2022-03-31-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			11-12
Company balance sheet				13-14
Consolidated	statement ofcash flows			15
Notes to the	financial statements			16-27

				Unrestricted	Restricted	Endowment	Total	Total
				funds	funds	funds	funds	funds
			Note	2022 f	2022	2022 f	2022	2021f
Income and
endowments		from:
Donations and		legacies		128,344	27,011		155,355	255,564
Charitable activities				1,951			1,951	83,753
Other trading	activities		5	86,342			86,342	59,016
investments			6			317,904	317,904	321,786
Total income	and
endowments				216,637	27,011	317,904	561,552	720,119
Expenditure	on:
Raising funds				102,331			102,331	122,977
Charitable activities				819,105	27,011		846,116	820,521
Total expenditure				921,436	27,011		948,447	943,498
Net (expenditure)l
income before net
gains/(losses)		on
investments				(704,799)		317,904	(386,895)	(223,379)
Net gains on
investments						723,220	723,220	2,220,966
Net (expenditure)l
income				(704,799)		1,041,124	336,325	1,997,587
Transfers between
funds				317,904		(317,904)
Net movement		in
funds				(386,895)		723,220	336,325	1,997,587
Reconciliation		of
funds:
Total funds brought
forward				836,091		12,723,652	13,559,743	11,562,156
Net movement		in funds		(386,895)		723,220	336,325	1,997,587
Total funds carried
forward				449,196		13,446,872	13,896,068	13,559,743

		Note		2022f		2021
Fixed assets
Tangible assets		10		410		583
Investments		11		13,812,038		12,723,652
				13,812,448		12,724,235
Current assets
Debtors		12	48,065		56,615
Cash at bank and in hand			84,187		843,495
			132,252		900,110
Creditors: amounts	falling due within one
year		13	(48,632)		(64,602)
Net current assets				83,620		835,508
Total net assets				13,896,068		13,559,743
Charity funds
Endowment funds				13,446,872		12,723,652
Restricted funds
Unrestricted funds				449,196		836,091
Total funds				13,896,068		13,559,743

					2022	2021
				Note
Cash flows from operating activities
Net cash	used in operating activities			16	(2,249,514)	642,324
Cash flows from investing activities
Dividends, interests and rents from investments					317,904	321,786
Proceeds	from the sale oftangible fixed	assets				1,600
Purchase	oftangible fixed assets				(158)
Proceeds	from sale of investments				2,386,910	2,517,099
Purchase	of investments				(1,214,450)	(3,276,227)
Net cash	provided by/(used in) investing		activities		1,490,206	(435,742)
Change	in cash and cash equivalents	in	the year		(759,308)	206,582
Cash and	cash equivalents at the beginning		ofthe year		843,495	636,913
Cash and cash equivalents at the end		of	the year	17	84,187	843,495
The notes on pages 16to 27 form part ofthese financial statements

	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2022	2022	2022	2021
				F
Donations	128,344	27,011	155,355	255,564
Total 2021	243,814	11,750	255,564

			Unrestricted	Total	Total
			funds	funds	funds
			2022	2022	2021
					F
Gala	dinner	auction	1,951	1,951	83,753
Total	2021		83,753	83,753

	Unrestricted	Total	Total
	funds	funds	funds
	2022	2022	2021
Income from the Gala, gallery trips 8 other events	86,342	86,342	59,016
Total 2021	59,016	59,016

		Endowment	Total	Total
		funds	funds	funds
		2022	2022	2021
Investment	income - other local unlisted	245,942	245,942	236,715
Investment	income - other foreign investments	71,962	71,962	85,071
		317,904	317,904	321,786
Total 2021		321,786	321,786

	Grant
	funding of	Support	Total	Total
	activities	costs	funds	funds
	2022	2022	2022	2021
Expenditure	714,046	132,070	846,116	820,521
Total 2021	634,278	186,243	820,521

			Educational
			8 Social	Total	Total
			Welfare	funds	funds
			2022	2022	2021
					F
Wages and salaries			74,054	74,054	92,017
Legal and professional			1,332	1332	7,230
Telephone			144	144	92
Rent			4,140	4,140	17,819
Consultancy	fees				6,700
Postage and	stationary		1,126	1,126	15,404
Bank charges			5,312	5,312	6,768
Loss on disposal offixed asset					388
Sundry			2,827	2,827	5,058
Computer expenses			11,658	11,658	4,295
Insurance			3,877	3,877	3,431
Travel expenses			2,141	2,141	(5,930)
Depreciation			331	331	291
Event expenses			594	594
Bad debts					5,920
Restricted donations		paid	234	234
Governance	costs		24,300	24,300	26,760
			132,070	132,070	186,243
Total 2021			186,243	186,243
Analysis ofgrants -		Grants to Institutions

	Grants to	Total	Total
	Institutions	funds	funds
	2022	2022	2021
Grants to institutes	714,046	714,046	634,278
Total 2021	634,278	634,278

						2022	2021
						F	F
	Israel Museum, Jerusalem					618,410	443,278
	Tel Aviv Museum of Art					36,000	78,500
	Museums of Bat Yam					4,000	20,000
	Herzliya Museum of Art					5,000	14,000
	Petach Tikva Museum	ofArt				4,000	11,000
	Design Museum Holon					4,000	10,000
	Ein Harod Museum					10,000	10,000
	Haifa Museum of Art					4,000	10,000
	Zumu Museum					4,000	8,000
	Negev Museum					4,000	6,000
	Nahum Gutman Museum					3,500	5,000
	Janco Dada Museum					3,500	5,000
	Rubin Museum					4,000	5,000
	Beit Ha'Gefen					4,000	5,000
	Wilfrid Israel Museum						3,500
	American Friends of Israel Museum					5,636
						714,046	634,278
9.	Auditors' remuneration
						2022f	2021 F
	Fees payable to the Company's		auditor		for the audit ofthe Company's
	annual accounts					13,200	12,000
	Fees payable to the Company's		auditor		in respect of:
	All non-audit services not included			above		6,050	5,600

	Office
	equipment
Cost
At 1 April 2021	1,165
Additions	158
At 31 March 2022	1,323
Depreciation
At 1 April 2021	582
Charge for the year	331
At 31 March 2022	913
Net book value
At 31 March 2022	410
At 31 March 2021	583

		Cash held
	Listed	for
	investments	investments	Total
Group and Company
Valuation
At 1 April 2021	12,163,707	559,945	12,723,652
Additions	1,214,450		1,214,450
Disposals	(2,265,374)		(2,265,374)
Revaluations	1,025,497		1,025,497
Movement in cash		1,113,813	1,113,813
At 31 March 2022	12,138,280	1,673,758	13,812,038

12.	Debtors
							Group	Group	Company	Company
							2022	2021	2022	2021f
	Due within	one year
	Trade debtors						14,043	27,993	14,043	27,993
	Other debtors						31,743	26,907	31,743	26,907
	Prepayments		and accrued income				2,279	1,715	2,279	1,715
							48,065	56,615	48,065	56,615
13.	Creditors:	Amounts			falling due within one year
							Group	Group	Company	Company
							2022	2021	2022	2021
										F
	Trade creditors						18	6,135	18	6,135
	Amounts owed to group undertakings								47,507	29,185
	Other taxation		and social security					13,739		13,739
	Other creditors						16	16	16	16
	Accruals and		deferred		income		48,598	44,712	44,998	41,112
							48,632	64,602	92,539	90,187
14.	Summary	of	funds
	Summary	of	funds	-	current year
										Balance at
			Balance at 1					Transfers	Gains/	31 March
				April 2021f		Income	Expenditure	in/out	(Losses)	2022 F
	General funds				836,091	216,637	(921,436)	317,904		449,196
	Endowment
	funds			12,723,652		317,904		(317,904)	723,220	13,446,872
	Restricted	funds				27,011	(27,011)
				13,559,743		561,552	(948,447)		723,220	13,896,068

Summary	offund	s - prior year
							Balance at
		Balance at			Transfers	Gains/	31 March
		1 April 2020	Income	Expenditure	in/out	(Losses)	2021
						F	P
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

Analysis ofnet assets between funds - cur	rent year
	Unrestricted	Endowment	Total
	funds	funds	funds
	2022	2022	2022
	f.
Tangible fixed assets	410		410
Fixed asset investments	365,166	13,446,872	13,812,038
Current assets	132,252		132,252
Creditors due within one year	(48,632)		(48,632)
Total	449,196	13,446,872	13,896,068

Analysis ofnet assets between funds - prio	r year
	Unrestricted	Endowment	Total
	funds	funds	funds
	2021	2021	2021
			F
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	(64,602)		(64,602)
	836,091	12,723,652	13,559,743

16.	Reconciliation of	net movement	net movement	net movement	in funds	to net cash flow from operating	activities
							Group	Group
							2022	2021
								E
	Net income for the	year (as per Statement				of Financial Activities)	336,325	1,997,587
	Adjustments for:
	Depreciation charges						331	291
	Realised gains on	investments					(121,536)	(283,841)
	Unrealised gains on		investments				(1,025,497)	(768,625)
	Dividends, interests		and rents	from investments			(317,904)	(321,786)
	Loss on the sale offixed assets							388
	Movement in cash	in the capital accounts					(1,113,813)
	Decrease in debtors						8,550	13,033
	Increase/(decrease)		in creditors				(2,231)	5,277
	Net cash provided		by/(used	in) operating activities			(2,235,775)	642,324
17.	Analysis ofcash	and cash		equivalents
							Group	Group
							2022	2021
								F
	Cash in hand						84,187	843,495
	Total cash and cash equivalents						84,187	843,495
18.	Analysis ofchanges in net			debt
						At 1 April		At 31 March
						2021	Cash flows	2022
	Cash at bank and	in	hand			843,495	(759,308)	84,187
						843,495	(759,308)	84,187