**Charity Registration No. 293477**
## **THE TEL AVIV-YAFO FOUNDATION**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
## **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**|Mark Taylor|
||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 - 14|
## **THE TEL AVIV-YAFO FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
The trustees of the Tel Aviv Foundation (the Foundation) are pleased to present their report and financial statements for the year ended 31 December 2022.
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 5 and described in note 11, showing the charities activities in the year in each of the described sectors.
There were no specific fundraising events in 2022. 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 £17,341 (2021: £16,338) 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 £925,247 (2021: £827,671), the majority of which has arisen from donations. These donations were received from 3 Charitable foundations and 3 individuals. The charitable foundations that have donated are Prism the gift fund ,The Sobell Foundation and Paicolex Trust.
The individual donations have been received from Mr D Winter, Dellal Guy Sulma and AR&V Investments Limited.
Total resources expended for the Foundation were £1,037,116 (2021: £806,759), the majority of which was donations transferred to projects in Israel.
The charity made a deficit of £111,869 (2021: £20,912 surplus) in the year and accumulated reserves at the year-end were £34,182 (2021: £146,051).
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.
- 1 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **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 2022 accumulated reserves were £34,182 (2021: £146,051).
## **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.
On behalf of the board of trustees of the Tel Aviv-Yafo Foundation on ………………………. and signed on its behalf by:
..............................
## **Simon Ross**
Trustee
- 2 -
## **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 2022, which are set out on pages 4 to 13.
## **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:
- (i) examine the financial statements under section 145 of the 2011 Act;
- (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
- (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:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 130 of the 2011 Act; and
- (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.
## **Mark Taylor FCA**
c/o HW Fisher LLP Chartered Accountant Acre House 11-15 William Road London NW1 3ER
Dated: .........................
- 3 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
|**Unrestricted**
**funds**
**2022**
**Notes**
**£**
**Income and endowments from:**
Donations and legacies
51,338
Other income
**3**
3,316
**Total income**
54,654
**Expenditure on:**
Charitable activities
**4**
18,163
**Net incoming/(outgoing)**
**resources before transfers**
36,491
Gross transfers between
funds
(4,360)
**Net income/(expenditure) for the**
**year/**
**Net movement in funds**
32,131
Fund balances at 1 January
2022
2,051
**Fund balances at 31**
**December 2022**
34,182|**Restricted**
**funds**
**2022**
**£**
870,593
-
870,593
1,018,953
(148,360)
4,360
(144,000)
144,000
-|**Total**
Unrestricted
funds
**2022**
2021
**£**
**£**
921,931
16,338
3,316
-
925,247
16,338
1,037,116
20,989
(111,869)
(4,651)
-
-
(111,869)
(4,651)
146,051
6,702
34,182
2,051|Restricted
funds
2021
**£**
811,333
-
811,333
785,770
25,563
-
25,563
118,437
144,000|Total
2021
**£**
827,671
-|
|---|---|---|---|---|
|||||827,671|
|||||806,759|
|||||20,912
-|
|||||20,912
125,139|
|||||146,051|
All income and expenditure derive from continuing activities.
- 4 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2022**_
|**Notes**
**Current assets**
Debtors
**9**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**10**
Net current assets
**Income funds**
Restricted funds
**11**
Unrestricted funds|**2022**
**£**
41,997
9,168
51,165
(16,983)|**2021**
**£**
**£**
-
326,682
326,682
(180,631)
34,182
-
34,182
34,182|**£**
146,051|
|---|---|---|---|
||||144,000
2,051|
||||146,051|
The financial statements were approved by the Trustees on .........................
.............................. Simon Ross
## **Trustee**
- 5 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
|**2022**
**2021**
**Notes**
**£**
**£**
**£**
**Cash flows from operating activities**
Cash (absorbed by)/generated from operations
**14**
(317,514)
**Net (decrease)/increase in cash and cash equivalents**
(317,514)
Cash and cash equivalents at beginning of year
326,682
**Cash and cash equivalents at end of year**
9,168|**£**
146,188
146,188
180,494|
|---|---|
||326,682|
- 6 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **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.
## **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.
- 7 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **1 Accounting policies**
**(Continued)**
## **1.6 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity 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.
## **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.
## **3 Other income**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Other income|3,316|-|
- 8 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **4 Charitable activities**
|Grant funding of activities (see note 5)
Share of support costs (see note 6)
Share of governance costs (see note 6)
**Analysis by fund**
Unrestricted funds
Restricted funds
**Grants payable**
Grants to institutions:
Adopt-a-Neighbourhood - Paicolex trust
Hand in Hand Charity
Mesila Refugee Project
Significant Adult Programme
Sourasky Cancer Prevention
Sourasky MRI simulation System
Sourasky Hospital - General
Suzanne Dellal Theater
Tzamid Centre|**2022**
**£**
1,018,953
9,307
8,856
1,037,116
18,163
1,018,953
1,037,116
**2022**
**£**
91,387
50,000
57,000
20,000
-
144,000
600
655,966
-
1,018,953|**2021**
**£**
785,770
7,505
13,484|
|---|---|---|
|||806,759|
|||20,989
785,770|
|||806,759|
|||2021
£
415,210
50,000
3,000
45,000
16,000
216,000
560
-
40,000|
|||785,770|
**5 Grants payable**
- 9 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **6 Support costs**
|**Support costs**|||
|---|---|---|
|**Support costs**
**Governance**
**costs**
**£**
**£**
Administrative expenses
8,702
-
Foreign exchange
-
-
Insurance
291
-
Bank charges
314
-
Accountancy
-
8,856
9,307
8,856
Analysed between
Charitable activities
9,307
8,856|**2022**
Support costs
Governance
costs
**£**
£
£
8,702
5,447
-
-
1,339
-
291
321
-
314
398
-
8,856
-
13,484
18,163
7,505
13,484
18,163
7,505
13,484|2021
£
5,447
1,339
321
398
13,484|
|||20,989|
|||20,989|
Governance costs include payments to the independent examiner for £8,856 (2021: £13,484).
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **8 Employees**
There were no employees during the current or prior year.
## **9 Debtors**
|**Amounts falling due within one year:**
Accrued income
**10**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors
Accruals and deferred income|**2022**
**£**
41,997
**2022**
**£**
8,118
457
8,408
16,983|**2021**
**£**
-|
|---|---|---|
|||**2021**
**£**
-
-
180,631|
|||180,631|
- 10 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **11 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 2021**
**£**
Tzamind Centre
-
Hand in Hand
-
Adopt-a-Neighbourhood
118,437
Sourasky Medical Center - MRI Machine
-
Mesila Refugee Project
-
The Sourasky Hospital
-
Significant Adult Programme
-
Sourasky Cancer Prevention
-
Suzanne Dellal Centre for Dance & Theatre
-
118,437|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**1 January 2022**
**£**
**£**
**£**
40,000
(40,000)
-
50,000
(50,000)
-
296,772
(415,209)
-
360,000
(216,000)
144,000
3,000
(3,000)
-
560
(560)
-
45,000
(45,000)
-
16,000
(16,000)
-
-
-
-
811,332
(785,769)
144,000|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
-
-
50,000
(50,000)
95,014
(91,387)
-
(144,000)
57,000
(57,000)
600
(600)
20,000
(20,000)
-
-
647,979
(655,966)
870,593
(1,018,953)|**Transfers**
**Balance at**
**31 December**
**2022**
**£**
**£**
-
-
-
-
(3,627)
-
-
-
-
-
-
-
-
-
-
-
7,987
-
4,360
-|**Transfers**
**Balance at**
**31 December**
**2022**
**£**
**£**
-
-
-
-
(3,627)
-
-
-
-
-
-
-
-
-
-
-
7,987
-
4,360
-|
|---|---|---|---|---|
|||||-|
- 11 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **11 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.
## **Sourasky Medical Center - MRI machine**
A donation towards a MRI machine for the Sourasky Hospital.
## **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.
## **The Significant Adult Programme**
This programme is specifically tailored for the prevention of loitering among Elementary School students from the Ethiopian Community. Given their difficult economic realities many of the new immigrant families including new mothers, have to find jobs and many of the them hold more than one job or work two shifts a day. As such, young children are often found loitering in the streets in the afternoon and evening hours and there is a crucial need to provide positive alternative activities for young children, particularly when they are exposed to danger when wandering around. The programme provides two adults (a man and a woman) who use informal encounters with the children to gain their trust and encourage them to become involved in various activities offered in the neighbourhoods in places such as community centres, youth clubs, etc. It is a three year programme and this initiative will reduce the school drop-out rate, and the elevated drug and alcohol rate and thus decrease crime and prevent antisocial behaviour. Success rates will be assessed via referrals to the police, juvenile courts and school truancy data.
## **The Suzanne Dellal Centre for Dance & Theatre**
The Suzanne Dellal Centre for Dance & Theatre project is for the construction of the Zehava and Jack Dellal Studio and building renovation.
- 12 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **11 Restricted funds**
**(Continued)**
## **Transfer**
The transfer between funds relates to the foreign exchange difference on receiving the funds and expending the funds.
- 13 -
## **THE TEL AVIV-YAFO FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
|**12**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
Unrestricted
funds
Restricted
funds
**2022**
**2022**
**2022**
2021
2021
**£**
**£**
**£**
£
£
Fund balances at 31
December 2022 are
represented by:
Current assets/(liabilities)
34,182
-
34,182
2,051
144,000
34,182
-
34,182
2,051
144,000
**13**
**Related party transactions**
There were no disclosable related party transactions during the year (2021- none).
**14**
**Cash generated from operations**
**2022**
**£**
(Deficit)/surpus for the year
(111,869)
Movements in working capital:
(Increase) in debtors
(41,997)
(Decrease)/increase in creditors
(163,648)
**Cash (absorbed by)/generated from operations**
(317,514)|Total
2021
£
146,051|
|---|---|
||146,051|
||**2021**
**£**
20,912
-
125,276|
||146,188|
- 14 -