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2022-03-31-accounts

Registered number: 0969841 Charity number: 1163970

Jeremy Coller Foundation

(A company limited by guarantee)

Trustees' report and financial statements For the year ended 31 March 2022

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 - 12
Independent auditors' report on the financial statements 13 - 16
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20 - 31

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 2022

Trustees Jeremy Coller
Steven Daniels (appointed 25 May 2022)
Peter Hutton (resigned 31 March 2022)
Peter Leach
David Marks (appointed 5 May 2022)
Richard Rivlin (appointed 10 June 2022)
Constantinos Yiannoulis
Company registered
number
0969841
Charity registered
number
1163970
Registered office
Park House Level 3
116 Park Street
London
W1K 6AF
Independent auditors
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
2nd 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 2022

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2021 to 31 March 2022. 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).

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 four key areas of focus: 1) Educating on Factory Farming 2) Developing solutions related to the risks and opportunities associated with Factory Farming 3) Supporting the Coller School of Management and 4) Supporting Education, Culture and Other Causes.

The second focus area is a developing new focus for the Foundation. Having previously concentrated on education and research related to risks associated with industrial factory farming, it is now clear that the Foundation must also focus its efforts on educating on alternatives and developing solutions to support a sustainable food system. The Trustees believe that this can ameliorate the risk to food supplies caused by unsustainable methods of animal rearing, which could feasibly lead to widespread food scarcity, poverty and famine; can assist in reducing environmental damage and climate change, particularly that caused by intensive methods of farming; will contribute to the reduction in the risks to human health of factory farming methods, including without limitation the use of antibiotics in the way animals are reared; and limiting, and ultimately ending, the cruelty caused to animals reared intensively in factory farms.

b. Strategies for achieving objectives

Educating on Factory Farming

The Trustees are concerned that the current reliance on industrial factory farming has a range of negative impacts on climate, poverty, animal welfare and human health. These risks and impacts are well documented by third party research and include:

The Foundation established the FAIRR (Farm Animal Investment Risk & Return) Initiative in 2015 to educate the market about the environmental, social and governance (ESG) risks associated with intensive animal agriculture. By educating investors and allowing them to engage as owners with companies in the global food supply chain – from protein producers to global retailers – on ESG risks ranging from antimicrobial resistance to climate risks – FAIRR aims to create a more sustainable global food system and an end to the unsustainable factory farming of animals destined for the food system.

The Foundation also undertakes other educational initiatives around industrial factory farming to reach general and specific segments of the population such as retail investors, university students, policymakers and other audiences in line with Foundation’s objectives.

Page 2

Jeremy Coller Foundation

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Objectives and activities (continued)

Developing Solutions – sustainable agriculture and alternative proteins

The Foundation aims to advocate and encourage the development of sustainable agriculture practices, including alternative proteins as a sustainable source of healthy food for mankind and a solution to the risks posed by the reliance on animals for the production of food.

The Trustees believe that education and research (by academic and other institutions) will not be sufficient to secure a meaningful change away from the current animal-based nutrition system. Accordingly, this objective will be enhanced by the Foundation making carefully selected Social Investments in entities with a business purpose closely aligned with this objective of the Foundation, which are capable of developing and producing sustainable foodstuffs suitable as an alternative for the animal-based foodstuffs currently available.

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 and the Coller School of Venture 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 which 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.

c. Activities undertaken to achieve objectives

FAIRR Initiative

During the year the Foundation incurred expenditure related to the FAIRR initiative of £2,378,008 (2021: £1,785,216). The main expense was in respect of employment costs of £1,565,803 (2021: £1,168,734).

Grants; Education and Other Causes

During the year, the Foundation made grants and donations totalling £2,448,965 (2021: £2,467,268). 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.

Page 3

Jeremy Coller Foundation

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Objectives and activities (continued)

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

FAIRR Initiative

Over the year, the FAIRR initiative has remained resolutely focused on its objective of raising awareness about the financially material risks and opportunities in the animal factory farming sector, galvanizing institutional investor stewardship of global protein supply chains and building a significant network to affect a transition to more sustainable methods of producing animals for food. They have done this by launching new investor engagements as well as deepening the scope of investor engagements commenced in prior years. They have also hosted and participated in a range of investor events, produced reports and briefings in respect of different issues in the sector and continued to directly target the investor community. The initiative has begun to support investors in the Policy sphere, acting as a bridge for supranational and governmental agencies and investors. The initiative now has over 350 institutional investor member supporters, representing over $68 trillion of AUM (assets under management).

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.

Strategic report

Achievements and performance

a. Key performance indicators

The Foundation recorded income of £56,244,894 (2021: £3,765,005) for the year ended 31 March 2022. This predominantly came from donations from Jeremy Coller of £44,969,728 (2021: £3,000,000) and gift aid of £11,242,379 (2021: £750,000). The donation was not subject to any restrictions imposed by Jeremy Coller, but he has expressed a wish that part of the donation be invested in appropriate Social Investments, as mentioned above, and in a portfolio of other investments to ensure that the Foundation has a more robust financial base to ensure its continued effectiveness.

The Foundation incurred expenditure of £4,876,426 (2021: £4,719,126). It made grants and donations of £2,448,965 (2021: £2,467,268), incurred expenses directly related to the FAIRR Initiative of £2,378,008 (2021: £1,785,216), direct expenses related to educational and other grants of £548,922 (2021: £160,943), and support costs of -£499,469 (2021: £305,699). This resulted in net income for the year of £51,368,467 (2021: net expenditure of £954,121).

Page 4

Jeremy Coller Foundation

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Strategic report (continued)

Achievements and performance (continued)

b. Review of activities

FAIRR Initiative

The FAIRR Initiative launched in December of 2015. During the period from April 2021 to March 2022, the FAIRR team grew to twenty-seven employees (thirty-five including Foundation employees working on projects outside of FAIRR) and continued to build on their successes, undertaking the following key activities, which are further described in fuller detail in this report:

– Marketing Events FAIRR showcasing its expertise as thought leader

FAIRR experts led and contributed to the global discussion around key topics of interest to the Foundation, raising FAIRR’s profile and reputation as a thought leader and expert in its areas of focus. Specific engagements included:

Collaborative Investor Engagements

Page 5

Jeremy Coller Foundation

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Strategic report (continued)

Achievements and performance (continued)

Marketing & Communications

The FAIRR team and Jeremy Coller have had numerous interviews with media throughout the period, continuing to educate investors and the public on FAIRR’s projects and the issues associated with factory farming more broadly. We have been mentioned in 1,677 items of press coverage between April 2021 and March 2022, including from high-profile outlets such as: The Financial Times, BBC, Reuters, New York Times, Forbes, Time Magazine, The Guardian and The Independent. FAIRR currently has over 12,200 social media followers on Twitter and LinkedIn and distributes its newsletter to an audience of over 3,500 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 69 members and $12.6 trillion in member AUM over the period to over $52 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 6

Jeremy Coller Foundation (A company limited by guarantee)

Trustees’ report (continued) For the year ended 31 March 2022

Strategic report (continued)

Achievements and performance (continued)

EVENT TOPIC FAIRR
INVOLVEMENT
Climate Action: Sustainable Investment Forum Europe 2021 Moderator
GreenFin: Nature on the Balance Sheet Speaker
The Private EquitySummit: Paris 2021 Speaker
Resilient SupplyChains: Perspectives from Corporate,Investors and Consumers Speaker
FAIRR 5-Year Celebration Series: AMR — TakingMedicine Off the Menu Hosted
Responsible Investor Japan: ESG bestpractices and effective communication Speaker
RethinkingProtein: Acceleratinglaw andpolicyin theglobal food system Hosted
Safe Food Now for a HealthyTomorrow Hosted
The Future of Food: How Can the Financial Sector Demonstrate Impact on Sustainable
Food Issues?		 Speaker
CityWeek: Financinga Sustainable Global Recovery Speaker
Future Food-Tech: Alternative Proteins Summit Speaker
Investor Action Through Policy: Food Systems,Climate,and the Investor Voice Hosted
Buildingthe “New Normal” of Modern Finance to Achieve Net-Zero Speaker
FeedingResistance: Antimicrobial Stewardshipin the Animal Health Industry Hosted
Climate Impacts Antimicrobial Resistance: A WASH and One Health Challenge Speaker
Countdown to COP26 Q&A: Nature,Climate and Business Leadership Speaker
ManagingBiodiversity& Climate Risks in Aquafeed – Phase 1 Update Hosted
Natural Capital Virtual Summit 2021 Speaker
Good Food Conference 2021 Speaker
Geneva Forum for Sustainable Investment 2021 Speaker
Summit + Expo Plant-Based Foods & Proteins Americas 2021 Speaker
Climate Smart Food Digital Summit 2021 Speaker
RAO Global Symposium: Europe Strength in Numbers & Consistencyin Outcomes Speaker
COP26 Speaker
A One Health Spotlight on Access,Innovation & Stewardship Hosted
Coller FAIRR Protein Producer Index Launch Hosted
•
Index DeepDive: Aquaculture		 Hosted
•
Index DeepDive: Biodiversityloss		 Hosted
•
Index DeepDive: WorkingConditions		 Hosted
•
Index DeepDive: Climate Risk		 Hosted
Alternative Protein & ESG Speaker
Does Animal Health and the Overuse of Antibiotics Matter to Investors? Speaker
Update on the EU Taxonomy and Implications for Investors: Gas, Nuclear and
Agriculture		 Hosted
Innovatingat Pace to Build SupplyChain Resilience Speaker
Coller FAIRR Protein Producer Index – Food for Thought for Investors & Consumers Speaker
Livestock Production and Animal Waste Pollution Management Speaker
Webinaire FIR – FAIRR : Élevage Animal Intensif Hosted
Panel Discussion: FleshingOut a Future COP Speaker
Future Food Systems Speaker
Summit + Expo Plant-Based Foods & Proteins Asia 2021 Speaker

Page 7

Jeremy Coller Foundation

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Strategic report (continued)

Achievements and performance (continued)

Coller School of Management

Through the first part of the current academic year (2021-2022), the Covid-19 pandemic continued to cause the cancellation or postponement of certain activities (especially those requiring additional travel). However, notwithstanding these challenges, the Coller School has continued to make good progress in its sixth year:

Page 8

Jeremy Coller Foundation

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Strategic report (continued)

Achievements and performance (continued)

c. Factors relevant to achieve objectives

Whilst taking into account the current considerable reserves, the Trustees are aware that in order to maintain and fulfil its long-term objectives, the Foundation is likely to be dependent on the 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.

b. 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 and this will be factored into considerations when making investment decisions regarding the additional reserves.

During this year, along with the requirements to meet ongoing operating expenses, Jeremy Coller donated an additional £40 million in funding, with the aim of investing these funds in both financial investments to yield ongoing returns to the Foundation and in Social Investments, in support of the Foundation's new focus of developing sustainable agriculture and alternative protein solutions.

At the end of the year, the Foundation held reserves of £55,009,468 (2021: £3,641,001) in unrestricted funds.

c. Principal risks and uncertainties

The Foundation relies entirely on donations from Jeremy Coller in order for it to fulfil its charitable activities. Given the current large reserves, this has significantly reduced this risk and in addition Jeremy Coller has confirmed his undertaking to continue to make further donations in order to meet all future known and anticipated commitments.

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 £44,969,517 (2021: £3,000,000) which was increased by a claim for Gift Aid of £11,242,379.

Page 9

Jeremy Coller Foundation

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

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.

Structure, governance and management

a. Constitution

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.

Subsequent to the year end, three additional Trustees have been appointed, bringing additional knowledge and experience to the Board.

c. Organisational structure and decision-making policies

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

d. 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.

e. Pay policy for key management personnel

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.

f. Financial risk management

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

Page 10

Jeremy Coller Foundation

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Plans for future periods

It is the Trustees intention to continue the work of the FAIRR Initiative, to undertake further initiatives to support general education around sustainable agricultural and alternative proteins, whilst maintaining its ongoing commitment to the Tel Aviv University and continuing to support specific educational and cultural charities.

Social Investing, to supporting the development of sustainable agriculture and alternative protein solutions, will become an additional area of focus over the coming years.

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 including the Strategic 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 have confirmed that:

Page 11

Jeremy Coller Foundation

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Auditors

The auditors, Kreston Reeves LLP, have indicated their willingness to continue in office.

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

Jeremy Coller Trustee

Date: 19/10/2022

Page 12

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 2022 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 13

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 including the Strategic 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 14

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.

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting 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 noncompliance 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, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated 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 were related to posting inappropriate journal entries and management bias in accounting estimates and judgemental areas of the financial statements. 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.

Page 15

Jeremy Coller Foundation

(A company limited by guarantee)

Independent auditors' report to the Members of Jeremy Coller Foundation (continued)

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

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.

Stephen Tanner BSc (Econ) FCA (Senior statutory auditor)

for and on behalf of Kreston Reeves LLP

Chartered Accountants Statutory Auditor

London

Date: 28 October 2022

Page 16

Jeremy Coller Foundation

(A company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2022

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
2022
£
56,211,896
12,065
20,932
56,244,893
4,876,426
4,876,426
51,368,467
3,641,001
51,368,467
55,009,468		 Total
funds
2022
£
56,211,896
12,065
20,932
56,244,893
4,876,426
4,876,426
51,368,467
3,641,001
51,368,467
55,009,468		 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

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 20 to 31 form part of these financial statements.

Page 17

Jeremy Coller Foundation

(A company limited by guarantee) Registered number: 0969841

Balance sheet As at 31 March 2022

Note
Fixed assets
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		 58,641
55,325,969
55,384,610
(399,782)		 2022
£
24,640
24,640
54,984,828
55,009,468
55,009,468
55,009,468		 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

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

Jeremy Coller Trustee

Date: 19/10/2022

The notes on pages 20 to 31 form part of these financial statements.

Page 18

Jeremy Coller Foundation

(A company limited by guarantee)

Statement of cash flows
For the year ended 31 March 2022
Note
Cash flows from operating activities
Net cash provided by/(used in) operating activities
17
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in 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
18		 2022
£
51,814,822
(35,193)
(35,193)
51,779,629
3,546,340
55,325,969		 2021
£
(912,419)
(3,535)
(3,535)
(915,954)
4,462,294
3,546,340

The notes on pages 20 to 31 form part of these financial statements

Page 19

Jeremy Coller Foundation

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

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.

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.

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.

Page 20

Jeremy Coller Foundation

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

2. Accounting policies (continued)

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 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 are 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 21

Jeremy Coller Foundation

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

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 Total Total
funds funds funds
2022 2022 2021
£ £ £
Donations 56,211,896 56,211,896 3,750,000

Page 22

Jeremy Coller Foundation

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

4. Investment income

Bank interest received
Other incoming resources
Recharges
Provision of services		 Unrestricted
funds
2022
£
12,065
Unrestricted
funds
2022
£
682
20,250
20,932		 Total
funds
2022
£
12,065
Total
funds
2022
£
682
20,250
20,932		 Total
funds
2021
£
6,272
Total
funds
2021
£
8,733
-
8,733

5. Other incoming resources

6. Analysis of grants

Grants, Education and other
Total 2021		 Grants to
Institutions
2022
£
2,448,965
2,467,268		 Total
funds
2022
£
2,448,965
2,467,268		 Total
funds
2021
£
2,467,268

Page 23

Jeremy Coller Foundation (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

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
Supporting Wounded Veterans
Jewish Care
Animal Rights and Welfare Clinic, Tel Aviv University
Good Food Institute
Ben Yakir
Grants £50,000 and under		 2022
£
1,235,735
289,540
180,963
-
100,000
100,000
69,300
72,385
72,690
328,352
2,448,965		 2021
£
1,289,442
303,882
177,923
100,000
-
50,000
71,500
78,542
75,971
320,008
2,467,268

7. Analysis of expenditure on charitable activities

Summary by fund type

FAIRR
Education and other		 Unrestricted
funds
2022
£
2,378,008
2,498,418
4,876,426		 Total
2022
£
2,378,008
2,498,418
4,876,426		 Total
2021
£
1,785,216
2,933,910
4,719,126

Page 24

Jeremy Coller Foundation (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

8. Analysis of expenditure by activities

FAIRR
Education and other
Total 2021		 Activities
undertaken
directly
2022
£
2,378,008
548,922
2,926,930
1,946,159		 Grant
funding of
activities
2022
£
-
2,448,965
2,448,965
2,467,268		 Support
costs
2022
£
-
(499,469)
(499,469)
305,699		 Total
funds
2022
£
2,378,008
2,498,418
4,876,426
4,719,126		 Total
funds
2021
£
1,785,216
2,933,910
4,719,126

Analysis of direct costs

Staff costs
Podcast
Conference
Events
Communications consulting
IT hardware and software
Print
Recruitment
Research
Subscriptions
Travel
Website
Trademark
Sponsorship
Sundry expenses
Training
Media and publicity
Report writing
Other staff costs
Total 2021		 FAIRR
2022
£
1,565,803
-
7,268
41,600
123,879
47,580
1,562
112,582
16,910
63,889
12,235
170,858
-
29,188
861
10,829
93,664
68,323
10,977
2,378,008
1,785,216		 Education
and other
2022
£
323,977
52,528
2,670
37,670
14,385
429
202
1,967
21,322
5,033
2,164
31,648
2,598
-
103
360
46,866
5,000
-
548,922
160,943		 Total
funds
2022
£
1,889,780
52,528
9,938
79,270
138,264
48,009
1,764
114,549
38,232
68,922
14,399
202,506
2,598
29,188
964
11,189
140,530
73,323
10,977
2,926,930
1,946,159		 Total
funds
2021
£
1,266,411
-
24,430
3,309
177,786
940
14,007
30,426
124,349
37,617
(244)
236,194
6,544
4,139
1,199
19,052
-
-
-
1,946,159

Page 25

Jeremy Coller Foundation (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

8. Analysis of expenditure by activities (continued)

Analysis of support costs

9.

Depreciation
Audit fees
Bank charges
(Gain)/Loss on foreign exchange
Legal and professional fees
Insurance
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor and its associates in respect of:
Taxation compliance services
All non-audit services not included above		 Total
funds
2022
£
12,909
8,100
1,267
(646,589)
119,794
5,050
(499,469)
2022
£
8,100
420
330		 Total
funds
2021
£
1,178
7,740
866
189,477
104,086
2,352
305,699
2021
£
7,740
-
240

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2022
£
1,564,765
166,152
158,863
1,889,780		 2021
£
1,067,392
105,207
93,812
1,266,411

Page 26

Jeremy Coller Foundation (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

10. Staff costs (continued)

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

FAIRR initiative
Other staff		 2022
No.
25
6
31		 2021
No.
18
2
20

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

2022 2021
No. No.
In the band £60,001 - £70,000 2 1
In the band £70,001 - £80,000 1 1
In the band £80,001 - £90,000 2 -
In the band £90,001 - £100,000 2 1
In the band £100,001 - £110,000 1 1
In the band £140,001 - £150,000 - 1
In the band £160,001 - £170,000 1 -

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

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL).

Page 27

Jeremy Coller Foundation (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

12.
Tangible fixed assets
Cost or valuation
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
13.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
14.
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals		 2022
£
-
6,844
51,797
58,641
2022
£
77,845
50,806
17,142
253,989
399,782		 Office
equipment
£
3,535
35,193
38,728
1,178
12,910
14,088
24,640
2,357
2021
£
5,822
6,430
331,098
343,350
2021
£
59,883
29,164
10,782
151,217
251,046

Page 28

Jeremy Coller Foundation (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

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 2021
£
3,641,001
Balance at
1 April 2020
£
4,595,122		 Income
£
56,244,893
Income
£
3,765,005		 Expenditure
£
(4,876,426)
Expenditure
£
(4,719,126)		 Balance at
31 March
2022
£
55,009,468
Balance at
31 March
2021
£
3,641,001

16. Analysis of net assets between funds Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
£
24,640
55,384,610
(399,782)
55,009,468		 Total
funds
2022
£
24,640
55,384,610
(399,782)
55,009,468

Page 29

Jeremy Coller Foundation (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

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

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

Net income/(expenditure) for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Decrease in debtors
Increase in creditors
Net cash provided by/(used in) operating activities		 2022
£
51,368,467
12,910
284,709
148,736
51,814,822		 2021
£
(954,121)
1,178
19,379
21,145
(912,419)
18.
Analysis of cash and cash equivalents
Cash in hand
19.
Analysis of changes in net debt		 2022
£
55,325,969		 2021
£
3,546,340
At 1 April At 31 March
2021 Cash flows 2022
£ £ £
Cash at bank and in hand 3,546,340 51,779,629 55,325,969

Page 30

Jeremy Coller Foundation (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

20. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £158,863 (2021: £93,812). A balance of £17,142 (2021: £10,782) was payable to the fund at the balance sheet date and is included in creditors.

21. Grant commitments

At 31 March 2022 the Charity had commitments as follows:

Commitments in respect of grants approved for projects which have not
been accrued in the financial statements but will form part of grants:
Within one year
Between one year and five years
In more than five years		 2022
£
1,290,421
5,161,682
6,452,103
12,904,206		 2021
£
1,234,880
4,939,520
7,409,280
13,583,680

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

22. Related party transactions

During the year, the charity received donations of £56,211,896 (2021: £3,750,000) including £11,242,379 Gift Aid (2021: £750,000) 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 £180,963 (2021: £177,923) during the year.

23. Controlling party

There is no ultimate controlling party.

Page 31