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2021-03-31-accounts

Registered number: 09696841 Charity number: 1163970

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Trustees' Report and Financial Statements For the Year Ended 31 March 2021

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Contents

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 9
Independent Auditors' Report on the Financial Statements 10 - 13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 - 30

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Reference and Administrative Details of the Charity, its Trustees and Advisers For the Year Ended 31 March 2021

Trustees Jeremy Coller
Peter Hutton
Peter Leach
Constantinos Yiannoulis
Company registered
number
09696841
Charity registered
number
1163970
Registered office
Park House Level 3
116 Park Street
London
W1K 6AF
Independent auditors
Kreston Reeves LLP
Chartered Accountants
Second Floor
168 Shoreditch High Street
London
E1 6RA

Page 1

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Trustees' Report For the Year Ended 31 March 2021

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The Foundation’s objective is to apply its income for general charitable purposes. More specifically, the Trustees have defined three key areas of focus: 1) Educating on Factory Farming 2) Supporting the Coller School of Management and 3) Supporting Education, Culture and Other Causes.

b. Strategies for achieving objectives

Educating on Factory Farming

The Foundation has established the FAIRR (Farm Animal Investment Risk & Return) initiative, which aims to educate investors in relation to the investment risks and opportunities connected with intensive livestock farming and poor animal welfare standards.

Supporting the Coller School of Management

The Foundation entered into a long-term commitment on 9 May 2016 to endow the Coller School of Management at Tel Aviv University with up to $50m. This is subject to the University fulfilling all agreed requirements, at the donor's sole discretion.

Supporting Education, Culture and Other Causes

The Foundation supports a number of registered charities whom it feels are aligned with its charitable objectives, many of which are focused on education and animal welfare.

The Foundation also continues to support The Elders Foundation, a registered UK charity (no. 1132397), whose aim is to help address major causes of human suffering and promote the shared interests of humanity. One of the trustees, Jeremy Coller, is a member of their Advisory Council.

Page 2

Jeremy Coller Foundation (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2021

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

FAIRR Initiative

During the year the Foundation incurred expenditure related to the FAIRR initiative of £1,791,510 (2020: £1,541,781). The main expense was in respect of employment costs of £1,168,734 (2020: £774,767).

Grants; Education and Other Causes

During the year, the Foundation gave grants and donations totalling £2,467,268 (2020: £2,354,650). The key grants included;

d. Grant-making policies

The Foundation currently only accepts applications for grants on a ‘by invitation only’ basis. Grants will be considered by the Trustees if they fit within the key objectives of the Foundation.

e. Main activities undertaken to further the Charity's purposes for the public benefit

FAIRR Initiative

Over the year, the FAIRR initiative has continued focusing on its objective of raising awareness about the risks and opportunities in the animal factory farming sector, galvanizing institutional investor influence through global protein supply chain and building a strong network to effect change in the way we produce animals for food. They have done this by coordinating and participating in investor engagements and events, producing and issuing reports and briefings in respect of different issues in the sector and continuing to directly target the investor community. The initiative now has 250 institutional investor member supporters, representing over $21.3 trillion of AUM (assets under management), with a target of growing formal investor support to $30 trillion of AUM in the short term.

Coller School of Management

With the Foundation’s support, the Coller School of Management is seeking to become a leading institution in postgraduate management education globally. There are four principal strands to this initiative: i) developing a truly differentiated global MBA in the field of venture; ii) creating joint venture-focused education courses with other blue-chip educational institutions around the world; iii) expanding the School’s venture outreach and executive education programmes; iv) focusing and linking Tel Aviv University’s disparate activities in venture, innovation, and entrepreneurship under the aegis of the School.

Page 3

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2021

Achievements and performance

a. Key financial performance indicators

The Foundation recorded income of £3,765,005 (2020: £4,855,302) for the year ended 31 March 2021. This predominantly came from donations from Jeremy Coller of £3,000,000 (2020: £3,864,352) and gift aid of £750,000 (2020: £950,223).

The Foundation incurred expenditure of £4,719,126 (2020: £3,984,041). It gave grants and donations of £2,467,268 (2020: £2,354,650), incurred expenses directly related to the FAIRR Initiative of £1,791,510 (2020: £1,541,781), direct expenses related to educational and other grants of £160,943 (2020: £222,714), and support costs of £299,405 (2020: -£135,104). This resulted in net expenditure for the year of £954,121 (2020: net income of £871,261).

b. Review of activities

FAIRR Initiative

The FAIRR Initiative officially launched in December of 2015. During the period from April 2020 to March 2021, the FAIRR team grew from twelve employees to nineteen and continued to build on their successes, undertaking the following key activities:

Events/Webinars

Page 4

Jeremy Coller Foundation (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2021

Achievements and performance (continued)

Collaborative Investor Engagements

Communications and PR

The FAIRR team and Jeremy Coller have had numerous interviews with journalist s and press throughout the period, continuing to educate and promote FAIRR’s projects. We have been mentioned in 2,153 items of press coverage between April 2020 and March 2021, including from high-profile outlets such as: Financial Times, BBC, Reuters, New York Times, Telegraph, Investments and Pensions Europe, The Guardian and Barron’s. FAIRR currently has over 10,539 social media followers and distributes its newsletter to an audience of over 1,300 key targets.

FAIRR has been successful in raising awareness of issues through the above activities, which is further supported by the level of interest from media and press outlets. FAIRR membership has grown by 62 members over the period and in terms of investors’ assets under management, to $38.1 trillion. The level of interest in FAIRR’s key issue areas has also grown, demonstrated by the investor support of its engagements as well as by the attendance at its events.

Page 5

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2021

Achievements and performance (continued)

Coller School of Management

The Covid-19 pandemic has reduced the in-person components of some activities during the year and led to the cancellation or postponement of others (especially those requiring additional travel). However, notwithstanding these challenges, the Coller School has continued to make good progress in its fifth year:

Page 6

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2021

Achievements and performance (continued)

c. Factors relevant to achieve objectives

In order to maintain and fulfil its current objectives, the Trustees are aware that the Foundation is dependent on continued support from the initial settlor.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future.

b. Principal risks and uncertainties

The Foundation relies entirely on donations from Jeremy Coller in order for it to fulfil its charitable activities. He has confirmed his undertaking to continue to make such donations in order to meet all future known and anticipated commitments.

c. Reserves policy

The Trustees have determined that holding a large quantity of reserves is unnecessary as the sole benefactor is able to provide funding as requirements dictate. The Trustees do however consider it prudent to retain reserves to cover 3 to 6 months of estimated operating expenses. At the end of the year, the Foundation held reserves of £3,641,001 (2020: £4,595,122) in unrestricted funds.

d. Principal funding

The initial settlor, Jeremy Coller, has committed to donate sufficient monies to the Foundation to enable it to meet all its known obligations for the foreseeable future. During the year, Jeremy Coller provided funding of £3,000,000 (2020: £3,984,041).

e. Premises

The Foundation currently operates from surplus office space on a non chargeable, non specific, unsecured tenancy basis, provided by a company controlled by the initial settlor, Jeremy Coller. The Trustees anticipate that this support will continue for the foreseeable future.

Page 7

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2021

Structure, governance and management

a. Constitution

The Jeremy Coller Foundation was incorporated as a company limited by guarantee in England and Wales on 21 July 2015 with company number 9696841. The company is also a charity registered in England and Wales with number 1163970.

The principal object of the Foundation is to apply its income for general charitable purposes.

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co opted under the terms of the Articles of Association.

c. Policies adopted for the induction and training of Trustees

All Trustees must have had experience of managing businesses at a senior level and are required to undertake any relevant courses on the structure and operation of charities as are deemed necessary.

d. Pay policy for senior staff

The Trustees do not receive any remuneration or benefits. All senior staff have regular appraisals and are remunerated in line with comparable employees in the not for profit sector.

e. Organisational structure and decision making

The Foundation is governed by its Memorandum and Articles of Association, dated 17 July 2015, by a Board of Trustees, who are recorded on page 1. The Trustees are responsible for setting policies and strategy and approving budgets for the Foundation.

f. Risk management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Plans for future periods

It is the Trustees intention to broaden and expand the work of the FAIRR initiative over the coming years, whilst maintaining its on going commitment to the Tel Aviv University and continuing to support specific educational and cultural charities.

Page 8

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2021

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Kreston Reeves LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Jeremy Coller Trustee

Date: 22/10/2021

Page 9

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Jeremy Coller Foundation

Opinion

We have audited the financial statements of Jeremy Coller Foundation (the 'charity') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 10

Jeremy Coller Foundation (A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Jeremy Coller Foundation (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 11

Jeremy Coller Foundation (A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Jeremy Coller Foundation (continued)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Capability of the audit in detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to, anti-bribery, data protection and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Page 12

Jeremy Coller Foundation (A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Jeremy Coller Foundation (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants Statutory Auditor London

Date: 25 October 2021

Page 13

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2021

Note
Income from:
Donations and legacies
3
Investments
4
Other income
5
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
3,750,000
6,272
8,733
3,765,005
4,719,126
4,719,126
(954,121)
4,595,122
(954,121)
3,641,001		 Total
funds
2021
£
3,750,000
6,272
8,733
3,765,005
4,719,126
4,719,126
(954,121)
4,595,122
(954,121)
3,641,001		 Total
funds
2020
£
4,814,575
40,727
-
4,855,302
3,984,041
3,984,041
871,261
3,723,861
871,261
4,595,122

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 17 to 30 form part of these financial statements.

Page 14

Jeremy Coller Foundation (A Company Limited by Guarantee) Registered number: 09696841

Balance Sheet As at 31 March 2021

Note
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total net assets
Charity funds
Unrestricted funds
15
Total funds		 343,350
3,546,340
3,889,690
(251,046)		 2021
£
2,357
2,357
3,638,644
3,641,001
3,641,001
3,641,001		 362,729
4,462,294
4,825,023
(229,901)		 2020
£
-
-
4,595,122
4,595,122
4,595,122
4,595,122

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Jeremy Coller Trustee

Date: 22/10/2021

The notes on pages 17 to 30 form part of these financial statements.

Page 15

Jeremy Coller Foundation (A Company Limited by Guarantee)

Statement of Cash Flows
For the Year Ended 31 March 2021
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 17 to 30 form part of these financial statements		 2021
£
(912,419)
(3,535)
(3,535)
(915,954)
4,462,294
3,546,340		 2020
£
620,725
-
-
620,725
3,841,569
4,462,294

Page 16

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

1. General information

Jeremy Coller Foundation is a charity and company limited by guarantee incorporated in England. The charity's registered office is Park House Level 3, 116 Park Street, London, W1K 6AF.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Jeremy Coller Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

After making enquiries, the Trustees have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Page 17

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

2. Accounting policies (continued)

2.4 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 33%

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 18

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

2. Accounting policies (continued)

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted
funds
2021
£
Donations
3,750,000
Unrestricted
funds
2020
£
Donations
4,814,575		 Total
funds
2021
£
3,750,000
Total
funds
2020
£
4,814,575

Page 19

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

4. Investment income

Unrestricted
funds
2021
£
Bank interest received
6,272
Unrestricted
funds
2020
£
Bank interest received
40,727		 Total
funds
2021
£
6,272
Total
funds
2020
£
40,727

5. Other incoming resources

Unrestricted Total Total
funds funds funds
2021 2021 2020
£ £ £
Recharges 8,733 8,733 -

6. Analysis of grants

Grants, Education and other
Grants, Education and other		 Grants to
Institutions
2021
£
2,467,268
Grants to
Institutions
2020
£
2,354,650		 Total
funds
2021
£
2,467,268
Total
funds
2020
£
2,354,650

Page 20

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

6. Analysis of grants (continued)

The Charity has made the following material grants to institutions during the year:

Name of institution
Coller School of Management, Tel Aviv University
Coller Institute of Venture, Tel Aviv University
The Elders Foundation
University of Manchester
Good Food Institute
Ben Yakir
Animal Rights and Welfare Clinic, Tel Aviv University
Holocaust Education Trust
Grants £50,000 and under		 2021
£
1,289,442
303,882
177,923
100,000
78,542
75,971
71,500
-
370,008
2,467,268		 2020
£
1,360,000
306,021
152,036
-
78,995
80,109
58,198
75,000
244,291
2,354,650

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2021
£
FAIRR
1,785,216
Education and other
2,933,910
4,719,126
Unrestricted
funds
2020
£
FAIRR
1,541,781
Education and other
2,442,260
3,984,041		 Total
funds
2021
£
1,785,216
2,933,910
4,719,126
Total
funds
2020
£
1,541,781
2,442,260
3,984,041

Page 21

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

8. Analysis of expenditure by activities

FAIRR
Education and other
FAIRR
Education and other		 Activities
undertaken
directly
2021
£
1,785,216
160,943
1,946,159
Activities
undertaken
directly
2020
£
1,541,781
222,714
1,764,495		 Grant
funding of
activities
2021
£
-
2,467,268
2,467,268
Grant
funding of
activities
2020
£
-
2,354,650
2,354,650		 Support
costs
2021
£
-
305,699
305,699
Support
costs
2020
£
-
(135,104)
(135,104)		 Total
funds
2021
£
1,785,216
2,933,910
4,719,126
Total
funds
2020
£
1,541,781
2,442,260
3,984,041

Page 22

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Conference
Events
Communications consulting
Phone
Print
Recruitment
Research
Subscriptions
Travel
Website
Trademark
Sponsorship
Sundry expenses
Training		 FAIRR
2021
£
1,168,734
3,830
3,036
145,639
631
14,007
28,599
124,349
35,442
606
229,480
6,544
4,139
1,128
19,052
1,785,216		 Education
and other
2021
£
97,677
20,600
316
32,147
309
-
1,827
-
2,175
(893)
6,714
-
-
71
-
160,943		 Total
funds
2021
£
1,266,411
24,430
3,352
177,786
940
14,007
30,426
124,349
37,617
(287)
236,194
6,544
4,139
1,199
19,052
1,946,159

Page 23

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Conference
Events
Communications consulting
Phone
Print
Recruitment
Research
Subscriptions
Travel
Website
Trademark
Sponsorship
Sundry expenses
Training
Analysis of support costs		 FAIRR
2020
£
744,767
30,098
12,736
132,848
4,910
44,589
59,550
139,744
16,248
121,658
181,307
3,995
15,757
13,922
19,652
1,541,781		 Education
and other
2020
£
117,860
463
2,108
-
1,092
1,261
-
-
1,606
45,438
52,436
-
-
-
450
222,714		 Total
funds
2020
£
862,627
30,561
14,844
132,848
6,002
45,850
59,550
139,744
17,854
167,096
233,743
3,995
15,757
13,922
20,102
1,764,495
Depreciation
Audit fees
Bank charges
Loss/(Gain) on foreign exchange
Legal and professional fees
Insurance		 Total
funds
2021
£
1,178
7,740
866
189,477
104,086
2,352
305,699		 Total
funds
2020
£
-
7,200
960
(172,944)
27,090
2,590
(135,104)

Page 24

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

9. Auditors' remuneration

2021 2020
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 7,740 7,200
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above 240 -

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
1,067,392
105,207
93,812
1,266,411		 2020
£
720,900
83,870
57,857
862,627

The average number of persons employed by the Charity during the year was as follows:

FAIRR initiative
Other staff		 2021
No.
18
2
20		 2020
No.
10
2
12

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2021 2020
No. No.
In the band £60,001 - £70,000 1 -
In the band £70,001 - £80,000 1 -
In the band £90,001 - £100,000 1 2
In the band £100,001 - £110,000 1 -
In the band £120,001 - £130,000 - 1
In the band £140,000 - £150,000 1 -

The key management personnel of the charity comprise solely the Trustees whom are not remunerated.

Page 25

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL).

12.
Tangible fixed assets
Cost or valuation
Additions
At 31 March 2021
Depreciation
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
13.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
5,822
6,430
331,098
343,350		 Office
equipment
£
3,535
3,535
1,178
1,178
2,357
-
2020
£
-
6,990
355,739
362,729

Page 26

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2021
£
59,883
29,164
10,782
151,217
251,046		 2020
£
99,429
23,533
7,466
99,473
229,901

15. Statement of funds

Statement of funds - current year

Unrestricted funds
General funds
Statement of funds - prior year
Unrestricted funds
General funds		 Balance at 1
April 2020
£
4,595,122
Balance at
1 April 2019
£
3,723,861		 Income
£
3,765,005
Income
£
4,855,302		 Expenditure
£
(4,719,126)
Expenditure
£
(3,984,041)		 Balance at
31 March
2021
£
3,641,001
Balance at
31 March
2020
£
4,595,122

Page 27

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Tangible fixed assets
2,357
Current assets
3,889,690
Creditors due within one year
(251,046)
Total
3,641,001		 Total
funds
2021
£
2,357
3,889,690
(251,046)
3,641,001

Analysis of net assets between funds - prior year

Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
4,825,023
(229,901)
4,595,122		 Total
funds
2020
£
4,825,023
(229,901)
4,595,122

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net (expenditure)/income for the year (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Decrease/(increase) in debtors
Increase in creditors
Net cash (used in)/provided by operating activities		 2021
£
(954,121)
1,178
19,379
21,145
(912,419)		 2020
£
871,261
-
(264,461)
13,925
620,725

Page 28

Jeremy Coller Foundation (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

18.
Analysis of cash and cash equivalents
Cash in hand
19.
Analysis of changes in net debt
Cash at bank and in hand
20.
Grant commitments
At 31 March 2021 the company had commitments as follows:
Commitments in respect of grants approved for projects which
been accrued in the financial statements but will form part of
Within one year
Between one year and five years
In more than five years		 At 1 April
2020
£
4,462,294
have not
grants:		 2021
£
3,546,340
Cash flows
£
(915,954)
2021
£
1,234,880
4,939,520
7,409,280
13,583,680		 2020
£
4,462,294
At 31 March
2021
£
3,546,340
2020
£
1,371,786
5,487,146
9,602,505
16,461,437

The charity had grant commitments at the year end as follows:

21. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £93,812 (2020: £57,857). A balance of £10,782 (2020: £7,374) was payable to the fund at the balance sheet date and are included in creditors.

Page 29

Jeremy Coller Foundation

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2021

22. Related party transactions

During the year, the charity received donations of £3,750,000 (2020: £4,814,575) including £750,000 Gift Aid (2020: £950,223) from Jeremy Coller, a Trustee.

The charity made donations to The Elders Foundation, a charity registered in England and Wales and on whose advisory board Jeremy Coller sits, totalling £177,923 (2020: £152,036) during the year.

Page 30