| Page | ||
|---|---|---|
| Legal and administrative information |
||
| Trustees' report |
2-9 | |
| Independent auditors' |
report | |
| Statement offinancial | activities | |
| Balance sheet | 14 | |
| Statement ofcash flows | 15 | |
| Notes to the financial | statements | 16-26 |
| FOR THE YEAR ENDED 3 | 1DECEMBE | R 2021 | |||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Note | $ | ||||
| Income from: | |||||
| Donations Investments Total |
593,485 593,485 |
13,324 497,145 510,469 |
|||
| Expenditure on: |
|||||
| Raising funds: | |||||
| Investment management Charitable activities Total |
1,559,663 4,445,522 6,005,185 |
1,145,360 5,937,240 7082,600 |
|||
| Net expenditure forthe year before investment |
gains | (5,411,700) | (6,572,131) | ||
| Net gains on investments Net income and net movement |
in funds | 19,160,490 13,748790 |
1'I,081,952 4,509821 |
||
| Reconciliation offunds: | |||||
| Total funds brought forward Total funds carried forward |
105,742,275 119,491,065 |
101232,454 105,742275 |
| 2021 | 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Note | $ | $ | |||||||
| Fixed asset | |||||||||
| Tangible assets | 8 | 3,600 | |||||||
| Investments | 9 | 125,788,600 | 111,603,401 | ||||||
| Programme | related | investment | 10 | 3,040,947 | 3,040,947 | ||||
| 128,829,547 | 114,647,948 | ||||||||
| Current assets | |||||||||
| Debtors | 88,674 | 23,927 | |||||||
| Cash at bank and in hand | 1 916590 | 1,695,638 | |||||||
| 2 005,264 | 1,719,565 | ||||||||
| Creditors: one year |
amounts | falling due within | ~4,916,966 | ||||||
| Net current | liabilities | ||||||||
| Total assets | less current liabilities | 122,763,232 | 111,451,127 | ||||||
| Creditors: | amounts | falling due in more | |||||||
| than one year | 13 | 3,272,167 | 5708,852 | ||||||
| Net assets | 619,49'I 065 | 105,742,275 | |||||||
| Funds | |||||||||
| Income and | endowment | funds | 14 | 119,491,065 | 105,742,275 | ||||
| Total funds | 119,491,065 | 105,742,275 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | $ | ||||
| Cash flows from operating | activities | ||||
| Net cash | used in operating | activities | 16 | 5,388,271 | 6,751 345 |
| Cash flows from investing | activities | ||||
| Dividends Proceeds Purchase |
and interest from investments from the sale ofinvestments ofinvestments |
593,485 29,979,263 23,851,147 |
497,145 33,925,593 26,466,335 |
||
| Net cash | provided by investing activities |
6,721,601 | 7,956,403 | ||
| Increase Cash and Cash and |
in cash and cash cash equivalents cash equivalents |
equivalents in the year brought forward carried forward |
17 | 1,333,330 16864,007 18,197,337 |
1,205,058 15,658,949 16,864,007 |
| The notes on pages 16to 26 form part ofthese financial | statements. |
| Investment income |
||
|---|---|---|
| 2021 | 2020 | |
| $ | $ | |
| income from listed investments Income from private equity investments Income from managed funds Bank and other interest - UK |
125,067 159,432 303,175 5,811 |
131,460 134,630 204,404 26,651 |
| 593,485 | 497,145 |
| Grant | ||||||
|---|---|---|---|---|---|---|
| funding of |
||||||
| activities | Support | Total | Total | |||
| (note 4) | costs | 2021 | 2020 | |||
| 2021 | $ | $ | $ | $ | ||
| Medical Advancement | 375,000 | 79,699 | 454,699 | |||
| Needy populations | in Israel | 2,031,316 | 431,718 | 2,463,034 | 2,740,413 | |
| Improving particularly |
the quality ofJewish life, in Europe |
1,260,000 | 267,789 | 1,527,789 | 3,196,827 | |
| 3,666,316 | 779,206 | 4,445,522 | 5,937,240 | |||
| Grant funding | ||||||
| ofactivities | Total | |||||
| (note 4) | Support costs | 2020 | ||||
| 2020 | $ | $ | ||||
| Medical Advancement | ||||||
| Needy populations | in Israel | 2,447,217 | 293,196 | 2,740,413 | ||
| Improving particularly |
the quality ofJewish life, in Europe |
2,854,800 | 342,027 | 3,196,827 | ||
| 5,302,017 | 635,223 | 5,937,240 |
| FO | R THE YEAR ENDED 31 DECEIIBER2 | 021 | ||
|---|---|---|---|---|
| 4 | Grants awarded in the year |
|||
| 2021 | 2020 | |||
| Medical Advancement | $ | $ | ||
| Sheba Medical Center | 375,000 | |||
| 375000 | ||||
| Needy populations in Israel |
||||
| American Joint Distribution Committee Appleseeds Academy BatMelech Beit Halochem UK Beth Jacob Teachers Institute |
27,696 120,000 |
250,000 750,000 50,000 |
||
| Coalition for Haredi Employments ERAN Heznek L'Atid Hinneni |
15,000 | 50,000 25,000 150,000 |
||
| Hut Hameshulash Interdisciplinary Center (IDC) Herzliya itworks Krembo Wings Ma'agalei Shema MAOZ Seal Mosaica, Religion, Society and State Musrara NATAL - Israel Trauma Center for Victims ofTerror and War Ohel Sarah Olim Beyahad Ramot Yehuda Sahar Shalhevet Tahel Crisis Centre Tech-Career Tenufa Bakehila The Family Nest - Ashkelon The Garage (Amutah Darom) The Haredi Institute for Public Affairs The Kemach Foundation The Pillar Foundation Tikva UK Wohl Synagogue Yad Sarah Yeladim Young Business Leadership Yozmot Atid Various discretionary grants Grants cancelled in year |
100,000 150,000 20,000 50,000 25„000 350,000 205,000 550,000 83,620 300,000 20,000 130,000 20,000 |
110,000 240,000 50,000 25,000 300,000 20,000 15,000 30,000 80,000 15,000 20,000 15,000 20,000 15,000 20,000 80,000 10,000 150,000 45,000 87,783 |
||
| 2031316 | 2,447,217 | |||
| Improving the quality ofJewish life, particularly |
in Europe | |||
| Educating for Impact Jerusalem Foundation —Wohl Rose Garden Jerusalem Great Synagogue T.O.M Bnei-Akiva Institute for Torah 8 Vocational Studies World Jewish Relief Various discretionary grants |
250,000 1,000,000 10000 |
250,000 1,624,000 150,000 100,000 |
||
| 1,260,000 | 2,854,800 | |||
| Total (note 3) | 3,666,316 | 5,302,017 |
| 2021 | 2020 | ||
|---|---|---|---|
| $ | $ | ||
| Wages and salaries | 286,307 | 190,584 | |
| Social security costs | 30,335 | 20,608 | |
| Pension and insurance | contributions | 26,960 | 21,054 |
| 343,602 | 232,246 |
| s follows: | |
|---|---|
| 2021 | 2020 |
| No. | No. |
| Administrative | 0.5 | 0.8 |
|---|---|---|
| Grant management | 1.3 | 0.4 |
| 1.8 | 1.2 |
| $ | 81,1 | 61(E | 60,000) in the year was as follows: | ||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| No. | No. | ||||
| (restated) | |||||
| In | the | band | $81,161 - $94,687 | 1 | |
| In | the | band | $94,688-$108,215 |
| 6. | Net income | Net income | ||||||
|---|---|---|---|---|---|---|---|---|
| This is stated after charging: | ||||||||
| 2021 | 2020 | |||||||
| $ | $ | |||||||
| Depreciation oftangible Auditors' remuneration |
fixed assets (excluding VAT) |
3,600 | 1,401 | |||||
| Audit services | ||||||||
| Current year | 28,844 | 25,320 | ||||||
| Prior year | 11,400 | |||||||
| Accountancy services |
||||||||
| Current year | 15,608 | 21,100 | ||||||
| Prior year | 3,350 | |||||||
| Other services —current year Operating leases —land and buildings |
63,953 | 1,100 47,630 |
||||||
| Net gains on investments | ||||||||
| 2021 | 2020 | |||||||
| $ | $ | |||||||
| Net gains on revaluation | offixed | asset investments | (note | 9) | 19,200,937 | 10,958,897 | ||
| Foreign exchange differences | (40,447) | 123,055 | ||||||
| 19,160,490 | 11,081,952 | |||||||
| 8. | Tangible fixed assets | |||||||
| Leasehold | Fixtures 8 | Computer | ||||||
| improvements | fittings | equipment | Total | |||||
| Cost | $ | $ | $ | $ | ||||
| At a January 2021 and | 31 December 2021 | 4,656 | 2,270 | 5,391 | 12317 | |||
| Depreciation | ||||||||
| At 1 January 2021 | 4,656 | 979 | 3,082 | 8,717 | ||||
| Charge for the year | 1,291 | 2,309 | 3600 | |||||
| At 31 December 2020 | 4,656 | 2,270 | 5,391 | 12)317 | ||||
| Net book value | ||||||||
| At 31 December 2021 | ||||||||
| At 31 December 2020 | 1,291 | 2,309 | 3,600 | |||||
| 9. | Fixed asset investments | |||||||
| 2021 | 2020 | |||||||
| $ | $ | |||||||
| Market value at 1 January | 111,603,401 | 107,637,155 | ||||||
| Additions at cost | 23,851,147 | 26,466,335 | ||||||
| Proceeds on disposal | (29,979,263) | (33,925,593) | ||||||
| Movement in investment |
cash | 1,112,378 | 466,607 | |||||
| Net gains on revaluation | 19,200,937 | 10,958,897 | ||||||
| Market value at 31December | 125,788,600 | 111,603,401 |
| 2021 | 2020 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $ | $ | |||||||||||
| Listed investments | 29,715,759 | 22,992,626 | ||||||||||
| Private Equity Investments | 70,504,144 | 65,409,673 | ||||||||||
| Managed Funds |
9,287,950 | 8,032,733 | ||||||||||
| Cash or cash equivalents | 16,280,747 | 15,168,369 | ||||||||||
| 125,788„600 | 111,603,401 | |||||||||||
| 10. | Programme related |
investment | ||||||||||
| The Foundation | owns a property | in Jerusalem which is |
leased to Ohel Torah, a | charity based in Israel. The | ||||||||
| charity occupies | the property | on | a rent free basis. The | charity runs a Talmudical | College oflearning and a |
|||||||
| youth at risk programme | at the property. | The | property | meets the definition | of | a social investment as it i |
||||||
| held to support | the charitable | aims ofthe | Foundation. | It is therefore carried | at historic cost, | $3,040,947. | ||||||
| 11. | Debtors | |||||||||||
| 2021 | 2020 | |||||||||||
| $ | $ | |||||||||||
| Due within one | year | |||||||||||
| Prepayments | 20,256 | 3,378 | ||||||||||
| Accrued income | 68,418 | 20,549 | ||||||||||
| 88674 | 23,927 | |||||||||||
| 12. | Creditors: Amounts | falling | due within | one year | ||||||||
| 2021 | 2020 | |||||||||||
| $ | $ | |||||||||||
| Amounts owed |
to The Maurice Wohl Charitable | Foundation | 433,170 | 10,590 | ||||||||
| Accruals | 132,156 | 139,319 | ||||||||||
| Accruals for grants payable | 7,506,253 | 4,766,477 | ||||||||||
| 8,071,579 | 4,916,386 | |||||||||||
| 13. | Creditors: Amounts | falling | due after more than one year | |||||||||
| Group and Foundation | ||||||||||||
| 2021 | 2020 | |||||||||||
| $ | $ | |||||||||||
| Accruals for grants payable | 3,272,167 | 5708,852 |
| and buildings) is set out belo |
w. | |||
|---|---|---|---|---|
| 2021 | 2020 | |||
| $ | $ | |||
| Amounts payable: |
||||
| Within 1 year |
62,738 | 63,304 | ||
| Between 1 and 5years |
94,107 | 142,434 | ||
| 156,845 | 205,738 | |||
| Reconciliation ofnet movement | in funds to net cash flow from operating | activities | ||
| 2021 | 2020 | |||
| $ | $ | |||
| Net income for the year (as per | Statement of | |||
| Financial Activities) | 13,748,789 | 4,509,821 | ||
| Adjustment for." |
||||
| Depreciation charges |
3,600 | 1,401 | ||
| (Gains) on investments | (19,200,937) | (10,958,897) | ||
| Dividends, interest and rents |
from | investments | (593,485) | (497,145) |
| (Increase) in debtors |
(64,747) | (3,954) | ||
| Increase in creditors |
718,509 | 197429 | ||
| Net cash used in operating | activities | (5,388,271) | (6,751,345) | |
| Analysis ofcash and cash | equivalents | |||
| 2021 | 2020 | |||
| $ | $ | |||
| Cash in hand | 1,916,590 | 1,695,638 | ||
| Cash balances held in investments |
(note 9) | 16,280,747 | 15,168369 | |
| 18,197,337 | 16,864,007 |