The Djanogly Foundation
Charity number: 280500
TRUSTEES REPORT AND FINANCIAL STATEMENTS
for the year ended
5 April 2023
The Djanogly Foundation
TRUSTEES AND OFFICERS
TRUSTEES
Sir Harry Djanogly CBE M. S. Djanogly J.S. Djanogly J.K. Djanogly
Secretory A. Allanson
REGISTERED CHARITY
280500 (England and Wales)
ADDRESS
3 Angel Court St James London SW1Y 6QF
BANKERS
HSBC Plc 90 Baker Street London SW1U 6AX
INDEPENDENT EXAMINER
Peter Duboff FCA Kingsbury House 468 Church Lane London NW9 8UA
STOCKBROKERS
Redmayne-Bentley LLP 9 Bond Court Leeds LS1 2JZ
1
The Djanogly Foundation
TRUSTEES’REPORT
The Trustees present their report together with the financial statements of the Charity for the year ended 5 April 2023.
Constitution & Objectives
The Trustees hold the funds of the Charity on trust to pay or apply the whole thereof to or towards or for the benefit of or in furtherance of such charitable purposes, institutions or foundations in the United Kingdom or elsewhere, and in such manner and proportions as the Trustees may from time to time in their absolute and uncontrolled discretion determine.
Organisation
The Trustees who have served during the year and since the year end are set out on page 1. The Board of Trustees have the power to appoint additional trustees at their discretion.
Donations and grant making policy
The donations policy of the Trustees is to sponsor developments in medicine, education, social welfare and the arts. Grants will also be made to fund projects to relieve distress and to promote the welfare of the aged and the young.
The charity is particularly concerned with the funding of projects that are new and may require a number of years to establish. In such cases the grant making activity will be related to the development phases of these projects.
Financial review and investment policy
During the year the Trust received dividend income and bank interest totalling £63,797 (2022-£45,767)
There are no restrictions of the charity’s power to invest. The investment strategy of the charity, taking into account income requirements, risk profile and medium-term economic prospects, is to hold funds in UK equities selected by the Trustees and on deposit at bank.
Reserves policy
The Trustees will endeavour to distribute the net dividend and interest income of the Trust within 18 months of the end of the accounting period in which the income is received. However if the Trustees have identified a specific high value project then funds may be retained to finance this.
Risk management
Investments are held primarily in UK and overseas equities selected by the Trustees based on their assessment of the risk in terms of capital and income the Trust is prepared to accept in order to generate sufficient capital growth and income to achieve its objectives.
The annual report was approved by the trustees of the charity on 2[nd] November 2023 and signed on its behalf by:
Sir Harry Djanogly CBE Trustee
2
The Djanogly Foundation
TRUSTEES’ REPORT
TRUSTEES RESPONSIBILITIES
The Trustees are required under the Charities Act 2011 to prepare the financial statements for each financial year and which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements giving a true and fair view, the Trustees should follow the best practice and:
-
a. Select suitable accounting policies and then apply them consistently
-
b. Make judgements and estimates that are reasonable and prudent
-
c. Observe methods and principles of the Charities SORP
-
d. State weather applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements
-
e. Prepare financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees confirm that they have complied with the above requirements in the preparing the financial statements.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ascertain the financial position of the Charity and which enable them to ensure that financial statements comply with the requirements of the Charities (Accounts and Reports) Regulations 2005 and provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
3
The Djanogly Foundation
INDEPENDENT EXAMINERS REPORT
I report on the financial statements of The Djanogly Foundation for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes 1 to 6. These financial statements have been prepared in accordance with the Charities Act 2011 (“The Act”) and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities Statement of Recommended Practice issued on 1 April 2005 which is referred to in extant regulations but has now been withdrawn.
Respective responsibilities of trustees and the examiner
The charity’s trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards as set out in the Statement of Trustees’ Responsibilities.
The charity’s trustees consider that an audit is not required for the year under section 144(2) of The Act and that an independent examiners report is required instead.
It is my responsibility to examine the financial statements under section 145 of The Act and follow the procedures laid out in the General Directions given by the Charity Commission under section 145(5)(b) of the Act, and state whether any particular matters have come to my attention.
Independent examiner’s statement
In connection with my examination no matter has come to my attention giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act:
-
the financial statements do not accord with those records
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Peter Duboff FCA Chartered Accountant
Kingsbury House 468 Church Lane London NW9 8UA
Date: 3[rd] November 2023
4
The Djanogly Foundation
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 5 April 2023
| Notes INCOMING RESOURCES Investment income 2 Other income TOTAL INCOMING RESOURCES RESOURCES EXPENDED Direct Charitable expenditure: Grants: 3 Increase/(Decrease) in committed grants Governance costs TOTAL RESOURCES EXPANDED Net (outgoing) resources before other recognised gains and losses (Losses)/Gains on disposal of investments Net (outgoing)/incoming resources before revaluations Profit/(Loss) on revaluation of investments NET INCREASE/(REDUCTION) IN FUNDS Funds brought forward at 6 April 2022 Funds Carried forward at 5 April 2023 |
2023 £ 63,797 32,594 96,931 87,028 751,087 838,115 13,455 851,570 (754,639) 35,593 (719,046) (87,307 (806,353) 4,066,108 3,259,755 |
2022 £ 45,767 - |
|---|---|---|
| 45,767 | ||
| 405,110 (225,000) |
||
| 180,110 | ||
| 12,054 | ||
| 192,164 | ||
| (146,397) (65,892) |
||
| (212,289) | ||
| 1,767 | ||
| (210,472) 4,276,580 |
||
| 4,066,108 |
5
The Djanogly Foundation
BALANCE SHEET
For the year ended 5 April 2023
| Notes FIXED ASSETS Investment at market value 5 CURRENT ASSETS Amount due from Gold Trust Sundry debtor Bank Balances CREDITORS: Amounts falling due within one year: Share purchases Grants payable within one year Loans from trustees Accruals NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES Grants Payable in more than one year NET ASSETS UNRESTRICTED FUNDS |
2023 £ |
2022 £ |
|---|---|---|
| 3,919,964 | 4,280,882 | |
| 100,000 6,090 41,126 |
100,000 - 5,822 |
|
| 147,216 | 105,822 | |
| 333,614 5,000 1,500 |
110,000 4,890 5,500 |
|
| 340,114 | 120,390 | |
| 192,898 | (14,568) | |
| 3,727,066 467,311 |
4,266,314 200,000 |
|
| 3,259,755 | 4,066,314 | |
| 3,259,755 | 4,066,314 |
The notes on page 8-11 form part of these accounts
Approved by the Board of Trustees on 2[nd] November 2023 and signed on its behalf by
Sir Harry Djanogly CBE Chairman
6
The Djanogly Foundation
CASH FLOW STATEMENT
For the year ended 5 April 2023
| Notes Cash (outflow) from operating activities 7 Returns on Investment and servicing of finance Interest received Investment income Capital expenditure and financial investments Payments to acquire fixed asset investments Proceeds of disposal of fixed asset investment (Decrease) /increase in cash in the year Net cash resources at 6thof April 2022 Net Cash resources at 5th of April 2023 |
2023 £ (325,986) - 63,797 63,797 41,191 256,302 297,493 35,304 5,822 41,126 |
2022 £ (512,623) 0 45,767 |
|---|---|---|
| 45,767 | ||
| 0 445,968 |
||
| 445,968 | ||
| (20,889) 26,711 |
||
| 5,822 |
7
The Djanogly Foundation
ACCOUNTING POLICIES
For the year ended 5 April 2023
1 ACCOUNTING POLICIES
BASIS OF PREPARATION
The financial statements have been prepared under the historical cost convention with the exception that investments are stated at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102) effective 1[st] January 2019 and with the Charities Act 2011.
INCOMING RESOURCES
All incoming resources are accounted for in the period in which the charity is entitled to receipt.
FUND ACCOUNTING
All of the Trust’s funds are unrestricted, being available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust. Designated funds are unrestricted funds, set aside at the discretion of the Trustees for specific purposes.
RESOURCES EXPENDED
Liabilities are recognised as resources expended as soon as there is a legal or contractual obligation committing the Charity to the expense. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Donations payable are payments made to third parties in the furtherance of the charitable objectives of the trust and are charged in the year in which they are made.
COSTS OF GENERATING FUNDS
The costs of generating funds consist of investment management costs. Management and administration costs are those incurred in connection with the management of the Trust’s assets, organisational administration and compliance with constitutional and statutory requirements.
CHARITABLE ACTIVITIES
Costs of charitable activities include donations made.
GOVERNANCE COSTS
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the independent examination.
FIXED ASSET INVESTMENTS
Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
UNREALISED GAINS AND LOSSES
All gains and losses are taken to the statement of financial activities as they arise. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later)
8
The Djanogly Foundation
NOTES FORMING PART OF THE ACCOUNTS
FOR THE YEAR ENDED 5 April 2023
| 2 Donations | Amount |
|---|---|
| BEIT Halochem | 200.00 |
| Community Security Trust | 2,000.00 |
| CST | 2,000.00 |
| E Daniel brain Tumor | 495.00 |
| Free Speech Union | 250.00 |
| Garsington Opera | 1,500.00 |
| Israel Philharmonic Orchestra | 5,000.00 |
| Jersey Hospice | 10,000.00 |
| Jewish Care | 12,500.00 |
| National Portrait Gallery | 9,100.00 |
| New West end Synagogue | 110.00 |
| Norwood | 10,000.00 |
| Nottingham Playhouse | 11,625.00 |
| Royal Opera House | 1,000.00 |
| Sanhedria Cemetery | 3,748.00 |
| Second Chance Childrens Charity | 1,000.00 |
| St Lawrence College | 10,000.00 |
| The Holburne Museum | 2,000.00 |
| United Synagogue | 4,000.00 |
| Weizmann Institute Foundation | 500.00 |
| Total | 87,028.00 |
9
The Djanogly Foundation
NOTES FORMING PART OF THE ACCOUNTS
| NOTES FORMING PART OF THE ACCOUNTS | ||
|---|---|---|
| FOR THE YEAR ENDED 5 April 2023 | 2022 £ 225,000 - |
|
| OF THE GRANTS PAID Committed as at 5 April 2022 Committed and paid during the year RECONCILIATION OF COMMITMENTS Commitments as at 6 April 2022 Commitments made during the year and not paid Commitments cancelled during the year Prior year commitments paid during the year Commitments due within one year Commitments due after one year GOVERNANCE COSTS Independent examiner’s fee Management fees Other expenses Bank charges |
2023 £ 100,000 160,162 260,162 310,000 961,087 - (210,000) (260,162) 800,925 333,614 467,311 800,925 2023 £ 1,500 6,440 5,390 125 13,455 |
|
| 225,000 | ||
| 535,000 | ||
| - | ||
| - (225,000) |
||
| 310,000 | ||
| 110,000 200,000 |
||
| 310,000 | ||
| 2022 £ 1,500 10,399 - 155 12,054 |
10
The Djanogly Foundation
NOTES FORMING PART OF THE ACCOUNTS
FOR THE YEAR ENDED 5 April 2023
| INVESTMENTS Market value at 6 April 2022 Additions at cost Sale proceeds NET INVESTMENT (LOSSES)/GANES Realised Unrealised Market value at 5 April 2023 Historical cost at 5 April 2023 INVESTMENTS AT MARKET VLUE COMPRISED Quoted equities – UK Quoted equities – foreign Unquoted securities Market value at 5 April 2023 Investments held at the 5 April 2023 each representing more than 5% were APT Lloyds Banking Group Plc Nacre Tapi Carpets |
2023 £ 4,280,676 17,377 (374,890) - 35,593 (38,792) 3,919,964 4,817,489 2,417,426 60,116 1,442,422 3,919,964 767,000 590,581 484,766 841,498 2,683,845 |
2022 £ 4,731,361 0 (445,967) - 65,842 61,126 |
|---|---|---|
| 4,280,676 | ||
| 5,193,197 | ||
| 1,635,260 73,648 2,571,768 |
||
| 4,280,676 | ||
| 727,700 564,729 666,229 897,598 |
||
| 2,856,256 |
11