Charity registration number.. 258308 The Jerusalem Foundation Annual Report and Financial Statements for the Year Ended 31 December 2023 ocm acmole
The Jerusalem Foundation Contents {continuedl Reference and Adminis1181ive Detsils Trustee's Report 2to5 Independent Auditors. Report 6t08 Stslemenl of Financial Activities Balan Sheet Cash Flow Statement Notes to the Finanaal Statements 12to25
The Jerusalem Foundation Reference and Administrative Details Trust•• Jerusalem Foundation Trustees Limited Charity Registration Number 258306 Principal Officè 20 Gloucester Place London W1U8HA Auditor A C Mole LLP Slafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX Soli¢itor¥ Payne Hicks Beach Lincoln's Inn 10 New Square Holborn London WC2A 3QG Page 1
The Jerusalem Foundation Trustee's Report The member presents the annual report together with the financial statements of the charity for the year ended 31 December 2023. The TrLJStee confirms that the financi81 5tatetnents h8ve been prepared in accordance wth the accx)unting policies set out In notes to the accounts and comply with the Charrty's governing document, the Chaiities Act 2011 and Accounting and Reporting by Charitie5." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stand8rd applicable In the UK and Republic of Ireland published on 1 JanLJary 2019. Reference and Administrative Details The Foundation is registered as a Charity with the Charity Commission, registration number 2583(K. 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 which is the National Director and to Prism The Gift Fund who provide administrative support. Objectives and activities The objects of the Foundation are as follows.. To assist in and promote the preservation. repair. erllbellishment, and upkeep of the religious siles, temples and monurnents of the Holy City of Jerusalem for the inspiration of people of all faith5. To as51St in and prornote the excavation, repairs, preservation and upkeep of such historic sites and antiquit1fy5 of JetUS8lem as are of permanent educational value lo rnankind and whith will contribute lo the instruction and enlighlenmenl of the peoples of 811 nations. To assist In and support all such education 01 religious projects in Jerusalem as ale directed to purposes which are exclusively charitable. To assist in and SLJPPOrt the relief of poverty, sickness and distress in Jerusalem without regard to race, creed or colour. Grant moking policies The granl-making policy of the Trustee is to support the objectives of The Jerusalem Foundation Amuta in Israel. The restricted funds are cornprised principally of donations reiVed for earmarked purposes. In addrfcion lo the grants made from restricted funds, the Trustee also makes discretionary grants from UnstriCted funds. Details of all grants are shown in note 6 to the financial slalernents. Publlc bgnoflt The Iruslee confirm that they have complied with the requirernents of section 17 of the Charities Act 2011 to have due reg8id lo the public benefit guidance published by the Charity Commission foi England and Wales. Achievements and perfomianeè During the year the Foundation received funds from both individuals and grant-making foundations. Grants amounted to for specific charitable purposes induding Education, Arts & Gulture and Social WeWare we remitted to The Jerusalem Foundation - Amuta on an earmarked basis. In the year gifts made from donors included.. Jerusalem Bolanlical Gardens Wohl Rose George Pinto Fellowships Emergenw Fund The Trustee is giateful to all those who have tn8de donations. Page 2
The Jerusalem Foundation Trustee's Report {continued} Investment policy and perfomiance There ale no iestrictions on the Foundation's powers of investment. The management of the endowment funds, portfolios continLJe to be administrated by Verita5 Investment Partner5 IUKI Ltd to whom fLJII discietion and delegation ha5 been given. It is accordingly hoped that the portfo1105 of inve5ttnents held wll help tneet the Trustee's objectives of maintaining a sufficient income stream for servicing the requirements of the restricted and unrestricted income funds. The fair value ofthe investments at 31 December 2023 was £2,648,92812022". £2,637,733). Financial review The Foundation raised total income in the year of 23,465,734 12022." £2,089,201) and incurred costs of raising funds of £82,328 12022". 279,3011. In the year donations of £3,966,437 12022". 21,605,067) were rnade to The JerLJsalem Foundation in Israel. Monies are held In the Foundation in the UK until they are approved by the Trustee following the receipt of an approved proposal report. At 31 December 2023 the Foundation had net assets of £4,646,901 12022. £5,100,498). Restricted funds totslled £2,007,13512022." £2,513,2061, endowment funds £2,672,59012022". £2,6e3,1051 and unrestricted funds were in a deficit of £32,82412022.' deficit of £75,813>. Reserves policy It Is the policy of the Foundation to maintain flee reserves at a level to meet its operating costs for a period (rf at least one year. At the end of the financial period, unrestricted funds were left in a defiat position of £32,82412022.' defiat of £75,813). The trustee recognises that this deficit on unrestricied funds needs to be resolved. In December 2023 £121,439 was drawndown from the Kolleck expendable endowment to dear the prior year defiat position and provide funds towards 2023. In October 2024 the Board approved a further drawdown from the Kollek expendable endowment fund of £40,000 to clear the 2023 defiat position. A review of the current 2024 position is being undertaken by the Trustee in order to ensure a defiat position does not arise as at 31 Dember 2024. Plans for future periods It is the Trustee's intention to continue seeking out and supporting suitable projects in Jerusalern in accordance with and subjed lo the terms of the Foundation's objectives. The events of 7 October and the ongoing situation have imp8¢ted on the entire country. including Jerusalem and have again refocused our fundraising efforts towards healing trauma as well as shared living. In addition. Shai Doron, the pie51dent of the Jeiu58lem Foundation and directoi of the corporate trustee Jerus8lern Foundation Trustees Limited. tragically died in July 2024. Al the IiTne of subtnitting these aocounls 8 ieciuitment process 15 undei way in Jeiu581em to select the next president. There Is a new focLJS on a young leadership programrne and a new swimrning pool and cotntnunity centre in East Jerusalern - both will be done in his memory. The Foundation eontinLJes to iaise money for the new bLJilding project foi the Hassadna Music Consetvatory (where building work has now started) among other key projects across the aty. Structure, governance and management Governing doeumènt The charty is ctsntrolled by its goveming document, a deed of trust and constitutes an uninctsrporated charity. Page 3
The Jerusalem Foundation Trustee's Report {continued} Principal term5 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 rnore objects of the Foundation, whether by way of investment. contribution. donation or otherwise. To pay or apply the capital or incorne of the trust fvnd in or towards the payment of expenses to the Foundation. Organisational structure The Jerusalem Foundation was constituted under a decl8r81ion of trust d8led 17 March 1969. The power of appointing new Trustees is vested in the Trustee. The current Trustee is responsible for the indLJCtion of any new TrLJStees which involves aw8reness of the responsibility as Trustees. the goveming docutnent, administiative proceduie5 and the history of the Foundation. A new Trustee would le1¥e copies of the previous yearfs 8nnu818coounls. Director5 of the corporate Trustee rneet regulady as an executive body to review the running and operations of the Charity. Prism The Gift Fund was appointed to eary 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 the systems are in pla to mitigate the risk. Safeguarding poli¢y.' Working with beneficiarie8 0ver¥ea¥ The Foundation has a safeguarding policy in place as the safety and welfare of any children, young people or vulnerable adults (collectively, 'vulnerable persons'l assisted or otherwise impacted by our work or the activities and programrnes we support is of pararnount importance lo us. complian 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 frorn the Foundation. Page 4
Th• J•ru•al•m Found•tlon TN•l••'s R•port (conllnued) slatWn of TnMt••'• R••pM•lblllll The trusteè is responsibk8 lor prgparirq th• tru8ts•'8 r•port and th8 finala1 statsments in 8ccordan vAth appluble law aThJ Unlted Kingdom Accounling Stsnd8rd$ In¢dhYj Flnanc4al Reporting Slandard 102.. Tho Financid Reporting Standard ap0b In thg UK and Republ of Ireland IUnit6d lQngdom GenerlY Accepted AccountiryJ Practic•l. The law appli¢8ble to th8ribeB In England & we rnquk•s Ihe tsuslee to prepare financial statements for flnancaal year %thich give a true and falr vlew of the 5ts10 91 affairs of Iha charity and of the Incomg and expendituie of the Gharity for that P8rlod. In pr•parlng th660 financial slatements. the tru$t8o is r8quired to.. 5eleet suitable accounting policies ond thèn apply them cons16tenty,' observe the methods and princi kn the Chadlb$ SORP.. mak8judg8rrYdnts and aecounling •stimat•8 that 8r• r88sonat4e an¢J Kwuden¢ stato whether appllcable accoundThJ stsndards ha¥0 ten follod, subleGI lo any materfal departur¢s dis(sed a1 eXplairt in th8 Ilnan(Jal $tsl¢m¢nts.' 4nd prepare th8 ffinanci81 statements on thg wlrg cw¢•m ba¥1¥ unbss it is in¥propriat8 to W8sum8 that It charity wll in tSineSs. Th8 trus is responsible for mntalnlrg proper accrjjnlty cOrdS ¢JsLJse thlth reasonatle rn¢Y a¢ any lime the finan{a po$il)n ol chthrty and onablt Ihem to ensure Ihat the financwl Statements CL¥ th th8 Charities A£¢ 2011. Charity (Accounts aNJ Repts> Raguiations 28 and thg prowsK)r£ of thè OYtitutjn. Tho trustee Is aL80 w8SIbl• hr ¢gUardIr@ the 055ets ol tho charity he? for tBhirwJ sonatde steps fort pr8110n and fraud and other irrg9ularilw& The tsustee 1$ rest)ble ts the maIntenCe and Inlegilty ol tha charfty and finanL¥al InfLYnth on the charitys 7rt¢bsite. LegISlati In th• Unhed KJr9dcffl g)¥gnMr¥J Ihe preparatKffi and ol fv18al ststements rnay dtrf8r from le9islatth In othgrlurfsdlrjions. Dlsejosurn of InforniJtion to audltor Th8 trustee has taken steps that th•y ¢xffjht to h•v• t8k¢n 88 8 trjstgp In (xder to make Ilwselves aware ol any levant audit Informati and to 8Stabksh th81 the th)rity$ audltor ts awaro of Ihat information. Thè truste• cortfim Ihat there 1$ rK) rthant informa¢Kffj that Ihey knchv o18nd of %thich they know the auditor is urbawar?. The ann¢Jal rep(rft was apwov•d by tt)• tru$tt• of Ihts ¢harity on ..... . and signed on its behalf by.. lJi14 JeNs&lem Foundakn'on Trustees Liml Page 5
The Jerusalem Foundation Independent Auditorfs Report to the Trustee of The Jerusalem Foundation Opinion We have audited the finanaal statements of The Jerusalem Foundation Ithe 'chariWI for the year ended 31 Dember 2023, which cotnprise the Statement of Financial Activities. Balance Sheet, Cash Flow Statement. and Notes to the Financial Statements, induding a sutlltnary of significant accounting policies. The financial reporting framewoik that has been applied in their pieparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law Iunited Kingdom Generally Accepted Accounting Piacticel. In our opinion the financial statements.. give a true and fair view of the State of the chaiiws aflaiis as at 31 Dember 2023 and of its incotning resources and application of resources. including ils inwme and expenditure. for the ye81 then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi, and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor 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 Stand8rd, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is suffiaent and appropriate to provide a basis for our opinion. Conclu¥ion¥ relating to going ¢on¢ern In auditing the financial statements, we have conduded that the trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identrfied any rnateii81 uncertaintie5 relating to 8vent5 or ndilions that. individually or collectively. may cast significant doubt on the charity's ability to continue as a going ncein for a peiiod of at least twelve months from when the finan¢i81 statements were aulhorised foi issue. Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report. Other infomiation The trustee 15 responsible for the other infomation. The other inlomation comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any fom OfassUran condusion 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 rnaleri8lly inconsistent wlh the financial statements or our knowledge obtained in the audit or otherwise appears to be rnaterially misstated. If we identify such rnaterial inconsistencies or apparent rnaleri81 misst8temenls, we are required to delerrnine whether there is a Material misslalement in the financi81 slalements or 8 rnalerial misstatement of the other infonnalion. If. based on the work we have performed. we conclude that there is 8 rn8leiial missl8lemenl of this other information. we 8ie required to report that f8Ct. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and its environtnent obtained in the course of the audit, we have not identified rnateiial misstatements in the Trustee's Report. We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion.. Page 6
The Jerusalem Foundation Independent Auditor's Report to the Trustee of The Jerusalem Foundation Icontinuedl adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us.. or the finan¢i81 slalernenls ale not in agreement with the accounting records and returns,. or certain disdosures of trustee remuneration specified by law are not made., or we have not reiVed all the inforrnation and explanations we require for our audit. Respon8ibilitie8 of the Trustee As explained more fully in the Statement of Trustee's Responsibilities, the trustee is responsible for the preparation of the financial statements and for being satisfied that they 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 fin8ncial statement5. the trustee is responsible for assessing the charitls ability to wntinue 88 8 going concern, disc105ing, as applicable. matter5 related to going concern and using the going concern basis of accounting unless the trustee either Intends to liquidate the charity 01 to cease operab"ons, or has no realisb"c alternative but to do so. Audltor Responslbllltles for the audlt of the flnancSal statements Qur objectives ale to obtain reasonable assurance about whether the finan¢ial statements as 8 whole are free from materi81 Tnisstaternent, whether due to fraud or etror, and to issue an auditor'5 report that includes our opinion. Reasonable assurance is 8 high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a m8teri81 misst8tement when it exists. MIs5tatementS C8n 8rise from fraud or etror and are considered rnaterial If, Individually or in the aggregate, they could ieasonably be expected to influence the economic deasions of users taken on the basis of these financial statements. Irregularities, induding fraud, are instances of nortrcomplianTr with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularrties, including fraud is detailed below.. Identifying and assessing potential risks of material misststement due to irregularitie5 We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non-compliance with laws and regulations.. the legal and regulatory framework in which the Charity operates the nature of the sector in which the Charity operates the control environment and controls established to mitigate such risks the results of our enquiries of managernent about their identification and assessment of risks of irregularities discussions with the audit engagement team aboLrt where the fraud might occur the incentives for fraud Laws and regulations which are considered to be significant indude those relating lo the requirernenls of financial reporting framework FRS102. the Charities Act 2011 and UK lax legislation. In addition. we consider other laws 8nd regulation which may not directly impact the financial statements but rnay impact on operations. As a result of these procedures we concluded, in accordance wth International Auditing Standaid5, that 8 risk in ielation lo the polenli81 for management overiide of controls existed. Audit responses to risks identified We undertook audit prOdureS to respond lo the risks identified. and designed our audit testing to respond lo these risks. The additional procedures we undertook induded the following.. gaining an understanding of the procedures for ensuring compliance with laws and regulations testing the appropriateness of journal entries and other adjustments onsidering whether accounting estirn8tes were indicative of polenli81 bi8S considering whether any transactions arose outside the normal course of business Page 7
The J•ru¥algm Foundaoon Independent Audltorfs Report to the of The jera10M Foundatlon {continu•d) maing eTr4uiries of managemert enquiriNJ 88 to cornpliw ryth key Chaiities Acl r4LMremerrt8 duFirYJ thè yiicKI ¢orroborating our enquirw throiuh revraw of Bowd Minuies and ¢m$p. We also communicated rekvanl law5 and regulatW 8nd potenbaF tra ri$k8 lo ajl engagement team members and remain8(J alert to any indicatorn of fraud or rtX)-ctsmF4i8nce wilh la and regulatKJrts throLghout the audit. A fijrthw des¢riptKM ot our re¥w3nsibilTtse5 is avarfabb cffj FInarla1 R¢prytwN Coun¢il'$ website at.. .frc.¢xg.utrJaudrtorsTe8ponsllts5. Ths de8cripbNI forrr4 ptyrt ot our audrtofs r•port. U89 of our r•port Th5$ report Is made soldy to the charity trustee in accordanc sec11 144 ot Ihe Charit Act 2011 and ulations made under sectTh 154 of ihal Ad. Our aurfrt WO has been undertaken so that we mlghl slate to th& trustee those matters we we requirèd lo stat8 lo trusta8 in an auditors. r•Fth end lor no olhgr purp08e. To the fullest extent rMitted by law, we do nol W or 8s$umè re8ponsibAty to anyofte other than the charlty and 18 tru5188 as a bjdy, for our audil *t)rk. for this rem or lor opinicffis ha fomied. ACMdeLLP Chartered Accountsnts & Statthory Audito S¢afford House 818ckbrook P¥rk Avon Taunton SDmersel TA12PX 25th October 2024 A C Mol¥ LLP is all91b for 8ppolntrMnt 88 audrt ol th& ¢h8nty by vwtu• of Its oligibilty for apwlntm•nt 88 audttoi ol a company und•r 8ection 1212 of lh• Compani88 Act 2. Page 8
The Jerusalem Foundation ststement of Financial Activities for the Year Ended 31 December 2023 Unrestricted funds Rèstricted funds Endowment funds Total 2023 Note Income Donations and legacie5 Other income 44.299 3.390.528 3.434,827 30,907 30,907 Total income 44,299 3,390,528 30,907 3,465,734 Exp•nditurè Raising funds Charitable activities 167,2451 155,504 19,8991 4,056,476 15,1841 {82,3281 14,111,980 Tot81 expenditure Gains on investment assets 1122,7491 14,066,375) 15,1841 274,977 14,194,308) 274,977 Net lexpenditurellincome Transfers belween funds 178,4501 121.439 1875,8471 1fj9.776 300,700 291,215 1453,5971 Nel movernenl in funds 42,989 1506,0711 9,485 1453,5971 Reconciliation of funds Total funds brought forward 75,813 2,513,206 2,663,105 5,100,498 Total funds carried forward 15 32,824 2.007,135 2.672,590 4.646,901 Unrestricted funds Restricted funds Endowment funds Total 2022 Note Income Donations and legacies Other incorne 29,388 2,030,255 2,059,641 29,560 29,560 Total income 29,388 2,030,255 29,560 2,089,201 Expenditure Raising funds Charitable activities 175,5191 35,604 13,7821 179,3011 1,532,201 1,496,597 Total expenditure (Losses) on inve5trnent assets 1111,1231 11,496,597) 13,7821 1314,199 11,611,502) 1314,199 Nel incomellexpenditurel Transfers beeen funds 181.737) 55,144 533.658 227,429 1288,4211 282,573 163.500 Net movement in funds 126,5931 761,087 1570,9941 163,500 Reconciliation of fund¥ Total fvnds brought forward 49,220 1,752,119 3,234,099 4,936,998 Total funds carried foNard 15 175,8131 2,513,206 2,663,105 5,100,498 The notes on pages 12 to 25 fom part ofthese finanaal statements. P8ge 9
Tho Joru$al¢m Foundatlon (Roglstratlon nUmr. 258306} Balance Sheet as at 31 D•c•mber 2023 2023 2022 Fixed assets Investments 12 2,648,928 2,637,733 Curr•nt assets C8$h at bank and in hand 2.153,373 2,668.886 Cr•dttoYs: Amounts fallin9 du• within ono 14 155,400 2(h8,121 N•t ¢urr•nt ass•ts 1.997.973 2.462,785 N•t a$$•ts 4,646.901 5.1(KJ.498 Fund$ of thg charlty: Unrestrlcted lund8 132.824) (75.8131 Rg$tri¢ted funds 2.007.135 2.513.206 Endowm8nlffiJnd$ 2,672,5} 2,663,105 Total fund$ 15 4 648,901 5,1(K),498 ancial staternents on pages 9 to 2S were approv8d by thg Iwslee, aNI authiSed for issue on . and signed on bahall by.. Jgrusai8m Foundation Trugttès knmited Trustee Th8 WK)tes pages 12 to 25 fom) part of theso flnanod $tstgmgnts. Page 10
The Jerusalem Foundation Cash Flow Statement for the Year Ended 31 December 2023 2023 2022 Not* Cash flows frorn operating activities Net lexpenditurellincotne 1453,5971 163,500 Adjustments to cash flows from non-cash items IProfillAoss on disposal of investments Revaluation of investments 119,2181 255,759 26,287 287,912 12 1728,5741 477,699 Working capitsl adjustments IDecre8sellincrease IN creditors 14 50,721 200,121 Net cash flows from operating activities 1779,2951 877,820 Cash flows from inve¥ting a¢tivitie¥ Sale of investments 256,000 252,000 Nel Idecreasellincrease in cash 8nd cash equiv8lenls 1523,2951 2,892,328 929,820 Cash and cash equivalents at 1 January 1,762,508 Cash and cash equivalents at 31 December 13 2.169,033 2.692,328 The notes on pages 12 to 25 form part of these finanaal statements. Page11
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 1 General information The foundation is an unincorporated charity with Jerusalem Foundation Trustees Limited as the sole trustee. The address of the charity is.. 20 GIouSter Place London W1U8HA 2 Aeeounting polieies ststement of compliance and basis of preparation The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated othenvise within these notes. The financial statements have been prepared in accordance with 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 IFRS 1021 lissued October 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021, and the Charities Act 2011. The Jerusalem Foundation meets the definition of a public benefit entity under FRS 102. Going concern The Trustee considers that there are no material uncertainties about the charity's ability to continue as a going concern. The Trustee recognises that the defiat on unrestricted funds needs to be addressed and has arranged a drawdown from endowment funds in October 2024 to clear the deficit balance. A review of the current unrestricted funds position is being undertaken by the Trustee to ensure regular drawdowns provide sufficient unrestricted reseNes to cover ongoing operating costs. Income and endowments All income is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability. Donations and legacies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be ieliably measured. Investment Income Investment Income 15 accounted for on 8 receivable b851S. Funds recelved as agent Where funds are received and the charity is acting in its cap8rily as agent. income is not recognised by the Foundation as the Charity has no disoretion over the application of the funds received. A liability is recognised for the the fvnds held as agent lo be distributed in fuluie periods. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure. it is probable settlement is required and the 8mount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consistent with the use of reSoUrs. All resour3 expended are indusive of irrecover8ble VAT. Page 12
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl Raising funds These are costs incurred in attracting voluntary income and the management of investments. Charitable activities haritable expenditure cornpiises those costs incuired by the Charity in the delivery of ils activities and services for it5 beneficiaiies. It indudes both costs that be allocated directly to such a5 grant5 paid and those costs of Sn indirect nature nece558ry to 5LJpport them. Grants Payment of donations to The Jerusalem Foundation - Amuta in Israel are made once 8pproved by the Trustee following receipt of an approved proposal report. Provisions for grants are made when the intention lo make 8 grant has been oommunicaled lo the recipient bul Iheie is UnrtaIntY about either the timing of the grant or the amount of gr8nt payable. Support costs Unless otherwise agreed the Foundation levies a management change of between 1.5°/0 & 5.kn of all donations 8nd incorne generated by the endowment funds to fund ils overheads. Taxation The charity is a registered charity and is, therefore, exempt from liability to taxation on its income and capital gains, to the extent that they are applied for charitable purposes. Fixed asset investments Listed investments Listed investments are a fom of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period. Realised gains and losses All gains and losses 8re taken to the Statement of Financial Activities as they arise. Re81ised g8ins and losses on investments are calculated as the differen between sales prOed$ and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value al the period end and their carrying value. Realised and unrealised investment gains and losses are combined IN the Slalement of Finanoial Activities. Cash and cash equivalents Cash and cash equivalents cornprise cash on hand and call deposits, and other short-terrn highly liquid investments that are readily convertible to a known amount of cash and are subject lo an insignificant risk of change in v8lue. For•ign exchang• Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling al the balan sheet date. Exchange differences arising on translation of the opening nel 85sels and results of overseas operations are reported in the statement of financial activities. Fund structurè Unrestricted income funds are general funds that are available for use at the trustee discretion in furtherance of the objectives of the charity. Page 13
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl Restricted incorne funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. The charty has expendable endowment funds where the capit81 can be drawn down 81 the Trustee's diretion. Flnanelal Instruments The charity only enters into basic finanaal instruments that result in the recognition of finanaal assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost. Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairrnent is found, an impaiment loss is recognised in the staternent of financial activities. Critical Accounting Estimates and Judgement8 The preparation of the financial statements in conformity wth FRS 102 requires management to make judgements, estimates and assumptions that affect the application of poliaes and reported amounts of assets and liabilities, income, and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circurnstances. The charity rnakes estimates and assurnptions concerning the future. The resulting accounting estimates wll. by definition, seldom equal the related actual results. The Trustee considers that there are no critical accounting estimates and judgerllents have a significant risk of causing a material adjustment to the carrying arnounls of 8ssels and li8bilities wlhin the next financial ye8r. 3 Income from donatlons and legacles Unrestri¢ted funds Re5tri¢ted fund¥ Endowment funds Totsl funds Donations 44.299 3,390,528 3.434,827 Total for 2023 44,299 3,390,528 3,434,827 Donations 29.386 2,030.255 2.059,641 Total for 2022 29,386 2,030,255 2,059,641 4 Other income Unrestricted funds Restricted funds Endowment funds Total funds Investment income 30,907 30,907 Total for 2023 30.907 30,907 Investment income 29,560 29,580 Total for 2022 29,560 29,560 Page 14
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl S Expenditure on raising funds al Costs of generating donations and legacies Unrestricted funds Restricted funds Endowment funds Total funds Staff costs and other sundries Fundraising 45.129 22,116 5,699 4,200 50,828 26,316 Total for 2023 87,245 9,899 77,144 Stsff costs and other sundries 75,519 75,519 Totsl for 2022 75,519 75,519 bl Investment management CO8t8 Unrestrlcted funds Restrlcted funds Endowment funds Total funds Investment management costs 5,184 5,184 Totsl for 2023 5,184 5,184 Investment management costs 3,782 3,782 Totsl for 2022 3,782 3,782 6 Expenditure on charitable activities untricted funds Re¥tricted funds Endowment funds Total funds Notè Grant fLJnding of activities Support costs 7,500 48,004 3,958,937 97,539 3,966,437 145,543 Total for 2023 55,504 4,056,476 4,111,980 Grant funding of 8ctivilies Support costs 1,605.067 108,470 1.605,067 72,866 35,604 Total for 2022 35,604 1,496,597 1.532,201 Page 15
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl 7 Grant expenditure 2023 2022 Akit Azrieli Jerusalem College of Engineering Belt Alpert Musical Centre Belt Arz Belt Natan Belt Schusteiman Bezalel B'nai Brith World Center City a5 a school project Climbing Wall East Jerusalem special needs educational East JetUS81em Social woiker5 prograrnrne Elkyyn Israel Emergency Fund Emunah Encore Feuerstein George Pinto Fellowship- training for doctoral students to establish not-for-profit initiatives which will benefit Jerusalem's residents Good Neighbours project H8ssadn8 Hassadna Conservatory Building Hebrew Uni Hornat Shmuel Homeless in Jerusalem (Etnahtal Hut HaMeshula5h Israel Free Loan Association Inow Ogenl Israel Story Jerusalern Botanic81 G8rdens Jerusalem Cinematheque Jerusalem College of Technology Jerusalern costs Jerusalem Intercultural Centre- non-political organisation involved in making the city culturally representative of all residents Jerusalem Piint Workshop JMC Judas Yard Khan The*re Kishoret Leket M8taN Max Rayne Hand in Hand School Meitaritn (R'melchiorl Merkaz Rachel Centre Michael Levin Lone Soldierfs Center Museutn of Islamic Art Naggar Musrara School of Photography 4,167 950 48,450 4,000 1,773 32,300 39.942 4,167 11,327 8,867 47,500 9,750 82.290 975 215,689 24,773 1,366 4,169 1,713 1,587 303.877 4,750 60,797 180.778 147,676 115,950 4,167 9,500 1,900 16,150 3,800 1,920 15,000 820,192 413,703 3,349 5,019 475 1,175 29,485 18,469 22,604 34,125 15,000 15,044 619 2,988 9,500 6,589 1,425 264 10,925 6,692 2,850 10,0(K) 173,312 181,713 Page 16
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl 2023 2022 Nishmat othei donations less than £1.0 each Pardes Presidents Fund (Misgav Lakashishl Presidents Fund (Keren Lil Science Lab Seculai Yeshiva Shalva Shared living fund various projects addressing coexistence issues amongst Jerusalem's different communities Shared living Hub- Home of the Tolerance Coalition Shirat Halev Signs in Jewish Quarter Educating towards a Shared City Sports Basket steins8ltz Talking Peace Tsad Kedema UK Jewish Film Ukraine Refugees Vertigo Dance Wohl Archaeological Museum Wohl Rose Park Wornan'5 Counseling Centre Yad Sarah 835 2,713 8,365 8,238 19,950 7,125 4,750 7,515 49,999 56,164 186,614 30,139 27,725 25,755 48.750 23,750 7,021 1,970 50,210 2,000 4,432 63,926 2,510 9,850 8,769 1,691,OOS 8,235 1,970 8,365 3,940 3.6,437 1.605,067 Unrestricted Restrided 7,500 3.958,937 1.605,067 3,966,437 1,805,067 8 AnalyBi8 of Bupport costs 2023 2022 Audit & Accounts Payroll Prisrn 8dminislration fee Subscriptions Foreign exchange movement- unrestricted Foreign exchange movement- restricted 15,945 348 34,800 1,175 14,2641 97,539 10,380 34,800 19,5551 108,471 145.543 172,8661 9 Staff costs There is one employee. 12022.. 11 The UK National Director is considered to be the key management personnel. Key management personnel remuneration totalled £33,00012022'. £33,000). Page 17
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl 10 Auditorfs remuneration 2023 2022 Accounts 3,870 4,515 7,200 360 3,600 4,200 Audit Other Audrfc predecessor firm 2,560 15,945 10,360 11 Taxation The charity is a registered charity and is therefore exempt from taxation on its income and gains, to the extent that they are applied for charitable purposes. 12 Fixed asset investments Listed investments 2023 Totsl 2022 Totsl Valuation At 1 January 2023 Disposals Rev8lu8lion 2.614,291 1236,7821 255,759 3.180.490 1278,2871 287,912 2,633,268 2,614,291 ash held in investment portfolio 15,660 23,442 Nèt book valuè At 31 December 2023 2,648,928 2,637,733 There were no investment assets outside the UK. All fixed asset investments held are listed and are slated at fair value. Verilas Investment Partners IUKI Ltd, currently manage The Jerusalem Found8lion'5 endowrnent funds. 13 Cash and cash •quival•nts 2023 2022 Cash at bank Cash held in investment portft)lio 2.153,373 15.660 2,$68,88e 23,442 2,169,033 2,892,328 Page 18
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl 14 Creditors: amounts falling due within one year 2023 2022 Acctuals Grants P8yable Funds held as agent 25,095 125,811 4,494 7,800 198,321 155,400 206,121 Funds received as agent During the year the £198,321 of agent funds held at 31 st December 2022 were paid over in donations. In addition, a further £40,920 of funds after admin fees were received as agent on behalf of Jerusalem Foundation Israel. During the year. £38.426 of these funds were paid over in donations, leaving a balance held as agent at 31 December 2023 of£4,494. 2023 2022 Funds held as agent at 1 st January Funds received as agent Funds paid out as agent Foreign exchange translation 198,321 40,920 1230,4271 4,320 379,500 1194,8871 13,708 Funds held as agent at 31 December 4,494 198.321 Page 19
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The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl Khan Thèatr• Endowmènt Fund The 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 funLI be applied on an annual basis with the capital being accumulated as an endowment. During the ye8r. £15.000 of accumulated income and capital was tr8nsferred to restricted funds. The Teddy Kollek General Malntenance Fund The Teddy Kollek General Maintenance Fund comprises the Tnerger of the two previously held fund5 on the 24 August 1998. The first of these funds, known as the Gener81 Maintenance Fund. wa5 originally established in mmernor81ion of the 70th birthday of the late Mr Teddy Kollek. the former Mayor of Jerusalem. as 8 general endowrnent fund for the promotion of the chaiitable activitie5 of the Foundation. The second of the funds, known a5 the Teddy Kollek Fund, was established in honoLJr of the late Mr Teddy Kollek with a view to the Support of charitable activrties piomoting welfaie, 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 Iwo funds, for administrative convenience, it was decided to merge these Iwo funds into a single fund in order to pursue the combined objectives set out above. The income and where considered appropriate the capital is to be applied by the Trustee at its discretion of the furtherance of the objedives set out above. During the year £121,439 was transferred to unrestricted funds. The Della and Fred S Worm¥ Endowrnent 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 benefiaaries in Jerusalem. The income and where considered appropriate the capital is to be applied by the Trustee at its discretion of the furtherance of the charities objectives. During the year £154,776 was transferred to restricted funds in anticipation of future grants. Page 22
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl 16 Analysis of net assets between funds Total funds at 31 December 2023 Unrestricted funds R8strict8d funds Endowment funds Fixed asset investments Current assets Current liabilities 2,648,928 25.371 1,709 2,$48,928 2.153,373 155,400 120.867 153,691 2,007,135 Total net a55ets 132,8241 2,007,135 2.672,590 4.646,901 Total funds at 31 December 2022 Unrestricted funds Restricted funds Endowment funds Fixed asset investments Cuirent assets 2,637,733 25,372 2,637,733 2,668,886 1206,121 130,308 206,121 2,513,206 Total net assels 175,8131 2,513,206 2,663,105 5,100,498 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 Mrs Carolyn Mishon Mr Guy Naggar Mr Martin Paisner CBE Mr Michael Rosenfeld Mrs Joanne Tumer Mr Jack Livingstone OBE (Resigned 20109120231 Mr Shai Doron (Resigned 29107120241 Page 23
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl 18 Related party transactions During the year the charity made the following related party transactions.. The Maurice and Vivienne Wohl Philanthropic Foundation Martin Paisner. a director of the corporate trustee Jerusalem Foundation Trustees Lirnited, is also 8 trustee of the Maurice and Vivienne Wohl Philanthropic Foundation. During the year the mauri and Vivienne Wohl Philanthropic Found8tion made restricted donations totslling £432.3fj5 12022 - £801.9121 to The Jerusaletn Foundation. At the balance Sheet date the amount due tolfiotn The Maurice and Vivienne Wohl Philanthiopic Foundation was £Nil12022- £Nill. The Maurice Wohl Charitable Foundation Martin Paisner, a director of the corporate trustee Jerusalem Foundation Trustees Limited, is also a trustee of the mauri Wohl Charitable Foundation. During the year the mauri Wohl Charitable Foundation made restricted donations totalling £432,365 12022 £422.4121 to The Jerusalem Foundation. At the balance sheet date the amount due tolfrom The mauri Wohl Charitable Foundation was £Nil12022- £Nill. The Marcus Margulies Charitable Trust Martin Paisner. a director of the corporate Iruslee Jerusalem Foundation Trustees Lirnited, is also 8 Iruslee of the Marcus M8igulies Charitable Trust. During the year the Marcus Margulies Charitable Trust made restricted donations tot811ing £1.167.415 to The Jeiu58lem Foundation12022- £382,932). At the balance sheet d8te the amount due tolfrorn The Marcus Maigulies Charitable Trust was £Nil12022- £Nill. Guy Anthony Naggar Guy Naggar, a director of the corporate trustee Jerusalem Foundation Trustees Limited, has made donations to The Jerusalem Foundation totalling £90,20012022- £184,483). At the balan sheet date the amount due tolfrom Guy Anthony Naggar was £Nil12022- £Nill. The Rosenfeld CharStable Trust Michael Rosenfeld. a director of the corporate Irvslee Jerusalem Foundation Trustees Limited. is also a Iruslee of the Rosenfeld Ch8rit8ble Trust. During the year the Rosenfeld Ch81it8ble Trust made reslricled donations lolalling £Nil12022- £50.0001 to The Jerusalern Foundation. At the balance sheet date the amount due lolfrorn The Rosenfeld Charitable Trust was £Nil12022- £Nill. Phillips and Rubens Charitable Trust Martin Paisner, a director of the corporate trustee Jerusalem Foundation Trustees Limited, is also a trustee of the Phillips and Rubens Charitable Trust. During the year the Phillips and Rubens Charitable Trust made restricted donations totalling £Nil to The Jerusalem Foundation12022- £17,550). At the balance sheet date the amount due tollrom Phillips and Rubens Charitable Trust was £Nil12022- £Nill. The Jaek Livingstone Charitable Trust Jack Livingstone was previously a director of the corporate Iruslee Jerusalem Foundation Trustees Limited. His wife is a trustee of the Jack Livingslone Gharitable Trust. who made donations to The Jerusalem Foundation 1018lling £50.000 12022 - £100,000). Al the balan sheet date the arnount due lolfrom The Jack Livingslone Charitable Trust was £Nil12022- £Nill. Lord Leigh of Hurley Lord Leigh of Hurley, a director of the corporate trustee Jerusalem Foundation Trustees Limited, made donations to The Jerusalem Foundation totalling £11,30012022- £Nill. At the balance sheet date the amount due tolfrom Lord Leigh of Hurley was £Nil12022- £Nill. Martin Paisner Martin Paisner. a director of the corporate Iruslee Jerusalem Foundation Trustees Limited, made donations to The Jerusalem Foundation totalling £500 {2022 £Nill. At the balance sheet date the amount due tolfrom Martin Paisner was £Nil {2022- £Nill. Morris Leigh Foundation Martin Paisner and Lord Leigh of Hudey, diredors of the corporate trustee Jerusalem Foundation Trustees Limited, are also trustees ol the Morris Leigh Foundation. During the year the Morris Leigh Foundation made ie5tiicted donations totalling £50,000 12022 - £NILI to The Jerusalem Foundation. At the balance sheet date the amount due tofftom Morris Leigh Foundation was £Nil12022- £Nill. Joann8 Turner Joanne Turner, a director of the corporate trustee Jerusalem Foundation Trustees Limited. made donations to The Jerusalem Foundation totalling £24312022.. £Nill. At the balance sheet date the amount due tolfrom Joanne Tumer was £Nil12022- £Nill. Page 24
The Jerusalem Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Icontinuedl 19 Post balance sheet events As at 31 December 2023 the unrestricted funds stood at a defiat of £32,82412022'. deficit of £75,813). In October 2024 the board approved a draw down from the Kollek expendable endowment fund of £40,000 to clear the deficit position. A review of the current 2024 position is also being undertaken by the trustees in order to ensure a deficit position does not arise as at 31 December 2024. Page 25