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 HaYA￿Tket
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 DaIry￿PIc. 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 reSCa￿h 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 TrnS￿es 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
In￿reSt 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 A￿terial.
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 Ca￿led 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 Incom￿ng 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 jL￿e 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 ma￿rIallY 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 I￿e¥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 th￿e 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 Ma￿la1 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