2021-05-31-accounts

Charity Registration No. 1040848

Company Registration No. 02962092 (England and Wales)

HADASSAH MEDICAL RELIEF ASSOCIATION UK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr M D Paisner CBE Mr J J Roboh Mrs G Shamash Mr D Waterman Mr H Daitz Mr S Midgen Dr M Bloch E Marks

Secretary

Mrs G Shamash

Charity number 1040848 Company number 02962092

Registered office

25 The Burroughs Hendon London NW4 4AR

Auditor

Glazers 843 Finchley Road London NW11 8NA

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

CONTENTS

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Page
Trustees’ report a eee
Statement of trustees' responsibilities 5
Independent auditor's report
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12-21
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HADASSAH MEDICAL RELIEF ASSOCIATION UK TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MAY 2021 = The trustees present their report and financial statements for the year ended 31 May 2020.

The Charity

Hadassah Medical Relief Association (Hadassah UK) is the UK registered charity (UK Charity Reg No 1040848) dedicated to raising funds for Hadassah Medical Organization (Hadassah Hospitals) in Jerusalem and promoting awareness of its medical and scientific excellence in healing, teaching, research and community outreach.

Hadassah UK (HUK) support Hadassah Hospital’s mission of peaceful coexistence, dedication to saving lives today, and finding medical solutions for a world of tomorrow. Hadassah UK is run by a small professional team, overseen by a Board of Trustees with a distinguished Advisory Board. There are additional volunteer teams for Social Media and Young Hadassah UK. In the short term (estimated one year) during this unprecedented pandemic, Hadassah UK is partnering with Hadassah International in a global response. We are taking the advanced “translational” Research & Development from Hadassah to share with a worldwide network of hospitals and communities including the UK. It is a unique opportunity for our Hospitals in Israel to share its know-how and medical knowledge and give back to the communities in the UK and also around the globe.

During 2021, HUK have partnered with other charities and organisations to highlight medical protocols and research via international webinars to the UK and world communities.

We are also currently partnering with Maccabi UK to create a light-hearted unique grass roots project based on football.

For the longer term, HUK are finding applicable projects at Hadassah Hospitals in Jerusalem and to invite UK based philanthropists and organisations to support the growing needs of the greater Jerusalem population now at 937,000 (2019) and projected to grow to 1,400,000 within the next 15 years. The Trustees have and will support projects at the hospital over the next five years, e.g. currently in construction, the Rehabilitation Centre with a Technological Incubator Hub, projects to advance women’s health, Hadassah Medical Clowns Project, the reconstruction of the original “Round Building” for HUK to specifically create a Haematology Oncology Dept named in honour of Prof. Victor Hoffbrand, former HUK trustee and now advisor, and also projects within the Hadassah School. The latter being the only experimental Hospital School in Israel (of 29 in total) looking for new methods of education, supporting and treating children and their parents. Hadassah Hospital in Jerusalem is now one of the most advanced hospitals in Israel and, with 5,000 employees, it is the largest non-govemmental employer in Jerusalem. Hadassah is thus vital for the future of the capital city Jerusalem, needing modern medical infrastructures and new rehabilitation facilities.

The Hospital has four main objectives:

Healing- Hadassah's two hospital campuses in Ein Kerem and Mount Scopus, Jerusalem treat over 1 million patients per year and carry out over 4 million laboratory tests.

Teaching- Hadassah is a University teaching hospital partnering with the Hebrew University and has five academic medical schools teaching the next generation of medical and nursing practitioners for the region and also students from 90 countries from around the globe.

Research- All Hadassah medical employees are involved in its integrated research programme with the result that it now conducts over 50% of all the hospital research in Israel; a highly technologically advanced country. Its “centres of excellence" in healing mean that it is conducting cutting-edge research in areas such as stem cells, multiple sclerosis, familial genetic diseases, myeloma and age-related macular degeneration. Hadassah UK has assisted in the establishment both directly within these medical departments and with the creation of the recently dedicated Wohl Institute of Translational Medicine at Hadassah.

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

Outreach- "Building bridges to peace" between Muslim, Christian and Jew, Israeli and Palestinian occurs not only in treatment at Hadassah but in creating integrated medical teams without distinction to race, religion or ethnicity for over 100 years.

if you are keen to find out more or would like our newsletter or Year on Review Book, please phone us on 020 8202 2860, email us at [e-mail] or visit our website: www.hadassahuk.org You can also reach us on Instagram, Facebook, Twitter and Linkedin.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Association should undertake.

Objectives and activities

The Association's objects are as detailed above and there has been no change in these or in the policies adopted in furtherance of these objects in the year.

The Association also holds two endowment funds as detailed in the notes to the accounts for the purpose of assisting young doctors involved in medical training or research at Hadassah Medical Association in Jerusalem.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Association should undertake.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's memorandum and articles of association, applicable law and the requirements of the Statement of Recommended Practice, "Accounting and Reporting by Charities" issued in 2015.

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021 5 nn

Achievements and performance

The excess of expenditure over income for the year is shown at page 8.

At 31 May 2021 the state of affairs of the Association was satisfactory.

There have been no important events affecting the Association since the year end and no major future developments in the activities of the Association are anticipated.

Total incoming resources amounted to £878,742, a decrease of £254,842 compared with the previous year due largely to a number of substantial legacies having been received in the previous year.

Direct charitable expenditure, all made to the Hadassah Medical Organisation in Jerusalem, Israel, amounted to £1,768,151, an increase of £1,574,569 due largely to the release of funds designated for the Round Building capital project at Hadassah Hospital which had been held over in the previous year in view of the Covid pandemic and also to a number of substantial designated donations in the year.

The costs of managing and administering the Association fell slightly during the year during the year to £144,083.

It is noted that in addition to donations from UK donors to Hadassah UK as stated in these audited accounts additional donations have been made by UK donors that have gone directly to Hadassah Hospitals in Jerusalem. This amounted to approx. £90,000 during this financial year.

Hadassah UK has also been involved in the donation by the Wohl Foundations of $6.5 million to the establishment of The Wohl Institute for Translational Medicine at Hadassah. The Association's day to day activities are administered by its employees and trustees. Its trustees are responsible for the consideration and authorisation of the charitable donations made by the Association.

Financial review

The Balance Sheet on page 9 shows the financial position of the Association as at 31 May 2021. Total assets less current liabilities amounted to £617,390, of which £378,059 is represented by endowment funds, the balance being represented by the accumulated balance on the unrestricted income funds.

The net current assets represent monies held in order to meet ongoing overheads, investments heid for endowment funds, and also funds received that have yet to be applied towards the Association's charitable objectives.

The trustees have reviewed the unrestricted reserves of the Association. The trustees believe that it is prudent to maintain a level of unrestricted reserves that will be sufficient to cover the anticipated costs for each ensuing year of fundraising, publicity, administration and management. They are satisfied that the current level of reserves will be sufficient for this purpose. The Trustee Board or Management use their discretion in relation to the use of these funds.

The trustees regularly review the major risks to which the Association is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

TRUSTEES’ REPORT (INCLUDING DIRECTORS" REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

Hadassah Medical Relief Association UK (The Association) is a company limited by guarantee. The Association is also a registered charity and is governed by its memorandum and articles of association and by the relevant sections of the Charities Act 1993.

The Association has embarked on a reorganisation of its Trustee Board structure with the relocation of some of its trustees onto a new "Hadassah UK Advisory Board".

The trustees who served during the year were as follows;

Mr M D Paisner CBE Mr J J Roboh

Mrs G Shamash

Mr D Waterman

Mr H Daitz

Ms N A Greenberg (Resigned 25 May 2021) Mr S Midgen Mr D Samuel (Resigned 11 March Dr M Bloch

(Resigned 11 March 2021)

E Marks

New trustees are given the Charities Commission "The Essential Trustee; What You Need To Know" as recommended by the Charities Commission which outlines their duties and responsibilities as trustees.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Auditor

In accordance with the company's articles, a resolution proposing that Glazers be reappointed as auditor of the company will be put at a General Meeting.

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Mr D Waterman
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HADASSAH MEDICAL RELIEF ASSOCIATION UK

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 MAY 2021

The trustees, who are also the directors of Hadassah Medical Relief Association UK for the purpose of company law, are responsible for preparing the Trustees’ 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 Association and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Association 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 Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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HADASSAH MEDICAL RELIEF ASSOCIATION UK INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HADASSAH MEDICAL RELIEF ASSOCIATION UK

Opinion

We have audited the financial statements of Hadassah Medical Relief Association UK (the ‘Association’) for the year ended 31 May 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied 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 opinion, the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 May 2021 and of its incoming resources and application of resources, 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Association 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 Association'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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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HADASSAH MEDICAL RELIEF ASSOCIATION UK INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HADASSAH MEDICAL RELIEF ASSOCIATION UK

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; 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, who are also the directors of the Association for the purpose of company law, 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 is 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 Association's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor 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 whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 (UK) 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design 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, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HADASSAH MEDICAL RELIEF ASSOCIATION UK

Glazers is eligible for appointment as auditor of the Association by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MAY 2021

FOR THE YEAR ENDED 31 MAY 2021	FOR THE YEAR ENDED 31 MAY 2021	FOR THE YEAR ENDED 31 MAY 2021	FOR THE YEAR ENDED 31 MAY 2021	FOR THE YEAR ENDED 31 MAY 2021	FOR THE YEAR ENDED 31 MAY 2021	FOR THE YEAR ENDED 31 MAY 2021
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		Unrestricted	Designated Endowment		Total	Total
		funds	funds	funds	2021	2020
	Notes	£	£	£	£	£
Income from:
Donations and legacies	3	114,164	754,905	-	869,069	1,108,506
Investments	4	5,555	-	4,118	9,673	16,223
Coronavirus supportgrants		-	-	-	-	8,855
Total incomeand endowments		119,719	754,905	4,118	878,742	1,133,584
Expenditure on:
Raising funds	5	12,532	-	-	12,532	33,071
Charitable activities	6	144,083	1,768,151	-	1,912,234	341,864
Endowment grants payable		.	.	9,750	9,750	9,750
Total resourcesexpended		156,615	1,768,151	9,750	1,934,516	384,685
Netgains on investments	11	(150)	-	33,829	33,679	(5,631)
Net (outgoing)/incoming
resources beforetransfers		(37,046)	(1,013,246)	28,197	(1,022,095)	743,268
Gross transfers between funds		(46,576)	46,576	-	-	-
Net (outgoing)/incoming resources		(83,622)	(966,670)	28,197	(1,022,095)	743,268
Other recognised gains and	losses
Other gains or losses	12	-	~	~	-	25,141
Netmovement infunds		(83,622)	(966,670)	28,197	(1,022,095)	768,409
Fund balances at 1 June2020		274,028	1,015,595	349,862	1,639,485	871,077
Fund balances at 31 May
2021		190,406	48,925	378,059	617,390	1,639,486

The statement of financial activities includes all gains and losses recognised in the year.

Ail income and expenditure derive from continuing activities. :

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

BALANCE SHEET

AS AT 31 MAY 2021

		2021			2020
	Notes	£	£	£	£
Current assets
Debtors	13	7,792		1,902
Investments	14	387,160		357 686
Cash atbank and in hand		234,373		1,292,125
		629,325		4,651,713
Creditors: amounts falling due
within one year	15	(11,935)		(12,227)
Net current assets			617,390		1,639,486
Capital funds
Endowment funds - general			378,059		349,862
Income funds
Designated funds			48,925		1,015,596
Unrestricted funds			190,406		274,028
			617,390		1,639,486

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2021, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The finance (sige approved by the Trustees on ....¥.cde. AQPe

Mr D Waterman Chair of Trustees

Company Registration No. 02962092

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2021

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|||||||||| |---|---|---|---|---|---|---|---|---| |ee|eee| |2021|2020| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|(absorbed|by)/generated|from|19| |operations|(1,037,951)|748,785| |Investing|activities| |Movement|in|value|of investments|(29,474)|10,967| |Investment|income|received|9,673|16,223| |Net|cash|(used|in)/generated|from| |investing|activities|(19,801)|27,190| |Net|cash|used|in|financing| |activities|-|:| |Net|(decrease)/increase|in|cash|and|cash| |equivalents|(1,057,752)|775,975| |Cash|and|cash|equivalents|at|beginning|of year|1,292,125|516,150| |Cash|and|cash|equivalents|at end|of|year|234,373|1,292,125|

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021

• a Accounting policies

Charity information

Hadassah Medical Relief Association UK is a private company limited by guarantee incorporated in England and Wales. The registered office is 25 The Burroughs, Hendon, London, NW4 4AR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Association's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” ("FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Association is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Association. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future. In particular, the trustees have considered the effects of the coronavirus pandemic and have a reasonable expectation that adequate reserves are held to cover any resulting downturn in incoming resources. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Association.

• 1.4 Income

Income is recognised when the Association is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Association has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Pecuniary legacies are recognised on receipt.

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HADASSAH MEDICAL RELIEF ASSOCIATION UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

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1 Accounting policies
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(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

Direct charitable expenditure comprises expenses incurred directly in pursuance of the Association's principal activity.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to that category.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 15% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The Association has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Association's balance sheet when the Association becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities Financial liabilities are derecognised when the Association's contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, Termination benefits are recognised immediately as an expense when the Association is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11 Foreign exchange Transactions denominated

Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in net outgoing resources.

2 Critical accounting estimates and judgements

In the application of the Association’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

3 Donations and legacies

	Unrestricted	Designated	Total	Total
	funds	funds	2021	2020
	£	£	£	£
Donations and gifts	61,860	745,905	807,765	259,929
Legacies receivable	52,304	9,000	61,304	848,577
	114,164	754,905	869,069	1,108,506
For theyear ended 31 May2020	307,284	801,222		1,108,506
Investments
	UnrestrictedEndowment		Total	Total
	funds	funds	2021	2020
		general
	£	£	€	£
Income from listed investments	595	-	595	595
Income from unlisted investments	~	4,118	4,118	4,914
Interest receivable	4,960	-	4,960	10,714
	5,555	4,118	9,673	16,223
Fortheyearended 31 May2020	11,309	4,914		16,223
Raising funds
			2021	2020
			£	£
Fundraising and publicity
Fundraising agents			5,905	27,907
Advertising and mailshots			6,627	5,164
Fundraising and publicity			12,532	33,071
			12,532	33,071
For the yearended 31 May2020
Fundraisingandpublicity				33,071

4 Investments

5 Raising funds

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

———ee 6 Charitable activities

		2021	2020
		£	£
	Grantfunding ofactivities (see note 7)	1,768,151	193,582
	Share ofsupport costs (see note 8)	136,055	140,208
	Share ofgovernance costs (see note 8)	8,028	8,074
		1,912,234	341,864
	Analysis byfund
	Unrestricted funds	144,083
	Designated funds	1,768,151
		1,912,234
	For the year ended 31 May2020
	Unrestricted funds		148,282
	Designatedfunds		193,582
			341,864
7	Grants payable
		2021	2020
		£	£
	Grants to institutions:
	Other	1,768,151	193,582

All grants were paid to the Hadassah Medical Organisation, in accordance with the objects of the charity, and designated for specific purposes within that organisation.

eee

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

aSS

8 Support costs

Support costs
	Support	Governance	2021	Support	Governance	2020
	costs	costs		costs	costs
	£	£	£	£	£	£
Staffcosts	119,277	-	119,277	119,013	-	119,013
Rent and rates	10,546	.	10,546	10,517	-	10,517
Insurance	1,105	-	1,105	1,007	-	1,007
Repairs and
maintenance	2,484	-	2,484	3,862	-	3,862
Postage and
stationery Telephone	717 1,217	- .	717 1,217	1,391 949	- -	1,391 949
Travelling expenses	-	-	-	2,979	-	2,979
Sundry expenses	9	“	9	24	-	24
Bank charges	700	-	700	466	-	466
Auditfees	-	3,900	3,900	-	3,840	3,840
Legal and professional	-	4,128	4,128	-	4,234	4,234
	136,055	8,028	144,083	140,208	8,074	148,282
Analysed between
Charitableactivities	136,055	8,028	144,083	140,208	8,074	148,282

Management and administration costs includes payments to the auditors of £3,840 (2020- £3,840) for audit fees and £ nil (2020- £nil) for other services.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Association during the year.

No emoluments or expenses were paid to trustees in this or the previous year.

— ee —

. SS __

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

10 Employees

Number of employees

The average monthly number of employees during the year was:

	2021	2020
	Number	Number
	2	2
Employment costs	2021	2020
	£	£
Wages and salaries	104,704	104,497
Social security costs	7,967	8,480
Other pension costs	6,606	6,036
	119,277	119,013

11 Net gains/(losses) on investments

		Unrestricted Endowment	Unrestricted Endowment	Total	Unrestricted	Endowment	Total
		funds	funds		funds	funds
			general			general
		2021	2021	2021	2020	2020	2020
		£	£	£	£	£	y
	Revaluation of
	investments	(150)	33,829	33,679	(407)	(5,224)	(5,631)
12	Other gains or losses
							Unrestricted
							funds
							2020
							E
	Foreign exchange gains on bank deposits						(25,141)
13	Debtors
						2021	2020
	Amounts falling due within one year:					£	£
	Prepaymentsandaccruedincome					7,792	1,902

-18-

HADASSAH MEDICAL RELIEF ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

ee

14 Current asset investments

14	Current asset investments
		2021	2020
		£	£
	Listed investments	387,160	357,686
15	Creditors: amounts falling due within one year
		2021	2020
		£	£
	Othertaxation and social security	2,424	2,278
	Accruals and deferred income	9,511	9,949
		11,935	12,227

16 Retirement benefit schemes

Defined contribution schemes

The Association operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Association in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £6,606 (2020 - £6,036).

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HADASSAH MEDICAL RELIEF ASSOCIATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

iee i 18 Related party transactions

Remuneration of key management personnel The remuneration of key management personnel is as follows.

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|||||||| |---|---|---|---|---|---|---| |2021|2020| |£|£| |Aggregate|compensation|69,288|69,288| |19|Cash|generated|from|operations|2021|2020| |£|£| |(Deficit)/surpus|for the year|(1,022,095)|743,268| |Adjustments|for:| |Investment income|recognised|in|statement of financial|activities|(9,673)|(16,223)| |Foreign|exchange|differences|-|25,141| |Fair value gains and|losses on|investments|(33,679)|5,631| |Movements|in|working|capital:| |Decrease/(increase)|in|debtors|27,788|(5,490)| |(Decrease)|in|creditors|(292)|(3,542)| |Cash|(absorbed|by)/generated|from|operations|(1,037,951)|748,785| |20|Analysis|of|changes|in|net funds| |The Association|had|no|debt|during|the|year.|

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