# ## ||**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**|$|$|$| |**Income and endowments**||||| |Donations and legacies|**5**|36,519,000|**36,519,000**|35,000,000| |Investment income|**6**|20,265|**20,265**|82,523| |**Total income**||36,539,265|**36,539,265**|35,082,523| |**Expenditure**||||| |Expenditure on raising funds:||||| |Costs of raising donations and legacies|**7**|53,537|**53,537**|| |Expenditure on charitable activities|**8,9**|35,825,540|**35,825,540**|27,680,061| |**Total expenditure**||35,879,077|**35,879,077**|27,680,061| |**Net income and net movement in funds**||660,188|**660,188**|7,402,462| |**Reconciliation of funds**||||| |Total funds brought forward||95,783|**95,783**|(7,306,679)| |**Total funds carried forward**||755,971|**755,971**|95,783| ## ## ## |||2020|**2019**| |---|---|---|---| ||Note||| |**Fixed assets**|||| |**Investments**|15|10,000,000|| |**Current assets**|||| |**Cash at bank and in** hand||1,255,993|8,453,383| |**Creditors: amounts falling due within one**year|17|**2,500,022**|**1,607,600**| |**Net current assets/(liabilities)**||(1,244,029)|6,845,783| |**Total assets less current liabilities**||**8,755,971**|**6,845,783**| |**Creditors: amounts falling due after more than**|||| |**one year**|18|8,000,000|**6,750,000**| |**Net assets**||755,971|**95,783**| |**Funds of the charity**|||| |Unrestricted funds||755,971|95,783| |**Total charity funds**|19|755,971|**95,783**| ## ## ## ## |**Year ended 31 Decembe**|**r 2020**||| |---|---|---|---| |||**2020**|2019| ||**Note**|$|$| |**Cash flows from operating activities**|||| |**Net income**||**660,188**|**7,402,462**| |_Adjustments for:_|||| |Dividends, interest and rents from investments||**(20,265)**|(82,523)| |Accrued expenses/(income)||**2,142,422**|**(355,366)**| |**Donation received** in−kind||**(10,000,000)**|**—**| |_Changes in:_|||| |**Trade and other debtors**||**—**|**4,359**| |**Trade and other creditors**||**—**|**(250,000)**| |**Cash generated (used** in)/ from operations||**(7,217,655)**|**6,718,932**| |**Net cash (used** in)/from operating activities||**(7,217,655)**|**6,718,932**| |**Cash flows from investing activities**|||| |**Dividends, interest and rents from investments**||**20,265**|**82,523**| |**Net cash** from investing activities||**20,265**|**82,523**| |**Net (decrease)/increase in cash and cash equivalents**||**(7,197,390)**|6,801,455| |**Cash and cash equivalents at beginning of year**||**8,453,383**|**1,651,928**| |**Cash and cash equivalents at end of year**|**16**|**1,255,993**|**8,453,383**| ## ## ## ## ## ## ## ## ## ## ## ## # ## ## ## ## ## ## ## ## ## ## ## ## |**5.**|**Donations and legacies**||||| |---|---|---|---|---|---| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2020**|Funds|2019| ||**Donations**||||| ||Donations|36,519,000|**36,519,000**|35,000,000|35,000,000| |**6.**|**Investment income**||||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2020**|Funds|2019| |||$|$|$|$| ||Income from cash investments|20,265|**20,265**|82,523|82,523| ||Unrestricted **Total Funds**|Unrestricted **Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---| ||Funds|**2020**|Funds|2019| |Costs of raising donations and||||| |legacies −Investment management
costs|53,537|**53,537**||| ## ## ## ## |**Expenditure on charitable**|**activities by fund type**|||| |---|---|---|---|---| ||Unrestricted|**Total Funds**|Unrestricted|Total Funds| ||Funds|**2020**|Funds|2019| ||$|$|$|$| |Sponsorship|—|—|250,000|250,000| |Donations|35,824,844|**35,824,844**|27,390,961|27,390,961| |Bank charges|967|**967**|769|769| |Support costs|(271)|**(271)**|38,331|38,331| ||35,825,540|**35,825,540**|27,680,061|27,680,061| ## |**Expenditure on charit**|**able activities by**|**activity type**||||| |---|---|---|---|---|---|---| ||Activities|||||| ||undertaken Grant funding||||**Total funds**|Total fund| ||directly|of activities Support|costs||**2020**|2019| ||$|$|$||$|$| |Sponsorship|—|—||—|—|250,000| |Donations|—|35,824,844||—|**35,824,844**|27,390,961| |Bank charges|967|—|||**967**|769| |Governance costs|—|—|(271)||**(271)**|38,331| ||967|35,824,844|(271)||**35,825,540**|27,680,061| ## |**Analysis of support costs**|||| |---|---|---|---| ||Analysis of||| ||support costs||| ||activity 1|**Total 2020**|Total 2019| ||$|$|$| |Finance costs|(271)|**(271)**|(111)| |Legal and professional fees|—|—|25,799| |Travel expenses|—|—|12,643| ||(271)|**(271)**|38,331| ## ## ## ## |**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)| ## ## ## ## ## ## ||**Other**| |---|---| ||**investments**| |**Cost or valuation**|| |At 1 January 2020|| |Additions|**10,000,000**| |**At 31 December 2020**|**10,000,000**| |**Impairment**|| |**At 1 January 2020 and 31 December 2020**|| |**Carrying amount**|| |**At 31 December 2020**|**10,000,000**| |At 31 December 2019|| ## |||**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| ## ## ## ## ## |**Unrestri**|**cted funds**||||| |---|---|---|---|---|---| |||At|||**At**| |||1 January|||**31 December**| |||2020|Income|Expenditure|**2020**| |General|funds|95,783|36,539,265|(35,879,077)|**755,971**| |||At|||At| |||1 January|||31 December| |||2019|Income|Expenditure|2019| |General|funds|(7,306,679)|35,082,523|(27,680,061)|95,783| ## |**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**| ## ##