**Charity registration number 286738 (England and Wales)**
## **THE MEREPHDI FOUNDATION**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **THE MEREPHDI FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** A Mushin M Green A Naftalin J Larholt **Charity number** 286738 **Principal address** 42 Redbourne Avenue London N3 2BS **Independent examiner** Gravita Audit II Limited Aldgate Tower 2 Leman Street London United Kingdom E1 8FA
## **THE MEREPHDI FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Statement of financial position|5|
|Notes to the financial statements|6 - 10|
## **THE MEREPHDI FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019)
## **Objectives and activities**
The objective of the Foundation is to provide resources for medical research and care services to various hospitals and clinics in Israel.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
The Foundation carries out its programme through partnerships with institutions, in particular, the Foundation has concentrated on developing the existing partnership with Clalit Health Services.
## **Grant making policy**
The Foundation established its grant making policy 7th March 1983. Subscriptions and donations given for the purposes of the Foundation shall be held upon trust that the same shall be applied to advance for the public benefit in Israel medical research and the publication of the useful results of such research and the provision of medical facilities for those who cannot reasonable afford them and the preservation and protection of health and relief of the sick the aged and the disabled.
## **Achievements and performance**
The Foundation continued in it's effort to support institutions that provide medical care in Israel. Results can be found on page 4 of the Accounts.
Significant activities in the period were £230,000 to Soroka Medical Centre and £5,000 to Emek Medical Centre.
By focussing on these activities programme we have been able to advance medical care services in Israel.
## **Financial review**
The Foundation's income for the year was £232,400 (2024: £386,940) out of which total costs of £237,400 (2024: £381,940) were met.
The Trustees' policy is to operate on the basis of being able to continue to generate sufficient incoming resources to maintain its charitable objects and to accord with its principle aims.
## **Risk management**
The principal risks faced by the Foundation lie in operational risks from ineffective grant making and the capacity of the Foundation to make effective grants. The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Trustees are appointed by deed appointment entered into by existing trustees, and are trained by existing trustees in terms of the processes to be followed to ensure continued operation of the charity in its work to meet its objectives.
- 1 -
THE MEREPHDI FOUNDATION
TRUSTEES, REPORT ICONTINUED
FOR THE YEAR ENDED 31 MARCH 2025
Ruerv•s pollcy
It is tre poliw of the Foundation that unrestricted fvnds whi¢* have not been designated for a speafic usè should be
maintained io meet ongoing expendTtUTe. The trustees consider that reserves at this level will ensure thai they wll
be able to continue the trusf s current activities while consideration is given to ways in which additional funds may
be ¥8ised. This level ol reserves has been maintained throughout Ihe year.
At the end of the financial year unrestsictad r•ssrves were £120, and restricted reserves wefe £nil. Reserves are
considered adequate on Ihe ba*$ that there is no confirmed expendrture. and the thaiity does not have fixed
overheads. The maintained r¢seNtrs is conSided appropriate. and the adequ8cy of Ihe reserves policy is reviewed
annuaw.
Plan5 for fLrture period¥
The Foundation airns to continue thrtsuoh donations red from the general public and charttae organisation,
nd the of the trustees approach is to cKJntinue to promote and donats.ons for medical purposes in
Israel.
Structure, governance and rnanagement
The Foundation was established by a chantable trust deed on 7th Mafch 1983 an(J registered WTth the Charity
Commission under charity number 286738.
The truslees who seryed during the y¢8r and up to the date of natUre ofthe finanryal statements were..
A Mushin
M Green
A Naftalin
J Larholt
The appointment of the trustees is govemed by the TTu$t Déatl. Trustèes receNe training on poliue5 and
pmcedufes from fell(M trustees wthen they join Ihe charity.
Their posibons as trustees is unremunerated and no tnjstee had any benefiaal inieresi in any cortact with the
foundation during Ihe year. Th¢ trust8es have considered the major risks faced by the chafity and hwe put in place
polioes •nd procedures to manage those risks.
The tnjstees delegate the day40-day monagement decision's to M Green. a trustee.
The trustees, report was approved by the Board of Trustses.
l Green
Trusle¢
D•te'.
2oL
## **THE MEREPHDI FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MEREPHDI FOUNDATION**
I report to the trustees on my examination of the financial statements of The Merephdi Foundation (the trust) for the year ended 31 March 2025, which are set out on pages 4 to 10.
## **Responsibilities and basis of report**
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance 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 the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice.
I confirm that I am qualified to undertake the examination because I am a member of the ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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.
Sarah Wilson ICAEW Gravita Audit II Limited
Aldgate Tower 2 Leman Street London E1 8FA United Kingdom 29/1/2026 Dated: .........................
- 3 -
## **THE MEREPHDI FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
2,400
230,000
**Total income**
2,400
230,000
**Expenditure on:**
Charitable activities
**3**
-
235,000
Other expenditure
2,400
-
**Total expenditure**
2,400
235,000
**Net income/(expenditure) and**
**movement in funds**
-
(5,000)
**Reconciliation of funds:**
Fund balances at 1 April 2024
120
5,000
**Fund balances at 31 March**
**2025**
120
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
232,400
2,340
384,600
232,400
2,340
384,600
235,000
-
379,600
2,400
2,340
-
237,400
2,340
379,600
(5,000)
-
5,000
5,120
120
-
120
120
5,000|**Total**
**2024**
**£**
386,940|
|---|---|---|
|||386,940|
|||379,600
2,340|
|||381,940|
|||5,000
120|
|||5,120|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
THE MEREPHDI FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
2025
2024
urntnt as••ts
Debtors
Cash at bank and in hand
2,4CK)
120
7,340
120
2.520
7.460
Crndttorn- arnounts falllng due wllhln
on• yaar
12.4001
12.3401
Net current a88ets
120
5.120
The funds ol the tyu
Restricted Incorne funds
Vnrestricaed fvnd5
5,000
120
120
120
5,120
2&0112026
The finanrial ststements We approved by the trustees on .........................
A Mushin
Tru8tse
MGre
Tru•
## **THE MEREPHDI FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
The Merephdi Foundation is an unincorporated charity registered in England and Wales. Charity Registration Number 286738. The principal address is, 42 Redbourne Avenue, London, N3 2BS.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the trust's deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The trust constitutes a public benefit entity as defined by FRS 102
## **1.2 Going concern**
These accounts are prepared on the going concern basis. The trustees have a reasonable expectation that the trust will continue in operational existence for the foreseeable future. The net asset at the year end were £120 (2024: net asset of £5,120).
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Incoming resources**
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount.
## **1.5 Resources expended**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
- 6 -
## **THE MEREPHDI FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **(Continued)**
Expenditure is included in the statement of financial activities when incurred. Resources expended comprise the following:
(i) Management and administration comprises the costs which are directly attributable to the management of the charity's assets, organisational procedures and the necessary legal procedures for compliance with regulatory requirements.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand.
## **1.7 Financial instruments**
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Derecognition of financial assets**_
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the trust transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
## **1.8 Unrestricted funds**
Unrestricted funds are donations and other income received of generated for charitable purposes.
## **1.9 Restricted funds**
Restricted funds are donations and other income received or generated that have been applied in accordance with the donees instructions.
- 7 -
## **THE MEREPHDI FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **2 Donations and legacies**
||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**||**funds**|**funds**||
||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Donations and gifts|2,400|230,000|232,400|2,340|384,600|386,940|
## **3 Charitable activities**
|Governance Costs
Grant funding of activities (see note 4)|**2025**
**£**
2,400
2,400
235,000
237,400|**2024**
**£**
2,340|
|---|---|---|
|||2,340
379,600|
|||381,940|
Fees of £2,400 have been paid in respect of the independent examination.
## **4 Grants payable**
|Grants to institutions:
Rabin Medical Centre
Soroka Medical Centre
Emek Medical Centre
Emek Medical Centre War Preparedness Fund|**2025**
**£**
-
230,000
5,000
-
235,000|**2024**
**£**
359,100
-
20,000
500|
|---|---|---|
|||379,600|
## **5 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
## **6 Employees**
There were no employees during the year.
- 8 -
## **THE MEREPHDI FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **7 Debtors**
|**7**
**Debtors**|||
|---|---|---|
|**Amounts falling due within one year:**
Other debtors
**8**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**2025**
**£**
2,400
**2025**
**£**
2,400|**2024**
**£**
7,340|
|||**2024**
**£**
2,340|
## **9 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At 1 April**|**At 1 April**|**Incoming**|**Resources**|**At 31 March**|**At 31 March**|
|---|---|---|---|---|---|---|
|||**2024**|**resources**|**expended**||**2025**|
|||**£**|**£**|**£**||**£**|
|Medical Centre||5,000|230,000|(235,000)||-|
|**Previous year:**|**At 1 April**||**Incoming**|**Resources**|**At 31 March**||
|||**2023**|**resources**|**expended**||**2024**|
|||**£**|**£**|**£**||**£**|
|Medical Centre||-|384,600|(379,600)||5,000|
|**Analysis of net assets between funds**|||||||
||||**Unrestricted**|**Restricted**||**Total**|
||||**funds**|**funds**|||
||||**2025**|**2025**||**2025**|
||||**£**|**£**||**£**|
|**At 31 March 2025:**|||||||
|Current assets/(liabilities)|||120|-||120|
||||120|-||120|
## **10 Analysis of net assets between funds**
- 9 -
## **THE MEREPHDI FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**10**|**Analysis of net assets between funds**|||**(Continued)**|
|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total**|
|||**funds**|**funds**||
|||**2024**|**2024**|**2024**|
|||**£**|**£**|**£**|
||**At 31 March 2024:**||||
||Current assets/(liabilities)|120|5,000|5,120|
|||120|5,000|5,120|
## **11 Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
- 10 -