2020-12-31-accounts - Breakthrough Foundation

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	Pages
Trustees' annual report (incorporating the directors' report)	1 to 6
Independent auditor's report to the members	7 to 10
Statement of financial activities (including income and
expenditure account)	11
Statement of financial position	12
Statement of cash flows	13
Notes to the amended financial statements	14 to 20

Registered charity name	Breakthrough Foundation
Charity registration number	1162536
Company registration number	09335387
Principal office and registered	4 Hill Street
office	London
	W1J 5NE

		B G J Gripton	(Retired 22 August 2022)
		Ms S Pavlova
		Mrs D A Forsdick	(Appointed 22 April 2021)
		R J Bonney	(Appointed 24 August 2022)
		C F J Chan	(Appointed 24 August 2022)
		J A Hutchinson	(Appointed 24 August 2022)
Company	secretary	Mrs D A Forsdick
Auditor		Critchleys Audit LLP
		Chartered Accountants & statutory auditor
		Beaver House
		23 −38 Hythe Bridge Street Oxford
		OX1 2EP
Bankers		Credit Suisse AG
		Talacker 16,
		8001 Zurich,
		Switzerland; and
		1 Cabot Square, London E14 4QJ
Solicitors		Goodwin Procter LLP
		901 New York Avenue NW
		Washington DC 20001; and
		100 Cheapside
		London EC2V 6DY

		2020	2020	2019
		Unrestricted
		funds	Total funds	Total funds
	Note	$	$	$
Income and endowments
Donations and legacies	5	36,519,000	36,519,000	35,000,000
Investment income	6	20,265	20,265	82,523
Total income		36,539,265	36,539,265	35,082,523
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies	7	53,537	53,537
Expenditure on charitable activities	8,9	35,825,540	35,825,540	27,680,061
Total expenditure		35,879,077	35,879,077	27,680,061
Net income and net movement in funds		660,188	660,188	7,402,462
Reconciliation of funds
Total funds brought forward		95,783	95,783	(7,306,679)
Total funds carried forward		755,971	755,971	95,783

		2020	2019
	Note
Fixed assets
Investments	15	10,000,000
Current assets
Cash at bank and in hand		1,255,993	8,453,383
Creditors: amounts falling due within oneyear	17	2,500,022	1,607,600
Net current assets/(liabilities)		(1,244,029)	6,845,783
Total assets less current liabilities		8,755,971	6,845,783
Creditors: amounts falling due after more than
one year	18	8,000,000	6,750,000
Net assets		755,971	95,783
Funds of the charity
Unrestricted funds		755,971	95,783
Total charity funds	19	755,971	95,783

Year ended 31 Decembe	r 2020
		2020	2019
	Note	$	$
Cash flows from operating activities
Net income		660,188	7,402,462
Adjustments for:
Dividends, interest and rents from investments		(20,265)	(82,523)
Accrued expenses/(income)		2,142,422	(355,366)
Donation received in−kind		(10,000,000)	—
Changes in:
Trade and other debtors		—	4,359
Trade and other creditors		—	(250,000)
Cash generated (used in)/ from operations		(7,217,655)	6,718,932
Net cash (used in)/from operating activities		(7,217,655)	6,718,932
Cash flows from investing activities
Dividends, interest and rents from investments		20,265	82,523
Net cash from investing activities		20,265	82,523
Net (decrease)/increase in cash and cash equivalents		(7,197,390)	6,801,455
Cash and cash equivalents at beginning of year		8,453,383	1,651,928
Cash and cash equivalents at end of year	16	1,255,993	8,453,383

5.	Donations and legacies
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
	Donations
	Donations	36,519,000	36,519,000	35,000,000	35,000,000
6.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
		$	$	$	$
	Income from cash investments	20,265	20,265	82,523	82,523

	Unrestricted Total Funds	Unrestricted Total Funds	Unrestricted	Total Funds
	Funds	2020	Funds	2019
Costs of raising donations and
legacies −Investment management costs	53,537	53,537

11.	Analysis of grants
		2020	2019
	Grants to institutions
	Breakthrough Prize Foundation	21,446,000	16,600,000
	Breakthrough Prize in Life Sciences Foundation	2,142,000	9,694,208
	Trustees of the University of Pennsylvania	500,000
	Academy Foundation	1,000,000
	Friends of Tel Aviv Sourasky Medical Centre	1,000,000
	Los Angeles County Museum of Art		1,000,000
	Magen David Adorn in Israel	1,000,000
	Stanford University −Development Services Keren Hayesod Jerusalem	1,000,000 300,000
	University of Cambridge	(3,612)	(3,247)
	The Foundation to Combat Anti−Semitism	5,000,000
	Tel Aviv University	1,000,000
	Beijing Xiaomi Foundation	1,423,710
	Teach for America		100,000
	Other	16,746
		35,824,844	27,390,961
	Total grants	35,824,844	27,390,961
12.	Net income
	Net income is stated after charging/(crediting):
		2020	2019
	Foreign exchange differences	(271)	(111)

		2020	2019
	Cash at bank and in hand	1,255,993	8,453,383
		1,255,993	8,453,383
17.	Creditors: amounts falling due within one year
		2020	2019
	Bank loans and overdrafts	22
	Accrual for grants payable	2,600,000	1,607,600
		2,600,022	1,607,600
18.	Creditors: amounts falling due after more than one year
		2020	2019
	Accrual for grants payable	8,000,000	6,750,000

Analysis of net assets between funds
			Unrestricted	Total Funds
			Funds	2020
Investments			10,000,000	10,000,000
Current assets			1,255,993	1,255,993
Creditors: amounts falling due within one year Creditors: amounts falling due after more than one year			(2,500,022) (8,000,000)	(8,000,022) (2,500,000)
Net assets			755,971	755,971
			Unrestricted	Total Funds
			Funds	2019
Investments
Current assets			8,453,383	8,453,383
Creditors: amounts falling due within one year Creditors: amounts falling due after more than one year			(1,607,600) (6,750,000)	(1,607,600) (6,750,000)
Net assets			95,783	95,783
Analysis of changes in net debt
	At	1 January		At 31
		2020	Cash flows	December 2020
Cash at bank and in hand	8,453,383		(7,197,390)	1,255,993
Bank overdrafts			(22)	(22)
	8,453,383		(7,197,412)	1,255,971