The Polonsky Foundation

Objectives

The primary objectives of the foundation are to support higher education internationally, principally in the arts and social sciences, and programmes favouring the study and resolution of human conflict. Much of this work is part of ongoing programmes being undertaken in conjunction with various Departments of the Hebrew University of Jerusalem and the Bezalel Academy of Art and Design, as well as other organisations within the United States and the United Kingdom. The main objectives for the year were to continue to support the above developments and programmes. To achieve these objectives, charitable grants were made to relevant institutions as detailed in the financial statements. The trustees confirm that they referred to the guidance contained in the Charity Commission's general guidance on public benefit by reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.

Professional Advisers

Auditors Nyman Libson Paul

Trustees

Mr Leonard Polonsky, Georgette Bennett, Valerie Smith

Investment Policy

The investment powers of the Trustees are governed by the Declaration of Trust, which permits the charity's funds to be invested in a wide range of securities and assets. The trustees' investment policy is to retain the Foundation's principal equity holding for income and potential growth, and to select diversified investments and deposits to support revenue and liquidity. Income from investments in the year amounted to 1,480,645 as compared with 1,077,861 in the year ended 31 March 2010. The trustees consider the performance of the investments in the year to be satisfactory and will continue a consistent investment policy for the foreseeable future.

Grant Policy

Grants are made where in the opinion of the trustees they best further the objectives of the charity. Charitable grants made in the year to further the charity's objectives totalled 1,513,494 following grants made of 19,772,466 during the year ended 31 March 2008. Charitable grants made in the year to further the charity's objectives totalled 1,757,131 following grants made of 743,425 during the year ended 31 March 2010.

Governance

The charity is constituted by the Deed of Trust dated 6 February 1985 and registered with the Charity Commission under Charity number 291143. There have been no amendments since its inception and no specific restrictions imposed by the Deed. New trustees are inducted and trained by existing trustees. This includes briefings in relation to the charity's objectives and grant making policies. The trustees are actively responsible for the overall management and control of the charity; there are no paid employees. The charity has no related or connected charities. The trustees are responsible for the management of risks faced by the charity. Risks are identified, assessed and controls established as appropriate. As a result the trustees are satisfied that the major risks identified have been mitigated.

Reserves

The charity's free reserves are represented by substantial investment holdings which form the charity's main source of income. Accordingly, the Trustees' reserves and funding policy is to ensure that funds are maintained at a level which provides the required income. At the balance sheet date 44,317,988 (2010: 46,182,875) was held in reserves.

Future Commitments

The main plans for the future are to continue to make grants to further the objectives of the charity.

8 Park Crescent
London
W1B 1PG

Tel: 07785 246923
Fax: 0207 436 6338

CC number: 291143

Performance Guide Rankings

investment assets 272 / 1000
investment income 245 / 995
return on investments 364 / 995
investment management costs - / 743
inv mgmt costs as % of inv assets - / 743

inv mgmt costs as % of inv income - / 743
investment property - / 361
income from investment property - / 325
inv property inc as % of investment property - / 225

income from listed investments 151 / 661
income from short-term investments 32 / 726
listed investment inc as % of inv income 493 / 661
short-term investment assets 65 / 988

legacy income - / 226
grants received - / 88
total voluntary income - / 628

grants made 191 / 668
charitable expenditure - / 638
charitable expenditure as % of total expenditure - / 335
support costs - / 230
management & administration fees 790 / 970
audit fee per £m of income 549 / 949

total incoming resources 601 / 1000
total resources expended 565 / 1000
total assets 338 / 1000
period ending 2010 2011
INCOMING RESOURCES £m £m
legacies - -
grants - -
total voluntary income - -
activities, furtherance of charities objects - -
activities for generating funds - -
trading subsidiaries - -
sales and fees from operating activities - -
investment property - -
dividends 0.84 0.97
total listed investments 0.84 0.97
income from subsidiaries - -
interest on cash & short term inv 0.24 0.51
total investment income 1.08 1.48
TOTAL INCOMING RESOURCES 1.08 1.48

RESOURCES EXPENDED £m £m
fundraising costs - -
investment management costs - -
cost of generating funds - -
grants paid 0.74 1.76
management and admin 0.01 0.01
total charitable expenditure 0.75 1.77
TOTAL RESOURCES EXPENDED 0.75 1.77

ASSETS £m £m
intangible assets - -
tangible fixed - -
equities - -
bonds - -
listed investments 18.25 19.88
investment assets 18.25 19.88
other fixed assets - -
total fixed assets 18.25 19.88
stock - -
debtors 0.44 0.42
cash 27.51 24.02
current assets 27.94 24.44
bank loans & overdrafts - -
trade & other creditors, accruals 0.00 0.01
creditors falling due within one year 0.00 0.01
net current assets 27.94 24.43
loans - -
future long-term grant commitments - -
trade creditors - -
subsidiary & associated undertakings - -
creditors falling due after one year - -
provisions for liabilities and charges - -
TOTAL ASSETS 46.18 44.32

ASSETS £m £m
income funds 46.18 44.32
endowment funds - -
restricted funds - -
TOTAL FUNDS 46.18 44.32