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COMPANY REGISTRATION NUMBER: 5117797
CHARITY REGISTRATION NUMBER: 1104831
Gefen Foundation
Company Limited by Guarantee
Unaudited Financial Statements
31 May 2024
Gefen Foundation
Company Limited by Guarantee
Financial Statements
Year ended 31 May 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
5
Statement of financial activities (including income and expenditure account)
7
Statement of financial position
8
Notes to the financial statements
10
Gefen Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 May 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 May 2024 .
Reference and administrative details
Registered charity name
Gefen Foundation
Charity registration number
1104831
Company registration number
5117797
Principal office and registered
2nd Floor Parkgates
office
Bury New Road
Prestwich
Manchester
M25 0TL
The trustees
A Henry
H Neumann
Mrs A Neumann
Company secretary
A Henry
Independent examiner
Mr Howard Schwalbe ACA
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
Gefen Foundation is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 04 May 2004 as a company and the company number is 5117797 . It was registered as a charity on 09 July 2004 with a charity number 1104831 .
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day to day affairs are undertaken by Mr A Henry on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.
There are no policies for the induction or training of new trustees.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the trust are principally operational risks from ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.
Objectives and activities
The objects of the charity are the relief of poverty amongst the elderly or persons in need, hardship or distress in the Jewish Community; the advancement of the Orthodox Jewish Religion and the advancement of education according to the tenets of the Orthodox Jewish Faith.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The charity is funded by donations and investments. The charity gives out grants in line with the above objects.
There were no grants paid to individuals during the year.
Grants made during the year to institutions are as detailed in the accounts.
The application of the funds by way of grants to either institutions or individuals and is almost always to institutions.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The charity received £344,467 (2023: £287,773) in donations during the year as well as £40,968 (2023: £27,803) in investment and rental income.
Investment management costs amounted to £40,710 (2023: £32,696) owing mainly to necessary work required on the investment property owned by the charity.
The charity has governance costs comprising professional fees.
All other office costs are borne by a local benefactor and the trustees wish to record their appreciation to the benefactor for the free use of their offices.
The charity paid out £319,460 (2023: £325,835) by way of grants and support costs that are in line with the objects of the charity. Grants over £1,000 made during the year to institutions are as detailed in the accounts. The grants have been categorised for ease of reference and a full list of grants is available upon a written request to the trustees.
There were no fundraising costs during the year.
Related party transactions in the reporting period are as disclosed in the notes to the accounts.
There was an overall net income and net movement in funds for the year amounting to £25,265 (2023: (£152,955)).
Financial review
Investment performance
The investments of the charity have provided an overall gross return of 7% (2023: 4.8%) in the year.
The trustees consider this acceptable when compared with returns available on deposits in any of the banking institutions. The investment returns have been consistent for a number of years and are not at the expense of any exposure of loan to value covenants that would put these investments at risk.
Reserves policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
In considering the financial obligations of the charity, the trustees have resolved to maintain a minimum reserve, being the current assets of the charity.
The trustees have considered the fair value of the investment property taking into account the loan to value of the properties where applicable. The trustees consider the holding value to be the fair value.
The trustees are delighted to have made many valuable contributions to the community as a result of this income and hope to be able to do so for many years to come.
The trustees feel that the activity reflects the profile and standing within the local community. The impact for future years' expenditure is self evident and the trustees would like to record their appreciation for all the financial support received from benefactors during the course of the year.
The free reserves, being the net current liabilities of the charity, amounted to £492,730 (2023: £510,062), all of which are unrestricted. There are no material uncertainties about the charity's ability to continue as the net current liabilities are made up mainly of the director's loan account for which the director has confirmed that he will not call it in to the detriment of the cash flow of the charity.
The trustees' annual report and the strategic report were approved on 28 February 2025 and signed on behalf of the board of trustees by:
H Neumann
Trustee
Gefen Foundation
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Gefen Foundation
Year ended 31 May 2024
I report to the trustees on my examination of the financial statements of Gefen Foundation ('the charity') for the year ended 31 May 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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 the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 accounts to be reached.
Mr Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
28 February 2025
Gefen Foundation
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 May 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
344,467
344,467
287,773
Investment income
6
40,968
40,968
137,803
---------
---------
---------
Total income
385,435
385,435
425,576
---------
---------
---------
Expenditure
Expenditure on raising funds:
Investment management costs
7
40,710
40,710
32,696
Expenditure on charitable activities
8,9
319,460
319,460
325,835
---------
---------
---------
Total expenditure
360,170
360,170
358,531
---------
---------
---------
Net losses on investments
12
( 220,000)
---------
---------
---------
Net income/(expenditure) and net movement in funds
25,265
25,265
( 152,955)
---------
---------
---------
Reconciliation of funds
Total funds brought forward
( 106,476)
( 106,476)
46,479
---------
---------
---------
Total funds carried forward
( 81,211)
( 81,211)
( 106,476)
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Gefen Foundation
Company Limited by Guarantee
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
16
583,827
583,827
Current assets
Debtors
17
10,075
( 12,319)
Cash at bank and in hand
12,700
26,781
--------
--------
22,775
14,462
Creditors: amounts falling due within one year
18
515,505
524,524
---------
---------
Net current liabilities
492,730
510,062
---------
---------
Total assets less current liabilities
91,097
73,765
Creditors: amounts falling due after more than one year
19
172,308
180,241
---------
---------
Net liabilities
( 81,211)
( 106,476)
---------
---------
Funds of the charity
Unrestricted funds:
Revaluation reserve
23,220
23,220
Other unrestricted income funds
(104,431)
(129,696)
---------
---------
Total unrestricted funds
( 81,211)
( 106,476)
--------
---------
Total charity funds
20
( 81,211)
( 106,476)
--------
---------
For the year ending 31 May 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Gefen Foundation
Company Limited by Guarantee
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of trustees and authorised for issue on 28 February 2025 , and are signed on behalf of the board by:
H Neumann
Trustee
Gefen Foundation
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 2nd Floor Parkgates, Bury New Road, Prestwich, Manchester, M25 0TL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue as the net current liabilities are made up mainly of the director's loan account for which the director has confirmed that he will not call it in to the detriment of the cash flow of the charity.
Fair value
Debtors and creditors are fairly stated.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported besides the investment property valuation.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Gefen Foundation is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations
344,467
344,467
287,773
287,773
---------
---------
---------
---------
6. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Income from investment properties
40,968
40,968
27,803
27,803
Other investing activities
110,000
110,000
--------
--------
---------
---------
40,968
40,968
137,803
137,803
--------
--------
---------
---------
7. Investment management costs
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Interest payable
11,947
11,947
8,956
8,956
Property repairs and maintenance charges
28,763
28,763
23,740
23,740
--------
--------
--------
--------
40,710
40,710
32,696
32,696
--------
--------
--------
--------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Charitable grants
314,979
314,979
319,470
319,470
Support costs
4,481
4,481
6,365
6,365
---------
---------
---------
---------
319,460
319,460
325,835
325,835
---------
---------
---------
---------
9. Expenditure on charitable activities by activity type
Grant funding of activities
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Charitable grants
314,979
521
315,500
320,076
Governance costs
3,960
3,960
5,759
---------
-------
---------
---------
314,979
4,481
319,460
325,835
---------
-------
---------
---------
10. Analysis of support costs
Analysis of support costs
Total 2024
Total 2023
£
£
£
General office
522
522
606
Governance costs
3,960
3,960
5,759
-------
-------
-------
4,482
4,482
6,365
-------
-------
-------
11. Analysis of grants
2024
2023
£
£
Grants to institutions
Asser Bishvil
19,500
22,000
B C G C T
22,500
5,000
Choimel Dalim
11,250
7,500
Community Projects
69,674
110,250
Edupoor
17,000
Format C T
5,000
15,000
Friends Of Asos Chesed
5,000
20,000
Ahavas Shalom Trust
15,000
Kol Yom Trust
20,945
14,600
Relief Of Poverty
10,750
18,000
Schools
8,700
16,370
T T T
49,000
20,000
Chareidim Beis Shaymesh
15,000
Yeshivas and Seminaries
8,500
46,960
M H Trust
9,500
Shaykel Esuh
18,500
Success Stories
10,000
Grants under £1,000
16,160
6,790
---------
---------
314,979
319,470
---------
---------
Total grants
314,979
319,470
---------
---------
12. Net losses on investments
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Gains/(losses) on investment property
( 220,000)
( 220,000)
----
----
---------
---------
13. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
3,960
3,960
Other financial services
1,800
-------
-------
3,960
5,760
-------
-------
14. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
15. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
16. Investments
Investment properties
£
Cost or valuation
At 1 June 2023 and 31 May 2024
583,827
---------
Impairment
At 1 June 2023 and 31 May 2024
Carrying amount
At 31 May 2024
583,827
---------
At 31 May 2023
583,827
---------
All investments shown above are held at valuation.
Investment properties
Investments properties comprise investments made in various UK properties where the share ranges from 25% to 50%.
The trustees believe these assets to be jointly controlled operations as there is no legal or financial structure. The investments are held jointly with Ner Foundation and are accounted for in line with Section 15.6 and 15.7 of FRS 102.
Valuation of UK investment property is fair value in the opinion of the trustees.
17. Debtors
2024
2023
£
£
Other debtors
10,075
( 12,319)
--------
--------
18. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
8,146
8,544
Accruals and deferred income
3,960
5,760
Director loan accounts
393,399
400,220
Other creditors
110,000
110,000
---------
---------
515,505
524,524
---------
---------
19. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
172,308
180,241
---------
---------
The bank loans and overdrafts are secured on the investment property of the charity.
20. Analysis of charitable funds
Unrestricted funds
At 1 June 2023
Income
Expenditure
Gains and losses
At 31 May 2024
£
£
£
£
£
General funds
(129,696)
385,435
(360,170)
(104,431)
Revaluation reserve
23,220
23,220
---------
---------
---------
----
---------
(106,476)
385,435
(360,170)
(81,211)
---------
---------
---------
----
---------
At 1 June 2022
Income
Expenditure
Gains and losses
At 31 May 2023
£
£
£
£
£
General funds
23,259
425,576
(358,531)
(220,000)
(129,696)
Revaluation reserve
23,220
23,220
--------
---------
---------
---------
---------
46,479
425,576
(358,531)
(220,000)
(106,476)
--------
---------
---------
---------
---------
21. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Investments
583,827
583,827
Current assets
22,775
22,775
Creditors less than 1 year
(515,505)
(515,505)
Creditors greater than 1 year
(172,308)
(172,308)
---------
---------
Net liabilities
(81,211)
(81,211)
---------
---------
Unrestricted Funds
Total Funds 2023
£
£
Investments
583,827
583,827
Current assets
14,461
14,461
Creditors less than 1 year
(524,523)
(524,523)
Creditors greater than 1 year
(180,241)
(180,241)
---------
---------
Net liabilities
(106,476)
(106,476)
---------
---------
22. Related parties
Mr H Neumann and Mrs A Neumann , trustees of Gefen Foundation , lent and were repaid various sums during the year to and from the charity. The aggregate balance at the year end owing to them amounted to £503,399 (2023: £510,220) on an interest free basis. Mr H Neumann donated £144,683 (2023: £136,115) to the charity during the year. Cheltenham Land Securities Limited, a company for which Mr A Henry and Mr H Neumann are directors and shareholders, donated £100,000 to Gefen Foundation during the year. Mr A Henry and Mr H Neumann are also trustees of Yemin Charitable Trust Ltd. During the year Yemin Charitable Trust Ltd donated £10,000 to Gefen Foundation . Gefen Foundation owns various properties equally with Ner Foundation, a UK charity. Mr A Henry and Mr H Neumann are trustees of both Gefen Foundation and Ner Foundation.
23. Taxation
Gefen Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.