Charlty nUm￿r. 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 proV￿1n9 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 Practi￿l-
The fina￿1?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
TiL*slees 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 I￿ls18t10￿. 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
Ex￿ndIture on:
R8i81ng lunds
CY￿rItable 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
C￿dItOrS.. 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
C￿h 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 $tatsments
For IhF ypar énded 30 June 2025
Aceountlng pollcles Icontlnued)
2.4 Expendltur•
Expenditure is recognised once there is a legal or Bonstructive obligalK)n to transfer econom
benefit lo a third party, il 18 probable that a transfer of economic benefits will b¢ Tequired in
settlement and th@ amount of the obligation can bè measured reliabty. Expenditure is classifi8d by
aclivily. The cost8 of each aetivily are made up of the total of direct costs and shared costs,
including ¥upport costs involved in undertaking each activity. Direct costs attributable to a Single
activity are allocated directly lo that activity. Shared costs which contribute lo mor8 than one activity
and support costs which are not allribvtable to a single activity are apportioned be￿een those
activities on a basis consistent with the use of resources. Central staff Costs are alloc8ted on the
basis of lime spent, and depreciation charges allocated on the portion of the asset's use.
ExpenLlilure on raising funds includes all expénditure incurred by the Group to raise funds for Ils
char41able purposes and includes costs of all fundraisin9 activilios events and non-charilable trading.
Expenditure on charitabl& activities is incurred on directly undertaking the activities which furthei the
Group's objectives, a$ 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