TRUSTEES' REPORT AND FINANCIAL

Registered Charity Number: 1160879

THE MURIEL AND GERSHON COREN CHARITABLE FOUNDATION

TRUSTEES' REPORT AND

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 5 APRIL 2020

THE IIURIEL AND GERSHON COREN CHARITABLE FOUNDATION

CONTENTS

Page

Trust Information

Trustees' Report

Independent Examiners Report

Statement of Financial Activities

Balance Sheet

Notes to the Financial Statements 7-12

THE IIURIEL AND GERSHON COREN CHARITABLE FOUNDATION

TRUST INFORMATION

Trustees Anthony CorenWalter StantonGraham Weinberg

Registered charity number 1160879

Registered address and principal office 5 Golders Park CloseLondonNW11 7QR

Investment advisers Canaccord Genuity Wealth Limited

41 Lothbury

LondonEC2R 7AE

Independent Examiner Yogan PetalMHA Maclntyre HudsonChartered Accountants and Registered Auditors

2 London Wall PlaceLondonEC2Y 5AU

THE INURIEL AND GERSHON COREN CHARITABLE FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2020

The Trustees present their report together with the financial statements of The Muriel and Gershon Coren CharitableFoundation for the year ended 5 April 2020. The Trustees have adopted the provisions of the Statement ofRecommended Practice (SORP) 'Accounting and Reporting by Charities' {FRS102)in preparing the annual report andfinancial statements of the Charity.

STRUCTURE, GOVERNANCE ANO MANAGEMENTStructure and governance

The charity is governed by its constitution dated 10 March 2015. The charity is registered with the Charity Commissionunder number 11608?9as a Charitable Incorporated Organisation.

Management

The charity is managed by its trustees as set out on page 1.All the trustees act in an honorary capacity.

The trustees have the power to appoint or terminate the appointment of trustees. New trustees would be required toattend appropriate training courses.

OBJECTIVES AND ACTIVITIES

The Trustees may pay or apply the income and capital of the trust fund in such manner as they think fit to or for thebenefit of any charitable object or purpose. The charity is a grant making charity and so does not work directly with

vulnerable groups but may fund other organisations that do. Grant applications are considered by the Trustees on theirmerits.

The Trustees have powers to invest the trust fund in any assets that they consider appropriate. They have appointedCanaccord Genuity Wealth Limited as the trust's investment advisers and all investments are registered in theirnominee company.

The Trustees meet regularly to:

o Assess the performance of the investment portfolio~ Discuss the general areas in which funds will be applied; and

Consider potential grants.

PUBLIC BENEFITIn making distributions, the Trustees have had due regard to guidance published by the Charity Commission on publicbenefit. The Charity meets the criteria of the Charity Commission on public benefit in the prevention and relief ofpoverty, advancement of health and other areas.

ACHIEVEMENTS AND PERFORMANCEDuring the year, the charity received incoming resources of F91,843 (2019: 6343,395). Administration costs wereF40,310 (2019: F43,787) and grants paid were F125,300 (2019: f229,000) resulting in net outflows of E?3,767 (2019:net inflows of F?0,608).

During the year the charity had realised net losses of E?7,230 {2019:gains of 617,522) on disposal of investments. At 5April 2020 the value of the charity fund was F1,801,572 (2019:F2,274,?76).

RISKNIANAGEINENT

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied controls are in place tomitigate the exposure to significant risks.

THE MURIEL AND GERSHON COREN CHARITABLE FOUNDATION

CHARITABLE FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2020 (CONTINUED}

FINANCIAL REVIEW AND RESERVES POLICY

The Trustees consider that the charity's performance in the period has been satisfactory. In line with the Trustees'intention to maintain the prevailing level of charitable expenditure, the level of reserves held is considered adequate.

At present all funds are unrestricted, no funds having been earmarked for specific grants.

TRUSTEES' RESPONSIBILITY STATEMENT".

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance withapplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for eachfinancial year which give a true and fair view of the state of affairs of the Charity and of the incoming and application ofresources of the charity for that period. In preparing those financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;observe the methods and principles of the Charities SORP (FRS102);make judgements and estimates that are reasonable and prudent;state whether applicable accounting standards have been followed subject to any material departures disclosed andexplained in the financial statements;prepare the accounts on the going concern basis unless it is inappropriate to presume that ihe charity will continue inoperation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at anytime the financial position of the Charity and enable them to ensure that the financial statements comply with theCharities Act 2011 and the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed.They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for theprevention and detection of fraud and other irregularities.

INDEPENDENT EXAMINER

The Trustees have appointed Yogan Patel of MHA Maclntyre Hudson as independent examiner.

W Stanton - Trustee

2020

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MURIEL AND GERSHON CORENCHARITABLE FOUNDATION FOR THE YEAR ENDED 5 APRIL 2020

I report to the Charity trustees on my examination of the accounts of the charity for the year ended 5 April

2020 which are set out in pages 5 to 9.

Responsibilities and basis of report

As the Charity's trustees you are responsible for the preparation of the accounts in accordance with therequirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the CharitiesAct 2011 ("the 2011 Act"). In carrying out my examination I have followed the directions given by the CharityCommission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity's gross income exceeded E250,000 your examiner must be a member of a body listed in

section 145 of the Act. I can confirm I am qualified to undertake the examination because I am a member ofthe Institute of Chartered Accountants in England and Wales, 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 theexamination giving me cause to believe that in any material respect:

1. Accounting records were not kept in respect of the Charity as required by section 130 of the Act; or2. The accounts do not accord with those records; or3. The accounts do not comply with the accounting requirements concerning the form and content of the

accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than anyrequirement that the accounts give a 'true and fair view' which is not a matter considered as part of anindependent examination.

I have no concerns and have come across no other matters in connection with the examination to whichattention should be drawn in this report in order to enable a proper understanding of the accounts to bereached.

Yogan Patel, FCAMHA Maclntyre Hudson6'" Floor, 2 London Wall PlaceLondon

EC2Y 5AU

13 January 2021

THE IIIIURIEL AND GERSHON COREN CHARITABLE FOUNDATION

STATEIIIIENT OF FINANCIAL ACTIVITIES


2020Unrestricted {Expendable)

Funds EndowmentFund

E ENotes

2020Total

2019Total

INCOINE AND ENDOWMENTS FRONI:

InvestmentsInvestment income and interestGiff aid donationsTotal income and endowments

RESOURCES EXPENDEDCharitable activities - grants

COSTS OF GENERATING FUNDSInvestment Manager's fees and sundry charges

91,843

91,843

125,300

37,670

91,843 93,395250,000

91,843 343,395

125,300 229,000

37,670 38,454

GOVERNANCE COSTSGovernance costs 2,640 2,640 5,333

Total resources expended

Net (Outgoings)/income

OTHER RECOGNISED GAINS 8 LOSSESRealised {losses)/gains on investment assets 5Unrealised (losses)/gains on investment assets 5

Net movement in funds

165,610

(73,76?)

(77,230)(280,758)

431,755

165,610 272,787

{73,76?) 70,608

(77,230) 17,522(41,449) (322,207) 80,267

Fund balance brought forward

Fund balance carried forward

431,?55 1,843,021 2,274,776 2, 106,379

1,801,572 1,801,572 2,2?4,776

The notes on pages 7 to 10 form part of these financial statements.

THE WIURIEL AND GERSHON COREN CHARITABLE FOUNDATION

BALANCE SHEET

AS AT 5 APRIL 2020

Fixed assets

Listed investments (at market value)

Notes 2020

1,431,078

2019

2, 155,398

Current assetsTaxation recoverableCash in hand at stockbrokersBalance at Bank

1,657301,02981,170

383,856

3,1238,145

113,443124,711

LiabilitiesAccrued expenses

Net current assets

Net assets

13,362

370,494

1,801,572

5,333

119,378

2,274,776

Represented byTrust fund (unrestricted)Endowment Fund 1,801,572

1,801,572

431,?551,843,021

2, 74,?76

Approved oythe trustees os 2L g«c ~ 2020

IStantonTrustee

The notes on pages 7 to 10 form part of these financial statements.

THE IIIIURIEL AND GERSHON COREN CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEINENTS


1 SUINIIIIARY OF SIGNIFICANT ACCOUNTING POLICIES

1.1 General information and basis of preparation

The Muriel and Gershon Coren Charitable Foundation is a Charitable Incorporated Organisation, registeredcharity number 1150879, with the Charity Commission in England and Wales. In the event of the Charitybeing wound up, the liability in respect of the guarantee is limited to E.1 per member of the Charity. Theregistered office is given in the Charity information on page 1 of these financial statements. The nature ofthe Charity's operations and principal activity is for the benefit of such exclusively charitable objects andpurposes as the Trustees in their absolute discretion think flit.

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have beenprepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practiceapplicable to Charities preparing their accounts in accordance with the Financial Reporting Standardapplicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated throughUpdate Bulletin 1 published on 2 February 2016 and Update Bulletin 2 published n 5 October 2018), theFinancial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), theCharities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention,modifie to include certain items at fair value. The financial statements are prepared in sterling which is thefunctional currency of the Charity.

The significant accounting policies applied in the preparation of these financial statements are set outbelow.

1.2 Judgements and key sources of estimation uncertainty

The following judgements have been made in the process of applying the above accounting policies thathave had the most significant effect on amounts recognised in the financial statements:

~ Basis of valuation of financial investments

The Trustees consider that the financial investments are appropriately valued.

1.3 TaxationThe Trust is exempt from taxation and any recoverable tax deducted at source is reflected in current assetson the balance sheet.

1.4 Accounting convention

These financial statements are prepared under the historical cost convention as modified by the inclusion ofinvestments at market value.

1.5 Income recognitionAll income is unrestricted income unless otherwise stated. Incoming resources represent income generatedfor the objects of the charity without further specified purpose and are available as general funds. Donationsand the related gift aid tax are accounted for on receipt of the donation. Income is included in full in theStatement of Financial Activities.


NOTES TO THE FINANCIAL STATEIIIIENTS (CONTINUED)


1.8 Investment IncomeInvestment income is accounted for in the period in which the charity becomes entitled to receive it and isnot restricted. Credit is taken in the accounts for income tax deducted at source which has or will bereclaimed from HM Revenue 8 Customs.

1.7 ExpenditureExpenditure is recognised on an accruals basis. Irrecoverable VAT is charged as an expense against theactivity for which the expenditure arose. Donations payable to charitabie institutions are recognised when aconstructive obligation exists.

Grants payable are recognised in the year when the offer is conveyed to the recipient and a constructiveobligation exists. Any grants approved in principle but where conditions attached to the award have not yetbeen met are included in the notes to the accounts as a contingent commitment. N/here grants areconsidered conditional relating to performance, then the grant is only accrued when any unfulfilledconditions are outside of the control of the charity.

1.& Unrestricted fundsUnrestricted funds are available for use at the discretion of the trustees in furtherance of the generalobjectives of the charity and which have not been designated for other purposes.

Endowment funds represent those assets which must be held permanently by the charity. Income arising onthe endowment funds can be used in accordance with the objects of the charity and is included asunrestricted income. Any capital gains or losses arising on the endowment investments form part of theunrestricted fund. Investment management charges and legal advice relating to the fund are chargedagainst the unrestricted fund.

Endowed funds are held in perpetuity to generate income to further the objects of the charity. Unrestrictedfunds may be spent within the objects as the trustees see fit.

1.9 Governance costsGovernance Costs are the costs associated with the governance arrangements of the Charitable Trust asopposed to those costs associated with charitable activity. Governance costs are incurred directly insupport of expenditure on the objects of the charity.

1.10 Going concernThe financial statements have been prepared on a going concern basis as the trustees believe that nomaterial uncertainties exist. The trustees have considered the level of funds held and the expected level ofincome and expenditure for 12 months from authorising these financial statements. The budgeted incomeand expenditure is sufficient with the level of reserves for the charity to be able to continue as a goingconcern.

1.11 investmentsInvestments are recognised and measured at fair value with charges recognised in net gainsilosses oninvestments in the Statement of Financial Activities if the investments are publicly traded or their fair valuecan otherwise be measured reliably.


NOTES TO THE FINANCIAL STATEIIIIENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 202D

2 Incoming resources

Investment incomeUK and other companies and unit trusts net dividendsUK Government stock and other interest (gross)Overseas dividendsOverseas interestInterest

2020

6Q, 70811,1577,370

12,58523

91,843

2019f.

56,99112,9?311,74011,686

5

93,3953 Trustees remuneration and expenses

None of the Trustees incurred expenses or received any remuneration and there were no staff costs.

4 Governance costs

Accountancy (MHA Maclntyre Hudson)Independent Examiners Fee

2020E

4002,240

20'I9

4004,933

2,640 5,333

5 InvestmentsMarket value at 6 April 2019Less Disposal proceedsRealised (losses}/gainsAdd Acquisitions at costNet unrealised (losses}/gains

2020f.

2, 155,398(595,250)

(77,230)270,367

(322,207)

2019

2,Q58, ?36{190,101)

17,522188,97380,268

Market value at 5 April 2020 1,431,078 2, 155,398

All investments other than Unit Trusts and OEICs are listed on recognised stock exchanges.

Iiarket ValueListed equitiesUnit Trusts 8 OEICsFixed Interest Securities

2020

842,283262,083326,712

1,431,078

2019

1,143,128475,064537,206

2, 155,398

No investment represented 5'lo or more of the portfolio by market value in the charity at 5 April 202Q,

As a result of Covid-19, the valuation of endowment investments at 31 March 2020 reflected an unrealisedloss of f322,207 at the balance sheet date. In accordance with the accounting policy of the charity,unrealised losses on the endowment fund are to be allocated to the unrestricted fund. However, theunrealised losses in the endowment fund exceeded funds available in the unrestricted fund. The unrealisedlosses of f41,449 which could not be met by the unrestricted fund have therefore been reflected in theendowment fund. Investment valuations have improved after the year end, with unrealised losses in theendowment fund being reversed by August 2020.

5 Guarantees, Commitments and Contingent LiabilitiesAt 5 April 2020 there were no commitments or contingent liabilities (2019:KNII).


NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)


8 Grants to Institutions for the Public Benefit 2020 2019

A Aish UK

B Better World Charity

C Campaign Against AntisemitismCentre for Jewish Life 1,000

5,000

3,000

5,000

F Foundation for Jewish Heritage

G Gategi Village Self Help Group

I Inspired

J JNF Charitable TrustJewish Childs Day

M Macmillan Cancer SupportMagen David Adorn UKManna UK

80,000

3,000

10,0QQ

80,000

5,000

30,0007,000

2,0005,QQQ

30,000

N National Trust

R RNLI

Royal British Legion

S St John AmbulanceSoldiers Sailors 8 Airmen Family AssociationSociety for protection of unborn ChildrenSt Joseph's HospiceShormin - The North West Community Patrol TrustSmart GivingShalom FoundationSt Johns and Elizabeth HospitalSpiro Institute

30,000

1,30010,0QO

1,000

2,QOQ

1,000

1,0002,0003,00Q

2,5003,000

12,0005,0QO

T Technion UK 1,500

U UJS Hillel

UK LFIUK Jewish Film

Z ZSV Trust (Food Life Line)

2,0QO

5,0005,000

1,000

125,300 229,000

10

Documents

TRUSTEES' REPORT AND FINANCIAL