Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 Be Part of theNextBKJ haea l TAU GlobalQmF%*n Tel Aviv University Trust {A company limited by guarantee) Annual Report and Financial Statements For the Year Ended 30 September 2024 Company registration number: 00939510 Charity registration number: 314179 00 TELAVIV IthYIVERSITY TRUST Pursuing the Unknown
CONTENTS Reference and Administrative Details Trustees, Annual Report & Strategic Report 4-14 Statement of Trustee5' Responsibilities 13-14 Independent Auditors, Report 15-18 Statement of Financial Activities 19 Balance Sheet 20-21 Statement of Cash Flows 22 Notes to the Financial Statements 23-31
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 REFERENCE AND ADMINISTRATIVE DETAILS Trustees David Meller, Chairman Edwin Wulfsohn Anthony Harvey Yadgaroff, Acting Treasurer Daniel Lewin Susan Coller Benjamin Nemenyi Elliot Conway (Appointed 25 June 2024) Chief Executlve Officer Cara Case Auditors Cooper Parry Group Limited New Derwent House 69-73 Theobalds Road London WCIX 8TA Principal Office Lady Ruth House, Gabriel Mews, Crewys Road, London, England, NW2 2GD Registered Office New Derwent House, 69-73 Theobalds Road, London, England, WCIX 8TA Registered In England & Wales Company number 00939510. Charlty Registratlon number 314179 Prlncipal Bankers Santander Corporate Bank 2 Triton Square, London, NWI 3AN
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 TRUSTEES. ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 TheTrustees, who are also directors undercompany law, presenttheir report and financial statements of Tel Aviv University Trust I'the charitable company" "the Charity" The Trust" TAU Trust") for the year ended 30 September 2024. The Trustees confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the provisions of 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 l January 2019). Objectives and activities Purposes and aims The purposes for which the Charity is established are to provide financial and material assistance, encouragement and support to and for the advancement of education, art and science and other branche5 of learning including the provision of scholarships at Tel Aviv University in Ramat Aviv, Israel Ihereinafter called TAU l and any charitable non-profit making educational institution of academic standing with which the University shall at any time be amalgamated or associated and any other such institution in Israel or elsewhere. Tel Aviv University Trust ITAU Trust) leads fundraising activities for TAU and invites TAU faculties to share their research and knowledge with British audiences in order to strengthen the University's reputation and increase its presence throughout the UK, and encourages academic collaborations between TAU and UK Universities. Public benefit The Trustees have had regard to the Charity Commission's guidance on public benefit. The significant activities undertaken to further the Charity's purposes for the public benefit and hence the details of the issues the Charity seeks to tackle and the changes and differences it seeks to make are included below. Achievements and performance. This section contains, inter alia.. A summary of the main achievements of the Charity. The difference that the Charitvs work has made to the circumstances of TAU (contributions to the various faculties of learning and research). The wider benefits to society e.g. scholarships to students and enabling medical and scientific research to the benefit of the whole world). Fundraising objectives are set byTAU before the start of the financial year; it is considered that these objectives have been met and therefore the Charity has achieved its legal purpose. Expenditure incurred is based on a budget of operating expenses agreed with TAU before the start of a financial year and TAU transfers money each quarter to TAU Trust to meet that expenditure,. this is expanded upon in the financial review and reserves policy.
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 TRUSTEES, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) Tel Aviv University Trust {TAU Trust) represents Tel Aviv University, Israel's largest, most comprehensive, and most dynamic research and teaching institution in Israel, offering the countrfs most diversified range of study and research fields. The mission of TAU Trust is to raise awareness and funds to 5UPPOrt Tel Aviv University and advance its three-part mission of education, research, and community building in the UK. TAU Trust shares the innovative work the university contributes to the world and builds bridge5 between the UK and Israel. As Israel's largest public institution of higher learning, TAU is home to over 30,tK)O students, including some 2,ICMJ international students from over 100 countries. The University encompasses 9 faculties, 35 schools, over 400 labs, and has more than 17 affiliated hospitals in its network. Tel Aviv University exemplifies the qualities of the city it inhabits - innovative, fast-paced, exciting, and creative. As a globally top-ranked university, a leading research institution, and a centre of discovery, TAU embrace5 a culture and student body that is inauisitive and responsive to pressing issues and world-wide problems. At TAU Trust, we offer a vast range of programming in London to raise the profile of the university to UK audiences by way of event5, email newsletter5, social media exposure, and pre55 coverage. The Trust works hard to nurture relationships with it5 donors and to encourage and renew past donors. It is also important to continue to seek new sources of funds and we dedicate many of our resources to exploring and attracting new supporters. In the UK, our small team p5aces a significant emphasis on major-donor relationship management, ensuring we stay connected to our donors, providing regular updates about the university, and extending regular invitations to local events, mostly in-person and occasionally online on zooms or webinars. In addition, our supporters are invited to special events on TAU'S campus in Israel (such as the annual Board of Governors meeting in May and the annual Cyber Security Conference in June) as well as to an array of global events, including TAU global galas and celebrations. We showcase TAU'S strengths by hosting events that are relevant to TAU in and around London. Every year, we host over 20 annual events, ranging in scale from small breakfasts, lunches, and dinners to larger scale fundraisers. In doing so, we showcase TAU'S diverse strengths. We often conclude our events with fundraising appeals. While the core of the Trust's event speakers include TAU visiting academics, we also rely on prominent TAU alumni who either reside in or visit the UK and are asked to speak on behalf of TAU. Our calendar year sadly coincided with the start of the Israel-Hamas War. At Tel Aviv University, by continuing with their work and mobilising to support those in need, we were proud that our faculty and students showed strength and resilience in such difficult times. Many students, faculty, relatives and friends of TAU community members were affected by the war, which put an emotional strain in ways that were very hard to measure but very real. Our hearts went out to the communities and the families affected. Despite this, the TAU community and its global friends, associations, including TAU Trust in the UK, did as much as possible to continue the mission of supporting Tel Aviv University.
Tel Aviv University Trust Company registration number.. 00939510 Charity registration number: 314179 TRUSTEES. ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) The start of the university term was postponed from the 8th of October to the 24th of December. In the run up to the delayed start, TAU faculties and departments were busy preparing for a year that looked very different to any before it. TAU immediately launched an Emergency Fund to provide critical support in numerous ways. This global fundraiser raised money to assist dozens of innovative projects. Some of the initiatives included: Alleviating the nightmares of Israel's war-traumatised children was central to the work of TAU'S School of Psychology researcher5 via a dream changer plan to prevent long-term post- traumatic stress. A bold student-led social media taskforce wa5 launched to combat disinformation about the situation in Israel. This saw student5 With strong communications backgrounds reach out to the global community. TAU'S medical and dental schools provided key expertise in helping to identify bodies and remains with forensics experts. It was established early in the war that among TAU'S many urgent needs, providing scholarships to TAU students who were called up to reSee duty was imperative. TAU created a special campaign which helped over 7,000 reserve students atTAU who were Eiven grants and scholarships as a promise from TAU'S President Ariel Porat that they should not have to worry about theirtuition. The university also waived dorm rent for its reseniist students during their time of seNice. TAU accommodated evacuees from the North and South in student dorms, and hosted hundreds of children from Kiryat Shmona in the North to keep up with their studies in safe classrooms on campus. TAU sponsored volunteer work in kitchens, farms and factories, mostly in the South of Israel, and held nature learning sessions for displaced children and adults at its Steinhardt Museum of Natural History. One of TAU'S biggest efforts wa5 to fast-track its national post-trauma clinic, part of its National Center for Traumatic Stress and Resilience, which opened on l January 2024, to provide expert counselling to thousands of people suffering with severe PTSD who needed help. Dozens of additional clinicians were hired as the Center receives over 150 referrals a week. Many in need were enabled to access psychological support for trauma and PTSD via TAU facilities on campus. These are just some of the dozens of programmes and project5 that were launched to help those in need in a myriad of ways, TAU Trust raised money for each campaign launched by the University, including its Emergency Fund and its special scholarship campaign. These initiatives are ongoing.
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 TRUSTEES, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) Event Programme Hlghllghts TAU Trust held many unique and stimulating events during the year with our first event in late October. While it was an extremely difficult time in Israel with so much uncertainty all around, it was important for our community in the UK to come together. On the 23rd of October, we held an art collaboration event, The Architecture of Memory, featuring the remarkable works of Louise Bourgeois and Israeli artist Gideon Rubin, grandson of the well-known Israeli artist Reuven Rubin, as well as learning about the French musician Nicolas Godin, whose captivating soundscape accompanied the exhibit. The event was hosted by Unity Real Estate and generously supported by Galerie Karsten Greve. At the event, Gideon Rubin and art curator Beth Greenacre gave a talk on this unique exhibit. The exhibit was held in the All-saints Chapel, originally built in 1860 as a place of worship and now a Grade11 listed building. On the 8th of November, we launched our new series of events, 'TAU on Tap", offering evening5 With interesting speakers and networking opportunities. Joining u5 for this event was TAU Alum Dror Globerman, a TV broadcaster, media, and technology expert, speaking on "Israel in the Eyes of International Media" and asking the question 'How Biased is it?" and "What can be Done About it" It was a successful event, held at Epicurus, the restaurant of TAU alum, Shiri Kraus, and her business partner, Amir Batito. After some smaller alumni and young professional event5, in early January, we hosted Avi Issacharoff, a distinguished TAU alum, prominent journalist, author, and co-creator and writer of the highly Successful Netflix drama, "Fauda This was Avri's second talk for TAU Trust, and we were thrilled to host him in London once again. During this sold-out event, where he was in conversation with Times journalist Josh Glancy, he shared his insights and perspectives on 'lsrael, Hamas, and the West, Post October 7th." His unique perspective and expertise in this area delivered an engaging discussion. We hosted multiple joint events, including two events with JW3, a webinar featuring TAU Professor Rachel Sarig, head of TAU'S Dental School, and an event with Dror Globerman who returned to London to give another talk, this time on "A Guide to 2040" and the role of Al. We were delighted to collaborate with the UK'S SERET Israeli film festival, where we hosted a film screening on the 21st of May in the cinema at JW3 where we screened documentary films by TAU alumni. We were very fortunate to hold an exclusive private lunch on the 1st of March hosted by Jeremycoller, Deputy Chair of TAU'S Board of Governors, featuring TAU Professor and former Israeli Ambassador Itamar Rabinovi¢h. Over lunch, Prof Rabinovich provided expert and inside analysis into the Arab Israeli conflict and peace process. He also spoke of his new book, Middle Eastern Maze, covering topics ranging from the Abraham Accords, the Trump and Biden administration's policies, Syria, Iran, Russia, and much more. Guests enjoyed the discussion and asked many questions about the situation in Israel since the 7th of October and its aftermath. We were privileged to hold one of our flagship annual events, Night at the Movies, at the Ham Yard hotel on the 19th of March with a very special guest from Israel and the screening of 3 extraordinary films, presented to an audience of over 200 guests. This annual event provides a captivating showcase of student films from TAU'S Steve Tisch School of Film & Television.
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 TRUSTEES, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) The evening began with a lively canape and drinks reception, followed by a talk with TAU film student and award-winning director of the film "Single Lighy,, Shaylee Atary, who was in conversation about her film with the well-known writer and producer, Dan Patterson. During their talk, we learned about her inspiring story of survival of the 7th of October terror attack at her home on Kibbutz Kfar Aza, where she hid with her l-month-old baby for 27 hours. Sadly, Shaylee's husband, filmmaker Yahav Winner, whose heroic actions saved hiswife and daughter, was brutally murdered. In tribute to Yahav, TAU Trust was granted the rights to screen his award-winning film 'The BO,, exploring life along the border, at Kibbutz Kfar Aza. It was a very special and emotional evening that our guests were privileged to experience, and we were grateful to the Blavatnik Family Foundation for sponsoring this exceptional evening for the Trust. Our relatively new Women's Circle was the focus of an event in mid-April, featuring a talk by TAU Professor Ilit Ferber, a Professor of Philosophy and Vice Dean for Research at TAU'S Faculty of Humanities, who spoke on "Why Emotions Matter to Thinking" Professor Ferber, who conducts research on the philosophy of emotions, especially melancholy, suffering and pain, shared herfindings which led to a lively conversation with some 25 women at the home of one of our committee members. This was the second event in a series of exclusive gatherings designed for our Women's Circle, which brings together remarkable women, fostering important connections and special conversations. We concluded our fiscal year with 3 exciting events in mid-september. The first was a breakfast and TAU Talk featuring TAU Alumnus Shachar Bialick, Founder & CEO of the fintech company CURVE, in conversation with David Fogel, Co-Founder of Alma Angels and the Israeli Tech Parliament, who spoke on "Building Against the Odds: Insights from an Israeli Serial Entrepreneur in the UK . Their conversation was captivating, hearing about Shachar's outstanding career as an entrepreneur, starting at the age of 18, with 4 exits before founding Curve, his successful fintech startup. Following that, we hosted another successful TAU Talk, generously hosted by Wayra UK-TelefOnica's CVC, that featured a discussion entitled "From Lab to Launch and Beyond" with Professor Yossi Rosenwaks from TAU'S Faculty of Engineering, Tali Rosenwaks from an Israeli early-5tage fund, Next Gear Ventures, and Ryan Hansen, Partner at Katten Financial Markets and Funds department. It was inspiring to hear them talk a bout Professor Rosenwaks, initiatives and his insight into the University's role in growing Israeli Tech, through Tali's knowledge of the marketplace and start up community, to Ryan's explanations about the legal side beyond lab and launch. Lastly, TAU Governor and Trustee Daniel Lewin helped organize a small private breakfast, generously hosted by Katten Muchin Rosenman and Carta, featuring Nimrod Cohen, Founder and Managing Partner of TAU Ventures, a Tel AVN University linked VC fund, and Arik Oslerne, Senior Management Executive at Carta. With a group of some 25 high-profile guests, the conversation centred around "Why We Can Expect a New Golden Age in the Israeli Tech Scene" It was an exciting opportunity to engage leading minds mainly in the VC industry but a150 general commerce who work with and in Israel and addressed the present situation and the future.
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 TRUSTEES, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) Othergroups we continue to nurture are ourTAU alumni in the UK, of which we have some 5C(I names on our growing database of alumni living in and around London, as well as young professionals. Our aim is to target these various demographics and host events specifically towards their interests. All these events, and more, have contributed to TAU Trust's mission of connecting with its audience and promoting the excellence of Tel Aviv University. Webinars TAU Trust's webinar programming continues to be a success. The webinars offera platform for leading faculty and alumni to showcase their expertise and fundraising activities. With topics ranging from geopolitics to PTSD to STEM, the webinar5 are well received and continue to attract audiences online. TAU Board of Governors ("BOG"} meeting, May/June 2024 Despite our experiencing one of the hardest times forjewry all over the world and for Israel, over 280 Governors, friends and supporters from 17 countries came together for a magnificent show of strength and support at the 2024 BOG meeting in Tel Aviv. Our Board of Governors focused on the events of October 7 and the ongoing war that followed, the raging antisemitism on campuses around the world, but also on the resilience and wide-ranging contributions of the TAU community to the national effort. The Honorary Degrees Conferment Ceremony saw honorary doctorates given to 9 exceptional individuals from around the world in recognition of their incredible contributions to the arts, sciences, academia and philanthropy. At the sessions and during lab tours, TAU'S wonderful researchers showcased cross-disciplinary collaborations, as well as developments in fields ranging from sleep research and human rights, to nanomedicine, social work and tech innovation. Their unwavering commitment to scientific advances is driving profound social progress and transforming lives. In parallel we heard moving testimonies from reservist students who were eager to thank the University and its 5UPPOrters for assistance in saving the school year. We had some lovely naming ceremonies with UK supporters, including the inauguration of the very special Sleratski Institute for Advances in Neuroscience, the inauguration of the Ehud Barak Leadership Center, and the opening of the state-of-the-art Abramovlch Building for Nano and Quantum Sclence and Technology. It wa5 also a privilege to witness Mr Ernesto Galperin receiving the 2024 President's Award.
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 TRUSTEES, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) Fundraising: Our fundraising activities shifted focus considering the war and the varying needs of the University. TAU'S annual, regular donors continued their support alongside many new supporters who felt moved by the situation and wanted to do whateverthey could to help. The focus of fundraising in this period was towards emergency campaigns, and fundraising for the new Trauma Centre, where we joined the global friends of TAU to help meet the university's most important needs. Other, bespoke projects were launched as well, which led to a very busy fundraising agenda with many renewed and many new donors supporting Tel Aviv University. TAU'S President, Ariel Porat and VP, Amos Elad, visited London for a short period where we held limited but important meetings with major donors, Governors, and Trustees of TAU. Especially at this difficult time, their visit was important in helping to secure major donations and to keep relationships with our supporters active. Leadershlp: David Meller CBE, Chair of TAU Trust, continuesto lead the Trust with strength. He takes a very5erious approach to leading the Trust, helping with fundraising campaigns and continuing his interest in helping to grow ouryoung professional group and ourAlumni in the UK as well as opening new doors to people he introduces to 5UPPOrt TAU. He is actively engaged in all aspects of Trust activities. Marketing and Communications: Our marketing and communications platforms continue to grow. We send regular e-Newsletters, where we showcase what we are doing locally as well as focus on highlights on what is happening at TAU. We have had an increased presence on all social media outlets where we post TAU Trust events and university news through social media networks including Facebook, X (formerly known asTwitter), Instagram and Linkedln, and we continue to raise the level of output and quality of our p05ts. We are continuing to reach out to the strong network of TAU alumni in the UK, and we hope to continue to find and engage with TAU alumni living locally. We source alumni through avenues such as Linkedln and Israeli network5 on social media. Future TAU Trust continues to advance new ideas and strategies for success and to adapt to the world around us with new and greater challenges. As a follow on to TAU'S emergency campaigns, which focused on much needed services to help cope with the ongoing trauma of war, our fundraising going forward will centre around a new campaign: "Are you Optimistic: Join us on the Road to Breakthroughs" to raise money to build up TAU'S permanent endowment and to increase it to $1 billion. This is a global campaign for TAU'S friends around the world. io
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 TRUSTEES, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) We will continue to bring leaders and star faculty from TAU to London and present their work, showcasing TAU'S strengths in all areas. We look forward to continuing to build on our past successes and hope to host our annual University for a Night and Night at the Movies, our two signature events, sometime in the coming months. We will also be hosting many smaller events, where we bring speakers to our supporters, private home5 and offices where they present their areas of research in more intimate settings. We are working hard to secure additional gifts towards our fundraising goals to meet the demands of TAU'S global campaigns to fund the university at greater levels year upon year. We are confident that TAU Trust can continue to help promote the extraordinary work on TAU'S campus and to raise awareness to our supporters of the phenomenal things that are happening at TAU. We are looking forward to the upcoming challenges and hope for a successful year ahead. Grant-making pollcy All restricted donations received are remitted to TAU, in full, by way of grant. Any other grants made are not material. Financial review The Charity received income in the year of £4,061,548 (2023: £4,377,401), and incurred cost5 of generating funds of £93,551 (2023: £26,606}. Governance costs incurred amounted to £21,807 (2023: £19,939). Governance and support costs are included in the total charitable expenditure shown in the SOFA. In the year the grants payable, including new commitments made, totalled £3,638,635 {2023: £3,721,167). As at 30 September 2024 the Charity had net assets of £879,675 {2023: £911,525) of which £Nil {2023: £157,476) is in restricted funds. We were successful in securing donations with help from leadership at TAU and our local Board which are sent directly to TAU by the donors and thus bypass our office and our books. A total equivalent value of £ 2,254,83712023: £2,771,020) was included in the account5 of TAU, for the year ended 30 September 2024 a5 having been raised by the Charity from UK Donors, but which was paid direct to the University. Reserves Policy Unrestricted funds are required to cover administration, fund raising and support costs without which the charity could not function. Whilst the University has agreed to fund the administration costs of the charity by underwriting operational costs, the Trustees consider it prudent that unrestricted funds Should be sufficient to cover these costs for at least six months should they be needed. As of 30 September 2024, the unrestricted funds balance was £879,675 equivalent to more than 12 months forecast budgeted expenditure. The Charity holds surplus unrestricted funds until a large or urgent project requires funding at which time the Charity will remit funds to TAU at the discretion of the Trustees. Restricted funds relate exclusively to donations made to the charity to support specific projects at TAU. li
Tel Aviv University Trust Company registration number,. 00939510 Charity registration number., 314179 TRUSTEES, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) Principal risks and uncertainties On a regular basis the directors actively review and assess the major risks to which the Charity may be exposed. There are regular meetings between the Treasurer and representatives of the Board of Trustees to review the financial records with an annual review of the controls over key financial systems. The Directors also examined other operational risks which they may face and confirm that they have established systems to mitigate any significant risks. In arriving at this conclusion, and as detailed within Future plans and the note l of these financial statements, the Directors have taken into account the Israel-Hamas conflict, the impact of which is regularly a55es5ed on an ongoing basis. Structure. governance and management All of the directors are members of the charitable company and guarantee to contribute no more than £1 in the event of a winding up. The organisation of the Charity currently comprises a Board of seven directorsltrustees who meet on average four times a year to consider and plan fund-raising events and any other matters relating to the Charity. The power of appointing new trustees is vested in the Board which is headed by a chairman. During the year under review the day-to-day management of the Charity was carried out by the Chief Executive Officer, Mrs Cara Case with the support of the Trustees and Directors. Additional support is provided by a head of philanthropy, a communications, marketing and events co-ordinator, a part time administrative assistant and a financial administrator. Appointment, training and induction of Trustees Several Trustees and the CEO meet with people who seem interested and over the course of a period of time we do our due diligence to see how engaged they are and what they could do for the Charity. For example, are they willing to donate or actively seek donations, bring people to, or host, events. If they seem to be actively engaged and we believe that they would add value to the Charity, they are invited to join. Once new Trustees join the board, we do not necessarily provide formal training. They are advised of a Trustee's duties and responsibilities as outlined in the Charity Commission website and we have a series of meetings to go over our program of events, to discuss methods of fundraising, how to ask or at least get someone involved, how to use our materials {which each Trustee receives) to familiarize them with TAU, to visit the University campus and tour laboratories and faculties, etc. 12
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 TRUSTEES, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) Related party The Charity operates solely as the UK fundraising'friends" of Tel Aviv University (TAU), Tel Aviv, Israel. Any restricted donations which are received are remitted to TAU in full on condition that the funds are applied in accordance with the wishes of the donors. TAU fund all the operating costs of the Charity, based on an agreed annual budget. Frequently, several UK based donors of large amounts send their donations directly to TAU for reasons of either personal preference, urgent requirement for funds from a faculty or foreign currency considerations. In the annual accounts of TAU these amounts are recognised and reported as being donations from the UK charity. With the agreement of TAU any unrestricted donations are applied to the Unrestricted Funds balance for any non-budgeted expenditure. Remuneration pollcy The pay and remuneration of the key management personnel is set by agreement with TAU within the agreed budget and with reference to levels of pay in similar charities. Statement of responsibilities of the Trustees The Trustees (who are also directors of charitable company for the purposes of company law} are responsible for preparing the Trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently. ObSee the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unle55 it is inappropriate to presume that the Charity will continue in operation. The Trustee5 are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. 13
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 TRUSTEES, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. The Trustees are members of the Charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the Charity. Statement as to dlsclosure to our auditors In so far as the Trustees are aware: There is no relevant audit information of which the charitable companvs auditors are unaware; and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Audltors Cooper Parry Group Limited have been deemed to be reappointed under the Companies Act 2006, s. 487(21 as the auditors of the charitable company and have expressed their willingness to continue in that capacity. The Trustees, annual report has been approved by the Trustees on 27 March 2025 and signed on their behalf by; David Meller Trustee 14
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TEL AVIV UNIVERSITY TRUST Opinion We have audited the financial statements of Tel Aviv University Trust ("the charitable company" the Charity") forthe year ended 30 September 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies.The financial reporting framework that has been app5ied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our our opinion the financial statements: give a true and fair view of the state of the charitable company's affair5 as of 30 September 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those Standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees With respect to going concern are described in the relevant sections of this report. The Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from when the financial statements are authorised for issue. Other information The Trustees are responsible for the other information. The other information comprises the information in the Trustees, Annual Report and Strategic Report, but does not include the financial statements and our Auditors, Report thereon. 15
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 INDEPENDENT AUDITORS, REPORTTOTHE MEMBERS OF TEL AVIV UNIVERSITYTRUST (CONTINUED) Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not V15ited by u5; or the financial statements are not in agreement with the accounting record5 and returns; or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor5. Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 16
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TELAVIV UNIVERSITY TRUST (CONTINUED) Irregularities, including fraud, are instances of non-compliance with laws and regulations. We de5i8n procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, includin8 fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the Charity and the industry in which it operates, and considered the risk of acts by the Charity that were contrary to applicable laws and regulations, including fraud. We discussed with the Direttors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements. including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. Our procedures in relation to fraud included but were not limited to: inquires of managementwhether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities forfraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a materlal misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of,. the entitls operations, including the nature of its revenue sources and services and of it5 objectives and strategies to understand the classes of transactions, account balances, expected financial statement disc105ures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at Mvw.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors, Report. 17
Tel Avfv Unlversity Trust Company registratlon number: 00939510 Charity reglstration number: 314179 INDEPENDEIIT AUDITORS, REPORTTO THE MEMBERS OF TELAVIV UNIVERSITYTrusf (CONTINUED) Llse of ¢¥ur report Thls reportls made solely to the charitable comparfs Trustees, as a body, In accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we ml8ht state to the Charity's Trustees those matters we are requlred to stste to them In an Audrtors, port and for no other purpose. To the fullest extent pennitted ty law, we do not accept or assume responsibility to anyone other than the charitable company and its Trustees as a body, for our audit worK for this report. or for the oplnlons we have fonned. Daley Tyndale FCCA (Senior Ststutory Audltor) For and on behalf of Cooper Parry Group L5mfted, ststutory Audltors New Denvent House 69-73 Theobalds Road London WCIX 8TA 2025 18
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income from Donations and legacies Donations made direct to TAU 580,389 1,226,322 2,254,837 1,806.711 2,254,837 1,606,381 2,771,020 Total 580,389 3,481,159 4,061,548 4,377,401 Expenditure on Raising funds Charitable activities Remitted direct to TAU 93,551 361,212 93.551 1,745,010 2,254,837 26,606 1,353,486 2,771,020 3,4,5 1,383,798 2,254,837 Totsl 454,763 3,638,635 4,093,398 4,151,112 Net Income/(Expenditure) 125,626 1157,4761 (31,850) 226,289 Total funds brought forward 754,049 157,476 911,525 685,236 Total funds carried forward 879,675 879,675 911,525 Donations of £2,254,83712023: £2,771,020} were made direct to TAU and did not pass through the records of the charitable company. As explained further in note l of the financial statements, the Trustees believe that this presentation is appropriate. All of the other results were derived from continuing activities. The Charity has no recognised gains or losses otherthan those dealt with in the Statement of Financial Activities which incorporates an income and expenditure account. The notes to these accounts form part of these financial statements. 19
Tel Aviv University Trust Company registration number.. 00939510 Charity registration number". 314179 BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Notes Non-current assets Investments io 10,000 iO,OCM) Current assets Debtors Cash at bank and in hand li 12 4,747 898,184 4,312 925,344 Current assets 902,931 929,656 Creditors Amounts falling due within one year 13 133,256) {28,131) Net current assets 869,675 901,525 Net assets 879,675 911,525 Funds of the Charlty: Restricted income funds Unrestricted income funds 157,476 754,049 879,675 Total funds 18 879,675 911,525 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024. The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The trustees acknowledge their responsibilities for la) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and Ib) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. 20
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 BALANCE SHEET AS AT 30 SEPTEMBER 2024 (continued) The financial statements were approved by the Trustees and authorised for issue on 27 March 2025 and signed on their behalf by: David Meller Trustee The notes to these accounts form part of these financial statements. 21
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Notes Cash flows from operating activltles Net cash {incorne)/expenditure for the reporting period las per the Statement of Financial Activities) {31,850) 226,289 Working capital adjustments {Increase} in debtors Increase in creditors (435) 5,125 (560) 12,436 Net cash (outflows)/inflows from operating activities (27,1601 238,165 Cash flows from investing actlvltles Purchase of investment (5,000} Net cash loutflows) from investing activities (5,0001 Net (decrease)/ increase in cash and cash equivalent5 Cash and cash equivalents at the beginning of the reporting period {27,160) 233,165 925,344 692,179 Cash and cash equlvalents at the end of the reporting perlod 12 898,184 925,344 All of the cash flows are derived from continuing operations during the above two periods. The notes to these accounts form part of these financial statements. 22
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 l Accounting policies Statutory information Tel Aviv University Trust is a private company limited by guarantee without share capital, registered in England and Wales. The charitable company's registered numbers and registered office address can be found on the Reference and Administrative Details page. The presentation currency of the financial statements is the Pound Sterling (£). Amounts are rounded to the nearest £. ststement of compliance The financial statements have been prepared in accordance with the Charities SORP (FRS 102) '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 (FR5 102) {effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention unless otherwise stated. Basis of preparatlon Tel Aviv University Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Summary of significant accounting pollcles and key accountlng estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Golng concern The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held bythe Charity. The Trustees have sufficient reason to believe that funding from Tel Aviv University will continue into the foreseeable future, including for at least 12 months from the date of the approval of these financial statements. In particular the Trustees have tested their cash flow analysis to take into account the impact on the Charity of possible scenarios brought on bythe regional conflict, alongside the measures that they can take to mitigate the impact. This includes careful consideration of all potential risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signinE the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. 23
Tel Aviv University Trust Company registration number.. 00939510 Charity registration number: 314179 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) Based on assessment, the Trustees consider that the Charity maintains an appropriate level of liquidity, sufficient to meet the demands of the Charity including any capital and servicing obligations and external debt liabilities, and conclude that the financial statements should be prepared on a going concern basis. Income and endowments All income is recognised once the Charity has entitlementto the income, it is probable that the income will be received, and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity, and it is probable that these conditions will be fulfilled in the reporting period. Each year the Trust sources and secures donations from UK donors, for specific projects or faculties at TAU, but these donations are remitted directly to TAU and do not pass through the books of the Trust. TAU in its annual report and accounts have always recognized and published as such, that these donations are from the UK. The Trustees therefore consider that these donations should properly be shown in the accounts of the Trust for the following reasons: To omit them would not recognize the efforts of the Trustees and Executive in sourcing the donations. The Trust has direct control over how the donations are allocated at TAU, and The direct payments were made with the agreement of the Donors, the Trust and TAU. The amount of the direct donations is included separately in both income and expenditure of the Statement of Financial Activities, at the GBP to USD rate applicable at the date of the Balance Sheet. Grants receivable Grants are recogni5ed when the Charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Expenditure All expenditure 15 recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's Use. Other support costs are allocated based on the spread of staff costs. 24
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) Raising funds These are costs incurred in attracting voluntary income and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs These include the costs attributable to the Charit¢s compliance with constitutional and statutory requirements, including audit, strategic management and Trustee's meetings and reimbursed expenses. Taxation The Charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Fund strurture Unrestricted income funds are general funds that are available for use at the Trustee's discretion in furtherance of the objectives of the Charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 25
Tel Aviv University Trust Company registration number: 00939510 Charity registration number.. 314179 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) Pensions and other post retirement obligations The Charity operates a defined contribution pension scheme which is a pension plan underwhich fixed contributions are paid into a pension fund and the Charity has no legal or constructive obligation to pay further contributions even if the fund does not hold Sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Financial instruments and critical accounting estimatss and judgements In the application of the accounting policie5, the Trustee5 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 assumptions are based on experience and other factors that are considered to be relevant. Actual results may differfrom these estimates, which are reviewed on an ongoing basis and recognised when appropriate. Recognltlon and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exist5 a legally enforceable right to set off the recogni5ed amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when: a) the contractual rights to the cash flows from the financial a55et expire or are settled, bl the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. 26
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law. Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to {c}. 2 Expenditure on raising funds Unrestricted funds Restricted funds Total 2024 Total 2023 Events Marketing and publicity 13,698 79,853 13,698 79,853 5,607 20,999 93,551 93,551 26,606 3 Support costs Unrestrlcted Funds Restricted funds Total 2024 Total 2023 Staff costs {Note 7) Wages and salaries Social security Pension costs Consultancy and maintenance Other resources expended 179,538 14,789 1,981 27,056 116,041 179,538 14,789 1,981 27,056 116,041 226,817 19,711 3,275 72,650 60,947 339,405 339,405 383,400 4 Governance costs Unrestrirted Funds Restricted funds Totsl 2024 Total 2023 Audit of the financial statements Legal fees 15,000 15,000 18,919 6,807 6,807 1,020 21.807 21,807 19,939 27
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ICONTINUED) 5 Grant making Unrestricted Funds Restrlcted funds Total 2024 Total 2023 Grants to Tel Aviv University ITAU) Direct payments and grants to TAU 1,383,798 1,383,798 950,147 2,254,837 2,254,837 2,771,020 3.638,635 3,638,635 3,721,167 6 Trustees, remuneration and expenses No Trustees, nor any persons connected with them, have received any remuneration from the Charity during the year. 7 Staff Costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were Wages and salaries Social security costs Pension costs 179,538 14,789 1,981 226,817 19,711 3,275 196,308 249,803 The monthly average number of persons (including senior management team) employed by the Charity during the year expressed as full time equivalents was 4 {2023: 4) 2024 2023 Emoluments over £60,000.. Range of £1I0,000-£120,0j 28
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED) 8 Auditors, remuneratlon 2024 2023 Audit of the financial statements 15,000 18,919 9 Taxatlon The Charity is a registered charity and is therefore exempt from taxation. The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are set out below. 10 Investments The Charity subscribed to a £5,000 Israel bond during 2021, and a further £5,000 in 2023. The fair value of investments has increased to £10,000 during 2023 following the addition. 11 Debtors Z024 2023 Prepayments 4,747 4,312 4,747 4,312 12 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 72 898,112 72 925,272 898,184 925,344 13 Creditors amounts falling due within one year 2024 2023 Accruals 33,256 28,131 33.256 28,131 29
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) 14 Pension and other schemes Defined contribution pension scheme The Charity operates a defined contribution pension scheme with NEST under the Auto Enrolment provisions. The pension cost charge for the year represents contributions payable by the Charity to the scheme and amounted to £1,981 (2023: £3,275) 15 Charity Status The Charity is a company limited by guarantee and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the Charity in the event of liq uidation. 16 Capltal commltments The total amount contracted for but not provided in the financial statements was £Nil {2023- £Nill. 17 Post Balance Sheet Events In the view of the Trustees that the war in Gaza and the ongoing cost of living crisis in the UK are considered to be a non-adjusting events as at 30 September 2024 and consequently no adjustment is made to these financial statements. 18 Funds Balance at l October 2023 Incoming resources Resources expended Transfers Balance at 30 September 2024 Unrestricted funds 754,049 580,389 1454,763) 879,675 Restricted funds 157,476 3,481,159 (3,638,635) Total funds 911,525 4,061,548 14,093,398) 879,675 Balance at l October 2022 Incoming resources Resources expended Transfers Balance at 30 September 2023 Unrestrlcted funds 645,751 538,243 {429,945} 754,049 Restricted funds 39,485 3,839,158 13,721,167) 157,476 Total funds 685,236 4,377,401 {4,151,1121 911,525 Restricted funds are represented in the balance Sheet purely in cash and cash equivalents. 30
Tel Aviv University Trust Company registration number: 00939510 Charity registration number: 314179 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) 19 Analysis of net funds Atl October 2023 Cash flow Exchange movement Other non- At30 cash September changes 2024 Cash at bank and in hand 925,344 127,160) 898,184 20 Comparative SOFA Year ended 30 September 2023 Unrestricted funds Restricted funds Total 2023 Total 2022 Note Income from Donations and legacies Donations made direct to TAU 538,243 1,068,138 2,771,020 1.606,381 2.771,020 948.921 1,707,334 Total 538,243 3,839,158 4,377,401 2,656,255 Expendlture on Raising funds Charitable activities Remitted direct to TAU 26,606 403,339 26,606 1.353,486 2.771,020 31,545 936,306 1,707,334 3,4,5 950,147 2,771,020 Total 429,945 3,721,167 4,151,112 2,675,185 Net Income/{Expenditure) 108,298 117,991 226,289 (18.930) Total funds brought forward 645,751 39,485 685,236 704,166 Total funds carried forward 754,049 157,476 911,525 685,236 31