**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**
|**2.**
**Donations and legacies**
Donations
**3.**
**Investment income**
Investment income
Deposit account interest
**4.**
**Raising donations and legacies**
Staff costs and other sundries
**5.**
**Investment management costs**
Investment management costs
**6.**
**Charitable activities costs**
**Grant**
**funding of**
**activities**
**(see note**
**7)**
**£**
Restricted donations
843,752
Support costs
-
843,752
**7.**
**Grants payable**
Restricted donations|**2021**
**£**
802,538
**2021**
**£**
33,604
-
33,604
**2021**
**£**
46,066
**2021**
**£**
3,678
**Support**
**costs (see**
**note 8)**
**£**
-
42,858
42,858
**2021**
**£**
843,752|**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|
|---|---|---|---|
Page 16
## **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.
Page 16
## **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|
|---|---|---|---|---|
Page 17
## **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|
|---|---|---|---|
Page 18
## **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.
Page 19