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|||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|
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|FOR THE YEAR ENDED 3|1DECEMBE|R 2021||||
|---|---|---|---|---|---|
|||||2021|2020|
||||Note||$|
|Income from:||||||
|Donations
Investments
Total||||593,485
593,485|13,324
497,145
510,469|
|Expenditure
on:||||||
|Raising funds:||||||
|Investment
management
Charitable
activities
Total||||1,559,663
4,445,522
6,005,185|1,145,360
5,937,240
7082,600|
|Net expenditure
forthe year before investment||gains||(5,411,700)|(6,572,131)|
|Net gains on investments
Net income and net movement|in funds|||19,160,490
13,748790|1'I,081,952
4,509821|
|Reconciliation offunds:||||||
|Total funds brought forward
Total funds carried forward||||105,742,275
119,491,065|101232,454
105,742275|
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|||||||2021||2020||
|---|---|---|---|---|---|---|---|---|---|
||||||Note|$||$||
|Fixed asset||||||||||
|Tangible assets|||||8||||3,600|
|Investments|||||9||125,788,600||111,603,401|
|Programme||related|investment||10||3,040,947||3,040,947|
||||||||128,829,547||114,647,948|
|Current assets||||||||||
|Debtors||||||88,674||23,927||
|Cash at bank and in hand||||||1 916590||1,695,638||
|||||||2 005,264||1,719,565||
|Creditors:
one year|amounts||falling due within|||||~4,916,966||
|Net current||liabilities||||||||
|Total assets||less current liabilities|||||122,763,232||111,451,127|
|Creditors:|amounts||falling due in more|||||||
|than one year|||||13||3,272,167||5708,852|
|Net assets|||||||619,49'I 065||105,742,275|
|Funds||||||||||
|Income and||endowment||funds|14||119,491,065||105,742,275|
|Total funds|||||||119,491,065||105,742,275|
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|||||2021|2020|
|---|---|---|---|---|---|
||||Note||$|
|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.|||
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|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|
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||||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||
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|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|
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|||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-$108,215|||
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|6.|Net income|Net income|||||||
|---|---|---|---|---|---|---|---|---|
||This is stated after charging:||||||||
||||||||2021|2020|
||||||||$|$|
||Depreciation
oftangible
Auditors'
remuneration|fixed assets
(excluding
VAT)|||||3,600|1,401|
||Audit services||||||||
||Current year||||||28,844|25,320|
||Prior year|||||||11,400|
||Accountancy
services||||||||
||Current year||||||15,608|21,100|
||Prior year|||||||3,350|
||Other services —current year
Operating
leases —land and buildings||||||63,953|1,100
47,630|
||Net gains on investments||||||||
||||||||2021|2020|
||||||||$|$|
||Net gains on revaluation|offixed|asset investments|(note|9)||19,200,937|10,958,897|
||Foreign exchange differences||||||(40,447)|123,055|
||||||||19,160,490|11,081,952|
|8.|Tangible fixed assets||||||||
||||Leasehold|||Fixtures 8|Computer||
||||improvements|||fittings|equipment|Total|
||Cost||||$|$|$|$|
||At a January 2021 and|31 December 2021||4,656||2,270|5,391|12317|
||Depreciation||||||||
||At 1 January 2021|||4,656||979|3,082|8,717|
||Charge for the year|||||1,291|2,309|3600|
||At 31 December 2020|||4,656||2,270|5,391|12)317|
||Net book value||||||||
||At 31 December 2021||||||||
||At 31 December 2020|||||1,291|2,309|3,600|
|9.|Fixed asset investments||||||||
||||||||2021|2020|
||||||||$|$|
||Market value at 1 January||||||111,603,401|107,637,155|
||Additions at cost||||||23,851,147|26,466,335|
||Proceeds on disposal||||||(29,979,263)|(33,925,593)|
||Movement
in investment|cash|||||1,112,378|466,607|
||Net gains on revaluation||||||19,200,937|10,958,897|
||Market value at 31December||||||125,788,600|111,603,401|
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||||||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||$|$|
||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,||$3,040,947.|
|11.|Debtors||||||||||||
||||||||||||2021|2020|
||||||||||||$|$|
||Due within one|year|||||||||||
||Prepayments||||||||||20,256|3,378|
||Accrued income||||||||||68,418|20,549|
||||||||||||88674|23,927|
|12.|Creditors: Amounts||falling||due within||one year||||||
||||||||||||2021|2020|
||||||||||||$|$|
||Amounts
owed|to The Maurice Wohl Charitable||||||Foundation||433,170||10,590|
||Accruals||||||||||132,156|139,319|
||Accruals for grants payable|||||||||7,506,253||4,766,477|
|||||||||||8,071,579||4,916,386|
|13.|Creditors: Amounts||falling||due after more than one year||||||||
||Group and Foundation||||||||||||
||||||||||||2021|2020|
||||||||||||$|$|
||Accruals for grants payable|||||||||3,272,167||5708,852|
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|and buildings)
is set out belo|w.||||
|---|---|---|---|---|
||||2021|2020|
||||$|$|
|Amounts
payable:|||||
|Within
1 year|||62,738|63,304|
|Between
1 and 5years|||94,107|142,434|
||||156,845|205,738|
|Reconciliation ofnet movement||in funds to net cash flow from operating|activities||
||||2021|2020|
||||$|$|
|Net income for the year (as per||Statement of|||
|Financial Activities)|||13,748,789|4,509,821|
|Adjustment
for."|||||
|Depreciation
charges|||3,600|1,401|
|(Gains) on investments||(19,200,937)||(10,958,897)|
|Dividends,
interest and rents|from|investments|(593,485)|(497,145)|
|(Increase)
in debtors|||(64,747)|(3,954)|
|Increase
in creditors|||718,509|197429|
|Net cash used in operating|activities||(5,388,271)|(6,751,345)|
|Analysis ofcash and cash|equivalents||||
||||2021|2020|
||||$|$|
|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|
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