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|**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|
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|||**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|
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||||**`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|
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|||**`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|
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||**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**||||||
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|**onations**||||
|---|---|---|---|
|||**2021**|**2020**|
|||`£`|`£`|
|Donations|receivable|32,218||
|||32,218||
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|**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|
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|**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|
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|**_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|
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|**_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|
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||**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|
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||**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|