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2022-12-31-accounts
| **Registered ** |
charity number |
1078225 |
| **Governing ** |
document |
Trust Deed 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 Audit LLP |
|
|
Statutory Auditor |
|
|
Chartered Accountants |
|
|
St Olaf's Hall |
|
|
Church Road |
|
|
Lerwick |
|
|
Shetland Isles |
|
|
ZEl OFD |
| Bankers |
|
Coutts & Co |
|
|
440 Strand |
|
|
London |
|
|
WC2R OQS |
|
Page |
| Trustees' Report |
2-5 |
| Independent Auditors' Report |
6-8 |
| Consolidated Statement of Financial Activities |
9 |
| Consolidated Balance Sheet |
10 |
| Charity Balance Sheet |
11 |
| Cashflow Statement |
12 |
| Notes to the Financial Statements |
13-20 |
|
|
Unrestricted |
Restricted |
Total |
Total |
|
|
funds |
funds |
funds |
funds |
|
|
|
|
2022 |
2021 |
|
Notes |
£ |
£ |
£ |
£ |
| Income |
|
|
|
|
|
| Donations |
2 |
8,478 |
18,476 |
26,954 |
32,218 |
| Investment income |
3 |
4,903 |
|
4,903 |
4,615 |
| Total income |
|
13,381 |
18,476 |
31,857 |
36,833 |
| Expenditure |
|
|
|
|
|
| Charitable activities |
4 |
379,765 |
18,476 |
398,241 |
654,571 |
| Total expenditure |
|
379,765 |
18,476 |
398,241 |
654,571 |
| Net expenditure and net movement |
|
(366,384) |
|
(366,384) |
(617,738) |
| in funds before gains and losses on |
|
|
|
|
|
| investments and on exchange |
|
|
|
|
|
| Net gains on investments |
|
84,731 |
|
84,731 |
245,519 |
| Exchange gains/(losses) on cash and |
|
27,790 |
|
27,790 |
(7,848) |
| cash equivalents |
|
|
|
|
|
| Net movement in funds |
|
(253,863) |
|
(253,863) |
(380,067) |
| Reconciliation ofFunds |
|
|
|
|
|
| Total Funds brought forward |
|
1,217,785 |
|
1,217,785 |
1,597,852 |
| Total Funds carried forward |
15 |
963,922 |
|
963,922 |
1,217,785 |
|
|
2022 |
|
|
2021 |
|
Notes |
£ |
£ |
£ |
£ |
| Fixed assets |
|
|
|
|
|
| Programme related investments |
7 |
|
786,734 |
|
778,658 |
| and privateequityfunds |
|
|
|
|
|
|
|
|
786,734 |
|
778,658 |
| Current assets |
|
|
|
|
|
| Debtors |
9 |
|
|
|
|
| Bank and cash balances |
|
188,310 |
|
450,275 |
|
| Liabilities |
|
188,310 |
|
450,275 |
|
| Creditors falling due within |
|
|
|
|
|
| one year |
10 |
(11,122) |
|
(11,148) |
|
| Net current assets |
|
|
177,188 |
|
439,127 |
| Total assets less current |
|
|
|
|
|
| liabilities |
|
|
963,922 |
|
1,217,785 |
| Net assets |
|
|
963,922 |
|
1,217,785 |
| The Funds of the charity: |
|
|
|
|
|
| Unrestricted funds |
|
|
963,922 |
|
1,217,785 |
| Restricted Funds |
|
|
|
|
|
| Total funds |
|
|
963,922 |
|
1,217,785 |
|
|
2022 |
|
2021 |
|
|
Notes |
£ |
£ |
£ |
£ |
| Fixed assets |
|
|
|
|
|
| Investment in subsidiary |
8 |
|
1 |
|
1 |
| undertaking |
|
|
|
|
|
| Programme related investments |
7 |
|
452,384 |
|
397,661 |
| and private equity funds |
|
|
|
|
|
|
|
|
452,385 |
|
397,662 |
| current assets |
|
|
|
|
|
| Debtors |
9 |
201,830 |
|
183,344 |
|
| Bankand cash balances |
|
188,310 |
|
450,275 |
|
|
|
390,140 |
|
633,619 |
|
| Liabilities |
|
|
|
|
|
| Creditors falling due within |
10 |
(10,573) |
|
(10,248) |
|
| one year |
|
|
|
|
|
| Net current assets |
|
|
379,567 |
|
623,371 |
| Total assets less current |
|
|
|
|
|
| liabilities |
|
|
831,952 |
|
1,021,033 |
| Net assets |
|
|
831,952 |
|
1,021,033 |
| The funds of the charity |
|
|
|
|
|
| Unrestricted funds |
|
|
831,952 |
|
1,021,033 |
| Restrictedfunds |
|
|
|
|
|
| Totalfunds |
|
|
831,952 |
|
1,021,033 |
| The notes at pages 13 to 20 form part ofthese accounts. |
|
|
|
|
|
| Thesefinancial statements were approved bythe trustees on oaoßGf |
|
|
|
2923 |
|
| and signed on theirbehalf by:- |
|
|
|
|
|
#-
Trustee |
|
|
|
David Marks
Trustee |
|
|
Note |
Group |
Group |
Charity |
Charity |
|
|
2022 |
2021 |
2022 |
2021 |
|
|
£ |
£ |
£ |
£ |
| Cash used in operating activities |
11 |
(371,313) |
(621,847) |
(360,852) |
(608,664) |
| Cash flows from investing activities |
|
|
|
|
|
| Investment income |
|
4,903 |
4,615 |
108 |
22 |
| Net distributions from programme |
|
76,655 |
490,203 |
70,989 |
481,613 |
| related investments and private equity |
|
|
|
|
|
| funds |
|
|
|
|
|
| Net cash provided by investing |
|
81,558 |
494,818 |
71,097 |
481,635 |
| activities |
|
|
|
|
|
| Decrease in cash and cash equivalents |
|
(289,755) |
(127,029) |
(289,755) |
(127,029) |
| in the year |
|
|
|
|
|
| Effect of foreign exchange rate changes |
|
27,790 |
(7,848) |
27,790 |
(7,848) |
| Cash and cash equivalentsat the |
|
450,275 |
585,152 |
450,275 |
585,152 |
| beginning of theyear |
|
|
|
|
|
| Total cash and cash equivalents at |
|
188,310 |
450,275 |
188,310 |
450,275 |
| the end of the year |
|
|
|
|
|
| onations |
|
|
|
|
|
|
|
|
|
2022 |
2021 |
|
|
|
|
£ |
£ |
| Donations |
receivable |
- |
restricted |
18,476 |
21,316 |
| Donations |
receivable |
- |
unrestricted |
8,478 |
10,902 |
|
|
|
|
26,954 |
32,218 |
| nvestment income |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Interest receivable |
108 |
22 |
| Management fee rebate |
4,795 |
4,593 |
|
4,903 |
4,615 |
| haritable activities |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Institutional grants- unrestricted funds |
369,969 |
623,510 |
| Institutional grants- restricted funds |
18,476 |
21,359 |
| Governance Costs (see note 6) |
9,796 |
9,702 |
|
398,241 |
654,571 |
| overnance costs |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Auditors remuneration: |
|
|
| Audit-current year |
9,372 |
8,718 |
| Audit- underprovided prior year |
654 |
|
| Accountancy |
(230) |
960 |
| Bank charges and interest |
|
24 |
| Professional charges |
|
|
|
9,796 |
9,702 |
| Consolidated |
|
|
|
|
|
|
|
2022 |
2022 |
2022 |
2021 |
2021 |
2021 |
|
Programme |
Private |
Total |
Programme |
Private Equity |
Total |
|
related |
Equity |
|
Related |
|
|
|
Investment |
|
|
Investment |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
| Balance Brought 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 |
| Movement in year |
|
|
|
|
|
|
| Loans drawn |
6,493 |
|
6,493 |
2,720 |
|
2,720 |
| Loans repaid |
(33,243) |
|
(33,243) |
(479,839) |
- |
(479,839) |
| Distributions in excess loan |
(49,905) |
|
(49,905) |
|
(13,084) |
(13,084) |
| Exchange ratedifferences |
|
|
|
(716) |
|
(716) |
| Appreciation/(Depreciation) |
82,932 |
1,799 |
84,731 |
245,197 |
1,038 |
246,235 |
| of investments |
|
|
|
|
|
|
|
6,277 |
1,799 |
8,076 |
(232,638) |
(12,046) |
(244,684) |
| Balance carried forward |
|
|
|
|
|
|
| Investments |
578,090 |
115,760 |
693,850 |
545,063 |
113,961 |
659,024 |
| Loans |
92,884 |
|
92,884 |
119,634 |
|
119,634 |
|
670,974 |
115,760 |
786,734 |
664,697 |
113,961 |
778,658 |
| harity |
|
|
|
|
|
|
|
2022 |
2022 |
2022 |
2021 |
2021 |
2021 |
|
Programme |
Private |
Total |
Programme |
Private |
Total |
|
related |
Equity |
|
Related |
Equity |
|
|
Investment |
|
|
Investment |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
| Balance brought 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 |
| Movement in year |
|
|
|
|
|
|
| Loans drawn |
1,394 |
|
1,394 |
2,720 |
|
2,720 |
| Loans repaid |
(22,480) |
|
(22,480) |
(471,249) |
- |
(471,249) |
| Distributions in excess loan |
(49,905) |
|
(49,905) |
|
(13,084) |
(13,084) |
| Exchange rate differences |
|
|
|
(716) |
|
(716) |
| Appreciation/(Depreciation) |
123.915 |
1,799 |
125,714 |
155,880 |
1,038 |
156,918 |
| of investments |
|
|
|
|
|
|
|
52,924 |
1,799 |
54,723 |
(313,365) |
(12,046) |
(325,411) |
| Balance carried forward |
|
|
|
|
|
|
| Investments |
336,624 |
115,760 |
452,384 |
262,614 |
113,961 |
376,575 |
| Loans |
|
|
|
21,086 |
|
21,086 |
|
336,624 |
115,760 |
452,384 |
283,700 |
113,961 |
397,661 |
|
|
Group |
Group |
Charity |
Charity |
|
|
2022 |
2021 |
2022 |
2021 |
|
|
£ |
£ |
£ |
£ |
| Subsidiary |
undertaking |
|
|
1 |
1 |
|
31 Dec |
31 Dec |
|
2022 |
2021 |
|
£ |
£ |
| Aggregateassets |
334,350 |
380,997 |
| Aggregate liabilities |
(202,380) |
(184,245) |
| Revenue incl. Gain/(Loss) on PRI |
(36,187) |
93,910 |
| Expenditure |
(28,595) |
(19,738) |
| Profit/(Loss) |
(64,782) |
74,172 |
| CorporationTax |
|
|
|
|
|
|
Group |
Group |
Charity |
Charity |
|
|
|
|
2022 |
2021 |
2022 |
2021 |
|
|
|
|
£ |
£ |
£ |
£ |
| Amount |
duefrom |
subsidiary |
undertaking |
|
|
201,830 |
183,344 |
|
|
|
|
|
|
201 830 |
183 344 |
|
Group |
Group |
Charity |
Charity |
|
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
| Accruals |
11,122 |
11,148 |
10,573 |
10,248 |
|
11,122 |
11,148 |
10,573 |
10,248 |
|
Group |
Group |
Charity |
Charity |
|
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
| Net movement in funds |
(253,863) |
(380,067) |
(189,081) |
(454,239) |
| Deduct investment income shown in investing |
(4,903) |
(4,615) |
(108) |
(22) |
| activities |
|
|
|
|
| Foreign exchange (gains)/losses on cash and |
(27,790) |
7,848 |
(27,790) |
7,848 |
| cash equivalents |
|
|
|
|
| (Increase)/decrease in valuation of programme |
(84,731) |
(245,519) |
(125,712) |
(156,202) |
| related investmentsand private equity funds |
|
|
|
|
| (Increase)/decrease in debtors |
|
|
(18,486) |
(6,559) |
| Increase/(decrease) in creditors |
(26) |
506 |
325 |
510 |
| Net cash used in operating activities |
(371,313) |
(621,847) |
(360,852) |
(608,664) |
| **13 ** |
Grants payable |
|
|
|
Name of Recipient |
2022 |
2021 |
|
|
£ |
£ |
|
AlmeidaTheatre Company |
1,050 |
|
|
Ben Gurion University Foundation |
|
45,414 |
|
CommunitySecurityTrust |
20,000 |
20,000 |
|
Global Steering Groupfor Impact Investment- unrestricted funds |
8,919 |
11,317 |
|
Global Steering Groupfor ImpactInvestment- restricted funds |
18,476 |
21,359 |
|
Israel Philharmonic Orchestra |
10,000 |
|
|
Jewish Lads' and Girls' Brigade |
25,000 |
|
|
PortlandTrust, The |
250,000 |
495,778 |
|
Sir Martin Gilbert Learning Centre |
25,000 |
25,000 |
|
Southbank Centre |
|
1,001 |
|
United Jewish Israel Appeal |
25,000 |
25,000 |
|
West London Synagogue |
5,000 |
|
|
|
388,445 |
644,869 |
|
Unrestricted |
Restricted |
Total |
|
funds |
funds |
funds |
|
|
|
2021 |
|
£ |
£ |
£ |
| Income |
|
|
|
| Donations |
10,902 |
21,316 |
32,218 |
| Investment income |
4,615 |
|
4,615 |
| Total income |
15,517 |
21,316 |
36,833 |
| Expenditure |
|
|
|
| Charitableactivities |
633,212 |
21,359 |
654,571 |
| Total expenditure |
633,212 |
21,359 |
654,571 |
| Net expenditure and net movement |
(617,695) |
(43) |
(617,738) |
| in funds before gains and losses on |
|
|
|
| investments and on exchange |
|
|
|
| Net gains on investments |
245,519 |
|
245,519 |
| Exchange(losses)/gains on cash and |
(7,891) |
43 |
(7,848) |
| cash equivalents |
|
|
|
| Net movement in funds |
(380,067) |
|
(380,067) |
| Reconciliation ofFunds |
|
|
|
| Total Funds brought forward |
1,597,852 |
|
1,597,852 |
| Total Funds carried forward |
1,217,785 |
|
1,217,785 |