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|||||Page|
|---|---|---|---|---|
|Reference and administrative|||details ofthe Charity, its Trustees and advisers||
|Trustees'
report||||2-6|
|Independent|auditors'|report|on the financial statements|7-10|
|Consolidated|statement
offinancial activities||||
|Consolidated|balance|sheet||12|
|Charity balance sheet||||13|
|Consolidated|statement
ofcash flows|||14|
|Notes to the|financial|statements||15-30|
##
|Trustees|||P Crystal||||
|---|---|---|---|---|---|---|
||||G Djanogly||||
||||E Lee||||
||||BMarkeson||||
||||M Naggar||||
||||C Zabludowicz||||
||||C Wills||||
|Company|registered||||||
|number|||10384576||||
|Charity registered|||||||
|number|||1171510||||
|Registered||office|2nd Floor||||
||||168Shoreditch||High|Street|
||||London||||
||||E1 6RA||||
|Independent||auditors|Kreston Reeves||LLP||
||||Chartered
Accountants||||
||||Statutory Auditor||||
||||2nd Floor||||
||||168Shoreditch||High|Street|
||||London||||
||||E1 6RA||||
|Bankers|||Natwest Pic||||
||||1 Abbey Road||||
||||London||||
||||NW10 7RA||||
|Hon. Solicitors|||Bryan Cave|Leighton||Paisner|
||||Governor's|House|||
||||5Laurence|Pountney||Hill|
||||London||||
||||EC4R OBR||||
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|||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||funds|funds|funds|funds|funds|
|||||2023|2023|2023|2023|2022|
||||Note|6|6|6|6|F|
|Income and|||||||||
|endowments||from:|||||||
|Donations
and||legacies||189,677|4,976||194,653|155,355|
|Charitable
activities||||316,979|||316,979|1,951|
|Other trading|activities|||280,112|||280,112|86,342|
|Investments||||||389,094|389,094|317,904|
|Total income||and|||||||
|endowments||||786,768|4,976|389,094|1,180,838|561,552|
|Expenditure|on:||||||||
|Raising funds||||228,842|||228,842|102,331|
|Charitable
activities||||794,547|4,976||799,523|846,116|
|Total expenditure||||1,023,389|4,976||1,028,365|948,447|
|Net (expenditure)l|||||||||
|income before net|||||||||
|gains on|||||||||
|investments||||(236,621)||389,094|152,473|(386,895)|
|Net gains on|||||||||
|investments||||||242,697|242,697|723,220|
|Net (expenditure)l|||||||||
|income||||(236,621)||631,791|395,170|336,325|
|Transfers
between|||||||||
|funds|||18|389,094||(389,094)|||
|Net movement||in|||||||
|funds||||152,473||242,697|395,170|336,325|
|Reconciliation||of|||||||
|funds:|||||||||
|Total funds brought|||||||||
|forward||||449,196||13,446,872|13,896,068|13,559,743|
|Net movement||in funds||152,473||242,697|395,170|336,325|
|Total funds carried|||||||||
|forward||||601,669||13,689,569|14,291,238|13,896,068|
##
##
|||||||2023||2022|
|---|---|---|---|---|---|---|---|---|
|||||Note||8||F|
|Fixed assets|||||||||
|Tangible assets||||14||79||410|
|Investments||||15||14,035,071||13,812,038|
|||||||14,035,150||13,812,448|
|Current assets|||||||||
|Debtors||||16|45,227||48,065||
|Cash at bank|and|in|hand||246,668||84,187||
||||||291,895||132,252||
|Creditors: amounts|||falling due within one||||||
|year||||17|(35,807)||(48,632)||
|Net current|assets|||||256,088||83,620|
|Total net assets||||||14,291,238||13,896,068|
|Charity funds|||||||||
|Endowment|funds|||18||13,689,569||13,446,872|
|Restdicted funds||||18|||||
|Unrestricted|funds|||18||601,669||449,196|
|Total funds||||||14,291,238||13,896,068|
##
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|Consolidated
statement
ofcash flows|||||||
|---|---|---|---|---|---|---|
|Forthe year ended 31 March 2023|||||||
|||||Note|2023|2022f|
|Cash flows from operating
activities|||||||
|Net cash used
in operating
activities||||21|(48,668)|(2,249,514)|
|Cash flows from investing
activities|||||||
|Proceeds from sale oftangible
fixed assets||||||(158)|
|Dividends
and interest from investments|||||389,094|317,904|
|Proceeds from sale of investments|||||2,496,888|2,386,910|
|Purchase
of investments|||||(2,674,833)|(1,214,450)|
|Net cash provided
by investing
activities|||||211,149|1,490,206|
|Change
in cash and cash equivalents|in|the year|||162,481|(759,308)|
|Cash and cash equivalents
at the beginning||ofthe year|||84,187|843,495|
|Cash and cash equivalents
at the end|of|the year||22|246,668|84,187|
|The notes on pages 15to 30form part ofthese financial|||statements||||
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||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2023
6|2023
6|2023f|2022|
|Donations|189,677|4,976|194,653|155,355|
|Total 2022|128,344|27,011|155,355||
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2023|2023|2022|
||||6|6|6|
|Gala|dinner|auction|316,979|316,979|1,951|
|Total|2022||1,951|1,951||
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2023|2023|2022|
|||F||
|Income from the Gala, gallery trips &other events|280,112|280,112|86,342|
|Total 2022|86,342|86,342||
##
##
|||Endowment|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2023|2023|2022f|
|Dividends|from listed investments|359,049|359,049|245,942|
|Interest from investments||30,045|30,045|71,962|
|||389,094|389,094|317,904|
|Total 2022||317,904|317,904||
##
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2023|2023|2022|
|||||F|
|Auction expenses||43,165|43,165|63,196|
|Total 2022||63,196|63,196||
|Other trading|expenses||||
|||Unrestricted|Total|Total|
|||funds|funds|funds|
|||2023
6|2023|2022f|
|Event expenses||185,543|185,543|35,401|
|Administration|expenses|134|134|3,734|
|||185,677|185,677|39,135|
|Total 2022||39,135|39,135||
##
##
||Unrestricted|Restricted|||
|---|---|---|---|---|
||funds|funds|Total|Total|
||2023
8|2023f|2023
8|2022f|
|Expenditure|794,547|4,976|799,523|846,116|
|Total 2022|819,105|27,011|846,116||
||||Grants to|Total|Total|
|---|---|---|---|---|---|
||||Institutions|funds|funds|
||||2023|2023
f|2022
E|
|Grants,|Educational|&Social Welfare|544,635|544,835|714,046|
|Total 2022|||714,046|714,046||
##
##
|||2023|2022|
|---|---|---|---|
|Name of institution||||
|Israel Museum,
Jerusalem||329,135|618,410|
|Tel Aviv Museum
of Art||100,000|36,000|
|Museums
of BaiYam||10,000|4,000|
|Herzliya
Museum
of Art||10,000|5,000|
|Petach Tikva Museum|ofArt|15,000|4,000|
|Design Museum
Holon||10,000|4,000|
|Ein Harod Museum||10,000|10,000|
|Haifa Museum
of Art||20,000|4,000|
|Zumu
Museum||8,000|4,000|
|Negev Museum||5,000|4,000|
|Nahum
Gutman
Museum||5,000|3,500|
|Janco Dada Museum||5,000|3,500|
|Rubln Museum||5,000|4,000|
|Beit Ha'Gefen||10,000|4,000|
|Wilfrid Israel Museum||2,500||
|American
Friends of Israel Museum|||5,636|
|||544,635|714,046|
##
|Grant||||
|---|---|---|---|
|funding
of|Support|Total|Total|
|activities|costs|funds|funds|
|2023|2023|2023|2022|
|6|F|8||
|544,635|254,888|799,523|846,116|
|714,046|132,070|846,116||
##
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||||Educational|Educational|||
|---|---|---|---|---|---|---|
|||||&Social|Total|Total|
|||||Welfare|funds|funds|
|||||2023|2023|2022|
|||||6|6||
|Staff costs||||43,757|43,757|74,054|
|Legal and professional||||81,765|81,765|1,332|
|Telephone||||212|212|144|
|Rent||||638|638|4,140|
|Consulting||||24,784|24,784||
|Postage and|stationery|||27,945|27,945|1,126|
|Bank charges||||3,602|3,602|5,313|
|General expenses||||27,807|27,807|2,827|
|Computer expenses||||971|971|11,658|
|Insurance||||5,810|5,810|3,877|
|Travel expenses||||8,791|8,791|2,141|
|Depreciation||||331|331|331|
|Event expenses||||||593|
|Bad debt||||485|485||
|Advertising
and marketing||||426|426|234|
|Governance|costs|||27,564|27,564|24,300|
|||||254,888|254,888|132,070|
|Total 2022||||132,070|132,070||
|Auditors'
remuneration|||||||
||||||2023|2022|
|||||||F|
|Fees payable|to the Charity's|auditor|for the audit ofthe Charity's|annual|||
|accounts|||||14,500|13,200|
|Fees payable|to the Charity's|auditor|in respect of:||||
|All non-audit|services not included above||||6,675|6,050|
##
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##
||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2023
6|2022f|2023
F|2022
F|
|Wages and|salaries||42,679|67,261|42,679|67,261|
|Social security costs||||4,737||4,737|
|Contribution|to defined contribution|pension|||||
|schemes|||1,078|2,056|1,078|2,056|
||||43,757|74,054|43,757|74,054|
||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2023|2022|2023|2022|
||||No.|No.|No.|No.|
|Average|number|ofemployees|1|2|1||
##
##
|Fort|he year ended 31 March 2023||||
|---|---|---|---|---|
|14.|Tangible fixed assets||||
||Group and Charity||||
|||||Office|
|||||equipment|
|||||8|
||Cost||||
||At 1 April 2022|||1 323|
||At 31 March 2023|||1 323|
||Depreciation||||
||At 1 April 2022|||913|
||Charge for the year|||331|
||At 31 March 2023|||1,244|
||Net book value||||
||At 31 March 2023|||79|
||At 31 March 2022|||410|
|15.|Fixed asset investments||||
|||Listed|Unlisted||
|||investments|investments|Total|
||Group and Charity|8|6||
||Valuation||||
||At 1 April 2022|12,138,280|1,673,758|13,812,038|
||Additions|2,674,833||2,674,833|
||Disposals|(2,414,214)||(2,414,214)|
||Revaluations|116,222||116,222|
||Movement
in cash||(153,808)|(153,808)|
||At 31 March 2023|12,515,121|1,519,950|14,035,071|
||Net book value||||
||At 31 March 2023|12,515,121|1,519,950|14,035,071|
||At 31 March 2022|12,138,280|1,673,758|13,812,038|
##
##
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||E|E|E|E|
|Due within one year||||||
|Trade debtors||11,093|14,043|11,093|14,043|
|Other debtors||32,162|31,743|32,162|31,743|
|Prepayments|and accrued income|1,972|2,279|1,972|2,279|
|||45,227|48,065|45,227|48,065|
##
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||E|E|E|E|
|Trade creditors||9,640|18|9,640|18|
|Amounts|owed to group undertakings|||94,739|47,507|
|Other creditors|||16||18|
|Accru ala||26,167|48,598|22,567|44,998|
|||35,807|48,632|126,946|92,539|
##
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##
|||||||||Balance at|
|---|---|---|---|---|---|---|---|---|
||||Balance at 1|||Transfers|Gains/|31 March|
||||April 2022
6|Income
E|Expenditure
6|in/out
F|(Losses)
f|2023
E|
|Unrestricted|||||||||
|funds|||||||||
|General|Fund||449,196|786,768|(1,023,389)|389,094||601,669|
|Endowment|||||||||
|funds|||||||||
|Endowment|||||||||
|Fund|||13,446,872|389,094||(389,094)|242,697|13,689,569|
|Restricted|||||||||
|funds|||||||||
|Restricted||Funds||4,976|(4,976)||||
|Total of|funds||13,896,068|1,180,838|(1,028,365)||242,697|14,291,238|
##
##
|Statement|offunds||(continued)||||||
|---|---|---|---|---|---|---|---|---|
|Statement|offunds||- prior year||||||
|||||||||Balance at|
|||Balance at||||Transfers|Gains/|31 March|
|||1|April 2021
6|Income
E|Expenditure
F|in/out
6|(Losses)|2022
6|
|Unrestricted|||||||||
|funds|||||||||
|General
Fund|||836,091|216,637|(921,436)|317,904||449,196|
|Endowment|||||||||
|funds|||||||||
|Endowment|||||||||
|Fund||12,723,652||317,904||(317,904)|723,220|13,446,872|
|Restricted|||||||||
|funds|||||||||
|Restricted|Funds|||27,011|(27,011)||||
|Total offunds||13,559,743||561,552|(948,447)||723,220|13,896,068|
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at 1|||Transfers|Gains/|31 March|
||April 2022|Income
F|Expenditure
6|in/out
6|(Losses)
6|2023
6|
|General funds|449,196|786,768|(1,023,389)|389,094||601,669|
|Endowment|||||||
|funds|13,446,872|389,094||(389,094)|242,697|13,689,569|
|Restricted funds||4,976|(4,976)||||
||13,896,068|1,180,838|(1,028,365)||242,697|14,291,238|
##
##
##
|Summary|off|unds
-|prior year||||||
|---|---|---|---|---|---|---|---|---|
|||||||||Balance at|
|||Balance at||||Transfers|Gains/|31 March|
|||1 April 2021||Income|Expenditure|in/out|(Losses)|2022|
||||8||E|8|E|6|
|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|
|Analysis|of net assets between|||funds|||||
|Analysis|of net assets between|||funds - current year|||||
|||||||Unrestricted|Endowment|Total|
|||||||funds|funds|funds|
|||||||2023|2023|2023|
|||||||E|8|6|
|Tangible|fixed|assets||||79||79|
|Fixed asset investments||||||345,502|13,689,569|14,035,071|
|Current assets||||||291,895||291,895|
|Creditors|due within one year|||||(35,807)||(35,807)|
|Total||||||601,669|13,689,569|14,291,238|
|Analysis|of net assets between|||funds - prior|year||||
|||||||Unrestricted|Endowment|Total|
|||||||funds|funds|funds|
|||||||2022|2022|2022|
|||||||F|8|8|
|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)|
|||||||449,196|13,446,872|13,896,068|
##
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|||||Group|Group|
|---|---|---|---|---|---|
|||||2023|2022|
|||||6|F|
||Net income for the year (as per Statement ofFinancial Activities)|||395,170|336,325|
||Adjustments
for:|||||
||Depreciation
charges|||331|331|
||Dividends,
interests
Decrease in debtors
Decrease in creditors
Realised gains
Unrealised
gains|and rents from investments||(389,094)
2,838
(12,825)
(82,674)
(116,222)|(317,904)
8,550
(15,970)
(121,536)
(1,025,497)|
||Movement
in cash in|capital|accounts|153,808|(1,113,813)|
||Net cash used in operating||activities|(48,668)|(2,249,514)|
|22.|Analysis ofcash and cash||equivalents|||
|||||Group|Group|
|||||2023|2022|
|||||6||
||Cash
in hand|||246,668|84,187|
||Total cash and cash equivalents|||246,668|84,187|
##
|||||At 1 April||At 31 March|
|---|---|---|---|---|---|---|
|Cash|at bank and||in hand|2022
F
84,187|Cash flows
162,481|2023f
246,668|
|Debt|due within|1|year|(16)|16||
|||||84,171|162,497|246,668|
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