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2021-12-31-accounts
| **Registered ** |
charity number |
1078225 |
| **Governing ** |
document |
TrustDeed Dated 16 July 1999 |
| Trustees |
|
Sir Ronald Cohen |
|
|
Lady Sharon Harel-Cohen |
|
|
Tamara Harel-Cohen |
|
|
Jonathan Harel-Cohen |
|
|
David Marks |
| **Registered ** |
office |
3-4 Stanley Crescent |
|
|
London |
|
|
Wll 2NB |
| Auditors |
|
RSM UK AuditLLP |
|
|
StatutoryAuditor |
|
|
Chartered Accountants |
|
|
StOlaf's Hall |
|
|
Church Road |
|
|
Lerwick |
|
|
Shetland Isles |
|
|
ZEl OFD |
| Bankers |
|
Coutts & Co |
|
|
440 Strand |
|
|
London |
|
|
WC2R 0QS |
|
Page |
| Trustees' Report |
2-5 |
| IndependentAuditors' Report |
6-8 |
| Consolidated StatementofFinancial Activities |
9 |
| Consolidated Balance Sheet |
10 |
| Charity Balance Sheet |
11 |
| Cashflow Statement |
12 |
| Notestothe Financial Statements |
13-20 |
|
|
Unrestricted |
Restricted |
Total |
Total |
|
|
funds |
funds |
funds |
funds |
|
|
|
|
2021 |
2020 |
|
Notes |
£ |
£ |
£ |
£ |
| Income |
|
|
|
|
|
| Donations |
2 |
10,902 |
21,316 |
32,218 |
|
| Investment income |
3 |
4,615 |
|
4,615 |
8,558 |
| Total income |
|
15,517 |
21,316 |
36,833 |
8,558 |
| Expenditure |
|
|
|
|
|
| Charitable activities |
4 |
633,212 |
21,359 |
654,571 |
936,595 |
| Total expenditure |
|
633,212 |
21,359 |
654,571 |
936,595 |
| Net expenditure and net movement |
|
(617,695) |
(43) |
(617,738) |
(928,037) |
| in funds before gains and losses on |
|
|
|
|
|
| investments and on exchange |
|
|
|
|
|
| Net gains on investments |
|
245,519 |
|
245,519 |
4,212 |
| Exchange (losses)/gains on cash and |
|
(7,891) |
43 |
(7,848) |
(446) |
| cash equivalents |
|
|
|
|
|
| Net movement in funds |
|
(380,067) |
|
(380,067) |
(924,271) |
| Reconciliation ofFunds |
|
|
|
|
|
| Total Funds brought forward |
|
1,597,852 |
|
1,597,852 |
2,522,123 |
| Total Funds carried forward |
15 |
1,217,785 |
|
1,217,785 |
1,597,852 |
|
|
|
2021 |
2020 |
|
|
Notes |
£ |
£ |
£ |
£ |
| Fixed assets |
|
|
|
|
|
| Programme related investments |
7 |
|
778,658 |
|
1,023,342 |
| and private equityfunds |
|
|
|
|
|
|
|
|
778,658 |
|
1,023,342 |
| Current assets |
|
|
|
|
|
| Debtors |
9 |
|
|
|
|
| Bank and cash balances |
|
450,275 |
|
585,152 |
|
|
|
450,275 |
|
585,152 |
|
| Liabilities |
|
|
|
|
|
| Creditors falling due within |
|
|
|
|
|
| one year |
10 |
(11,148) |
|
(10,642) |
|
| Net current assets |
|
|
439,127 |
|
574,510 |
| Total assets less current |
|
|
|
|
|
| liabilities |
|
|
1,217,785 |
|
1,597,852 |
| Net assets |
|
|
1,217,785 |
|
1,597,852 |
| The Funds ofthe charity: |
|
|
|
|
|
| Unrestricted funds |
|
|
1,217,785 |
|
1,597,852 |
| Restricted Funds |
|
|
|
|
|
| Total funds |
|
|
1,217,785 |
|
1,597,852 |
|
|
2021 |
|
2020 |
|
|
Notes |
£ |
£ |
£ |
£ |
| Fixed assets |
|
|
|
|
|
| Investment in subsidiary |
8 |
|
1 |
|
1 |
| undertaking |
|
|
|
|
|
| Programme related investments |
7 |
|
397,661 |
|
723,072 |
| and private equity funds |
|
|
|
|
|
|
|
|
397,662 |
|
723,073 |
| Current assets |
|
|
|
|
|
| Debtors |
9 |
183,344 |
|
176,785 |
|
| Bank and cash balances |
|
450,275 |
|
585,152 |
|
|
|
633,619 |
|
761,937 |
|
| Liabilities |
|
|
|
|
|
| Creditors falling due within |
10 |
(10,248) |
|
(9,738) |
|
| one year |
|
|
|
|
|
| Net current assets |
|
|
623,371 |
|
752,199 |
| Total assets less current |
|
|
|
|
|
| liabilities |
|
1,021,033 |
|
|
1,475,272 |
| Net assets |
|
1,021,033 |
|
|
1,475,272 |
| The funds of the charity |
|
|
|
|
|
| Unrestricted funds |
|
1,021,033 |
|
|
1,475,272 |
| Restricted funds |
|
|
|
|
|
| Total funds |
|
1,021,033 |
|
|
1,475,272 |
|
Note |
Group |
Group |
Charity |
Charity |
|
|
2021 |
2020 |
2021 |
2020 |
|
|
£ |
£ |
£ |
£ |
| Cash used in operating activities |
11 |
(621,847) |
(956,723) |
(608,6641) |
(849,784) |
| Cash flows from investing activities |
|
|
|
|
|
| Investment income |
|
4,615 |
8,558 |
22 |
316 |
| Net distributions from programme |
|
490,203 |
135,591 |
481,613 |
36,894 |
| related investments and private equity |
|
|
|
|
|
| funds |
|
|
|
|
|
| Net cash provided by investing |
|
494,818 |
144,149 |
481,635 |
37,210 |
| activities |
|
|
|
|
|
| Decrease in cash and cash equivalents |
|
(127,029) |
(812,574) |
(127,029) |
(812,574) |
| in the year |
|
|
|
|
|
| Effect of foreign exchange rate changes |
|
(7,848) |
(446) |
(7,848) |
(446) |
| Cash and cash equivalents at the |
|
585,152 |
1,398,172 |
585,152 |
1,398,172 |
| beginning of the year |
|
|
|
|
|
| Total cash and cash equivalents at |
|
450,275 |
585,152 |
450,275 |
585,152 |
| the end of the year |
|
|
|
|
|
| onations |
|
|
|
|
|
2021 |
2020 |
|
|
£ |
£ |
| Donations |
receivable |
32,218 |
|
|
|
32,218 |
|
| nvestment income |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Interest receivable |
22 |
316 |
| Management fee rebate |
4,593 |
8,242 |
|
4,615 |
8,558 |
| haritable activities |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Institutional grants |
644,869 |
917,541 |
| Governance Costs (see note 6) |
9,702 |
19,050 |
| Corporation Tax on profit in trading subsidiary |
|
4 |
|
654,571 |
936,595 |
| overnance costs |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Auditors remuneration: |
|
|
| Audit- current year |
8,718 |
8,718 |
| Audit- underprovided prior year |
|
258 |
| Accountancy |
960 |
960 |
| Bank charges and interest |
24 |
608 |
| Professional charges |
|
8,506 |
|
9,702 |
19,050 |
| onsolidated |
|
|
|
|
|
|
|
2021 |
2021 |
2021 |
2020 |
2020 |
2020 |
|
Programme |
Private |
Total |
Programme |
Private |
Total |
|
related |
Equity |
|
Related |
Equity |
|
|
Investment |
|
|
Investment |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
| Balance Brought Forward |
|
|
|
|
|
|
| Investments |
339,345 |
126,007 |
465,352 |
314,026 |
190,139 |
504,165 |
| Loans |
557,990 |
|
557,990 |
650,556 |
|
650,556 |
|
897,335 |
126,007 |
1,023,342 |
964,582 |
190,139 |
1,154,721 |
| Movement in year |
|
|
|
|
|
|
| Loans drawn |
2,720 |
|
2,720 |
6,130 |
|
6,130 |
| Loans repaid |
(479,839) |
|
(479,839) |
(98,696) |
|
(98,696) |
| Distributions in excess loan |
|
(13,084) |
(13,084) |
(4,621) |
(38,404) |
(43,025) |
| Exchange rate differences |
(716) |
|
(716) |
|
|
|
| Appreciation/(Depreciation) |
245,197 |
1,038 |
246,235 |
29,940 |
(25,728) |
4,212 |
| of investments |
|
|
|
|
|
|
|
(232,638) |
(12,046) |
(244,684) |
(67,247) |
(64,132) |
(131,379) |
| Balance carried forward |
|
|
|
|
|
|
| Investments |
545,063 |
113,961 |
659,024 |
339,345 |
126,007 |
465,352 |
| Loans |
119,634 |
|
119,634 |
557,990 |
|
557,990 |
|
664,697 |
113,961 |
778,658 |
897,335 |
126,007 |
1,023,342 |
| Charity |
|
|
|
|
|
|
|
2021 |
2021 |
2021 |
2020 |
2020 |
2020 |
|
Programme |
Private |
Total |
Programme |
Private |
Total |
|
related |
Equity |
|
Related |
Equity |
|
|
Investment |
|
|
Investment |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
| Balance Brought Forward |
|
|
|
|
|
|
| Investments |
146,213 |
126,007 |
272,220 |
135,359 |
190,139 |
325,498 |
| Loans |
450,852 |
|
450,852 |
444,722 |
|
444,722 |
|
597,065 |
126,007 |
723,072 |
580,081 |
190,139 |
770,220 |
| Movement in year |
|
|
|
|
|
|
| Loans drawn |
2,720 |
|
2,720 |
6,130 |
|
6,130 |
| Loans repaid |
(471,249) |
|
(471,249) |
|
|
|
| Distributions in excess loan |
|
(13,084) |
(13,084) |
(4,621) |
(38,404) |
(43,025) |
| Exchange rate differences |
(716) |
|
(716) |
|
|
|
| Appreciation/(Depreciation) |
155,880 |
1,038 |
156,918 |
15,475 |
(25,728) |
(10,253) |
| of investments |
|
|
|
|
|
|
|
(313,365) |
(12,046) |
(325,411) |
16,984 |
(64,132) |
(47,148) |
| Balance carried forward |
|
|
|
|
|
|
| Investments |
262,614 |
113,961 |
376,575 |
146,213 |
126,007 |
272,220 |
| Loans |
21,086 |
|
21,086 |
450,852 |
|
450,852 |
|
283,700 |
113,961 |
397,661 |
597,065 |
126,007 |
723,072 |
|
|
Group |
Group |
Charity |
Charity |
|
|
2021 |
2020 |
2021 |
2020 |
|
|
£ |
£ |
£ |
£ |
| Subsidiary |
undertaking |
|
|
1 |
1 |
|
31 Dec |
31 Dec |
|
2021 |
2020 |
|
£ |
£ |
| Aggregate assets |
380,997 |
300,270 |
| Aggregate liabilities |
(184,245) |
(177,689) |
| Revenue incl. Gain/(Loss) on PRI |
93,910 |
22,708 |
| Expenditure |
(19,738) |
(34,472) |
| Profit/(Loss) |
74,172 |
(11,764) |
| Corporation Tax |
|
4 |
|
|
|
|
|
Group |
Group |
Charity |
Charity |
|
|
|
|
|
2021 |
2020 |
2021 |
2020 |
|
|
|
|
|
£ |
£ |
£ |
£ |
| Amount |
due |
from |
subsidiary |
undertaking |
|
|
183,344 |
176,785 |
|
|
|
|
|
|
|
183 344 |
176 785 |
|
Group |
Group |
Charity |
Charity |
|
2021 |
2020 |
2021 |
2020 |
|
£ |
£ |
£ |
£ |
| Accruals |
11,148 |
10,642 |
10,248 |
9,738 |
|
11,148 |
10,642 |
10,248 |
9,738 |
|
|
|
|
Group |
Group |
Charity |
Charity |
|
|
|
|
2021 |
2020 |
2021 |
2020 |
|
|
|
|
£ |
£ |
£ |
£ |
| Net movement in funds |
|
|
|
(380,067) |
(924,271) |
(454,239) |
(912,502) |
Deduct investment
income shown in |
|
investing |
|
(4,615) |
(8,558) |
22) |
(316) |
| activities |
|
|
|
|
|
|
|
Foreign
exchange
losses
on |
cash |
and |
cash |
7,848 |
446 |
7,848 |
446 |
| equivalents |
|
|
|
|
|
|
|
| (Increase)/decrease in valuation of programme |
|
|
|
(245,519) |
(4,212) |
(156,202) |
10,253 |
| related investments and private |
equity |
funds |
|
|
|
|
|
| (Increase)/decrease in debtors |
|
|
|
|
|
(6,559) |
72,467 |
| Increase/(decrease) in creditors |
|
|
|
506 |
(20,128) |
510 |
(20,132) |
| Net cash used in operating activities |
|
|
|
(621,847) |
(956,723) |
(608,664) |
(849,784) |
| **13 ** |
Grants payable |
|
|
|
Name of Recipient |
2021 |
2020 |
|
|
£ |
£ |
|
Ben Gurion University Foundation |
45,414 |
44,491 |
|
Community SecurityTrust |
20,000 |
20,000 |
|
The Rector and Scholars of Exeter College in the University of Oxford |
|
300,000 |
|
Global Steering Group for Impact Investment |
32,676 |
|
|
Good Chance Theatre |
|
3,000 |
|
Multiple Sclerosis Society |
|
25,000 |
|
Portland Trust, The |
495,778 |
498,649 |
|
Sir Martin Gilbert Learning Centre |
25,000 |
|
|
Southbank Centre |
1,001 |
1,001 |
|
United Jewish Israel Appeal |
25,000 |
25,000 |
|
Other Gifts - £1,000 or less |
|
400 |
|
|
644,869 |
917,541 |
|
Unrestricted |
Restricted |
Total |
|
funds |
funds |
funds |
|
|
|
2020 |
|
£ |
£ |
£ |
| Income |
|
|
|
| Donations |
|
|
|
| Investment income |
8,558 |
|
8,558 |
| Total income |
8,558 |
|
8,558 |
| Expenditure |
|
|
|
| Charitable activities |
936,595 |
|
936,595 |
| Total expenditure |
936,595 |
|
936,595 |
| Net expenditure and net movement |
(928,037) |
|
(928,037) |
| in funds before gains and losses on |
|
|
|
| investments and on exchange |
|
|
|
| Netgains on investments |
4,212 |
|
4,212 |
| Exchange losses on non-investment |
(446) |
|
(446) |
| assets |
|
|
|
| Net movement in funds |
(924,271) |
|
(924,271) |
| Reconciliation ofFunds |
|
|
|
| Total Funds brought forward |
2,522,123 |
|
2,522,123 |
| Total Funds carried forward |
1,597,852 |
|
1,597,852 |