## 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