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2021-03-31-accounts

Page
Reference and administrative
details ofthe Company,		 Its Trustees and advisers
Trustees'
report		 2-5
Independent auditors'
report on the financial statements		 6-9
Consolidated statement
offinancial activities		 10
Consolidated balance sheet
Company
balance sheet		 12
Consolidated statement
ofcash flows		 13
Notes to the financial statements 14-28

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
Note 2021 2021 2021f 2021 2020
E
Income and
endowments
from:
Donations
and legacies		 243,814 11,750 255,564 12,249,861
Charitable
activities		 83,753 83,753 432,439
Other trading
activities		 59,016 59,016 354,323
Investments 321,786 321,786 339,833
Total Income and
endowments 386,583 11,750 321,786 720,119 13,376,456
Expenditure
on:
Raising funds 119,241 119,241 353,871
Charitable
activities		 799,734 24,523 824,257 708,532
Total expenditure 918,975 24,523 943,498 1,062,403
Net (expenditure)l
income before net
gains/(losses)
on
investments		 (532,392) (12,773) 321,786 (223,379) 12,314,053
Net gains/(losses)
on
investments		 409,372 1,811,594 2,220,966 (751,897)
Net (expenditure)l
income		 (123,020) (12,773) 2,133,380 1,997,587 11,562,156
Transfers
between
funds 321,786 (321,786)
Net movement
in
funds 198,766 (12,773) 1,811,594 1,997,587 11,562,156
Reconciliation
of
funds:
Total funds brought
forward		 637,325 12,773 10,912,058 11,562,156
Net movement
in funds		 198,766 (12,773) 1,811,594 1,997,587 11,562,156
Total funds carried
forward 836„091 12,723,652 13,559,743 11,562,156

2021 2020
Note
Fixed assets
Tangible assets 10 583 2,862
Investments 11 12,723,652 10,912,058
12,724,235 10,914,920
Current assets
Debtors 12 56,615 69,648
Cash at bank and in hand 843,495 637,192
900,110 706,840
Creditors;
amounts		 falling due within one
year 13 (64,602) (59,604)
Net current assets 835,508 647,236
Total net assets 13,559,743 11,562,156
Charity funds
Endowment funds 14 12,723,652 10,912,058
Restricted
funds		 14 12,773
Unrestricted funds 14 836,091 637,325
Total funds 13,559,743 11562 156

2021 2020
Note F
Cash flows from operating
activities
Net cash used
in operating
activities		 17 642,324 413,933
Cash flows from investing
activities
Dividends, interests
and rents from investments		 321,786 339,833
Transfer ofassets from charity 12,031,531
Proceeds from the sale oftangible
fixed assets		 1,600
Purchase of tangible
fixed assets		 (3,816)
Proceeds from sale of investments 2,517,099 4,116,720
Purchase of investments (3,276,227) (4,229,757)
Net cash (used in)/provided
by investing		 activities (435,742) 12,254,511
Cash flows from financing
activities
Transfer ofassets from charity (12,031,531)
Net cash provided
by/(used
in) financing		 activities (12,031,531)
Change in cash and cash equivalents
in		 the year 206,582 636,913
Cash and cash equivalents
at the beginning		 ofthe year 636,913
Cash and cash equivalents
at the end of		 the year 18 843,495 636,913
The notes on pages 14to 28 form part ofthese financial statements

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2021 2021 2021 2021 2020
F
Donations 243,814 11,750 255,564 218,330
Donation from BFAMI charity 12,031,531
243,814 11,750 255,564 12,249,861
Total 2020 538,998 46,908 11,663,955 12,249,861

Unrestricted Total Total
funds funds funds
2021 2021 2020
E:
Gala dinner auction 83,753 83,753 432,439
Total 2020 432,439 432,439

Unrestricted Total Total
funds funds funds
2021 2021 2020
K P
Income from the Gala 59,016 59,016 354,323
Total 2020 354,323 354,323

Endowment Total Total
funds funds funds
2021 2021 2020
Investment income - other local unlisted 236,715 236,715 257,804
Investment income - other foreign investments 85,071 85,071 82,029
321,786 321,786 339,833
Total2020 339,833 339,833

Grant
funding
of		 Support Total Total
activities costs funds funds
2021 2021 2021 2020
634,278 189,979 824,257 708,532
341,468 367,064 708,532

Educational
&Social Total Total
Welfare funds funds
2021 2021 2020
Wages and salaries 92,017 92,017 90,087
Legal and professional 7,230 7,230 1,648
Telephone 92 92 1,140
Rent 17,819 17,819 37,642
Consultancy fees 6,700 6,700 18,000
Postage and stationary 15,404 15,404 31,908
Bank charges 6,768 6,768 5,203
Loss on disposal offixed asset 388 388
Sundry 5,058 5,058 79,273
—
Computer expenses 4,295—— 4,295 1,824
Insurance 3,431 3,431 3,213
Travel expenses (5,930) (5,930) 13,814
Depreciation 291 291 954
Bad debts 5,920 5,920 20,665
Restricted donations paid 34,135
Governance costs 30,496 30,496 27,558
189,979 189,979 367,064
Total 2020 367,064 367,064

Grants to Total Total
Institutions funds funds
2021 2021 2020
Grants to institutes 634,278 634,278 341,468
Total 2020 341,468 341,468

2021 2020
E E
Israel Museum, Jerusalem 443,278 116,468
Tel Aviv Museum ofArt 78,500 130,000
Museums
of Bat Yarn		 20,000 11,000
Herzliya
Museum		 ofArt 14,000 12,000
Petach Tikva Museum ofArt 11,000 12,000
Design Museum Holon 10,000 10,000
Ein Harod Museum 10,000 10,000
Haifa Museum
ofArt		 10,000 10,000
Zumu
Museum		 8,000 5,000
Negev Museum 6,000 5,000
Nahum
Gutman		 Museum 5,000 5,000
Janco Dada Museum 5,000 5,000
Rubin Museum 5,000 5,000
Beit Ha'Gefen 5,000 5,000
Wilfrid Israel Museum 3,500
634,278 341,468

2021 2020
F F
Fees payable to the Company's auditor for the audit ofthe Company's
annual
accounts		 12,000 13,560
Fees payable to the Company's auditor in respect of:
All non-audit services not included above 5,600 3,090

Office Computer
equipmentf equipmentf Totalf
Cost
At 1 April 2020 3,816 17,110 20,926
Disposals (2,651) (17,110) (19,761)
At 31 March 2021 1,165 1,165
Depreciation
At 1 April 2020 954 17,110 18,064
Charge for the year 291 291
On disposals (663) (17,110) (17,773)
At 31 March 2021 582 582
Net book value
At 31 March 2021 583 583
At 31 March 2020 2,862 2,862
11. Fixed asset investments
Listed Cash held for
investments Investments Total
Group and Company f
Valuation
At 1 April 2020 10,336,269 575„789 10,912,058
Additions 3,276,227 3,276,227
Disposais (2,800,940) (2,800,940)
Revaluations 1,352,151 1,352,151
Movement
in cash		 (15,844) (15,844)
At 31 March 2021 12,163,707 559,945 12,723,652

Group Group Company Company
2021 2020 2021 2020
F
Due within one year
Trade debtors 27,993 44,925 27,993 44,925
Other debtors 26,907 23,027 26,907 23,027
Prepayments and accrued income 1&715 1,696 1,715 1,696
56,615 69,648 56,615 69,648
13. Creditors: Amounts falling due within one year
Group Group Company Company
2021 2020 2021 2020
F
Bank overdrafts 279 279
Trade creditors 6,135 13,342 6,135 13,342
Amounts
owed to group undertakings		 29,185 124,031
Other taxation and social security 13,739 13„739
Other creditors 16 295 16 295
Accruals and deferred income 44„712 45,688 41,112 42,328
64,602 59,604 90,187 180,275

Statement offun ds - current year
Balance at
Balance at 1 Transfers Gains/ 31 March
April 2020
F		 Income Expenditure in/out (Losses) 2021f
Unrestricted
funds
General funds 637,325 398,333 (930,725) 321,786 409„372 836,091
Unallocated
amounts (11,750) 11,750
637,325 386,583 (918,975) 321,786 409,372 836,091
Endowment
funds
Endowment fund 10,912,058 321,786 (321,786) 1,811,594 12,723,652
Restricted
funds
Restricted Fund 12773 (12,773)
Unallocated
amounts 11,750 (11,750)
12,773 11,750 (24,523)
Total offunds 11,562,156 720,119 (943,498) 2,220,966 13„559,743

Balance at
Transfers Gains/ 31 March
Income Expenditure In/out (Losses) 2020
F E
Unrestricted funds
General funds 1,325,760 (1,028,268) 339,833 637,325
Endowment funds
Endowment fund 12,003,788 (339,833) (751,897) 10,912,058
Restricted funds
Restricted Fund 46,908 (34,135) 12,773
Total offunds 13,376,456 (1,062,403) (751,897) 11,562,156
Summary offun ds - current year
Balance at
Balance at 1 Transfers Gains/ 31 March
April 2020 Income Expendituref in/out (Losses)
F		 2021
General funds 637,325 386,583 (918,975) 321,786 409,372 836,091
Endowment
funds 10,912,058 321,786 (321,786) 1,811,594 12,723„652
Restricted funds 12,773 11,750 (24,523)
11,562,156 720,119 (943,498) 2,220,966 13,559,743

Balance at
Transfers Gains/ 31 March
Income Expenditure In/out (Losses) 2020
General funds 1,325,760 (1,028,268) 339,833 637,325
Endowment funds 12,003,788 (339,833) (751,897) 10,912,058
Restricted funds 46,908 (34,135) 12,773
13,376,456 (1,062,403) (751,897) 11,562,156

Analysis of net assets between funds
-cur		 rent year
Unrestricted Endowment Total
funds funds funds
2021 2021 2021
K
Tangible fixed assets 583 583
Fixed asset investments 12,723,652 12,723,652
Current assets 900,110 900,110
Creditors due within one year (55,147) (55,147)
Difference (9,455) 9,455
Total 836,091 12,723,652 13,559,743
Analysis of net assets between fund s - prior year
Unrestricted Restricted Endowment Total
funds funds funds funds
2020 2020 2020 2020
F P
Tangible fixed assets 2,862 2,862
Fixed asset investments 10,912,058 10,912,058
Current assets 694,067 12,773 706,840
Creditors due within one year (59,604) (59,604)
Tl 637,325 12,773 10,912,058 11,562,156

Group Group
2021 2020
E
Net income for the year (as per Statement of Financial Activities) 1,99'7,587 11,562,156
Adjustments
for:
Depreciation
charges		 291 954
Realised gains on investments (283,841) 132,097
Unrealised
gains on		 investments (768,625) 620,507
Dividends,
interests		 and rents from investments (321,786) (339,833)
Loss on the sale offixed assets 388
Decrease/(increase) in debtors 13,033 (44,015)
Increase
in creditors		 5,277 10,884
Transfer ofassets from previous charity (12,031,531)
Cash transferred
for		 previous charity 502,714
Net cash provided by operating activities 642 324 413933
18. Analysis ofcash and cash equivalents
Group Group
2021 2020
Cash
in hand		 843,495 636,913
Total cash and cash equivalents 843495 636913
19. Analysis
ofchanges		 in net debt
At 1 April At 31 March
2020 Cash flows 2021
Cash at bank and
in		 hand 637,192 206,303 843,495
Bank overdrafts
repayable		 on demand (279) 279
636,913 206,582 843,495

Operating
lease commitments		 Operating
lease commitments		 Operating
lease commitments		 Operating
lease commitments
At 31 March 2021 the Group and the Company had commitments to make future minimum lease
payments under non-cancellable operating leases as follows:
Group Group Company Company
2021 2020 2021 2020
E E P
Not later than
1 year		 40,199 40,199
Later than 1 year and not later than 5years 5,689 5,689
45,888 45,888