Charity Registration No. 293477
THE TEL AVIV-YAFO FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
THE TEL AVIV-YAFO FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Simon Ross |
|---|---|
| Amina Harris | |
| Neville Eisenberg | |
| Marc Worth | |
| Dubi Shamir | |
| Charity number | 293477 |
| Principal address | 48 Priory Road |
| London | |
| NW6 4SJ | |
| Independent examiner | Andrew Rich |
| HW Fisher LLP | |
| Acre House | |
| 11-15 William Road | |
| London | |
| NW1 3ER | |
| United Kingdom | |
| Bankers | Metro Bank |
| One Southampton Row | |
| London | |
| WC1B 5HA | |
| Solicitors | Howard Kennedy LLP |
| No.1 London Bridge | |
| London | |
| SE1 9BG |
THE TEL AVIV-YAFO FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 - 13 |
THE TEL AVIV-YAFO FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees of the Tel Aviv Foundation (the Foundation) are pleased to present their report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with 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) (effective 1 January 2019)".
Objectives and activities
The Foundation was established under a Trust Deed dated 11 December 1985 to promote and assist educational, religious and relief projects in the city of Tel Aviv, Israel. Trustees are appointed by resolution of the trustees.
The Foundation co-operates closely with TAFI, a non-profit making organisation. TAFI has close links with the Office of the Mayor of Tel Aviv-Yafo and assists the Foundation by identifying suitable charitable projects. These projects are principally concerned with educational, medical and social objectives as well as projects which are drawn to the trustees’ attention. It also acts as agent of the Tel Aviv-Yafo Foundation, Israel, in ensuring that such charitable payments are applied to the projects which have been approved by the trustees and designated by donors.
The Municipality of Tel Aviv-Yafo, acting through TAFI identifies its needs in 4 main areas: Education, Arts and Culture, Social Services and Parks and Playgrounds. It is then at the discretion of the trustees to allocate funding to projects identified.
We have referred to the guidance in the Charity’s Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set.
Achievements and performance
The charity operates closely with TAFI in order to improve the quality of life in Tel Aviv-Yafo, with specific focus on the social, cultural, educational and environmental sectors. The grants that the Foundation has made out are highlighted in note 4 and described in note 9, showing the charities activities in the year in each of the described sectors.
There were no specific fundraising events in 2021. All donations received during the course of the year were administered in the usual manner using the services of the self-employed part time Director of Administration.
The Board of Trustees is entirely made up of volunteers and has established a close working relationship with TAFI. This has resulted in a steady flow of donations, and it is hoped that future fundraising by the Trustees will be able to assist in boosting the activities of the charity going forward.
Management fees of £14,994 (2020: £14,970) have been requested from the Israeli office of the Tel Aviv Foundation to cover the running of the UK office during the year.
Financial review
The Foundation has received total income of £827,671 (2020: £590,364), the majority of which has arisen from donations. These donations were received from 4 Charitable foundations and 3 individuals. The charitable foundations that have donated are The Aimwell Charitable Trust, The Wolfson Foundation, The Sobell Foundation and Paicolex Trust. The individual donations have been received from Mr D Winter, Mr Gould and AR&V Investments Limited.
Total resources expended for the Foundation were £806,759 (2020: £673,621), the majority of which was donations transferred to projects in Israel.
The charity made a surplus of £20,912 (2020: £83,257 deficit) in the year and accumulated reserves at the year-end were £146,051 (2020: £125,139).
The present level of funding is adequate to support the activities of the charity and the trustees consider the financial position of the charity to be satisfactory.
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THE TEL AVIV-YAFO FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Reserves policy
The trustees do not deem it necessary to maintain substantial reserves, as support is provided from Israel to contribute to the running costs of the Foundation and reserves are not required for any other purpose. It is noted however that as at 31 December 2021 accumulated reserves were £146,051 (2020: £125,139), substantially made up of funds received for 1 project (Sourasky - MRI simulation system). The funds were received in 2021 and were transferred to the projects in Israel in 2022.
Investment policy
The trustees have the power to invest in such assets as they see fit.
Key risks and uncertainties
The charity faces risks due to support costs being funded entirely by TAFI and from income being entirely reliant on donations made; their ability to continue charitable activities would be severely hindered if either form of income were to stop. However, the Trustees are satisfied that these risks are adequately managed by the charity with the use of commercial insurances, a close relationship with TAFI and ability to closely monitor all outgoing expenses.
Plans for the future
The Foundation will continue to assist and promote the establishment and refurbishment of schools, colleges and other institutions of learning, to assist and promote the establishment of clinics, family health centres and other institutions of a social and medical nature and to assist in the provision of grants and scholarships in the field of education and supporting the arts in the community.
Structure, governance and management
The trustees who served during the year and up to the date of signature of the financial statements were:
Anke Adler-Slottke (Resigned 1 January 2022)
Simon Ross Amina Harris Neville Eisenberg Marc Worth Dubi Shamir
Trustees are appointed by resolution of the trustees.
Although there is no formal training for our trustees, the majority are drawn from the business world and advice is obtained from our professional advisors to ensure we are within our mandate.
The Charity is administered by the trustees who decide which projects are sponsored. All matters discussed by the board require a majority in order to be enacted. The trustees periodically visit Tel Aviv to monitor progress of the projects.
The Foundation and the organisation Tel Aviv-Yafo Foundation, Israel, (“TAFI”) co-operate closely where appropriate, but are legally and operationally independent of each other. From time to time, the Foundation receives management fees from TAFI which have not been earmarked for specific projects and have therefore been applied towards administrative and fund raising expenses.
18 Nov 2022
On behalf of the board of trustees of the Tel Aviv-Yafo Foundation on ………………………. and signed on its behalf by:
.............................. simon ross Simon Ross
Trustee
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THE TEL AVIV-YAFO FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE TEL AVIV-YAFO FOUNDATION
I report on the accounts of the charity for the year ended 31 December 2021, which are set out on pages 4 to 15.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of Accountant.
It is my responsibility to:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Andrew Rich
Andrew Rich FCA
HW Fisher LLP
Accountant Acre House 11-15 William Road London NW1 3ER United Kingdom
18 Nov 2022 Dated: .........................
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THE TEL AVIV-YAFO FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 16,338 811,333 Expenditure on: Charitable activities 3 20,989 785,770 Gross transfers between funds - - Net (expenditure)/income for the year/ Net movement in funds (4,651) 25,563 Fund balances at 1 January 2021 6,702 118,437 Fund balances at 31 December 2021 2,051 144,000 |
Total Unrestricted Restricted funds funds 2021 2020 2020 £ £ £ 827,671 14,970 575,394 806,759 14,938 658,683 - 8,485 (8,485) 20,912 8,517 (91,774) 125,139 (1,815) 210,211 146,051 6,702 118,437 |
Total 2020 £ 590,364 673,621 - (83,257) 208,396 125,139 |
|---|---|---|
All income and expenditure derive from continuing activities.
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THE TEL AVIV-YAFO FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2021
| 2021 Notes £ Current assets Cash at bank and in hand 326,682 Creditors: amounts falling due within one year 8 (180,631) Net current assets Income funds Restricted funds 9 Unrestricted funds |
£ 146,051 144,000 2,051 146,051 |
2020 £ 180,494 (55,355) |
£ 125,139 |
|---|---|---|---|
| 118,437 6,702 |
|||
| 125,139 |
18 Nov 2022
The financial statements were approved by the Trustees on .........................
simon ross .............................. Simon Ross Trustee
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THE TEL AVIV-YAFO FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
| 2021 Notes £ Cash flows from operating activities Cash generated from/(absorbed by) operations 12 Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2020 £ £ 146,188 146,188 180,494 326,682 |
£ (34,957) (34,957) 215,451 180,494 |
|---|---|---|
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THE TEL AVIV-YAFO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
The Tel Aviv-Yafo Foundation was established by a Charitable Trust deed on 11 December 1985. The registered office is 48 Priory Road, London, NW6 4SJ.
1.1 Accounting convention
The financial statements have been prepared in accordance with the 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) (effective 1 January 2019)". The charity 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 charity. 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.
1.2 Going concern
Trustees have taken actions in relation to managing the financial resources of the charity. At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are funds which can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds are subject to specific conditions by donors 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 Income
Income is recognised when the charity 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 charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expense. All expenses are accounted for on an accruals basis.
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THE TEL AVIV-YAFO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and 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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustees do not believe that there were any critical accounting estimates and judgements requiring disclosure in the year.
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THE TEL AVIV-YAFO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3 Charitable activities
| Grant funding of activities (see note 4) Share of support costs (see note 5) Share of governance costs (see note 5) Analysis by fund Unrestricted funds Restricted funds Grants payable Grants to institutions: Tzamid Centre Hand in Hand David Winter MRI Simulation System Sourasky Hospital - General Suzanne Dellal Centre for Dance & Theatre Adopt-a-Neighbourhood Mesila Refugee Project Sourasky Cancer Prevention Significant Adult Programme |
2021 £ 785,770 7,505 13,484 806,759 20,989 785,770 806,759 2021 £ 40,000 50,000 - 216,000 560 - 415,210 3,000 16,000 45,000 785,770 |
2020 £ 658,683 10,038 4,900 |
|---|---|---|
| 673,621 | ||
| 14,938 658,683 |
||
| 673,621 | ||
| 2020 £ 40,000 50,000 400 - - 114,000 293,283 100,000 16,000 45,000 |
||
| 658,683 |
4 Grants payable
-
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THE TEL AVIV-YAFO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Administrative expenses 5,447 - Foreign exchange 1,339 - Insurance 321 - Bank charges 398 - Accountancy - 13,484 7,505 13,484 Analysed between Charitable activities 7,505 13,484 |
2021 Support costs Governance costs £ £ £ 5,447 5,432 - 1,339 3,939 - 321 322 - 398 345 - 13,484 - 4,900 20,989 10,038 4,900 20,989 10,038 4,900 |
2020 £ 5,432 3,939 322 345 4,900 |
| 14,938 | ||
| 14,938 |
Governance costs include payments to the independent examiner of £13,484 (2020: £4,900).
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Employees
There were no employees during the current or prior year.
8 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Accruals and deferred income | 180,631 | 55,355 |
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THE TEL AVIV-YAFO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
9 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Balance at 1 January 2020 £ Tzamid Centre - Hand in Hand - Adopt-a-Neighbourhood 160,211 Sourasky Medical Center - MRI Machine - Suzanne Dellal Centre for Dance & Theatre - Mesila Refugee Project 50,000 The Sourasky Hospital - Significant Adult Programme - Sourasky Cancer Prevention - 210,211 |
Movement in funds Incoming resources Resources expended £ £ 40,000 (40,000) 50,000 (50,000) 259,994 (293,283) - - 114,000 (114,000) 50,000 (100,000) 400 (400) 45,000 (45,000) 16,000 (16,000) 575,394 (658,683) |
Movement in funds Transfers Balance at 1 January 2021 Incoming resources Resources expended Balance at 31 December 2021 £ £ £ £ £ - - 40,000 (40,000) - - - 50,000 (50,000) - (8,485) 118,437 296,772 (415,209) - - - 360,000 (216,000) 144,000 - - - - - - - 3,000 (3,000) - - - 560 (560) - - - 45,000 (45,000) - - - 16,000 (16,000) - (8,485) 118,437 811,332 (785,769) 144,000 |
Movement in funds Transfers Balance at 1 January 2021 Incoming resources Resources expended Balance at 31 December 2021 £ £ £ £ £ - - 40,000 (40,000) - - - 50,000 (50,000) - (8,485) 118,437 296,772 (415,209) - - - 360,000 (216,000) 144,000 - - - - - - - 3,000 (3,000) - - - 560 (560) - - - 45,000 (45,000) - - - 16,000 (16,000) - (8,485) 118,437 811,332 (785,769) 144,000 |
|---|---|---|---|
| 144,000 |
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THE TEL AVIV-YAFO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
9 Restricted funds
(Continued)
Hand in Hand
This is a facility to provide after school care for children from deprived and broken families.
Adopt-a-Neighbourhood
This programme is considered a valuable instrument in elevating the quality of life of the residents of the underprivileged Shapira and Kiriyat Shalom neighbourhoods of Tel Aviv. The programme assists these neighbourhoods to receive unique solutions to municipal needs that include education, social welfare, health services and employment resources. By investing in people and local resources a significant re-gentrification of a neighbourhood can start to take place.
Mesila Refugee Project
The Mesila organisation was founded to provide an appropriate and comprehensive response to the rights and needs of the tens of thousands of legal and illegal migrant workers and refugees living in and around Tel-Aviv. Mesila's main objective is to grant social, educational and medical assistance to the city's refugees and migrant workers. Mesila offers services such as assistance and information, case management involvement, community empowerment, system-wide work, welfare and mediating between the community and the establishment. As defined by the organisation, Mesila offers an "open door" to the distressed segments of the migrants and refugee community.
The Sourasky Hospital
The Tel Aviv Sourasky Medical Centre is the premier multidisciplinary academic medical centre and serves the general Tel Aviv population of over 414,600 residents and over a million daily visitors that come in to the City for jobs, university and tourism. It is also the national referral centre for many major primary and speciality care services. During the year, an unspecified donation had been made to the hospital.
Transfer
The transfer between funds relates to the foreign exchange difference on receiving the funds and expending the funds.
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THE TEL AVIV-YAFO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
| 10 Analysis of net assets between funds Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 31 December 2021 are represented by: Current assets/(liabilities) 2,051 144,000 2,051 144,000 |
Total Unrestricted funds Restricted funds 2021 2020 2020 £ £ £ 146,051 6,702 118,437 146,051 6,702 118,437 |
Total 2020 £ 125,139 |
|---|---|---|
| 125,139 |
11 Related party transactions
There were no disclosable related party transactions during the year (2020- none).
| 12 Cash generated from operations Surplus/(deficit) for the year Movements in working capital: Increase in creditors Cash generated from/(absorbed by) operations |
2021 £ 20,912 125,276 146,188 |
2020 £ (83,257) 48,300 |
|---|---|---|
| (34,957) |
13 Analysis of changes in net funds
The charity had no debt during the year.
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