United Kingd( Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢licel. The law applicable lo charilios in Erlgland & Wales requires the Trustees to prepare financial s18lem8nls for each financial which give a true and fair vi8w of the slate of affairs of the Group and the Charity and of their ineoming resources and application of resourcès, including their income and expenditure, for that period. In preparing these financial stalemenls, lh8 Trustees aTe Tequired lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP {FRS 102)., make judgments and accounting eslimales that are reasonable and prudent., stsle whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financi81 statemenls on the going ¢oneern basis unless il is inappropriate to presume that the Group will continue in business. The Trustees ar8 r&sponsible for keeping adequate accounting records that are sufficient lo show and explain the Group and the Charity's Iransaclions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them lo ensure Ihal the financial slalemenls comply with the Chariti8s Act 2011, the Charity (Accounts and Reports) Regulations 2008 and tha provisions of the Trust deed. They are also rasponsible for safeguarding the as88t$ of the Group and the Charity and hence for taking reasonable steps for the prevèntion and detection of fraud and other irregularitles. Dlsclosure of informatlon to audltor Each ol the persons who are Trustee5 at th¥ lime when this Trustees, report IS approved has conliimed Ihal.. so far as Ihal Trusleo is aware, ther8 is no relevant audit infomation gf which the charitabl8 group. auditor is unaware. and that Tru51ee Pias taken all the steps that ought to have been taken as a Trustee in order to be awar8 01 any rolevanl audit information and 10 6Stablish that the Charitable group's auditor is aware of that information. Audltor Tha auditor, Melinek Fine LLP, has indicated his willingness lo continue in office. The designaled Trustees will propose a motion reappointing the auditor at a me8ling of the Trustees. Approved by order of the members of the board of Tru$te8s and signed Dn their behalf by-. J MSller Trustee Dale. 15109110 Page 4
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Indepèndent audltorfs report to the Member5 01 The Davld Tann¢n Charltable Trust of 28 March 1974 Oplnlon Wo have audited the financial statemen18 of The David Tannen Chaiitable Trust of 28 March 1974 (the 'parent charily'l and its subsidiaries Ilhe 'group'l for the year endod 30 June 2025 which comprise the Consolidated statement of financial aclivilies, the Consolidated balance sheet, the Charity balance sheet, the Censolidaled slalemenl of cash flows and the related notes, including a summary of significant accounting policios. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Sl8ndard applicable in the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accounting Practil- The fina1?1 statements have been propared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance wilh tha Financial Reporting Stsndards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommènded Practice issued on 1 April 2005 which is referred lo in the èxtant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the linancial slalèmènls.. give a true and fair view of the slate of the Group's and of the parent charity's affairs as a130 June 2025 gnd of the Group's incoming resources and application of resources, including its income and expenditure for the year then &nd8d', have beer) properly prepared in a¢wrdan¢e with United Kingdom Generally Accepted Accounllng Practice.. and have been prepared in accordance wlh the requiremenls of the Charities Act 2011. Basls for oplnlon W8 conducted our audit in accordance with Inteinalional Standards on Auditing IUKI IISAS IUKII and applicab law. Our responsibilbties under those sland8rds are further described in the Audilols responsibilities for the audit of the financial slalemenls section of our r¢port, We are independent of the Group in accordance with the ethical ¥equirem8nts that are relevant lo our audit of th8 financial statements in the Unitèd Kingdom. including the Financial Reporting Council's Elhtcal Standard, and we have fulfilled our other elhi¢al responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropliato to provide a basis for our opinion. Conclusions relatlng to golng Concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. B88ed on the ivork we have performed. we have not identified any material uncertainlles relating lo events OT conditions that, individually or collectively, may cost significant doubl the Group's or the parent charity's ability lo continue as 8 going ¢oncern for a period of al least tsvelve months from when the fi'nancial slalemenls aro aulhorised for issue. Our responsibilities and the responsibililios of the Trustees wth re8pecl lo going concern are described in the relevant sections of this report. Page 5
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Independent audltorfs report to the Members of The David Tannen Charitable Trust of 2B March 1974 l¢ontlnuedl Other Information The other information comprises the informat included in the Annual report olh&r than the financial statements and our Audilorfs report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent otherwise explicilty slated in our report, wè do not express any ftsrm of assurance conclusion Iherèon. Our r8sponsibilily is to read the other information and, in doing $0, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent maleiial misslalemenls, w8 are required lo detemiine whether this gives rise lo a material misslalemenl in the financial statements Ihem$6lves. If. based on the work we have performed, we conclude that there is a material misstatement of this otheT information, we are required lo report that fact. We have nothing to report in this r8gard. Matiers on whlch w are Yoqulred to report by exceptlon We have nothing to report in respect of the following matters where the Ch8ri1188 (Acwunts and Reports) Regulation8 2008 requiTes us to roport to you if, in our opinion.. the information given in thè Trustees. report is inconsislenl in any material respect with the financial 8lalementS', QT the par8nl Charity has not kept suffi'cient aEcountin9 records., or the paTenl Charity finan¢i81 statements are not in agreement with th8 accounting iecords and rètUTn$'. or we have not received all the infom)ation and explanations we require for our audit. Respon$lbilitios of tru$tOg5 A8 explained morè fulty in the Trustees, responsibilities slalemenl, the Trustees are rèsponsible for the preparation ol the financial statements which give a true and fair view, and for such intemal control as the TiLslees determine is necessary to enable the preparation of financial statements that are free from material misslalemenl, whether due to fraud or arror. In preparing the financial slalemenls, the Trustees are responsibl8 for assessing the Group's and the parent charity's ability lo continue as a going concem, disclosing, as applicable, mallers related lo going concefn and using the going concern basis of accounting unless the Trustèes either inland lo liquidate the Group or thè Parent Charity or to cease operations, or have nts realistic alternative bul lo do so. Page 6
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Independent audltols rèport to the Members Of The David Tannen Charltable Trust of 28 March 1974 {contlnu8dl Audltor's responsibilities for thè audlt of th& financlal statements W8 hav8 been appointed as audbtor under section 151 of the Charities Act 2011 and report in accordance wlh the Act and relèvant regulalnns made or having effect thereunder. Our objedives are lo obtain reasonable assurance a)oth whelher the financial slatemènls as a whole are free from material misslolemenl, whether due lo fraud or error. and lo issue an Auditorfs roport that include8 our gpinion. Reasonable assurance is a high level of assurance, bul is not a guarantee th81 an audit conducted in 8ccordan¢e with ISAS IUKI will always delèct a material misslalement when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonabty be expected lo influ8nce the economic decisions of users taken on the basis of these finarKial slatemenls. Irr6gularitl8s, including fraud, are inglances of non4ompliance with laws and regulations. We design proc&dures in line with our responsibilities. outlined above, lo d8le¢l material mis$lalemenls in respect of irfegularilies, including fraud. The extent lo which our procedures are capable of delecling irregulari118S, including fraud 1$ detailed below.. We identified areas of law8 and regulations that could reasonably b8 expected lo have a material effect on the financial slalemenls from our se¢lor experience through discussion with the directors and other management las required by auditing standardsl- We had regard lo laws and regulation5 in areas that directly affect the financial statements including financial reporting (including related company legislalionl and laxalion Ils18t10. We considered that extent of mpliance with those laws 8nd regulations as part of our procedures on the related financial stalemont items. With the exception of any known or possible rbon-compliance, and as required by auditing Standards, our work in respect of these was limited lo enquiry of the dire¢tors. We communicated identified laws and regulations throughout our team and remainéd al8rt lo any indications of non-compliance throughout the audit. We addressed th8 risk of fraud through management override of controls. by testing the appropriateness of journal entries and other adjuslmenls,. assessing whether the judgements made in making accounting eslimales ar& indi¢ative of a potential bias," and evalualing the business Tationale of any significant transactions that are unusual or outside the normal course of business. Our oudil procedures were designed lo respond to risks of material misstalemenl in the financial slalement8, recognising that the risk of not delecling a material misslalemenl duo to fraud is higher than the risk of not detecting one resutting from error, as fraud may involve deliberate Concealment by, for èxample, forgery, misreprésenlalions or through collusion. The are inherent limitations the audit procedures perfomied and the further romov6d non-complianc& with laws and regulations Is from the events and Iransa¢tions refflecled in the financial slalemenls, the less likely we are lo become aware of f(. A further description of our responsibilitie5 for the audit of the financial statements 1$ located on the Financial Reporting Council's website at.. ilorsres on$ibili1163. This description forms part of our Auditor's report. Page 7
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Indgpgndant audltorf5 report to the Membèrs of The Davld Tannen Charltable Trust of 28 March 1974 Icontinuedl Use of our report This report is made solely to the Charity's Iru8lees, as a body, bi accordance with Patt 4 of tho Charities {Accounts and Reports) Regulations 2008. Our audit work has begn undertaken so that we mlyht state lo the Charity's trustees those matters we are required to stalè lo them in an Auditor's report and for no other PUTPOSe. To the fullest extent permitted by law, we do not cept or assume resptsnsibilily lo anyone other than the charity and 115 Iruslees. as a body. for our audit work, for this report, or for the opinions we have fom)ed. Melinek Flnè LLP Chartered Accountants Slalulory Audilor Winston House 349 Regents Park Road London N3 1DH Date.'IL Melinek Fine LLP are eligible to act as auditor5 in leTms of section 1212 of the Companies Act 2006. Page 8
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Consoltdatèd Ststem8nt of financial actl¥lll•s For th• year and•d 30 Junè 2026 Endowment Unrnstdet•d fund$ funds 2025 2025 Totsl fund 2025 Total funds 2024 Note Income and endowments from: Investments 3.480,130 3,480.130 2,999.475 Tolal Income and endowments 3,4BO.130 3,480.130 2,999.475 ExndIture on: R8i81ng lunds CYrItable actiwlies 2.596,610 458,41 2A96.610 458A10 2.404.715 441.810 Total expendlture 3,05£,020 3.OSS,020 2,846,525 N•t Incofflo bglore net galns on In¥•stm•nts Net gains on Investments Ngt Incom• In tho year and mov•mènt In funds 425,110 425.110 152.950 556.400 425.11 425.110 709.350 Re¢on¢51iation of fund$: Totsl funds brought forward Net movom9llt in funds 44N62 34.621.098 425,110 3{665.560 425.110 33.956.210 709.350 T¢)tal fvnds rArrf•d fonvavd 44,462 35.IM6,208 35.090.670 34.885.580 The Consolidated statement of financial actsviliès includes all 9aill3 and losses recognised in the year. The notes on pages 13 to 22 form part of these financial 51atem8nls. Pa9e 9
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Consolldated balanco sh8et As at 30 June 2026 2025 2024 Note Flxed assets Investments Investment property 11 12 1,200,010 44.57S,000 1.200,010 44.400,IKsO 45.775,010 45,600,010 Currpnt assets Deblors Cash al bank ond In hand 13 340.103 12.673,845 738,283 12,056,055 13.013.948 12,794,338 Current Ilablllties CdItOrS.. amounts falling due within one year 14 1868,2881 1898,7881 Net current assets 12,145,660 11,895,550 Total assets les$ Current Ilabllitles 67,920,670 57,495,560 Crailors.. amounts falling due after more than one year 15 {22,830,0001 122,830,000) Total net assets 35,090,670 34,665,560 Charity funds Endowment funds Unreslrictgd funds 16 16 44,462 35,046,208 44,462 34,621,098 Total funds 35,090.670 34,665,560 The financial slalemgnts were approved and aulhori5ed for issue by the Trustees and s¢gn8d on their behalf by.. J Mlller Trustee Date. The notes on pages 1310 22 form part of these financial slalemenl8. Pag8 10
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Charlty Statement of flnanclal posltion As at 30 Jun& 2025 2025 2024 Nots Flxed assets Investments Investment property 11 12 1,840,737 26.77S.000 1,840,737 26.600,000 28,615.737 28,440,737 Current assets Debtors Cash al bank and in hand 13 8,228,687 11.564,173 8,564,751 11,018,050 19.792.860 19,582,801 Current Ilabllltios CrediloTS.' amounts falling due within one year 14 1867.9241 1707.977) Net eurrent a$s•ts 19,124,936 18.874,824 Total assets les5 current Ilabilltles 47,740.673 47,315,561 Creditors.. amounts falling du& after more than one year 15 {12,650,000} 112,650,000) Total nat asset8 35,090,673 34,665,561 ChaTity funds Endowment funds UnrestriGled fund8 16 16 44,462 36.046,211 44,462 34,621,099 Totsl lund$ 35,090.673 34,865,561 The financial staements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. J Miller Tru8lee Dale: Is10)30 The notès on pages 13 10 22 form port of these finan¢ig1 $lalements. Page11
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Consolidated Statgment of cash flows For the yoar ended 30 Jung 2025 2026 2024 Note Cash flow5 from operatlng actSvlti8s Nel cash used in operating gctivilies 17 2,344,393 1,210,930 Proceeds from the Sab of Investment property 790,400 Net cash provlded by Investlng a¢tlvltle$ 790AOO Ch flows from flnanclng activltlos Cash inftows fiom new borrowing Repayments of borrowing Purchase of investmenl pr¢¥)erty Inlefest payable 10,180,000 {10,235,000) 1175.0001 11,551,603} 11,350,019) Net cash used In flnanclny a¢llvities {1.726.603I 11.405.019> Change in cash and ¢ash 8qulvalent8 In tha year Cash and cash equivalents al the beginning of the year 617,790 12,066,055 11,459,744 596.311 Cash and cash •qulvalent$ at the end of the year 18 12,673.845 12,056,055 The noles on pages 13 to 22 form part of these financial ststements Page 12
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Note$ to tho financlal statements For the yoar ended 30 June 2025 General Informatlon The David Tannen Charitable Trust is a chaTilable trust registered in England and Wales under the Charities Act. The address of the registered offKe is given on the Information p8ge. Accountlng pollcles 2.1 Basls of prgparatlon of financlal statomènts The financial slalemenls have been prepared iri accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Slalemenl of Recommended PT8CtiC8 applicable lo charities pieparing their accounts in accordanc8 with th8 Financial RepDrting 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 ChaTltie$ Act 2011. The fi'nancial slatemenls have been pr8par8d to give a Irue and fail viow and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than th8 Accounting and Reporting by Charities: Ststement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The David Tannen Charbtable Trust of 28 March 1974 meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initially reccgnised al historical cost OT transaction value unless olh8rwise slated in the relevant accounting policy. The Consolidated statement of financial activities {SOFA} and Consolidated balance sheet consolidate the financial slalemenls of the Charily and ils subsidiary undertaking. The results of the 8ub8idiary ar8 consolidated on a line by line ba¥is. 2.2 Going toncèrn There are no material uncertainties relating lo going concem. 2.3 Income All income is recognlsed once the Charity has enlillemenl lo the income, it is probable that the Income will bg received and the amount of income receivable can be measuied reliably. Income tax recoverable in relation to investment incomo is reGognised al the time the investment Inco is receivable. Pa9e13
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to the flnanclal $tatsments For IhF ypar énded 30 June 2025 Aceountlng pollcles Icontlnued) 2.4 Expendltur• Expenditure is recognised once there is a legal or Bonstructive obligalK)n to transfer econom benefit lo a third party, il 18 probable that a transfer of economic benefits will b¢ Tequired in settlement and th@ amount of the obligation can bè measured reliabty. Expenditure is classifi8d by aclivily. The cost8 of each aetivily are made up of the total of direct costs and shared costs, including ¥upport costs involved in undertaking each activity. Direct costs attributable to a Single activity are allocated directly lo that activity. Shared costs which contribute lo mor8 than one activity and support costs which are not allribvtable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff Costs are alloc8ted on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. ExpenLlilure on raising funds includes all expénditure incurred by the Group to raise funds for Ils char41able purposes and includes costs of all fundraisin9 activilios events and non-charilable trading. Expenditure on charitabl& activities is incurred on directly undertaking the activities which furthei the Group's objectives, a$ well as any asso¢ialed support costs. Grants payable are charg8d in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as axpendilure when the conditions allaching are fulfilled. Grants offered subject to condilions which have not been mel al the year end are noted as a commitment, bul not a¢¢rued ag expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest recèlvable Interest on funds held on dgPOSIt 1$ in¢luded when receivable and Ihe amounl can be measured reliably by the Group., Ihis is normally upon notrficalion of the interest Paid or payable by the inslilulion with whom the funds are dep0511ed. 2.6 Taxatlon The charity is exempt from corporation lax on ils charitable activitie$. 2.7 Basls of consolidatlon The financial statements consolidate the accounts of The David Tannen Charitable Trust of 28 March 1974 and all of ils subsidiary undertakings {'sub8idiaries'l. The results of subsidiaries acquired during the year are included from the effective dale of acquisllion. The income and expenditure account for the year dealt with in thè accounts of the charity was a surplus of £425,11112024- £709,350). 2.8 Investments Fixed a5sel investments are a form of financial instrument and are inilialty recognised at their transaction cost and subsequently measured 81 fair value at the Bal8n¢è sheet date. unless the value Cannot ba measured reliably in which ca6e il is measurod at Gosl less impairment. Investment gains and 108ses. whether realised or unreolised, are combined and presented as 'Gainsl{Losses} on investments, in the Consolidated statement of financial aclivilies. Investment8 in subsidiaries are valued at cost less provision for impairment. Page 14
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to the tlnancial statements For the year ended 30 Jun$ 2025 Aocountlng pollcles Icontlnuedl 2.9 Investment property Investment property is carried al faif value determined annually by the tru8lee8 and d8Tived from exiernal valuations, the Current market rents and invèstment property yields for comparable real eslale, adjusted if necess8ry for any difference in the nature, localion or condition ol the specific asset. Chgnges in fair value are re¢ognisd in the SOFA. 2.10 Financlal Instruments The Group only has financial assets and financial liabllilies of a kind that qualify as basic financial inslrumènls. Basic linancial instrumènts are initially recognised al transaction value and subsequently measured al their selll&menl value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.11 Fund ac¢ountlng General funds are unrestricted funds which 8re availablo for use 01 the discreliot) of the Trustees in furtherance of the general obje¢livos of the Group and which have not been designated foi other purposes. Inv&stmenl income, gains and lossès are allocated lo the apprcyriate fund. Judgoments In applylng accountlng pollcles and kgy sources of etstlmatloth uncertalnty In preparin9 these financial slalemenls the directors have made judgements lo determine the falr value of the company's investment property. Factors taken into consideration include the Current market rents antl investment property yields for comparable real eslale, adjusted il necessary for any dtffer8nce in the nature, location or condition of the specific asset. Investment income Unrestrlcted funds 2025 Total fund$ 2025 Total funds 2024 Rent from inve81ment properties Interest 2,995,989 484,141 2.995,989 484,141 2,584,451 415,024 3,480,130 3,480.130 2,999,475 Page 15
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to the flnanclal statsmgnts For the year ended 30 June 2026 Investmgnt management costs Unrostrirted funds 2025 Total funds 2025 Total funds 2024 8ank loan inlere$t Property expenses 1.551,603 1,045,007 1,551.603 1,045.007 1,350,019 1,054,696 2,596,610 2,596.610 2,404,715 Analysls of grants Grant$ to Institutions 2026 Total fun(Is 2025 Totsl funds 2024 GTanls payable 451,30LI 4S1,300 434,700 The Group has mada the following material grants to in$litutlons during the year. 202S Name of In$titullon Hasmonean High School Charitable Trust WST Charity Ltd United Synagogue Hatzola Northwèst Trust Chana Charily Ltd Achisomo¢h Aid Co Ltd 20,000 25.000 21500 20,000 3S.000 66.200 178,700 Othèr grants to inslilulions - less than £16.000 272,600 451.300 Page 16
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to the flnancial statemonts For thè ygar ended 30 June 2025 Analysls of gxpendlture by actlvlties Grant funding of actlvltles 2025 Support costs 2026 Total funds 2025 Total funds 2024 Grants payable Audilols remuneration 451,300 451,300 7,110 434,700 7,110 7,110 Total 2025 451.300 7,110 458,410 441,810 Audltor's remuneration 2025 2024 Fees payable to the Charity's auditor for the audit of the Ch8rrt¥s annual accounts 3,960 3,960 Fees payable to the Charit1$ auditor in respect of.. The auditlng of accounts of associate8 of the Charity 3.1SO 3,150 Tru$te8s' remun8ratlon and oxpenses During thè year. no Trustees received any remuneration or other benefits (2024- £NILI. During the year &nded 30 June 2025. no Trustee expenses have been incurred12024- £NILI. 10. Employees Th6 average monthly number of employee8 was NIL12024- NIL). Page 17
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to th? flnancial statsments For tho yèar ended 30 June 2026 11. Flxod ass•t Investments Unllsted Investmpnt5 Group Cost or valuatlon Al 1 July 2024 1,200,010 AI 30 June 2025 1.200.010 Net book value At 30 June 2025 1,200,010 AI 30 June 2024 1,200,010 Investmgnt$ In sub51diary Unllsied companies Investments Total Charlty Cost or valuation At 1 July 2024 640,727 1,200,010 1.840.n7 At 30 June 2025 640,727 1.200.010 1,840.737 Not book valuo AI 30 Jun8 2025 640,727 1.200,010 1.840.737 At 30 Juno 2024 640,727 1,200,010 1,840,737 Prlnclpal sub51diarlo$ The followng was a subsidiary undertaking of the Charity. and included in consolidation. Principal actlvlty Class of Holdlng shares Name Company number Oxgrange Ltd 09855971 Property investmer¢t Ordinary 1004 Page 18
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to the flnanclal statements For the year ènded 30 June 2025 I l. Fixed assèt Investmènts (continued} Unlisted investments of £1,20D,010 compTi8e 1,023 ordinary shares and 1,028 'A' shares of £1 each, which comprise approximately 220h of the share capital In The Tannen Group Limited, a parent company of a property investment group. Whilst the investment in Tho Tannen Gioup Limited could ¢onstitule il being an Associate, the trustees are of th8 opinion that The David Tannen Charitablè Trust of 28 March 1974 does not exercise significant influènce Over its operating and financial policy deGi$ion8, hence the holding is treated strictly as an invèstment. 12. Investmgnt property Group Freehold Investm8nt property Valuatlon At l July 2024 Additions 44,4110,000 175,000 At 30 June 2025 44,575,000 Charlty Freehold nvestment property Valuation Al 1 July 2024 Additions 26,800.000 176,000 At 30 June 2025 26,776,000 The 2025 valuations were made by the Iruslees as a130 June 2025 on an open market value for existing use basis. Page 19
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to the financial statèmènts For the year end&d 30 June 2025 13. Debtots Group 2025 Group 2024 Charlty 2025 Charity 2024 Due within on• year Trade debtor8 Amounts owed by group undertakings Other debtors Prepayments and aecruéd income 164,654 78,255 164.654 7,888,68S 136.289 39,159 78,255 7.996,945 489,551 136.289 39,160 489,552 170,476 340,103 738.283 8,228.687 8,564,751 14. Creditors: Amount5 falllng due wlthin one year Group 2025 Group 2024 Charfty 2025 Charity 2024 Trad6 creditors olher18xalion and social S8CLbrily Other creditors Accruals and deferred income 35.067 151.735 69,138 642,850 35,067 151,735 51,478 469,699 143,290 27,310 697,688 143,290 100 524,534 868,288 898,788 667,924 707,977 15. Creditors: Amounts falllng due after more than one year Group 2025 Group 2024 Charlty 2025 Charity 2024 Bank loans 22.830.000 22.830,000 12,650,000 12,650,000 The bank loans are secured on the groups's freehold investment properties and by a floating charge ovèr the assets of tho charity. The interest rate on the loans are between 5.50A and 6.7Vh per annum until expiry. Page 20
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Notes to the financial statomants For the year onded 30 June 2026 16. Sialomont of funds Statèment of funds- currfrnt year Balance at 30 June 2025 Balance at 1 July 2024 Incom& Exponditure Unrestrlct¢d funds General Funds Vnallocaled amounts 34,621.098 3,474,240 (3.055,0201 35,040,318 5,890 6,890 34.621.098 3.480.130 13.065,0201 35,046.2Q8 Endowmènt funds Endowment funds 44,462 44,462 Total of funds 34,665,560 3,480,130 {3,055,0201 35,090,670 17. Reconolllatbon of not movement In funds to net cash flow from operatlng actlvltles Group 2025 Group 2024 Net income for the yeaT las per Slalemenl of Financial Activiltesl 425,110 709,350 Adjustments for: Decreasellincrease} in debtors Decrease in crèditors Profil on sale of inv6slmanl propety Interest payable 398,180 130,5001 1152,9711 1689,0681 16,4001 1,350,019 1.551.603 Net cash provlded by operatlng actlvltlos 2,344,393 1,210.930 18. Analysls of cash and cash èqulvalents Group 2025 Group 2024 Cash in hand 12.673.845 12,058.055 Total cash and cash equSvalents 12,673,845 12,056,055 Page 21
THE DAVID TANNEN CHARITABLE TRUST OF 28 MARCH 1974 Note$ to tho flnanclal statements For the year ended 30 Junè 2025 19. Analy$is of chang&s In net debt At1Jufy 2024 Cash flows At 30 June 2025 Cash al bank and in hand Debt due within 1 year Debl du8 after 1 year 12,056.055 169,1361 122,830.0001 617,790 12,673.845 41.826 27,3101 122,830.0001 110,843,081) 659.616 {10.183.4651 Oporatlng lease commltments The charily aSe8 out thè Investment properties under non-cancellable aperaling leases for Ihe following future minimum lease receivables. Thore are no conlingenl rents. Group 2025 Group 2024 Charity 2025 Charity 2024 Amounts recg5vable: Not later than 1 year Later than 1 year and not latèr than 5 years Later than 5 years 1,828,248 6,126,060 1,023,148 1,348,119 3,835,663 586,685 1,828,248 6,126,060 1,023,14B 1,348,119 3,835,683 586.685 8,977,456 5,770,467 8,977,456 5.770,467 Some of the group's investment properties ar8 r8sidential and are leasèd under short lem) rolling contraels. There are no fulijre minimum lease receivables lo disclose in resped of th8s& leases. 21. Endowmènt funds Under the settlement dated 28 March 1974, an amount of £44,462 is lo be ret8ined unlèss provÉsion is granted by the 8etllor lo do olhaNise. 22. Relatéd party transactlons The company is enlilled to 100A of both the net rental income and the sales 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 £43,833 12024 - £43,818) included in other debtors relate lo these properties, with income receivable of £1512024- £361. 23. Controlling party The conlToiling party is the trustees. Paga 22