2021-12-31-accounts - The Jerusalem Foundation

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REGISTERED CHARITY NUMBER: 258306

Trustee’s Report and Financial Statements

for the Year Ended 31 December 2021

for

THE JERUSALEM FOUNDATION

Contents of the Financial Statements for the year ended 31 December 2021

THE JERUSALEM FOUNDATION

	Page
Reference and Administrative Details	1
Trustee’s Report	2 to 4
Report of the Independent Auditors	5 to 7
Statement of Financial Activities	8
Balance Sheet	9
Cash Flow Statement	10
Notes to the Cash Flow Statement	11
Notes to the Financial Statements	12 to 19

THE JERUSALEM FOUNDATION

Reference and Administrative Details for the year ended 31 December 2021

Trustee	Jerusalem Foundation Trustees Limited
Principal address	20 Gloucester Place
	London
	W1U 8HA
Registered charity number	258306
Auditors	Haines Watts (City) LLP
	Statutory Auditors
	New Derwent House
	69-73 Theobalds Road
	London
	WC1X 8TA
Solicitors	Payne Hicks Beach
	Lincoln's Inn
	10 New Square
	Holborn
	London WC2A 3QG
Investment advisers	Veritas Investment Partners (UK) Ltd.
	Riverside House
	2a Southwark Bridge Road
	London
	SE1 9HA
Bankers	Metro Bank Plc
	One Southampton Row
	London
	WC1B 5HA.
	Adam & Company Plc
	22 Charlotte Square
	Edinburgh EH2 4DF
Custodian Bankers	Adam & Company Plc
	22 Charlotte Square
	Edinburgh EH2 4DF

Page 1

THE JERUSALEM FOUNDATION

Trustee’s Report for the year ended 31 December 2021

The Trustee presents its annual report and audited financial statements of The Jerusalem Foundation (''the Foundation'', ''the Charity'') for the year ended 31 December 2021. The financial statements have been prepared in accordance with current statutory requirements, the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2019) and the Foundation's governing instrument. The previous accounting period was for the year ended 31 December 2020.

Objectives and activities

Reference and administrative information

The Foundation is registered as a Charity with the Charity Commission, registration number 258306.

Details of the Trustee and professional advisors are shown on page 1. Note 17 lists the Directors of the corporate Trustee.

The Trustee delegates day to day responsibility to the sole employee who is the National Director and to Prism The Gift Fund who provide administrative support.

Objectives

The objects of the Foundation are as follows:

To assist in and promote the preservation, repair, embellishment, and upkeep of the religious sites, temples and monuments of the Holy City of Jerusalem for the inspiration of people of all faiths.
To assist in and promote the excavation, repairs, preservation and upkeep of such historic sites and antiquities of Jerusalem as are of permanent educational value to mankind and which will contribute to the instruction and enlightenment of the peoples of all nations.
To assist in and support all such education or religious projects in Jerusalem as are directed to purposes which are exclusively charitable.
To assist in and support the relief of poverty, sickness and distress in Jerusalem without regard to race, creed or colour.

The grant-making policy of the Trustee is to support the objectives of The Jerusalem Foundation - Amuta in Israel. The restricted funds are comprised principally of donations received for earmarked purposes. In addition to the grants made from the restricted funds, the Trustee also make discretionary grants from unrestricted funds. Details of all grants are shown in note 6 to the financial statements.

Public benefit

The Trustee has due regard for The Charity Commission guidelines on the public benefit requirement under the Charities Act 2011.

Achievement and performance

Charitable activities

During the year the Foundation raised £802,538 (2020: £1,956,062) from both individuals and grant-making foundations. Grants amounting to £843,752 (2020: £2,136,686) for specific charitable purposes including Education, Arts & Culture and Social Welfare were remitted to The Jerusalem Foundation - Amuta on an earmarked basis. In the year gifts made by donors included:

£354,354 - Mishkenot Sha'anamin
£124,425 - Naggar School of Art
£97,709 - Hassadna

The Trustee is grateful to all those who have made donations.

Financial review

Financial position

The Foundation raised total income in the year of £1,054,320 (2020: £2,375,559), and incurred costs of raising funds of £49,744 (2020: £68,147). In the year donations of £843,752 (2020: £2,136,686) were made to The Jerusalem Foundation in Israel. Monies are held by the Foundation in the UK until they are approved by the Trustee following the receipt of an approved proposal report.

At 31 December 2021 the Foundation had net assets of £202,043 (2020: £223,577) in unrestricted funds, £1,524,613 (2020: £1,415,039) in restricted funds and £3,234,099 (2020: £2,957,205) in endowment funds.

Page 2

THE JERUSALEM FOUNDATION

Trustee’s Report for the year ended 31 December 2021

Financial review

Investment policy and performance

There are no restrictions on the Foundation's powers of investment. The management of the endowment funds' portfolios continue to be administered by Veritas Investment Partners (UK) Ltd. to whom full discretion and delegation has been given. It is accordingly hoped that the portfolios of investments held will help meet the Trustee's objectives of maintaining a sufficient income stream for servicing the requirements of the restricted and unrestricted income funds.

The fair value of the investments at 31 December 2021 was £3,208,728 (2020: £2,931,834).

Reserves policy

It is the policy of the Foundation to maintain free reserves at a level to meet its operating costs for a period of at least one year. Unrestricted reserves at 31 December 2021 amounted to £202,043 (2020: £223,577).

Future plans

It is the Trustee's intention to continue seeking out and supporting suitable charitable projects in and around Jerusalem in accordance with and subject to the terms of the Foundation's objectives.

The Shared Living Fund was established in 2019 to promote coexistence in between the different populations in the city. The JFUK made grants of approximately £100,000 a year for the three years in 2020-2022. The Foundation has decided to actively fundraise in order to top up the fund so that we can carry on our efforts.

The Foundation continues raising money for the new building project for the Hassadna Music Conservatory. A week of concerts and fundraisers are planned in London for Spring 2023.

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Principal terms of the Trust

To apply the whole or any part of the trust fund, whether income or capital, in or towards the implementation of any one or more objects of the Foundation, whether by way of investment, contribution, donation or otherwise.
To pay or apply the capital or income of the trust fund in or towards the payment of expenses of the Foundation.

Organisational structure

The Jerusalem Foundation was constituted under a declaration of trust dated 17 March 1969.

The power of appointing new Trustees is vested in the Trustee. The current Trustee is responsible for the induction of any new Trustees which involves awareness of the responsibility as Trustees, the governing document, administrative procedures and the history of the Foundation. A new Trustee would receive copies of the previous year's annual accounts. Directors of the corporate Trustee meet regularly as an executive body to review the running and operations of the Charity.

Prism The Gift Fund was appointed to carry out the administrative work of the Foundation. Consideration of charitable donations is the responsibility of the Trustee.

Risk management

The Trustee has assessed the major risks to which the Foundation is exposed. There are regular meetings between the officer in charge of administration and representatives of the Trustee to review the financial records. The Trustee is satisfied that systems are in place to mitigate risk.

Safeguarding policy: Working with beneficiaries overseas

The Foundation has a safeguarding policy in place as the safety and welfare of any children, young people or vulnerable adults (collectively, 'vulnerable persons') assisted or otherwise impacted by our work or the activities and programmes we support is of paramount importance to us. Compliance with local legal and regulatory standards and best practice are considered the absolute minimum requirement and the Foundation may seek assurances that higher standards are imposed. Adherence to this policy is a condition of funding from the Foundation.

Statement of Trustee’s responsibilities

The Trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Page 3

THE JERUSALEM FOUNDATION

Trustee’s Report

for the year ended 31 December 2021

Statement of Trustee’s responsibilities - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustee is required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Insofar as the Trustee is aware:

There is no relevant audit information of which the Foundation's auditors are unaware; and;
The Trustee has taken all steps that It ought to have taken to make itself aware of any relevant audit Information and to establish that the auditors are aware of that information.

Approved on behalf of the board of the Corporate Trustee

Jerusalem Foundation Trustees Limited 28 October 2022

Page 4

Report of the Independent Auditors to the Trustee of The Jerusalem Foundation

Opinion

We have audited the financial statements of The Jerusalem Foundation (the 'charity') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

An overview of the scope of our audit

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Charity's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustee; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Trustee’s Report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Page 5

Report of the Independent Auditors to the Trustee of The Jerusalem Foundation

Responsibilities of Trustee

As explained more fully in the Statement of Trustee’s Responsibilities, the Trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognised non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Charity through discussions with Trustee and other management, and from our commercial knowledge;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the Charities Act 2011, employment, data protection and capital requirements;
we assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspecting correspondence;
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Charity's material misstatement, including obtaining an understanding of how fraud might occur by;

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assess whether judgement and assumptions made in determining the accounting estimates were indicative of potential bias; and
Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosure to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
reviewing correspondence.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 6

Report of the Independent Auditors to the Trustee of The Jerusalem Foundation

Use of our report

This report is made solely to the charity's Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustee those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Jepson FCCA (Senior Statutory Auditor) For and on behalf of Haines Watts (City) LLP Statutory Auditors New Derwent House 69-73 Theobalds Road London WC1X 8TA

Date: 28 October 2022

Page 7

THE JERUSALEM FOUNDATION

Statement of Financial Activities for the year ended 31 December 2021

Unrestricted funds Notes £ Income and endowments from Donations and legacies 2 24,532 Investment income 3 - Transfer between funds - Total 24,532 Expenditure on Raising funds Raising donations and legacies 4 46,066 Investment management costs 5 - 46,066 Charitable activities 6 Restricted donations - Support costs - Transfer between funds - Total 46,066 Net gains on investments - NET INCOME/(EXPENDITURE) (21,534) Reconciliation of funds Total funds brought forward 223,577 Total funds carried forward 202,043	Restricted Endowment fund fund £ £ 778,006 - - 33,604 218,178 - 996,184 33,604 - - - 3,678 - 3,678 843,752 - 42,858 - - 218,178 886,610 221,856 - 465,146 109,574 276,894 1,415,039 2,957,205 1,524,613 3,234,099	2021 Total funds £ 802,538 33,604 218,178 1,054,320 46,066 3,678 49,744 843,752 42,858 218,178 1,154,532 465,146 364,934 4,595,821 4,960,755	2020 Total funds £ 1,956,062 31,455 388,042 2,375,559 47,547 20,600 68,147 2,136,686 44,050 388,042 2,636,925 230,775 (30,591) 4,626,412 4,595,821

The notes form part of these financial statements

Page 8

THE JERUSALEM FOUNDATION

Balance Sheet 31 December 2021

Unrestricted funds Notes £ Fixed assets Investments 13 - Current assets Cash at bank 208,043 Creditors Amounts falling due within one year 14 (6,000) Net current assets 202,043 Total assets less current liabilities 202,043 NET ASSETS 202,043 Funds 15 Unrestricted funds Restricted funds Endowment funds Total funds	Restricted Endowment fund fund £ £ - 3,208,728 1,524,613 25,371 - - 1,524,613 25,371 1,524,613 3,234,099 1,524,613 3,234,099	2021 Total funds £ 3,208,728 1,758,027 (6,000) 1,752,027 4,960,755 4,960,755 202,043 1,524,613 3,234,099 4,960,755	2020 Total funds £ 2,931,834 1,669,987 (6,000) 1,663,987 4,595,821 4,595,821 223,577 1,415,039 2,957,205 4,595,821

The financial statements were approved by the board of the Corporate Trustee on 28 October 2022.

Jerusalem Foundation Trustees Limited

The notes form part of these financial statements

Page 9

THE JERUSALEM FOUNDATION

Cash Flow Statement for the year ended 31 December 2021

Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of fixed asset investments Sale of fixed asset investments Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2021 £ (100,212) (100,212) (33,604) 221,856 - 188,252 88,040 1,669,987 1,758,027	2020 £ (262,255) (262,255) (30,566) 408,642 889 378,965 116,710 1,553,277 1,669,987

The notes form part of these financial statements

Page 10

THE JERUSALEM FOUNDATION

Notes to the Cash Flow Statement for the year ended 31 December 2021

1. Reconciliation of net income/(expenditure) to net cash flow from operating activities

Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Gain on investments Interest received Net cash used in operations	2021 £ 364,934 (465,146) - (100,212)	2020 £ (30,591) (230,775) (889) (262,255)

2. Analysis of changes in net funds

Net cash Cash at bank Total	At 1/1/21 £ 1,669,987 1,669,987 1,669,987	Cash flow £ 88,040 88,040 88,040	At 31/12/21 £ 1,758,027 1,758,027 1,758,027

The notes form part of these financial statements

Page 11

THE JERUSALEM FOUNDATION

Notes to the Financial Statements for the year ended 31 December 2021

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

Donation Income is recognised when The Charity has an entitlement which is probable and can be reliably measured. Any attaching income tax repayments are accounted for on an accruals basis. All income is stated gross of any expenditure. Investment income is accounted for on a receivable basis.

Expenditure

Payment of donations to The Jerusalem Foundation - Amuta in Israel are made once approved by the Trustee following receipt of an approved proposal report.

Other expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay. Expenditure is classified under headings that aggregate all costs related to the category. Resources expended include attributable value added tax which cannot be recovered.

The costs of raising funds comprise those costs directly attributable to raising the income of the Foundation.

Costs of charitable activities include grants made and an apportionment of overhead and support costs as shown in note 6.

Unless otherwise agreed, the Foundation levies a management charge of between 1.5% and 5% of all donations and income generated by the endowment funds to fund its overheads.

Grants offered subject to conditions which have not been met at the yearend date are noted as a commitment but not accrued as expenditure.

Investments

Fixed asset investments are stated at fair value. Realised gains and losses on investments comprise the difference between proceeds and fair value at the last balance sheet date or subsequent cost. Unrealised gains and losses comprise the adjustment required to state investments at their market value at the balance sheet date. All gains and losses arising are taken to the Statement of Financial Activities

Taxation

The Jerusalem Foundation is a registered Charity and is not liable to income or capital gains taxes on its present activities.

Fund accounting

The nature and purpose of each expendable endowment fund and the restricted and unrestricted income funds are explained in note 10 to the financial statements.

Leases

The Charity presently has no operating leases.

Foreign currency translation

Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities.

Going concern

The accounts are prepared on the basis that the Charity has adequate resources to continue to operate. The Trustee considers that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the Charity. The Trustee has reviewed and considered relevant information, including the annual budget and future cash flows in making its assessment. Based on these assessments the Trustee has concluded that it can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 12

THE JERUSALEM FOUNDATION

Notes to the Financial Statements - continued for the year ended 31 December 2021

2020 £ 1,956,062	2020 £ 1,956,062	2020 £ 1,956,062
2020 £ 30,566 889 31,455 2020 £ 47,547 2020 £ 20,600 Totals £ 843,752 42,858 886,610 2020 £ 2,136,686	2020 £ 30,566 889 31,455 2020 £ 47,547 2020 £ 20,600 Totals £ 843,752 42,858	2020 £ 30,566 889
		31,455
		2020 £ 47,547
		2020 £ 20,600
	886,610

Donations received are forwarded on to The Jerusalem Foundation - Amuta in Israel with a view to the implementation of the Trustee’s decision to support the charitable purposes and activities of the named organisations as detailed below:

	2021	2020
	£	£
Azrieli Jerusalem College of Engineering	3,353	3,900
AI Ma Da - teacher training for Arab, secular Jewish and Ultra-Orthodox
schools	-	98,750
BILY - (Bayit Lechol Yeled) - providing services for neglected children	-	29,501
Beit Beyer - home and day care centre for the elderly	-	30,535
Beit Natan	1,773	1,773
Educating towards a shared city - teacher training for schools involved in
coexistence education	-	48,750
Elderly Ethiopians	3,635	-
Eliezer Ben Yehudah School	1,000	-
Elwyn	25,000	-

Page 13

THE JERUSALEM FOUNDATION

Notes to the Financial Statements - continued for the year ended 31 December 2021

7. Grants payable - continued

Emunah Jerusalem - underprivileged women and children Encore! Educational Theatre Company Hapoel Katamon Football League The Max Rayne Hand in Hand School Hassadna scholarships Homat Shmuel Homeless in Jerusalem Jacqueline du Pre Centre for Handicapped Children Jerusalem Cinematheque Jerusalem Botanical Garden Jerusalem Intercultural Centre - non-political organisation involved in making the city culturally representative of all residents Jerusalem International Film Festival Jerusalem COVID Emergency Appeal Jewish Marriage Council Jerusalem Print Workshop JGB The Davidson Theatre (Home of the Train Puppet Theatre) Kiryat Menachem Fablab - educating youth from disadvantaged neighbourhood of Kiryat Menachem in digital innovation Merkaz Rachel Centre Ma'ayan School for Disabled Children Manofim Matan The Max Rayne Hand in Hand School for Bilingual Education Khan Theatre Meitarim (R'Melchoir School) Mishkenot Sha'anamin Naggar School of Art Secular Yeshiva Shared living fund - various projects addressing coexistence issues amongst Jerusalem's different communities Signs in Jewish Quarter Pardes Sefer Torah Pelech High School George Pinto Fellowship - training for doctoral students to establish not-for- profit initiatives which will benefit Jerusalem's residents Steinsaltz Talking Peace - supporting peaceful community relations by fostering dialogue between leading Jewish and Muslim figures Women's Counselling Center - Woman's therapy Yad Sarah Fuererstein Institute Therapy Other donations less than £1,000 each Total Khan Theatre Endowment Fund Grants remitted for annual maintenance repairs Support costs - see below Total donations including support costs	- 1,354 - 6,650 97,709 7,500 2,000 - - - 16,200 - - 27,571 12,300 7,451 - - - - 1,308 7,000 - - 354,354 124,425 37,254 48,750 8,643 8,196 - - 7,451 - - - - 11,366 828,752 15,000 42,858 886,610	1,376 3,486 9,500 9,500 101,805 - - 2,375 4,925 413,507 38,320 19,571 95,230 - 12,289 - 690,456 32,175 1,425 25,350 5,910 - 1,425 25,817 6,419 - 2,850 38,590 95,753 - 95,982 7,718 129,184 4,012 3,940 15,742 1,970 1,574 10,754
		2,122,139
		14,547 44,050
		2,180,736

The fall in amounts forwarded on to The Jerusalem Foundation - Amuta in Israel during the reporting year is a reflection of the lower funds raised during the year, and also of the fact that timing differences exist between when amounts have been raised and when they will be remitted .

Page 14

THE JERUSALEM FOUNDATION

Notes to the Financial Statements - continued for the year ended 31 December 2021

7. Grants payable - continued

Allocation of support costs and overheads

The breakdown of support costs is shown in the table below: Auditors' fees for audit services Auditors' fees for other services Prism administration fee Other costs	2021 £ 7,213 360 34,800 485 42,858	2020 £ 7,200 300 35,920 630
		44,050

8. Support costs

Support costs
	Governance
	costs
	£
Support costs	42,858

9. Trustee’s remuneration and benefits

There were no Trustee’s remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

Trustee’s expenses

There were no Trustee’s expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.

10. Staff costs

There is one employee. The salary cost is £33,000 per annum plus social security costs. The employee is considered to be key management personnel.

Page 16

THE JERUSALEM FOUNDATION

Notes to the Financial Statements - continued for the year ended 31 December 2021

11. Comparatives for the statement of financial activities Unrestricted funds £ Income and endowments from Donations and legacies 29,988 Investment income 889 Transfer between funds - Total 30,877 Expenditure on Raising funds Raising donations and legacies 47,547 Investment management costs - 47,547 Charitable activities Restricted donations - Support costs - Transfer between funds - Total 47,547 Net gains on investments - NET INCOME/(EXPENDITURE) (16,670) Reconciliation of funds Total funds brought forward 240,247 Total funds carried forward 223,577	Restricted fund £ 1,926,164 - 388,042 2,314,116 - - - 2,136,686 44,050 - 2,180,736 - 133,380 1,281,659 1,415,039	Endowment fund £ - 30,566 - 30,566 - 20,600 20,600 - - 388,042 408,642 230,775 (147,301) 3,104,506 2,957,205	Total funds £ 1,956,062 31,455 388,042 2,375,559 47,547 20,600 68,147 2,136,686 44,050 388,042 2,636,925 230,775 (30,591) 4,626,412 4,595,821

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THE JERUSALEM FOUNDATION

Notes to the Financial Statements - continued for the year ended 31 December 2021

12. Nature and purpose of funds

Khan Theatre Endowment Fund

This fund is held by the Trustee of the Foundation with the primary object of furthering the charitable purposes of the Khan Theatre, the principal intention being that the income derived from investments of the fund be applied on an annual basis with the capital being accumulated as an endowment.

The Teddy Kollek General Maintenance Fund

The Teddy Kollek General Maintenance Fund comprises the merger of two previously held funds on the 24 August 1998. The first of these funds, known as the General Maintenance Fund, was originally established in commemoration of the 70th birthday of the late Mr Teddy Kollek, the former Mayor of Jerusalem, as a general endowment fund for the promotion of the charitable activities of the Foundation. The second of the funds, known as the Teddy Kollek Fund, was established in honour of the late Mr Teddy Kollek with a view to the support of charitable activities promoting welfare, educational and arts-related projects in, and in the preservation of the heritage of Jerusalem.

In view of the commonality of the objectives of the two funds, for administrative convenience, it was decided to merge these two funds into a single fund in order to pursue the combined objectives set out above. The income is to be applied by the Trustee at its discretion for the furtherance of the objectives set out above.

The Della and Fred S Worms Endowment Fund

The fund was created in 2012. The Trustee of the Foundation holds the fund and will respond to suggestions made by Della Worms for appropriate beneficiaries in Jerusalem.

13. Fixed asset investments

Fixed asset investments
	Listed
	investments
	£
Market value
At 1 January 2021	2,931,834
Additions	33,604
Disposals	(221,856)
Revaluations	465,146
At 31 December 2021	3,208,728
Net book value
At 31 December 2021	3,208,728
At 31 December 2020	2,931,834

There were no investment assets outside the UK.

Cost or valuation at 31 December 2021 is represented by:

		Listed
		investments
		£
Valuation in	2021	3,208,728
		3,208,728

All fixed assets investments held are listed and are stated at fair value.

Veritas Investment Partners (UK) Ltd. currently manage The Jerusalem Foundation's endowment funds.

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THE JERUSALEM FOUNDATION

Notes to the Financial Statements - continued for the year ended 31 December 2021

14. Creditors: amounts falling due within one year

Other creditors 15. Movement in funds Unrestricted funds Unrestricted Restricted funds Restricted Funds Endowment funds Endowment Fund TOTAL FUNDS	At 1/1/21 £ 223,577 1,415,039 2,957,205 4,595,821	2021 £ 6,000 Net movement in funds £ (21,534) 109,574 276,894 364,934	2020 £ 6,000 At 31/12/21 £ 202,043 1,524,613 3,234,099 4,960,755

Net movement in funds, included in the above are as follows:

Unrestricted funds Unrestricted Restricted funds Restricted Funds Endowment funds Endowment Fund TOTAL FUNDS	Incoming resources £ 24,532 996,184 33,604 1,054,320	Resources expended £ (46,066) (886,610) (221,856) (1,154,532)	Gains and losses £ - - 465,146 465,146	Movement in funds £ (21,534) 109,574 276,894 364,934

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THE JERUSALEM FOUNDATION

Notes to the Financial Statements - continued for the year ended 31 December 2021

15. Movement in funds - continued

Comparatives for movement in funds

Unrestricted funds Unrestricted Restricted funds Restricted Funds Endowment funds Endowment Fund TOTAL FUNDS	At 1/1/20 £ 240,247 1,281,659 3,104,506 4,626,412	Net movement in funds £ (16,670) 133,380 (147,301) (30,591)	At 31/12/20 £ 223,577 1,415,039 2,957,205 4,595,821

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds Unrestricted Restricted funds Restricted Funds Endowment funds Endowment Fund TOTAL FUNDS	Incoming resources £ 30,877 2,314,116 30,566 2,375,559	Resources expended £ (47,547) (2,180,736) (408,642) (2,636,925)	Gains and losses £ - - 230,775 230,775	Movement in funds £ (16,670) 133,380 (147,301) (30,591)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds Unrestricted Restricted funds Restricted Funds Endowment funds Endowment Fund TOTAL FUNDS	At 1/1/20 £ 240,247 1,281,659 3,104,506 4,626,412	Net movement in funds £ (38,204) 242,954 129,593 334,343	At 31/12/21 £ 202,043 1,524,613 3,234,099 4,960,755

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THE JERUSALEM FOUNDATION

Notes to the Financial Statements - continued for the year ended 31 December 2021

15. Movement in funds - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds Unrestricted Restricted funds Restricted Funds Endowment funds Endowment Fund TOTAL FUNDS	Incoming resources £ 55,409 3,310,300 64,170 3,429,879	Resources expended £ (93,613) (3,067,346) (630,498) (3,791,457)	Gains and losses £ - - 695,921 695,921	Movement in funds £ (38,204) 242,954 129,593 334,343

16. Other financial commitments

At 31 December 2021 the Foundation had no annual commitments under non-cancellable operating leases.

17. Directors of the corporate Trustee

The Directors of Jerusalem Foundation Trustees Limited during the year were as follows:

Dame Vivien Duffield DBE Lord Leigh of Hurley Mr Jack Livingstone OBE Mrs Carolyn Mishon Mr Guy Naggar Mr Martin Paisner CBE Mr Michael Rosenfeld Mrs Joanne Turner Mr Shai Doron Mrs Diane Steinberg - resigned on 26 August 2021

18. Related party disclosures

There are no related party disclosures.

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