Charity Registration No. 293477
THE TEL AVIV FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE TEL AVIV FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Simon Ross Amina Harris Neville Eisenberg Dov I Shamir Charity number 293477 Principal address 48 Priory Road London NW6 4SJ Independent examiner Mark Taylor HW Fisher Professional Services Limited Acre House 11-15 William Road London NW1 3ER United Kingdon Bankers Metro Bank One Southampton Row London WC1B 5HA
THE TEL AVIV 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 FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees of the Tel Aviv Foundation (the Foundation) are pleased to present their report and financial statements for the year ended 31 December 2023.
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 12, showing the charities activities in the year in each of the described sectors.
There were no specific fundraising events in 2023. 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 £41,997 (2022: £17,341) 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 £317,610 (2022: £925,247), the majority of which has arisen from donations. These donations were received from 4 Charitable foundations and 2 individuals. The charitable foundations that have donated are Paicolex Trust, Archie Sherman Charitable Trust, Raphael and Marika Levy Benevolent Fund, R Moses Levy CT. The individual donations have been received from Mr D Winter, AR&V Investments Limited.
Total resources expended for the Foundation were £68,444 (2022: £1,037,116), the majority of which was donations transferred to projects in Israel.
The charity made a surplus of £245,307 (2022: £111,869 deficit) in the year and accumulated reserves at the year-end were £279,489 (2022: £34,182).
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 FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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 2023 accumulated reserves were £279,489 (2022: £34,182).
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: Simon Ross
Amina Harris Neville Eisenberg Marc Worth (Deceased 13 January 2023) Dov I 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.
03 Feb 2025
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
- 2 -
THE TEL AVIV FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE TEL AVIV FOUNDATION
I report to the trustees on my examination of the financial statements of The Tel Aviv Foundation (the charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , 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 charity as required by section 130 of the 2011 Act; or
-
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 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.
Mark Taylor
Mark Taylor FCA
HW Fisher Professional Services Limited
Chartered Accountants Acre House 11-15 William Road London NW1 3ER
03 Feb 2025
Dated: .........................
- 3 -
THE TEL AVIV FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted funds 2023 Notes £ Income and endowments from: Donations and legacies (1,344) Other income 3 - Total income (1,344) Expenditure on: Charitable activities 4 12,844 Net (outgoing)/incoming resources before transfers (14,188) Gross transfers between funds - Net (expenditure)/income for the year/ Net (outgoing)/incoming resources (14,188) Other recognised gains and losses Other gains or losses 9 (3,859) Net movement in funds (18,047) Fund balances at 1 January 2023 34,182 Fund balances at 31 December 2023 16,135 |
Restricted funds 2023 £ 318,954 - 318,954 55,600 263,354 263,354 - 263,354 - 263,354 |
Total Unrestricted funds 2023 2022 £ £ 317,610 51,338 - 3,316 317,610 54,654 68,444 18,163 249,166 36,491 - (4,360) 249,166 32,131 (3,859) - 245,307 32,131 34,182 2,051 279,489 34,182 |
Restricted funds 2022 £ 870,593 - 870,593 1,018,953 (148,360) 4,360 (144,000) - (144,000) 144,000 - |
Total 2022 £ 921,931 3,316 925,247 1,037,116 (111,869) - (111,869) - (111,869) 146,051 34,182 |
|---|---|---|---|---|
All income and expenditure derive from continuing activities.
- 4 -
THE TEL AVIV FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Income funds Restricted funds 12 Unrestricted funds |
2023 £ 300 295,882 296,182 (16,693) |
£ 279,489 263,354 16,135 279,489 |
2022 £ 41,997 9,168 51,165 (16,983) |
£ 34,182 |
|---|---|---|---|---|
| - 34,182 |
||||
| 34,182 |
03 Feb 2025
The financial statements were approved by the Trustees on .........................
simon ross
.............................. Simon Ross
Trustee
- 5 -
THE TEL AVIV FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 Notes £ Cash flows from operating activities Cash generated from/(absorbed by) operations 15 Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 £ £ £ 286,714 (317,514) 286,714 (317,514) 9,168 326,682 295,882 9,168 |
|---|---|
- 6 -
THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
The Tel Aviv 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.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
- 7 -
THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.7 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 | |
| 2023 | 2022 | |
| £ | £ | |
| Other income | - | 3,316 |
- 8 -
THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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 Hand in Hand Charity Mesila Refugee Project Significant Adult Programme Sourasky MRI Simulation System Sourasky Hospital - General Suzanne Dellal Theater |
2023 £ 55,600 4,726 8,118 68,444 12,844 55,600 68,444 2023 £ - 55,000 - - - 600 - 55,600 |
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 |
5 Grants payable
- 9 -
THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
| 6 Support costs Support costs Governance costs £ £ Administrative expenses 4,245 - Insurance 296 - Bank charges 185 - Accountancy - 8,118 4,726 8,118 Analysed between Charitable activities 4,726 8,118 |
2023 Support costs Governance costs £ £ £ 4,245 8,702 - 296 291 - 185 314 - 8,118 - 8,856 12,844 9,307 8,856 12,844 9,307 8,856 |
2022 £ 8,702 291 314 8,856 |
|---|---|---|
| 18,163 | ||
| 18,163 |
Governance costs include payments to the independent examiner for £8,118 (2022: £8,856).
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 Other gains or losses
| Unrestricted funds 2023 £ Foreign exchange gains 3,859 10 Debtors 2023 Amounts falling due within one year: £ Accrued income 300 |
Total 2022 £ - |
|---|---|
| 2022 £ 41,997 |
- 10 -
THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other creditors Accruals and deferred income |
2023 £ 8,118 457 8,118 16,693 |
2022 £ 8,118 457 8,408 |
| 16,983 |
- 11 -
THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12 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 2022 £ Hand in Hand - Adopt-a-Neighbourhood - Sourasky Medical Center - MRI Machine 144,000 Suzanne Dellal Centre for Dance & Theatre - Mesila Refugee Project - The Sourasky Hospital - Significant Adult Programme - Israel Emergency Fund - The Tel Aviv House - 144,000 |
Movement in funds Incoming resources Resources expended £ £ 50,000 (50,000) 95,014 (91,387) - (144,000) 647,979 (655,966) 57,000 (57,000) 600 (600) 20,000 (20,000) - - 870,593 (1,018,953) |
Transfers Balance at 1 January 2023 £ £ - - (3,627) - - - 7,987 - - - - - - - - - - 4,360 - |
Movement in funds Incoming resources Resources expended Balance at 31 December 2023 £ £ £ 55,500 (55,000) 500 249,957 - 249,957 - - - - - - - - - 900 (600) 300 - - - 10,000 - 10,000 2,597 - 967 318,954 (55,600) 263,354 |
Movement in funds Incoming resources Resources expended Balance at 31 December 2023 £ £ £ 55,500 (55,000) 500 249,957 - 249,957 - - - - - - - - - 900 (600) 300 - - - 10,000 - 10,000 2,597 - 967 318,954 (55,600) 263,354 |
|---|---|---|---|---|
| 263,354 |
- 12 -
THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12 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.
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 Tel Aviv House
This community center welcomes new immigrants, lone soldiers, Jewish tourists, and people from across the country. As a cultural and professional hub, the house hosts a diverse range of activities in multiple languages: Friday meals, Jewish holiday celebrations, lectures, performances, and cultural gatherings. It serves as a bridge between communities, facilitating connections with consulates and embassies while offering workshops, networking events, and collaborative opportunities from employment and housing to navigating bureaucratic challenges.This dynamic, multicultural space enables immigrants to feel at home while building new relationships and adapting to Tel Aviv life. It welcomes former Tel Aviv residents who have relocated elsewhere but maintain their connection to the city, as well as current residents and future Tel Avivians. All these activities are rooted in and celebrate Hebrew culture.
Israel Emergency Fund
The Israel Emergency Fund is to help inhabitants during war.
Transfer
The transfer between funds from restricted fund to unrestricted fund and expending the funds.
- 13 -
THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
| 13 Analysis of net assets between funds Unrestricted funds Restricted funds Total Unrestricted funds Restricted funds 2023 2023 2023 2022 2022 £ £ £ £ £ Fund balances at 31 December 2023 are represented by: Current assets/(liabilities) 16,135 263,354 279,489 34,182 - 16,135 263,354 279,489 34,182 - 14 Related party transactions There were no disclosable related party transactions during the year (2022- none). |
Total 2022 £ 34,182 |
|---|---|
| 34,182 | |
| 15 Cash generated from operations Surplus/(deficit) for the year Adjustments for: Foreign exchange differences Movements in working capital: Decrease/(increase) in debtors (Decrease) in creditors Cash generated from/(absorbed by) operations |
2023 2022 £ £ 249,166 (111,869) (3,859) - 41,697 (41,997) (290) (163,648) 286,714 (317,514) |
|---|---|
- 14 -
Charity Registration No. 293477
THE TEL AVIV FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE TEL AVIV FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Simon Ross Amina Harris Neville Eisenberg Dov I Shamir Charity number 293477 Principal address 48 Priory Road London NW6 4SJ Independent examiner Mark Taylor HW Fisher Professional Services Limited Acre House 11-15 William Road London NW1 3ER United Kingdon Bankers Metro Bank One Southampton Row London WC1B 5HA
THE TEL AVIV 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 FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees of the Tel Aviv Foundation (the Foundation) are pleased to present their report and financial statements for the year ended 31 December 2023.
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 12, showing the charities activities in the year in each of the described sectors.
There were no specific fundraising events in 2023. 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 £41,997 (2022: £17,341) 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 £317,610 (2022: £925,247), the majority of which has arisen from donations. These donations were received from 4 Charitable foundations and 2 individuals. The charitable foundations that have donated are Paicolex Trust, Archie Sherman Charitable Trust, Raphael and Marika Levy Benevolent Fund, R Moses Levy CT. The individual donations have been received from Mr D Winter, AR&V Investments Limited.
Total resources expended for the Foundation were £68,444 (2022: £1,037,116), the majority of which was donations transferred to projects in Israel.
The charity made a surplus of £245,307 (2022: £111,869 deficit) in the year and accumulated reserves at the year-end were £279,489 (2022: £34,182).
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 FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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 2023 accumulated reserves were £279,489 (2022: £34,182).
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: Simon Ross
Amina Harris Neville Eisenberg Marc Worth (Deceased 13 January 2023) Dov I 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.
03 Feb 2025
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
- 2 -
THE TEL AVIV FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE TEL AVIV FOUNDATION
I report to the trustees on my examination of the financial statements of The Tel Aviv Foundation (the charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , 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 charity as required by section 130 of the 2011 Act; or
-
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 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.
Mark Taylor
Mark Taylor FCA
HW Fisher Professional Services Limited
Chartered Accountants Acre House 11-15 William Road London NW1 3ER
03 Feb 2025
Dated: .........................
- 3 -
THE TEL AVIV FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted funds 2023 Notes £ Income and endowments from: Donations and legacies (1,344) Other income 3 - Total income (1,344) Expenditure on: Charitable activities 4 12,844 Net (outgoing)/incoming resources before transfers (14,188) Gross transfers between funds - Net (expenditure)/income for the year/ Net (outgoing)/incoming resources (14,188) Other recognised gains and losses Other gains or losses 9 (3,859) Net movement in funds (18,047) Fund balances at 1 January 2023 34,182 Fund balances at 31 December 2023 16,135 |
Restricted funds 2023 £ 318,954 - 318,954 55,600 263,354 263,354 - 263,354 - 263,354 |
Total Unrestricted funds 2023 2022 £ £ 317,610 51,338 - 3,316 317,610 54,654 68,444 18,163 249,166 36,491 - (4,360) 249,166 32,131 (3,859) - 245,307 32,131 34,182 2,051 279,489 34,182 |
Restricted funds 2022 £ 870,593 - 870,593 1,018,953 (148,360) 4,360 (144,000) - (144,000) 144,000 - |
Total 2022 £ 921,931 3,316 925,247 1,037,116 (111,869) - (111,869) - (111,869) 146,051 34,182 |
|---|---|---|---|---|
All income and expenditure derive from continuing activities.
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THE TEL AVIV FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Income funds Restricted funds 12 Unrestricted funds |
2023 £ 300 295,882 296,182 (16,693) |
£ 279,489 263,354 16,135 279,489 |
2022 £ 41,997 9,168 51,165 (16,983) |
£ 34,182 |
|---|---|---|---|---|
| - 34,182 |
||||
| 34,182 |
03 Feb 2025
The financial statements were approved by the Trustees on .........................
simon ross
.............................. Simon Ross
Trustee
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THE TEL AVIV FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 Notes £ Cash flows from operating activities Cash generated from/(absorbed by) operations 15 Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 £ £ £ 286,714 (317,514) 286,714 (317,514) 9,168 326,682 295,882 9,168 |
|---|---|
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THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
The Tel Aviv 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.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
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THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.7 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 | |
| 2023 | 2022 | |
| £ | £ | |
| Other income | - | 3,316 |
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THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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 Hand in Hand Charity Mesila Refugee Project Significant Adult Programme Sourasky MRI Simulation System Sourasky Hospital - General Suzanne Dellal Theater |
2023 £ 55,600 4,726 8,118 68,444 12,844 55,600 68,444 2023 £ - 55,000 - - - 600 - 55,600 |
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 |
5 Grants payable
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THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
| 6 Support costs Support costs Governance costs £ £ Administrative expenses 4,245 - Insurance 296 - Bank charges 185 - Accountancy - 8,118 4,726 8,118 Analysed between Charitable activities 4,726 8,118 |
2023 Support costs Governance costs £ £ £ 4,245 8,702 - 296 291 - 185 314 - 8,118 - 8,856 12,844 9,307 8,856 12,844 9,307 8,856 |
2022 £ 8,702 291 314 8,856 |
|---|---|---|
| 18,163 | ||
| 18,163 |
Governance costs include payments to the independent examiner for £8,118 (2022: £8,856).
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 Other gains or losses
| Unrestricted funds 2023 £ Foreign exchange gains 3,859 10 Debtors 2023 Amounts falling due within one year: £ Accrued income 300 |
Total 2022 £ - |
|---|---|
| 2022 £ 41,997 |
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THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other creditors Accruals and deferred income |
2023 £ 8,118 457 8,118 16,693 |
2022 £ 8,118 457 8,408 |
| 16,983 |
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THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12 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 2022 £ Hand in Hand - Adopt-a-Neighbourhood - Sourasky Medical Center - MRI Machine 144,000 Suzanne Dellal Centre for Dance & Theatre - Mesila Refugee Project - The Sourasky Hospital - Significant Adult Programme - Israel Emergency Fund - The Tel Aviv House - 144,000 |
Movement in funds Incoming resources Resources expended £ £ 50,000 (50,000) 95,014 (91,387) - (144,000) 647,979 (655,966) 57,000 (57,000) 600 (600) 20,000 (20,000) - - 870,593 (1,018,953) |
Transfers Balance at 1 January 2023 £ £ - - (3,627) - - - 7,987 - - - - - - - - - - 4,360 - |
Movement in funds Incoming resources Resources expended Balance at 31 December 2023 £ £ £ 55,500 (55,000) 500 249,957 - 249,957 - - - - - - - - - 900 (600) 300 - - - 10,000 - 10,000 2,597 - 967 318,954 (55,600) 263,354 |
Movement in funds Incoming resources Resources expended Balance at 31 December 2023 £ £ £ 55,500 (55,000) 500 249,957 - 249,957 - - - - - - - - - 900 (600) 300 - - - 10,000 - 10,000 2,597 - 967 318,954 (55,600) 263,354 |
|---|---|---|---|---|
| 263,354 |
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THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12 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.
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 Tel Aviv House
This community center welcomes new immigrants, lone soldiers, Jewish tourists, and people from across the country. As a cultural and professional hub, the house hosts a diverse range of activities in multiple languages: Friday meals, Jewish holiday celebrations, lectures, performances, and cultural gatherings. It serves as a bridge between communities, facilitating connections with consulates and embassies while offering workshops, networking events, and collaborative opportunities from employment and housing to navigating bureaucratic challenges.This dynamic, multicultural space enables immigrants to feel at home while building new relationships and adapting to Tel Aviv life. It welcomes former Tel Aviv residents who have relocated elsewhere but maintain their connection to the city, as well as current residents and future Tel Avivians. All these activities are rooted in and celebrate Hebrew culture.
Israel Emergency Fund
The Israel Emergency Fund is to help inhabitants during war.
Transfer
The transfer between funds from restricted fund to unrestricted fund and expending the funds.
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THE TEL AVIV FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
| 13 Analysis of net assets between funds Unrestricted funds Restricted funds Total Unrestricted funds Restricted funds 2023 2023 2023 2022 2022 £ £ £ £ £ Fund balances at 31 December 2023 are represented by: Current assets/(liabilities) 16,135 263,354 279,489 34,182 - 16,135 263,354 279,489 34,182 - 14 Related party transactions There were no disclosable related party transactions during the year (2022- none). |
Total 2022 £ 34,182 |
|---|---|
| 34,182 | |
| 15 Cash generated from operations Surplus/(deficit) for the year Adjustments for: Foreign exchange differences Movements in working capital: Decrease/(increase) in debtors (Decrease) in creditors Cash generated from/(absorbed by) operations |
2023 2022 £ £ 249,166 (111,869) (3,859) - 41,697 (41,997) (290) (163,648) 286,714 (317,514) |
|---|---|
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LETTER OF REPRESENTATION THE TEL AVIV FOUNDATION 48 PRIORY ROAD LONDON NW6 4SJ
03 Feb 2025
DATE .
Mark Taylor HW Fisher Professional Services Limited Chartered Accountants Acre House 11-15 William Road London NW1 3ER
Your ref: T1464/MT
Dear Sirs
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
This representation letter is provided in connection with your independent examination of the financial statements of The Tel Aviv-Yafo Foundation for the year ended 31 December 2023.
Financial Statements
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HW Fisher Professional Services Limited have drafted financial statements on our behalf. Nonetheless, we acknowledge as trustees our responsibilities, as set out in the terms of your engagement dated 09 June 2021, under the Charities Act 2011, for preparing financial statements in accordance with the Charities Act 2011 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which give a true and fair view of the financial position of the charity as of 31 December 2023, of its incoming resources and application of resources, including its income and expenditure, for the year then ended and for making accurate representations to you.
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Significant assumptions used by us in making accounting estimates are reasonable.
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We have no plans or intentions that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements.
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We are not aware of any actual or possible litigation or claims whose effects should be considered when preparing the financial statements.
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Related party relationships and transactions have been appropriately accounted for and disclosed and we are not aware of further related party matters that require disclosure.
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All events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or included in the financial statements.
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We confirm the financial statements are free of material misstatements, including omissions. We have corrected all misstatements in the financial statements.
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We confirm that, having considered our expectations and intentions for the next twelve months, and the availability of working capital, the charity is a going concern. We further confirm that, in the absence of significant doubts as to the charity’s going concern status, no further disclosure is required in the accounting policies note to the financial statements in order to explain our reasons for considering that the financial statements should be drawn up on a going concern basis.
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We confirm that no serious incidents have been reported to the Charity Commission.
Information provided
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All accounting records and relevant information have been made available to you for the purpose of your independent examination. We have provided to you all other information requested and given unrestricted access to persons within the entity from whom you have deemed it necessary to request information. All other records and related information, including minutes of all management, trustee and member meetings have been made available to you.
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All transactions undertaken by the charity have been properly reflected in the accounting records and are reflected in the financial statements.
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We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.
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We have disclosed to you all information in relation to fraud or suspected fraud that we are aware of and that affects the entity and involves, management, employees who have a significant role in internal control, or others, where fraud could have a material effect on the financial statements.
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We have disclosed to you all information in relation to allegations of fraud, or suspected fraud affecting the entity’s financial statements communicated by employees, former employees, regulators or others.
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We confirm that we are not aware of any possible or actual instance of noncompliance with those laws and regulations which provide a legal framework within which the charity operates and which could affect the financial statements. The charity has complied with all aspects of contractual agreements, including in respect of the application of restricted funds, that could have a material effect on the financial statements in the event of non-compliance.
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We confirm that we have disclosed to you the identity of the entity’s related parties and all related party relationships and transactions relevant to the charity that we are aware of.
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The charity has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements.
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There are no liabilities, contingent liabilities or guarantees to third parties other than those disclosed in the financial statements.
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The charity has at no time during the year entered into any arrangement, transaction or agreement to provide credit facilities (including loans, quasi loans or credit transactions) to trustees, nor to guarantee or provide security for such matters.
We confirm to the best of our knowledge and belief that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you.
Yours faithfully
Signed on behalf of the board of trustees by:
simon ross
Simon Ross Trustee