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||||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|
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|||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|
##
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##
|||||||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|
##
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##
||||||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|||||
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|||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||
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||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||
##
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##
|||||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|
##
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##
|||||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|
##
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|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|
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