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Company Limited by Guarantee
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For the year ended
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Company Limited by Guarantee
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Financial Statements
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Pages
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Trustees' annual report (incorporating the director's report)
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1 to 6
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Independent auditor's report to the members
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7 to 10
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Statement of financial activities (including income and expenditure account)
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11
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Statement of financial position
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12
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Statement of cash flows
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13
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Notes to the financial statements
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14 to 19
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Company Limited by Guarantee
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Trustees' Annual Report (Incorporating the Director's Report)
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Registered charity name
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Charity registration number
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Company registration number
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Principal office
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Registered office
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4 Hill Street
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London
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W1J 5NE
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(Retired
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|
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||
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(Appointed
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(Appointed
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(Appointed
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(Appointed
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Company secretary
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Auditor
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Chartered Accountants & statutory auditor
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Beaver House
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23 - 38 Hythe Bridge Street
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Oxford
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Bankers
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Talacker 16,
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8001 Zurich,
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Switzerland; and
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1 Cabot Square, London E14 4QJ
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Solicitors
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901 New York Avenue NW
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Washington DC 20001; and
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100 Cheapside
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London EC2V 6DY
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Trustee
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Company Limited by Guarantee
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor)
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For and on behalf of
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Chartered Accountants & statutory auditor
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Beaver House
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23 - 38 Hythe Bridge Street
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Oxford
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Company Limited by Guarantee
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Statement of Financial Activities
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(including income and expenditure account)
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2021
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2020
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||
Unrestricted funds
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Total funds
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Total funds
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|
Note
|
$
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$
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$
|
Donations and legacies
|
5
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|
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Investment income
|
6
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–
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–
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-------------
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-------------
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-------------
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||
Total income
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|
|
|
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-------------
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-------------
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-------------
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||
Costs of raising donations and legacies
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7
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71,390
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71,390
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–
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Expenditure on charitable activities
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8,9
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|
|
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-------------
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-------------
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-------------
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|||
Total expenditure
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|
|
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||
-------------
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-------------
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-------------
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|||
Losses on impairment (note 14)
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|
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–
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-------------
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-------------
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-------------
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Net income and net movement in funds
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|
|
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-------------
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-------------
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-------------
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Total funds brought forward as previously reported
|
|
|
|
Prior year adjustment
|
(10,500,000)
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(10,500,000)
|
(7,750,000)
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-------------
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-------------
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-------------
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Total funds brought forward as restated
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|
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-------------
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-------------
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-------------
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Total funds carried forward
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755,971
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-------------
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-------------
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-------------
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Company Limited by Guarantee
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Statement of Financial Position
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2021
|
2020
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||
Note
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$
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$
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$
|
Investments
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14
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|
|
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Debtors
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15
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–
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Cash at bank and in hand
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|
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-------------
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------------
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|||
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|||
Creditors: amounts falling due within one year
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17
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-------------
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------------
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|||
Net current assets/(liabilities)
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(
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||
-------------
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-------------
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|||
Total assets less current liabilities
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|
|
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Creditors: amounts falling due after more than one year
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18
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|
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-------------
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------------
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|||
Net assets
|
|
|
||
-------------
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------------
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|||
Unrestricted funds
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|
755,971
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||
------------
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---------
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|||
Total charity funds
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19
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|
755,971
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------------
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---------
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|||
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Trustee
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|
Company Limited by Guarantee
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Statement of Cash Flows
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2021
|
2020
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$
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$
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|
Net income
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3,798,875
|
52,317
|
Adjustments for:
|
||
Losses on impairment (note 14)
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198,340
|
–
|
Dividends, interest and rents from investments
|
–
|
(20,265)
|
Accrued expenses
|
|
|
Donation received in-kind
|
–
|
(10,000,000)
|
Changes in:
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||
Trade and other debtors
|
(
|
–
|
-------------
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-------------
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|
Cash generated from operations
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|
(
|
---------
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------------
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|
Net cash from/(used in) operating activities
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|
(
|
---------
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------------
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Dividends, interest and rents from investments
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–
|
20,265
|
---------
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------------
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|
Net cash from investing activities
|
–
|
|
---------
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------------
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|
Net increase/(decrease) in cash and cash equivalents
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|
(
|
Cash and cash equivalents at beginning of year
|
1,255,971
|
8,453,654
|
------------
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------------
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|
Cash and cash equivalents at end of year
|
|
|
------------
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------------
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Company Limited by Guarantee
|
Notes to the Financial Statements
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Unrestricted Funds
|
Total Funds 2021
|
Unrestricted Funds
|
Total Funds 2020
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||
$
|
$
|
$
|
$
|
||
Donations
|
66,121,302
|
66,121,302
|
36,519,000
|
36,519,000
|
|
-------------
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-------------
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-------------
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-------------
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||
Unrestricted Funds
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Total Funds 2021
|
Unrestricted Funds
|
Total Funds 2020
|
||
$
|
$
|
$
|
$
|
||
Income from cash investments
|
–
|
–
|
|
|
|
----
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----
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--------
|
--------
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||
Unrestricted Funds
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Total Funds 2021
|
Unrestricted Funds
|
Total Funds 2020
|
||
$
|
$
|
$
|
$
|
||
Costs of raising donations and legacies - Investment management costs
|
71,390
|
71,390
|
–
|
–
|
|
--------
|
--------
|
----
|
----
|
||
Unrestricted Funds
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Total Funds 2021
|
Unrestricted Funds
|
Total Funds 2020
|
||
$
|
$
|
$
|
$
|
||
Donations
|
61,993,083
|
61,993,083
|
36,485,981
|
36,485,981
|
|
Bank charges
|
1,277
|
1,277
|
967
|
967
|
|
Support costs
|
58,337
|
58,337
|
–
|
–
|
|
-------------
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-------------
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-------------
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-------------
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||
|
|
|
|
||
-------------
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-------------
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-------------
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-------------
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Activities undertaken directly
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Grant funding of activities
|
Support costs
|
Total funds 2021
|
Total fund 2020
|
||
$
|
$
|
$
|
$
|
$
|
||
Donations
|
–
|
61,993,083
|
–
|
61,993,083
|
36,485,981
|
|
Bank charges
|
1,277
|
–
|
–
|
1,277
|
967
|
|
Governance costs
|
–
|
–
|
58,337
|
58,337
|
–
|
|
-------
|
-------------
|
--------
|
-------------
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-------------
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||
|
|
|
|
|
||
-------
|
-------------
|
--------
|
-------------
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-------------
|
||
2021
|
2020
|
|
$
|
$
|
|
Breakthrough Prize Foundation
|
56,820,000
|
21,446,000
|
Breakthrough Prize in Life Sciences Foundation
|
3,974,000
|
2,142,000
|
Trustees of the University of Pennsylvania
|
1,000,000
|
500,000
|
Friends of Tel Aviv Sourasky Medical Centre
|
–
|
1,000,000
|
Academy Foundation
|
–
|
1,000,000
|
Magen David Adom in Israel
|
–
|
1,000,000
|
Stanford University - Development Services
|
–
|
1,000,000
|
Keren Hayesod Jerusalem
|
–
|
300,000
|
University of Cambridge
|
–
|
103,988
|
Friends of the Israel
|
–
|
500,000
|
The Foundation to Combat Anti-Semitism
|
–
|
5,000,000
|
Tel Aviv University
|
–
|
1,000,000
|
Beijing Xiaomi Foundation
|
–
|
1,423,710
|
Bay Area Council Foundation
|
75,000
|
–
|
Social Impact Fund
|
100,000
|
–
|
Other
|
24,083
|
70,283
|
-------------
|
-------------
|
|
|
|
|
-------------
|
-------------
|
|
Total grants
|
61,993,083
|
36,485,981
|
-------------
|
-------------
|
|
2021
|
2020
|
|
$
|
$
|
|
Foreign exchange differences
|
(108)
|
–
|
----
|
----
|
|
Other investments
|
|
$
|
|
Cost or valuation
|
|
At 1 January 2021
|
10,000,000
|
Additions
|
–
|
-------------
|
|
At 31 December 2021
|
10,000,000
|
-------------
|
|
Impairment
|
|
At 1 January 2021
|
–
|
Disposals
|
–
|
Impairment losses
|
(198,340)
|
-------------
|
|
At 31 December 2021
|
(198,340)
|
-------------
|
|
Carrying amount
|
|
At 31 December 2021
|
9,801,660
|
-------------
|
|
At 31 December 2020
|
10,000,000
|
-------------
|
|
2021
|
2020
|
|
$
|
$
|
|
Prepayments and accrued income
|
|
–
|
-------------
|
----
|
|
2021
|
2020
|
|
$
|
$
|
|
Accrual for grants payable
|
|
|
-------------
|
------------
|
|
2021
|
2020
|
|
$
|
$
|
|
Accrual for grants payable
|
|
|
------------
|
------------
|
|
At 1 Jan 2021
|
Income
|
Expenditure
|
Gains and losses
|
Prior year adjustments
|
At 31 Dec 2021
|
|
$
|
$
|
$
|
$
|
$
|
$
|
|
General funds
|
11,255,971
|
66,121,302
|
(62,124,087)
|
(198,340)
|
(10,500,000)
|
4,554,846
|
-------------
|
-------------
|
-------------
|
---------
|
-------------
|
------------
|
|
At 1 Jan 2020
|
Income
|
Expenditure
|
Gains and losses
|
Prior year adjustments
|
At 31 Dec 2020
|
|
$
|
$
|
$
|
$
|
$
|
$
|
|
General funds
|
8,453,654
|
36,539,265
|
(36,486,948)
|
–
|
(7,750,000)
|
755,971
|
------------
|
-------------
|
-------------
|
----
|
------------
|
---------
|
|
At 1 Jan 2021
|
Cash flows
|
At 31 Dec 2021
|
|
$
|
$
|
$
|
|
Cash at bank and in hand
|
|
895,449
|
|
------------
|
---------
|
------------
|
|