|**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|





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|||**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:-||||||
|#-<br>**Trustee**||||David Marks<br>**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**||||||





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|**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|