2021-12-31-accounts - Rothschild Foundation (Hanadiv) Europe

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`CONTENTS`	`Page`
`Legalandadministrativeinformation`	`1`
`ReportoftheTrustees`	`2-8`
`Independentauditors’reporttothetrustees`	`9-12`
`Statementoffinancialactivitiesincorporatingtheincomeandexpenditureaccount`	`13`
`Balancesheet`	`14`
`Cashflowstatement`	`15`
`Notestothefinancialstatements`	`16-29`

`Constitution`	`RothschildFoundation(Hanadiv)Europeisa companylimitedbyguarantee` `and` `aregistered` `charitygoverned` `by` `itsmemorandum` `and` `articles` `of` `association.Itisa registeredcharity,No.1083262.CompanyNo.03948898.`	`RothschildFoundation(Hanadiv)Europeisa companylimitedbyguarantee` `and` `aregistered` `charitygoverned` `by` `itsmemorandum` `and` `articles` `of` `association.Itisa registeredcharity,No.1083262.CompanyNo.03948898.`
`DirectorsandTrustees`	`Thedirectorsofthecharitablecompany(“theF oundation”)areitstrusteesfor` `thepurposeofcharitylawandthroughoutthisreportarecollectivelyreferred` `to asthetrustees.Assetoutinthearticlesofassociationthechairmanofthe` `boardoftrusteesisappointedbythetrustees.Themembershavethepowerto` `appointanyoftheirnumbertobea trustee.`
	`Thetrusteeswhoservedduringtheyearwere:`
	`LordRothschildOMGBE(President)` `SirBradleyFried(Chairmanfrom21` `SirVictorBlank`	`Jul2020)`
	`MmeBéatriceRosenberg`
	`DrDavidLandau`
	`AdamKarni-Cohen`
	`TheHonourableBethRothschild`
	`NicolaCobbold`
	`NicolaLoftus`
	`BenAvigdori(appointed16Dec2021)`
`CompanySecretary`	`I.Masterton`
`ChiefExecutive`	`SBerkovic`
`RegisteredOffice`	`14StJames’sPlace`
	`London`
	`SWI1AINP`
`Auditors`	`SafferyChampnessLLP`
	`71QueenVictoriaStreet`
	`LondonEC4V4BE`
`Bankers`	`TheBankofNewYorkMellon`
	`RueMontoyer46`
	`B-1000Brussels`
	`Belgium`
	`Coutts& Company`
	`440Strand`
	`LondonWC2R0QS`
`Solicitors`	`Farrer& CoLLP`
	`66LincolnsInnFields`
	`LondonWC2A3LH`

			`Expendable`	`Unrestricted`
			`endowment`	`income`	`Yearended`	`Yearended`
			`fund`	`fund`	`31-Dec`	`31-Dec`
			`2021`	`2021`	`2021`	`2020`
`Incomefrom:`	`Note`		`£`	`£`	`£`	`£`
`Incomefrominvestments` `Totalincome`	`9.`	`_—`	`-` `486,050` `-` `486,050` `es`		`486,050` `486,050` `PN`	`42,441` `42.441` `Ts]`
`Expenditureon:`
`Raisingfunds`
`Investmentmanagementcosts` `Charitableactivity`	`4.`		`830,281`	`-`	`830,281`	`547,893`
`UnrestrictedFund`
`AcademicJewishStudiesProgramme` `HeritageandCultureProgramme` `EducationandResearch` `NationalLibraryofIsraelandother` `CommunityWelfare` `Totalresourcesexpended`	`ElEa`	`-` `1,113,260` `1,113,260` `-` `2,376,662` `2,376,662` `1,619,803` `1,619,803` `1` `-` `665,727` `665,727` `-` `1,011,576` `1,011,576` `830,281` `6,787,028` `7,617,309` `—_—` `oF`				`1,164,408` `2,229,418` `1,078,799` `553,412` `1,785,194` `7,359,124` `997,188`
`Netoutgoingresourcesbefore`
`investmentmovement` `Netgainsoninvestmentassets`			`(830,281)`	`(6,300,978)`	`(7,131,259)`	`(7,316,683)`
`Realisedandunrealisedinvestment`
`gains`		`—`	`18,956,959` `Zr?`	`-` `m`	`18,956,959` `16,200,007`	`15,157,722` `10,107,722`
`Netincome` `Transfersbetweenfunds` `Netmovementinfunds` `Fundbalancesbroughtforward`	`1.b.`		`18,126,678` `(6,300,978)` `11,825,700` `135,218,382`	`(6,300,978)` `6,300,978` `-` `-`	`11,825,700` `-` `11,825,700` `135,218,382`	`7,841,039` `-` `7,841,039` `127,377,343`
`Fundbalancescarriedforward`			`147,044,082`	`-`	`147,044,082`	`135,218,382`

		`31-Dec`	`31-Dec`
	`Notes`	`2021`	`2020`
		`£`	`£`
`FixedAssets`
`Tangibleassets`	`8.`	`5,371`	`8,484`
`Investments`
`Quotedsecuritiesandunquotedinvestments`		`143,948,775`	`136,623,574`
`Derivativefinancialinstruments`		`(225,367)`	`250,886`
`Salesforfuturesettlement`		`1,503,329`	`-`
`Purchasesforfuturesettlement`		`979,161`	`-`
`Cashbalances`		`5,502,287`	`2,501,350`
	`9.`	`151,708,185`	`139,375,810`
`Currentassets`
`Prepayments`		`96,962`	`73,533`
`Cashatbank`		`46,552`	`25,305`
		`143,514`	`98.838`
`Creditors:amountsfallingduewithinoneyear`
`Othercreditors`		`2,962`	`765`
`Grantspayablewithinoneyear`		`3,556,224`	`3,226,460`
`Accruals`		`156,542`	`78,690`
		`3,715,728`	`3,305,915`
`Netcurrentliabilities`		`(3,572,214)`	`(3,207,077)`
`Creditors:fallingdueinmorethanoneyear`
`Grantspayable`	`11.`	`(1,097,260)`	`(958,835)`
`Netassets`		`147,044,082`	`135,218,382`
`Funds`
`Expendableendowmentfund— historicalcost`	`12.`	`79,352,137`	`77,236,956`
`Expendableendowmentfund— revaluation`		`67,691,945`	`57,981,426`
`Unrestrictedincomefund`
`Totalfunds`	`13.`	`147,044,082`	`135,218,382`

	`2021`	`2020`
	`£`	`£`
`Netcashusedinoperatingactivities`	`(9,671,462)`	`(8,165,270)`
`Cashflowsfrominvestingactivities:`
`Purchaseoftangiblefixedassets`	`-`	`(8,456)`
`Purchaseofinvestments`	`(13,777,430)`	`(4,744,111)`
`Proceedsfromsaleofinvestments`	`26,431,386`	`14,681,540`
`Proceedsfromforwardcurrencycontracts`	`39,690`	`(62,278)`
`Netcashprovidedbyinvestingactivities`	`12,693,646`	`9,866,695`
`Changeincashandcashequivalentsintheyear`	`3,022,184`	`1,701,425`
`Cashandcashequivalentsat1 January`	`2,526,655`	`825,232`
`Cashandcashequivalentsat31December`	`5,548,839`	`2,526,655`
`Notestothecashflowstatement`
`Analysisofcashandcashequivalents`	`2021`	`2020`
	`£`	`£`
`Cashwithininvestmentportfolio`	`5,502,287`	`2,501,350`
`Otherbankbalances`	`46,552`	`25,305`
	`5,548,839`	`2,526,655`
`Reconciliationofchangesinresourcesto`	`2021`	`2020`
`netcashusedinoperatingactivities`	`£`	`£`
`Netincome(Page13)`	`11,825,700`	`7,841,039`
`Gainsoninvestments`	`(18,956,959)`	`(15,157,722)`
`Depreciationcharges`	`3,113`	`3,147`
`Realisedexchange(loss)`	`(585,635)`	`(109,065)`
`(Increase)insalesforfuturesettlement`	`(1,503,329)`	`1,509`
`(Increase)inpurchasesforfuturesettlement`	`(979,161)`	`-`
`(Increase)indebtors`	`(23,429)`	`(10,336)`
`Increaseincreditors`	`548,238`	`(733,842)`
`Netcashusedinoperatingactivities`	`(9,671,462)`	`(8,165,270)`

	`Expendable`	`Unrestricted`
	`endowment`	`income`
	`fund`	`fund`	`Total`
	`2020`	`2020`	`2020`
	`£`	`£`	`£`
`Incomefrom:`
`Incomefrominvestments`	`-`	`42.441`	`42,441`
`Totalincome`	`-`	`42,441`	`42,441`
`Expenditureon:`
`Raisingfunds`
`Investmentmanagementcosts`	`547,893`	`-`	`547,893`
`Charitableactivity`
`UnrestrictedFund`
`AcademicJewishStudiesProgramme`	`-`	`1,164,408`	`1,164,408`
`HeritageandCultureProgramme`	`-`	`2,229,418`	`2,229,418`
`EducationandResearch`	`-`	`1,078,799`	`1,078,799`
`NationalLibraryofIsraelandother`	`-`	`553,412`	`553,412`
`CommunityWelfare`	`-`	`1,785,194`	`1,785,194`
`Totalresourcesexpended`	`547,893`	`6,811,231`	`7,359,124`
`Netoutgoingresourcesbeforeinvestment`	`(547,893)`	`(6,768,790)`	`(7,316,683)`
`Netgainsoninvestmentassets`
`Realisedandunrealisedinvestmentgains`	`15,157,722`	`-`	`15,157,722`
`Netincomeandexpenditure`	`14,609,829`	`(6,768,790)`	`7,841,039`
`Transfersbetweenfunds`	`(6,768,790)`	`6,768,790`	`-`
`Netmovementinfunds`	`7,841,039`	`-`	`7,841,039`
`Fundbalancesbroughtforward`	`127,377,343`	`-`	`127,377,343`
`Fundbalancescarriedforward`	`135,218,382`	`-`	`135,218,382`

`GrantsandDonations`
	`2021`	`2020`
`AcademicJewishStudiesProgramme`	`£`	`£`
`OxfordCentreforHebrewandJewishStudies`	`115,386`	`106,439`
`UniversityCollegeLondon`	`-`	`120,000`
`UniversityofAntwerp`	`-`	`87,750`
`JagiellonianUniversity`	`-`	`80,490`
`PalackyUniversity`	`-`	`86,773`
`NationalResearchUniversity“HigherSchoolofEconomics”`	`}`	`70,000`
`UniversityofManchester`	`-`	`70,000`
`UniversityofOxford`	`69,356`	`69,927`
`UniversityofCambridge`	`-`	`69,908`
`UniversityofSouthampton`	`-`	`58,864`
`UniversityofOxford`	`-`	`51,000`
`UniversityofTiibingen`	`86,970`	`-`
`UniversityofWroclaw`	`74,210`	`-`
`UniversityofAmsterdam`	`70,000`	`-`
`UniversityofLondon`	`69,989`	`-`
`UniversityofVienna`	`68,352`	`-`
`CharlesUniversity,Prague`	`58,650`	`-`
`UniversitadiBologna`	`50,000`	`-`
`Individualgrantsoflessthan£50,000`	`340,429`	`201,529`
`Earliergrantspart-returnedorcancelled`	`(27,217)` `976,125`	`(30,699)` `1041981`
`JewishHeritageProgramme`
`MuseoEbraicoVenezia`	`100,000`	`100,000`
`AmericanJewishJointDistributionCommittee`	`-`	`150,000`
`JoodsHistorischMuseumAmsterdam`	`-`	`100,000`
`CentralArchivesfortheHistoryoftheJewishPeople`	`-`	`94,000`
`NIODInstituteforWar,HolocaustandGenocideStudies`	`-`	`89,140`
`InstitutEuropéendesMusiquesJuives`	`-`	`80,000`
`ImperialWarMuseum`	`-`	`75,000`
`BudapestHolocaustMuseumandEducationCenter`	`-`	`78,900`
`UniversidadeNovadeLisboa`	`-`	`69,920`
`EcoleSupérieureTalmudique(YechivasChachmeyTsorphat)`	`-`	`67,166`
`CommunautéIsraélitedeGeneve`	`-`	`61,600`
`TheNetherlandsInstituteforSoundandVision`	`-`	`56,655`
`Tudasmenedzsmentért,TudésalaptTechnoldgidértAlapitvany`	`-`	`54,000`
`Alapitvénya SzegediZsinagogaért`	`-`	`50,900`
`UniversityofLondon`	`-`	`50,000`
`YadVashem`	`150,000`	`-`
`Peterhouse,UniversityofCambridge`	`137,666`	`-`
`BodleianLibraries,UniversityofOxford`	`133,334`	`-`
`CentrenationaldelaRecherchescientifique`	`105,000`	`-`

	`2021`	`2020`
	`£`	`£`
`WienerHolocaustLibrary,London`	`93,783`	`-`
`TyneandWearArchivesandMuseums`	`80,000`	`-`
`FrénkischesFreilandmuseumdesBezirksMittelfranken`	`75,000`	`-`
`NationalMonumentHerinneringscentrumKampWesterbork`	`73,000`	`-`
`InstituteofSocialRelations,EotvosLorandUniversityofSciences`	`72,040`	`-`
`POLINMuseumoftheHistoryofPolishJews`	`68,702`	`-`
`JewishHeritageFoundationMenorah`	`68,040`	`-`
`JewishTheologicalSeminary,UniversityofJewishStudies`	`67,170`	`-`
`UnionedelleComunitaEbraicheItaliane`	`60,480`	`-`
`JewishMuseumofWestphalia`	`57,404`	`-`
`BoardofDeputiesCharitableFoundation`	`55,550`	`-`
`TrinityCollegeDublin`	`53,643`	`-`
`TheJewishMuseumInStockholm`	`50,000`	`-`
`Individualgrantsoflessthan£50,000`	`407,980`	`513,371`
`Earliergrantspart-returnedorcancelled`	`(38,455)`	`-`
	`1,870,337`	`1,690,652`
`JewishEducation`
`EducatingforImpact` `\|TheCentreforEducationalTechnology`	`180,167`	`200,000`
`EuropeanUnionofJewishStudents`	`-`	`120,000`
`HillelInternational`	`-`	`120,000`
`CentralWelfareBoardofJewsinGermany`	`-`	`60,000`
`MoisheHouse`	`155,624`	`-`
`LondonSchoolofJewishStudies`	`129,300`	`-`
`YadLayeledFrance`	`120,000`	`-`
`FundacjaCentrumTaubegoOdnowyZyciaZydowskiegow Polsce`	`94,360`	`-`
`Kisharon`	`90,000`	`-`
`SColeC,theScottishCouncilofJewishCommunities`	`59,000`	`-`
`JewishTheologicalSeminary,UniversityofJewishStudies`	`57,000`	`-`
`Limmud`	`50,000`	`-`
`Individualgrantsoflessthan£50,000`	`328,000`	`147,802`
`Earliergrantspart-returnedorcancelled`	`(13)`	`-`
	`1,263,438`	`647,802`
`NationalLibraryofIsraelandothergrants`
`GesherL’Europa[ABridgetoEurope]`	`590,000`	`390,000`
`NationalLibrary`	`-`	`110,000`
	`590,000`	`500,000`

`3.` `GrantsandDonations(continued)`
	`2021`	`2020`
	`£`	`£`
`CommunityWelfare`
`JewishCare`	`100,000`	`250,000`
`JDC`	`100,000`	`227,100`
`EducatingforImpact`	`100,000`	`202,692`
`Pillar` `Foundation`	`109,657`	`121,615`
`JW3`	`-`	`50,000`
`JewishMuseumLondon`	`-`	`50,000`
`ThePaperweightTrust`	`-`	`50,000`
`JewishWomen’sAid`	`-`	`50,000`
`ImmanuelCollege(Kalms/Ronson)`	`-`	`50,000`
`TheWorkAvenueFoundation`	`-`	`50,000`
`Norwood`	`-`	`50,000`
`TheJewish AssociationforMentalIllness`	`150,000`	`-`
`InstituteforJewishPolicyResearch`	`207,000`	`-`
`CommunitySecurityTrust`	`75,000`	`-`
`JLC`	`50,000`	`-`
`Individualgrantsoflessthan£50,000`	`54,500`	`451,490`
`Earliergrantspart-returnedorcancelled`	`(49,650)`	`-`
	`896,507`	`1,612,897`
`Totalgrants`	`5,596,407`	`5,493,332`

`2021`
				`Support&`
		`Other`	`Investment`	`Admin`	`Governance`	`Total`
	`Grants`	`Activities`	`Costs`	`Costs`	`Costs`	`2021`
`InvestmentManagement`	`£`	`£`	`£` `800,755`	`£` `29,526`	`£` `-`	`£` `830,281`
`CharitableExpenditure`
`UnrestrictedFund`
`AcademicJewishStudies` `CultureandHeritage` `EducationandResearch` `NationalLibraryofIsrael` `CommunityWelfare`	`976,125` `1,870,337` `1,263,438` `590,000` `896,507`	`10,500` `235,975` `172,109`		`109,298` `233,337` `159,030` `65,360` `99,315`	`17,337` `37,013` `25,226` `10,367` `15,754`	`1,113,260` `2,376,662` `1,619,803` `665,727` `1,011,576`
	`5,596,407`	`418,584`	`800,755`	`695,866`	`105,697`	`7,617,309`
	`Note3.`
`ResourcesExpended`

`2020`
				`Support&`
		`Other`	`Investment`	`Admin`	`Governance`	`Total`
	`Grants`	`Activities`	`Costs`	`Costs`	`Costs`	`2020`
`InvestmentManagement`	`£`	`£`	`£` `524,230`	`£` `23,664`	`£` `-`	`£` `547,893`
`CharitableExpenditure`
`UnrestrictedFund`
`AcademicJewishStudies` `CultureandHeritage` `EducationandResearch` `NationalLibraryofIsrael` `CommunityWelfare`	`1,041,981` `1,690,652` `647,802` `500,000` `1,612,897`	`10,045` `323,595` `326,878`		`97,431` `186,544` `90,267` `46,306` `149,374`	`14,951` `28,626` `13,852` `7,106` `22,923`	`1,164,408` `2,229,418` `1,078,799` `553,412` `1,785,194`
	`5,493,332`	`660,518`	`524,230`	`569,922`	`111,122`	`7,359,124`
	`Note3.`

`Administrationcostsinclude:`	`2021`	`2020`
`Auditorsremuneration(incl.` `VAT)` `Depreciation`	`£` `17,120` `3,113`	`£` `16,468` `3,147`
`StaffCosts` `Wagesandsalaries` `NationalInsurance` `Pensions` `LifeInsurance`	`2021` `£` `355,964` `46,379` `49,909` `4,823`	`2020` `£` `309,115` `39,512` `30,807` `4,440`
	`457,075`	`383,874`
`Thenumberofemployeeswhoseemolumentsasdefinedfortaxationpurposesamountedtoover£60,000` `follows:`		`intheyearwasas`
	`Number`	`Number`
`£120,001- £130,000` `£150,001- £160,000`	`-` `1`	`1` `-`
	`2021`	`2020`
`Totalbenefitspaidtokeymanagementpersonnel`	`£` `179,858`	`£` `139,309`

`Charitableactivities` `Managementandadministration`	`Number` `5` `1`	`Number` `5` `1`

`Investments`			`31-Dec`		`31-Dec`
`Quotedsecurities` `Marketvalueasatstartofyear` `Investmentpurchases` `Disposalproceeds` `Netinvestmentgains` `Marketvalueasatendofyear`			`174,087` `2021` `£` `1,444,584` `878,646` `(1,006,392)` `1,490,925`		`2020` `£` `6,577,379` `1,226,134` `(5,913,695)` `(445,232)` `1,444,584`
`Unquotedinvestments`
`Valuationatstartofyear` `Investmentpurchases` `Investmentdistributions` `Trustees’revaluation` `Valuationasatendofyear`			`14,361,362` `24,036,916` `12,898,784` `(8,074,994)` `43,222,068`		`20,974,878` `3,517,977` `(2,917,845)` `2,461,906` `24,036,916`
`Multi-assetfunds`
`Valuationatstartofyear` `Investmentdistributions` `Trustees’revaluation` `Valuationasatendofyear`			`111,142,073` `(17,350,000)` `5,443,709` `99,235,782`		`103,799,531` `(5,850,000)` `13,192,543` `111,142,073`
`Quotedsecuritiesandunquoted` `Multi-assetfunds` `Derivativefinancialinstruments` `Salesforfuturesettlement` `Purchasesforfuturesettlement` `Cashandequivalents` `Totalinvestments`	`investments`		`5,502,287` `151,708,185` `44,712,993` `99,235,782` `(225,367)` `1,503,329` `979,161`		`25,481,500` `111,142,073` `250,886` `2,501,350` `139,375,810`
`Historicalcost`			`84,016,240`
`Overseasinvestments` `Quotedsecurities` `Unquotedinvestments` `Multi-assetfunds` `Derivativefinancialinstruments` `Salesforfuturesettlement` `Purchasesforfuturesettlement`	`Market` `2021` `£` `1,281,556` `42,808,910` `99,235,782` `(225,367)` `1,503,329` `979,161`	`Value` `2020` `£` `1,117,560` `23,440,107` `111,142,073` `250,886` `-` `-`		`Investment` `2021` `£` `113` `485,820`	`income` `2020` `10` `30,739`
`Cashandequivalents` `UKquotedinvestments` `UKunquotedinvestments`	`5,502,287` `151085658` `209,369` `413,158` `151,708,185`	`2,501,350` `138451.977` `327,024` `596,809` `139,375,810`		`117` `486,050` `486,050`

`10.`	`MaterialInvestments`
	`Investmentsmaterialinthecontextofthemarketvalueofinvestmentsheldatthebalancesheetdate:`
		`2021`	`2021`	`2020`	`2020`
		`£`	`%`	`£`	`%`
	`WHAMEndowmentFund`	`99,235,782`	`65.41%`	`111,142,073`	`79.74%`
`11.`	`Creditorsfallingdueinmorethanone`	`year`
				`2021`	`2020`
	`Grantspayable`			`£`	`£`
	`Within1-2years` `Within2-5years`			`959,592` `137,668`	`932,835` `26,000`
				`1,097,260`	`958,835`
`12.`	`Reconciliationofhistoricalcostassetsandliabilities`
				`2021`	`2020`
	`Fixedassets` `Historicalcostofinvestments` `Netcurrentliabilities` `Creditorsfallingdueinmorethanoneyear`			`£` `5,371` `84,016,240` `(3,572,214)` `(1,097,260)`	`£` `8,484` `81,394,384` `(3,207,077)` `(958,835)`
				`79,352,137`	`77,236,956`
	`Expendableendowmentfund— historicalcost`			`79,352,137`	`77,236,956`

	`Expendable`	`Unrestricted`
	`endowment`	`income`
	`fund`	`fund`	`Total`
	`2021`	`2021`	`2021`
	`£`	`£`	`£`
`Fixedassets` `Investments` `Bankbalances` `Othercurrentassets` `Liabilities` `Interfundbalance`	`-` `151,708,185` `-` `-` `-` `(4,664,103)`	`5,371` `-` `46,552` `96,962` `(4,812,988)` `4,664,103`	`5,371` `151,708,185` `46,552` `96,962` `(4,812,988)` `-`
	`147,044,082`	`-`	`147,044,082`

`2020`
		`Expendable`	`Unrestricted`
		`endowment`	`income`
		`fund`	`fund`	`Total`
		`2020`	`2020`	`2020`
		`£`	`£`	`£`
`Fixedassets` `Investments` `Bankbalances` `Othercurrentassets` `Liabilities` `Interfundbalance`		`-` `139,375,810` `-` `-` `-` `(4,157,428)`	`8,484` `-` `25,305` `73,533` `(4,264,750)` `4,157,428`	`8,484` `139,375,810` `25,305` `73,533` `(4,264,750)` `-`
	`-_—`
		`135,218,382`	`-`	`135,218,382`