The Dr. Mortimer and Theresa Sackler Foundation (A company limited by guarantee) Report and Financial Statements Year ended: 31 December 2020 Company Number: 06802998 Charity Number: 1128926
The Dr. Mortimer and Theresa Saclder Foundation Reference and administrative details Com an Number: 06802998 Chari Number.. 1128926 Directors and Trustees Dame Thereba E. Sackler DBE Ilene Sackler Lefcourt Dr. Kathe A. Sa¢kler Samantha Hurti Mortimer D. A. Sa¢kler Marissa T. SRckler Sophia Dalrymple Michael D. Sackler Anthony Collin5 Secrel*r Tiercel Services LErnited Princi al and Re stered Office Addres$ New Zealand Hous¢, 9th Floor 80 Haymarket London SWIY 4TQ Solicitor Chn"stopher B Mitchell New Zealand House, 9th Floor 80 Haymarket London SWIY 4TQ Accountants Management Revisions Limiled New Zealand House. 9th Floor 80 HaYATket London SWIY 4TQ Auditors George Hay & Cornpany 83 Cambridge Street Pimlico London SWI V 4PS Bankers C. Hoare & Co 37 Fleet Street London EC4P 4DQ
The Dr. Mortimer and Theresa Sackler Foundation Trustees, Report InLorporating Dire¢tors' Report The Trustees present th¢ir report and accounts of The Dr. Mortimer and Theresa Sackler Foundation {the 'Foundaiion") for the year ended 31 December 2020. Trustees and Directors Tl)e DireLtors ofthc foundation alf also Tnjstees of the Foundaiion and throughout this report are referr¢d to a# Trustee5. The Truste¢8 servillg during ihe year were There8a E. Sackler, Ilene Sackler Lefcourt, Dr. Kath¢ A. Sackler, Samantha Hunt, Mortimer D. A. Sackler, Mari&sa T. Sa¢kler, Sophia DaIryPIc. Michael D. Sackler, and Anthony Collins. Structure Governanec and Mana ement Governin Instrument The Foundation was incorporated under Ihe Companies Act 1985 as a private company limited by guarantee under number 06802998 on 27 January 2(X)9. The Foundaiion obtained charÈ(able stalu8 under the Charities Act 1960 on l April 2009. and it is registered as a charkty under number 1128926. The Foundatton is governed by its Memorandutn and Articles of Association. Ob ectiv¢s and Activities As set out in tlie objects contained in the Foundation's memorandum of associaiion. the principal object of the Ftsundaiion is, and will continue 10 be, the advancement of re8earch at]d education in England and Wales and elsewhere in the fields of arl, science and medical reSCah and any other charitable objects as the Trustees shall. at their discretion, decide according to Ihe laws of England and Wales. Grant applications are s¢rutinised to ensure conformity with tl)e Fouiidaiion's stated objectives. The TnLStees confirn] they have complied with the duty in seLtion 17 of the Charities Act 2011 tL> have due regard to public benefit guidance published by the Commission. Grant-makin olic It is the policy of the koundation 10 review applicattons from charitable OTganisationg and make grants on a selective basis. Achievem¢nls and Perfortnan¢¢ As shown on page 12 the Foundation ctrmmitted charitable donations of £1,113,845 during the year (£484.705 2019). ointment of Trustees TNs¢ees are appointed by Resolution of the Members of the Foundation. Trustee activities The Trustees are supported ti) their activities by the Advisers noted on page l and aiiend Trustee rneetingg. Mana ement and or anisation The Foundation has no employees. The adillinibiration of the Foundation is deali with by the Trustees and supported by the Advisers noted on page l. These services are provided free of charge by the TNstees. Risk mana ement The TrnSes have examined the major strategic, business and operational risk5 whach the Foundation faces and confimi that systems have been established so that the neceSSdry steps can be taken to lessen these risks. These are kept under regular review. Currenc risk Currency iisk is the risk ihat the value of a financial knstrument will flucwale because of changes in foreign exchange raies. The Foundation has assets wliich are denomtnated ill other ¢utrencies that illclude US Dollars. Accordingly, Ihe value of suLh asbets may be affected favourably or unfavourably by flucruation% in cufftncy raies. The currency risk sen¥itivity aitslysis has not been disclosed because the impact is not material.
The Dr. MortAmer and Theresa Sackler Foundation Trustees, Report (continued) Interebl rate risk InreSt rate risk arises from the possibility that changes in interest rates will affect future c05h flows or the fair values of financial insiruments. As at 31 December 2020, th¢ Foundation is exposed to inl¢re8t rate risk on the paymcnt of Grants in instalments over an extended period. The int¢rest rate risk sensitiviry analy8is has not been dis¢108ed because the impact ls not Aterial. Other rna or risks The Foundation's outstanding eharitable commitments are expected to be niet out of curreni resources and future income. The Tnkstees have identified no other major risks. Financial Review Financial osition The accounts have been prepared in a¢cordance with the revised Statement of Recornmcnded Practice, Accounting and Reporting by Charities ISORP 20191. The TNslee8 have taken advantage of the small company ex¢mption8 in the prepardiion of ihis repori. Net expendiNre for the year amounted to £1.439,533 and was deducted trom the fund8 balance &t the beginning of the year to give a balance Caled forward at the end of the year of £27,247,662 (for the year ended 31 December 2019 net expenditure of £687.345 was deducted to give a funds balance of £28.687,195). These ftds are uiirestricied aiid will b¢ 8pplied 10 meetin? tlie Foundation's ¢Dmmitrnent5 and any other donations in the coming y¢ar. The Trustees repon that.. l. The Foulldation ha8 sufficient n(L% to ¢ovcr it4 immediaie and fvture Lommiiments oul of currenl resources. As set out in page 12 outstanding commitrnents at the year end w¢r¢ £2.896.030 of which £1,602.446 are payable in 2021. The remaining £1,233.584 is the total of instalments payable in accordance with gift agr¢ements to be paid due during the year$ 2022 to 2023. 2. The Foundation's a55elS are held in order io further its objectives And all fullds r¢oeived have been or will be applied to the achievement of those objectives. 3. The Tru5tte5 have performed a review of th¢ foundaiion's ability to Continue as a going roncern. In their opinion the Foundation will be able io continuc In operational existence for the foreseeable tuture. Reserves oli¢ The Foundation do&% not make full distribution of its incom¢ in each year but works io a broad kx)licy of making full distribution of kts income over the medium to long terni. Investment lic Surplus fvnds are retained in cash deposit5 Wlth maturity dates of less than one year.
The Dr. Mortimer and Theresa Sackler Foundation Trustees, Report (continued) Trustees, Res onsibilities Statement The Trustees (who are a180 the directors for the putpose of company law) are responsible for preparing the Annual Report and ihe financial btatemenis in accordatLce wilh applicable law and regulations. Company law requires ihe Trustee8 10 prepare financial siaiements for each financial year. Under that law Ihe l-ru81¢cs have elected to prepare the financial smtements in accordallc¢ with United Kingdom Generally Accepled Accounting Practice (Unitcd KEngdom Accout]ting Standards and applicable law). Under Company law, the-InLStces must not apprtrve the accounL% unl&ss Ihey ore 8atisfied that give a Iru¢ and fair view of state of affairs of ihe charitable company and of the Incomng resourcc$ and applicaiion of resources, inclLsding the income and expenditure of the charitable company for thai period. preparing those financial staiements.. the Tn]slees are required to. Select suitable accounting policies and then apply them Consistently Observe the methods and principles in the Chariii&s SORP.. Make jud¥emenis and esiimates that are reasonablc and prudent. State wheiher applicable UK Accountin&7 Standards. have been followed, subject to any material departure$ disclosed and explained in the financial statements, and; Prepare the financial st2temenis on ihe going concem basis unless It is illappropriate to presurne that the Ttust will cot)tinue in operaiion. The Trustees are responsible for keeping adequate accounting records that are 9UtTicient lo show and explain the charitable compaiiy's transactions and disclose with reasonable accuracy at any time the fjnancial position of the charitable ¢ompally and enable Ihem to ensure thai the fmancial 8tatemenls comply with the Companies Act 2006. They are also re8ponsible for safeguarding the assets of the company and hence for takinuF reasonable sieps for the prevention and de¢e¢tion of fraud and other irregularities. The trustees confirm that so far as they are aware. there is no relevant audil infomiation (as defined by section 418{31 of the Companie8 Act 2006) Of which the charitable company's auditors Ère unaware. They liave taken all the steps that they ought to have taken as iw8tee$ in order to make Ihemselves aware of any relevanl audit inforniation and to establtsh that the charitable company's auditors are aware of thal inforniation. On behalf of the Board Sophia Dalrymple Date.. 21 jLe 202I Anthony Collins Date: 21 June 2021
The Dr. Mortimer and Theresa Sackler Foundation INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE DR. MORTIMER AND THERESA SACKLER FOUNDATION Oplnion We have audiied the fiiianci&l statements of The Dr. Mo¥timer and Theresa Sackler Foundaiion (le"charItable Conipany") for the year ended 31 December 2020 whiLh comprise Siaiement of FiiianLial Activities. tlie Balaiice Slieet and the related notes 110 I I, including a sunimary of 5i¥nificani accounting policies. The financial reporiing framework iat has been applied in Iheir preparation is applicable law and Uniied King?dom Accountinsj Standards IUni*d Kingdom Generally Accepted Accounting Practice). including FRS 102 'The Financial Reporting standard applicable in ilie UK and Republic of Ireland" In our opinion the financial statements.. give a true and fair view of the slate of ihe Charitable Company's affairs as at 31 December 2020 and of its incoming re8ources and application of resources. including lis income and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Atctsunting Practice. and have been prepaied in accordance with tlie requirements of the Companies Aci 2006. Basis for opiNlon We conducted our audit in accordance with Iniernational Standards on Audiitng (UK) IISAS IUK)12lld applicable law. Our respoiisibili(Ees under tl)ose standards are furtlier described in the"Audiior's responsibilities for the audit of the financial statements" seciion of oui. report below. We are independent of the Cliaritable Company in accordance with (he eihical requireJn¢iits that ttre ielevant lo our aiidit of tlie finaiicial 5taiements in the UK, including the FRC'S Ethical Siandard and we l)ave fulfilled oui. other ethical iesponsibilities in accordance wttli these requirements. We believe ihat the audit evidence we have obtained is sufficient and appropriaie io provide a basis for our opinion. Conclusion5 relatln% to going eoncern We have nothing to rewr( in respect of Ihe following matlers in relation to which tli¢ ISAS (UK) require us to report to you where.. the iNstees' use of the going concem basis of accounting in the preparation of the financial 5tat¢m¢ntS 15 riot approp¥iate', or the hustee5 have not disclosed in the financial staiemenls ally idenlif&ed material ui)certainiies that may casl significant doubt aboui ihe Chai'ltable Company's ability to continue to adopt the going Loncem basis of accounting for a pei'iod of at least twelve months from the date when ihe financial statemeiits are authorised for issue. Other information Tl)e other infoi'maiioji compri5e5 the infomiaiion included in the anllual rcport sei oui on pages 110 4, other than the ruiancial stat¢menrs and our auditor's i'epoit thereon. The trustees are responsible for the other infoi'mation. Our opinion on the financial staternents does not cover the otliei. infoi'malion and. except to the extent otherwise explicitly stared in ihis repoit, we do not expre55 any foiTh of assurance conclusion thereoii. In connection wiih our audit of the r]nancial slatenients, our responsibility is to read the other infomation and, in doing so, consider whetlier Ihe othcr infotrnation is materially inconsistenl with the financial siatemellts or our knowledge obtained in the audii or otherwise appears to be marIallY misstated. If we identify such inaterial ill¢onsistencies or appureni maierial mis8tateinen15, we are required ¢0 detennine whether Ihete is a matertal mi.%stalemenl in the financial statements or a material misstatemeni ofihe oiher infomiation. If, based on Ilie work we have perfomed, we conclude that there is a material tni&8tatement of the oiher infomialion, we are required to report that fa¢l. W¢ have noihii)g to report in this r¢gard. Oplnlon on other matters prescribed by the Compalli¢5 Act 2006 In our opinion. based on th¢ woi'k undertaken in Ihe c¢)urse of the alldit.. the infomiation tsiven in the trust¢es' reporl, which includes th¢ dii'ector5' ieport prepared for company law purpo.scs, for the financial year for which the financial stJiemeJiis are prewdred is con515tent wilh the fiiiancial stateincnts., and the directors. report included wiihin the trustees, i¢port has been piepared iii accordance with applicable legal requirements.
The Dr. Mortimer and Theresa Sackler Foundation INDEPENDEINT AUDITOR'S REPORT TO THE MEMBERS OF THR DR. MORTIMER AND THERESA SACKLER FOUNDATION Matters on whleh we are required to report by exeeption In liglit of the knowledge and understanding of the Chariiable Company and its environment obtained in the Course ol'the audiL w¢ have identified no material misstatements in ihe Ttustee5' Repori. We have nothinu to report in respect of tlie following matters where the Companies Act 2006 requires us to report io you if, in our opinion-. adequate accouiiiing records Iiave not been kepi or returns adequate for our audit Iiave not be¢ll received from brdncl)es llol Vlslted by us. or the financial stateinent5 are not in agreement with the accoiinting records alld retums. or ertait] disclosures of trustees, remuneration specificd by law are not made., or we have not r¢ceived all the infomation and explanation5 we require for our audit. Re5ponsibilitles of trustee5 As explained more fully in the Trustees, Responsibilities Statement set out on page 4. the trnstees (who are a150 the directors of the Charitable Company for the PLwposes of company lawl are responsibl¢ for the preparation of the financial siatements and tor being satisfled that they give a trne and fair view, and for such inlemal control as the trustees detennine is necessary io enable the preparation of financial stalements that are free from material mi55tatetnent. whether due to fraud or error. In preparing tlie financial statements. the trustees are responsible for asse.%sing the charitable company's ability to ¢ontlDue as a going concern, disclosing, as applicable, matter8 related to going concem and using the going ¢oncem basis of accounting unless the trustees eiih¢r intend to liquidate the Charitable Cornpany or to cease operations, or have no realis1i¢ alternative but to do so. Auditor's responsibilities for the audit of the finaneial statement5 Our objectives are ro obtain reasoMabl¢ a55urance about whetlier the financial siatemenis as a wliole are free from material misstatement, wlietlier due to fraud or etTor, and to issue an auditor's Tepori Ihat includes our opinion. Reasonable assuraJi¢e is a high level of assuranc¢, but is not a guarantee. that an audit coiiducted in accordance with ISAS (UK) will always detect a rn3(erial misstatemejit when it exis15. Missthiement% can arise from fiftud or error and are considered material if, individually or in the aggiegate, they could reasonably bc expect¢d to infIuence ihe economic docisions of users iaken on th¢ basi5 ol'these financial statement5. Based on our undelstsndiiig of the charEtable company's operations, we identified thai the principal risk5 of non- compliance with laws and I'egulaiions i¢lates to gTiznt makin¥. We ¢oiisideiEd the exltllt to which noii-compliance might have a maierial effect on Ihe Iinancial stat¢ment5 that iesulis iii Ihe siiuation tl)at further grant fundiiig can b¢ provided. We also considered the relevant laws and regulations tliat have a direct impact on the preparation of the financial staiements. We are required to evaluate management's inc¢n(iYes aiid opportunit1¢5 for fraudulent manipulation of the financial statements (including the risk of override of contiDls). We fouiid Iheie were no pi'iiicipal I'lbks directly impacting the chariiable company's income and management bias in accounting estimates. Audit pi"ocedureb perfomicd by the engagement team included.. Discussions with management including ¢onsideration of known or suspected instances of non-compliance with law.% and regulatioll and fraud: Evaluating management'5 controls designed (o prevent and deleci Ie¥ularl[ies,. Identifying and testing journa15, in particular joumal entries post¢d with unusual account Combinations or with unusual descriptions., and Challenging assumptlOJ15 and judgements made by maiiagement in their criiical accountiiig esiimates. Because ot the inherent limitations of an audit, there is a risk that we will not delect all irregularities. including those leading 10 a malersal misbtaiement in Ilie financial statements or non-compliance wilh regulaiioji. This risk increases the more that cotnpliance with a law or regulation is removed from the cvents 8nd transactions reflccted in the financial siaiements, as we will be less likely to becorne aware of instances of non-compliance.
The Dr. Mortimer and Theresa Sackler Foundation INDEPENDENT AUDII'OII'S REI PORT TO TIII MEI MBEI RS OF THR DR. MORTIMf,R AND 'fHEI REI SA SACKI.fR FOUNDATION A furthei. desci'iption of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at ht s'.l/www.frc.or -uk/auditorsies onsibilities. This description fom)s part of our auditoi s repoil. Use ofour report This report is Inade solely to the Charitable Company's member¥ as a body, in accordance wsth Chaptei. 3 of Pait 16 of the Companies Act 2006. Oiir audit work1125 been undertaken so that wc might slate to the Chai'itable Company's members those iiiattejs we are I'equired to State to them in an auditor's rcport and for no other purpose. To the fullest extent pei'n)itted by law, we do not accept oi. assutne responsibility to anyone other than the Charitable Company and the Chai'itable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Fox BA FCA (Senior Statutory Auditor) For and on bchRlf of George Hay & Cotnpany, Statutory Auditors 83 Cambridge Street, Pitnlico, London, SWIV 4PS Dat¢.' 21 June 2021
The Dr. Mortimer and Theresa Sackler Foundation STATEMENT OF FINANCIAL ACTIVITIES Incorporating Income and Expenditure Account For the year ended 31 December 2020 2020 2019 Nt)te5 INCOIMINC RC4 SOURCE5 Investment and sitnilar in¢om¢ 1166.472) (244.837) TOTAL INCOMING RESOURCES 166.472 244.837 RESOURCES EXPENDED Chariiable activities 1.273,061 442,508 TOTAL RESOURCES EXPENDED 1,273,06l 442 508 NET EXPENDITURE 11.439.533) (687,345) RECONCILIATION OF FUNDS Total funds broughi forward 28687 195 29 374.540 TOT AL FUNDS CARRIED FORWARD 27 247,662 28 687,195 All fitnds received are unrestricted. There were no other recognised sains or loss¢s. All amounts derive from continuing actLVltaes. The accompanying notes I to I I fomi an integral part of Ihe8e Financial Statements
The Dr. Mortimer and Theresa Sackler Foundation Company INumber: 06802998 BALANCE SHEET At 31 December 2020 2020 2019 Noies CURRENT ASSETS Cash at bank 30,147,944 33,789,021 TOTAL ASSETS 30.147.944 33,789,021 CREDITORS.. amounis falling du¢ withJ"n one year 11,671.0701 (3,184,519) TOTAL ASSETS LESS CURRENT LIABILITIES 28.476.874 30,604,502 CRIDITORS: amounts falling due beyond one year 1.229 212 1917 307 NET ASSETS 27 247.662 28 687 195 REPRESENTED BY.. FUNDS OFTHE FOUNDATIOIN Unrestricted Funds 27,247.662 28.687.195 TOTAL FUNDS OFTHE FOUNDATIOP4 27,247.662 28,687,195 Approved by the Tnkstees and signed on behalf of the Board by.. Sophla Dalrymple- D2rector and Trustee Date.. 21 June 2021 Anthony Collin5- Director and Trustee Date.. 21 lune 2021 The accompanying notes I to I I forni an integral part of the Financial Statements
The Dr. Mortimer and Theresa Saclder Foundation NOTES TO THE ACCOUNTS At 31 December 2020 ACCOUNTING POLICIES The principal #Lcounting policics adopted. judgements made and key sources of estimation uncenainty in the preparation of the accounts are ats follows.. Busis of4ccounttM&' The a¢counts of Èhe Foundation, which L5 a public benefit entlty under FRS 102, have been prepaMI in accordanc¢ witli the Cl)arities SORP (FRS 102)"Accounting and Reporting by Chai'itie5.' Statement of Recommended PrdCti¢e applicable to charities preparing their accounts in accordan¢e with the Financial Rewrting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective I" January 2019)" Financial Reporting Staiidard 102 'The Financial Reporting Standard applicable in the UK and Republic or Ireland" the Chariiie5 Aci 2011 aiid tlie Companies Act 2006. Tlie accounts have been prepared under ihe hisiorical cost convenlion with iiems recognised at co8t or transaction value unless otherwise stated in the relevani note{8) to the accounts. GoiN¥ coMeLTrfll No Mala1 un¢ertainties that Cast signifkcant doubt about the ability of the Foundation to ¢ontinue as a going contem have been identifsed by the TnLStees. The activities. flnancial p(>ition. cash flow and liquidity posstion are set oui in tlie Trnstees. Report ajid tlie finan¢ial.siatements. The Trustees l)ave a reasonable expectation thai the Foundaiion hab adequate resourGeS to continue in operation for the foreseeable future and they thus continue io adopt the going Gon¢em basis of accouniing in preparin8 the financial siatemellts. IM¢owting re&oMre¢s All incorning resources are included in the Statement of Financial Activities when the Foundation is entitled EO the income. li is probable that the income will be received and the amount can be quaniified with reasonable 8ccura¢y. Th¢ followin8 specifi¢ policies are applied particular categories of income.. Voluntary income is received by way of grants, donations and gifts and is included in full in the Statcment of Financial ActLVlties when receivable. Grants, where entitlement is not conditional on the delivery of a specific perforn]allce by the FoundatÈon, are recognised when the Foundation becomes unconditionally entiiled to the grani. Donated services and facilities are included at the value 10 the Foundation where this Can be quantitied. The valu¢ of services provided by volunteers has noi been included in ihese accounts. Investtnenl income is included on an accruals basis when receivable. Resources expellded Expenditure is recognised on an a¢cruals basis as a liability 1$ incurred. Expenditure it]clude8 any VAT which cannot be fully recovered, and is rew)rted as part of the expenditure to which it relaies.. Charitable expenditure ¢omprises those costs incurred by the Foundation in the delivery of it5 dctivities and services for its beneFiciarie8. It includes both cos15 that can be allocated dir¢ctly to such aLtiviiies and tho¥e costs. of an indirect nature necessary io support them. Governance c(x8t8 include Ihobe cosis associated with meeting the constitutional and siaiutory requirements of the Foundation and include the accountancy fees and ¢osts linked to the strategic management of the Foundation. All costs are allocaied between the expendittLre categories of the Statement of Financial Aciiviiies on a basis desrgnej to reflect the use of the resource. R¥coKnilioii ofgraiil commi¢iiieitlspayohle Grant5 payabl¢ are charged in Ihe year when the offer is conveyed to the recipient. Grants offered subject to ondition8 which have not been met at the year-end are accrued ab expendiiure. In accordance wEih FRS 102, the payment of a Gr&nt in instalment% over an extended period is Lonsidered io be a 'debt insltument,. The Foundation record5 It% long-temi liabilities {i.e. deferred instalmentsl in the accounts at their discounied present value in order to attribute an econornic value to the deferral of paymenis. A¥ the it)stalmenls are paid. the unwinding of Ilie discount is accounted foi. as a finance chargc in the Siatenient of Finaiicial Activities. As per FRS 102.11.12. Ilie pre%ent value of defcrred insialmenis are di8counled ai Ihe required discount late, being the arket rate For a similar debt iDstrumetJl. As there is no such markei, Ihe Foundation uses notional raies to reflect the top rale of interest available at the Balance Sheet date for deposits. of Foundation lunds. 10
The Dr. Mortimer and Theresa Sackler Foundation NOTES TO THE ACCOUNTS At 31 December 2020 I. ACCOUYTING POLICIES (continued) Foyeign CMrrert¢ie Assets and liabiliiies in foreign currencies are translated into sterling at the rates of exchange ruling at the Balance Sheet dale. 'I'ransac(ion5 in for¢tgn curren¢i&s are lrnn8lated into sterling at the rate of exchange rulingy at the da of ¢be transaction. Realiscd and urtrealjsed exchange differenc&s are reponed in the Statem¢nl ot Financidl Activilies and calegorised in line with the underlying income or expcndilure of the assets or liabilities ¢on¢erned. The fuD¢tiollal and preseniaiional currency of the Foundation is UK Pounds Sterling. Cash and cash equivalert¢s Cash alld cash equivalents in the Balance Shcel comprise cash at bank and in hand and short term depobils wilh an original maturity date of three tnonths or less. For the purpose of thc cash flow siatement, cash and cash equivalents Consisi of eash and cash equivalents as defined above, net of outstanding bank overdtafts. LEGAL STATUS OF THE FOUNDATIONI The Foundation is a company limited by guarantee and has no Sha capital. The liability of each m¢mb¢r in the event of a windittbi up is limited to £10. 3. INVESTMENT AND SIMILAR INCOMK 2020 2019 UK bank deposit interest Over5eab baÈth deposit interest Exchanbje differences 4,910 54,996 226 378 429,823 674 660 244,837 166.472 4. CHARITABLE ACTIVITILS 2020 2019 Grnnts made- Note 9 ,113,845 484,705 Net discounts ¢harged- Note 10 34,179 55,611 Governance costs'_ Audit fee - Batd( charges 4,124 595 4,719 4.500 523 5,023 Exchange ditferences 120,318 1102.831) 1273061 442 508 The Foundation had no cmployee% during the year (2019.. nil). None of the Trustees reccived remuneration or rcitnbursed expenses during the year12019.' nil}. The auditor did not receive any remuneration in respect of non-audit 8¢rvices during the yeor {20I9.. nil). 5. CREDITORS: amounts falling due within one year 2020 2019 Grants payable A¢¢ruals 1,662,446 8,624 3.180.019 4,5 1,671070 J,184.519
The Dr. Mortimer and Theresa Saclder Foundation NOTES TO THE ACCOUNTS At 31 December 2020 6. CREDITORS- atnounts failing due beyond one yeor 2020 2019 Granis payable- Note 10 1917 307 7. TIi4NSACTIONS WITH TRUSTEES RELATED PARTIES An ullconditional grant of £270,00012019-£150,0001 was made to Expert Impact. Mr J F W Hut)t is the Chainnan of the Trusiees of Expert Impact and is married to Samatttha Hunt, a Trustee of ihe Foundation. There weJe no other iransactions with related parties during the year or preceding year. 8. TAXATIOL¥ The Foundation is exempt from tax on income and gains arising in pursuit of ils charitable objects. GRALYTS MADE 2020 2019 Illstltutiongl grants made: Association io Benefit Children, 2 grdnts USD 400.000 Expert Impact CoTaneLti¢ut Veterans Legal Centtt- USD 180.000 Margatet S Mahler Foundation. 2 grdnts- USD 150.000 Bletchley Park World Monuments Fund- USD 85.000 Miscellaneou5 Donations under £65,000 {2020. 1 I grattts, 2019.. 6 grdntsl 304.800 270.000 134,370 118,570 150,000 75,910 100.000 67,295 286, 505 91.5(K) New Commitments 1.113,845 484,705 Exchange differences 120.313 (103.2401 Increase in comrnitments 1,234 158 381465 2020 2019 Reeonciliatson of grants payable: Commitments at l January Increase in commiltttents. Grantb paid 5,135,881 1,234.158 13,474,009) 8,932,302 381,465 (4.177,886) Commiiments at 31 December 2,896.030 5 135.881 Payable within one year Payable beyond one year 1,662,446 1,233,584 3.180.019 1,955.862 2.896 030 5 135 881 All arnounis above are actLtal commitments. As set ou( in Note 10 the amount$ payable beyond one year are subject to discounts lor inclusion in the Balance Sheei. 12
The Dr. Mortimer and Theresa Sackler Foundation NOTES TO THE ACCOUNTS At 31 December 2020 10. COMMITMENTS PAYABLE BEYOND ONE YEAR In compliance with ihe SORP 2019, the carrying valueg of grani commitments payable beyond one year are discounted to net present value using notional interest rates. Th¢ rates adopted in preparing these accounts are 1.33 /0 per annum, compounded, a$ ai 31 Ikcember 2019 and 0.280/0 per annum, eotnpounded. as ai 3 l December 2020. The application and revetsal of the dhscount rs deeTlled a'Finance charge, by the SORP 2019 and is charged to Charitable Aotivitses. 2020 2019 Commiunents payable beyond one year at l January 1,955,862 4,646,086 Discount to cornmitments at l January (38.5551 {94,575) Carrying value of discoLmted commitments at l January 1,917,307 4,551,511 Amounts cotntnitted during the year 119,620 Exchange differeThce (2,0321 {59,796) Finance Lharge attributed to.. Discount reduced on commttments. ai l January Discount applied to new commitsnents fftade duting the year 34,512 333 34.179 55,611 55,611 Commitments becoming due within one year 1839.8621 12,630,019) Commitments at 31 December at carryiTJg values 1,229,212 1917307 11. IMPACT OF CORONAVIRUS (COVID-19} In light of the emergence of the ¢oronaviN8 {COVID-19}, the charity has assessed, on at] ongoing basi5, the impact on ils opcratiot]s and closely momiiored its fjnances, whieh have not been maierially aff¢ct¢d as a result ol'the global pandemic. 13