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2024-03-31-accounts

RECISTERED CHARITY NUMBER: 1069246 Report of the Trustees and Audited Financial Statements for the Year Ended 31 Mareh 2024 for SHORESH CHARITABLE TRUST Bennett Brooks & Co Limited St George's Court Winnington Avenue Northwich Cheshire CW8 4EE

SHORESH CHARITABLE TRUST Coiitents of the Financial S¢atefftents for the year ended 31 March 2024 Page Report of the Trustees Report of the Iiidependent Auditors Statement of Financial Activlties 12 Balance Sheet 13 Notes to the Finaneial Statements 14 to 24 Detailed Slatement of Financial Activities 25

SHORESH CHARITABLE TRUST Report of the Trustees for the year ended 31 March 2024 The trustees present their report with the financial statements of the charity for the y¢ar ended 31 March 2024. The trugtees have adopted the provisions of Accounting and Reportii)g by Chariti¢s.. Stalcm¢n¢ of Rcwininended Praciice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). The fmancial statcments have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 201 l and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting SL￿dard applicable in the UK and Republic of Ireland (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objeclives of the charity are slated as.. 'Th¢ advanceinent of the J¢wish r¢ligion by strengthening the continuity of nomiative Judaism, and the promotion both in Israel and elsewhere of projects which are boili cliaritable according to English Law and benefit the wider Jewish Community., The Trustees have carefully considered the Public Benefit Guidance issued by the Charity Commission and are satisfied thal the Charity meets these requirements both in its objects and in the furtherance ofthose objects in the day to day application of its charitable obj¢ctives. Grant making policy The Trustees adopt a flexible approach to their grant making policy. They will consider applications made from any non-profit making organisation for funding in projects which the Trustees consider are in furtheranee of the stated charitable objectives of the Trust. Page I

SHORESH CHARITABLE TRUST Report of the Trustees for the year ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE The Trustees have awarded grants to th¢ following charities in the UK and Israel, the names and puryioses of which are set out below. In the UK: Acheinu Cancer Support: supporting group sessions. Acheillu Ltd- The Boys Clubhouse combatting homelessness. Arts Therapies for Children: helping the advanc¢m¢nt of the education of children through the provision ofart. BOD Charitable Foundation: Crisis Grant supporting communities with ongoing crisis in Israel. Camp Simcha: funding towards Sibling Relreai 2024 for siblings of children affected by serious mental conditions. CCJO Rene Cassin: contribution towards their work to empower tomoTrow's Human Rights advocates.. Children Ahead Ltd; assistance towards the costs of Clothes and shoes Clapton Common Boys Club: improving the lives of boys through a range of artistic activities. Electric Umbrella Express . contribution towards workshops and supporting resources for 10 Jewish Primary Schools. Eco Judaism: contribution towards dealing betrer with environmental issues. Ezra U'marpeh '. contribution towards general funding to ensure delivery of core service5. Federation of Jewlsh Seryices: contribution towards the support of carers through weekly support groups. Generation 2 Generatlon: funding for the provision of educational resources. Gesher EU: general funding for the process of leaving the ultra-orthodox community. Give it forward today (GIYD: funding towards educational wot* for youngsters and with hands on sessions. Holocaust Memori81 Day Trus¢: contribution lowards engaging the youth nationally to a meaningful Commemordte Holocaust Memorial Day. Institute for J¢wish Policy R¢s¢arch: contribution towards runnii)g ¢ost5, recruiting and paying for sector appropriate academic staff. Jewish Blind and Physically Handicapped Society contribution towards the Big Brother and Big Sistervolunteer prograrnme, Jewish Book Couneil: fimding to SUPPOrt the generydl aims of the festival in 2024. Jeivish Care: contributions towards the funding of projects including the holding of four tea parties annually for Holocaust survivors and refugees in various loa¢ations around London. JC Explore- Music to Life project in partnership with the Wigmore Hall and the Virtual Acrivities proje¢L Jewish C9r¢ Scotland. contribution towards registered services activities and celebrations programme. Jeivish Community Secondgry School.. contribution towards the project of research in developing a meaningful strategy for comTnunity engagement . Jeivish Lads and Girls Brigade: contribution toward5 youth led virtual and core provision for Jewish children and young peopl¢, Page 2

SHORESH CHARITABLE TRUST Report of the Trustees for the year ended 31 Marth 2024 Jewish Leadership Council: contribution towards core funding to develop leaders across the UK Jewish Community. Jewish Music Institut¢- general funding for a range of activities. wntribution to the Wickford Zingt - Yiddish Song Proje¢l- Spring 2024. Jewish Women's Aid: flnancial assistance to support a part-time Orthodox domestic abuse worker. JW3 Jewish Communily Centre London: contribution towards the 'Galeways' programme, helping young people with assistance for basic needs for the following academic year. Jews College: fimding towards bursaries for BA students. Jews, Temporary Shelter: contribution towards Ihe provision of grants to individuals in need of housing, shelter and r¢lated expens¢s and fac iliti¢s. Ktshet UK: funding towards the implementation of projects, ranging from staff time to cU￿1cUlUrn developments cosis, session pr¢parntion, marketing. trdining and strategy development. Kisharon.. funding contribution towards music therapy for students. Langdon Foundation: funding towards specialist holiday schemes for children with learning disabilities, Leeds Jeivish Community Charlty: contribution towards future programmes. Legadel: funding towards therapy and key worker access for children requiring intervenlion. IKO Baeck College '. funding Contribution towards the Lehrhaus Adult Jewish Leaming Programme. Lighthouse.. fijnding for supporting family meals lo those living with challenging circumstances and supporting single mothers who have experienced divorce, family break-up , unhealthy relationships and abuse. Limmud:_ 2024 Festival .. funding to ensure accessibility for all. Maccabi GB.. contribulion towards projects Covering school sports,education,communily, health and wellbeing. Masorti Judaism.. contributions towards the Marom projecl of community building for stud¢nts leaving university, the Kelim programme and senior leadership tfdining. Me5112 UK: funding towards reachin8 and communicatin8 with thos¢ who could b¢n¢fit from their s¢rvic¢5. Mitzvah Day UK: contribution towards the funding of Mitzvah Day 2023. Mother to Mother: towards the provision of meals supporting mothers who would oiherwise not have access io cooked food. New Israel Fund '. contribution towards expanding and empowering New Gen, young adult community in the UK. Nisa Na5him: contribution towards the funding for a part-time project manager. Noa Girls: funding towards the Provision of clinical supervision for trainee therapists. North Western Reform Synagogue . funding towards the Monday Club, providing social opportunities for adults with learning and other disabi lities. Norwood Ravenswood: Core funding and contribulion for their services in supporting vulnerable children with learning disabilites and au tism. Page 3

SHORESH CHARITABLE TRUST Report of the Trustees ror the year ended 31 MArch 2024 ORT UK: contribution towards the JUMP programme mentoring young adults in enabling th¢m to niakc mor¢ infonn¢d choices about their future career Our Second Home: funding towards the 5-day summer residential in London and Essex io include informal educational activities,¢reative and vocational workshops, communal Tneal prep and reflective time in small groups. Further contribution to the Professional Development Fund to receive expert support for staff and volunteers. Prism the Gift Fund: Funding contribution lo reach families outside of London 11] Jewish lif¢ through the gift of children's books. Queer Yeshiva: funding to cover bursaries for five low-income stLLd¢nts to attend the summer event of Talmud leaTning. Renaissance Publishing:: funding for project to support students and graduates in their development as ¢merging Jewish journalists. Sadeh: funding towards training days for supporting th¢ farniing of residency fellow5. Scottish Jewish Arehive Committee ,'grant iow&rds ￿nd raising speaker events. Seret In¢¢rn4tion&l ,, ¢ontribution towards the 2024 Feslival. Side by Slde (Children) Ltd: contribution towards the provision of a wide range of physical activilies that have a positive influenL¢ on cliildr en's attitudes to physical activity and social developm¢nt for disabled chaildren. Simon Marks Primary School Trust .' funding iowards covering the shortfall in the cost of religious educatton. Sonshille Club: fundftng iowards the social meet-up on Sundays or weekends for physical and emotional support. Splash.. contribution towards Shining Stars project, an after school supper and programme in Gateshead, run twice w¢ekly for 5¢vcrely limited children serving dinner with the support and assistance of volunteers. Step by Step London '. coniribution towards the funding of After School clubs. The Anne Frank Trust: general funding lo empower young people with knowledge, skills and confidence to challenge all fomis of prejudic e and discrimination. The Bradian5 Trust: funding towards the Brady Archive project & film history project to record, preserve and disseminate oral. vis ual and written memories of Jewish history in the East End of London.from l 896 -1976. The Ge(frye Museum: contribution towards a n¢w p¢rnianent exhibition ¢0 recreate an ¢arly 20th ccntury Ea51 London Rothschild tenament flat. The Holocaust Educational Trust: contribution towards general ￿ndIng for core programmes. The Interlink Foundation: funding contribution to improve the healt]i and wellbeing of Charred wotnen lo better health literacy and public healt h awareness, removing ba￿lerS to access those servcies. The Jewish Association for Mental Illue5s: contribution towards supporting mental health awareness in January 2024. The Jewish Council for Racigl Equality: contribution to core funding. Tlie Jewish Deaf Association: contribution lowards the salary of a highly skilled Support Services Manager. The Jewish Leadership Council: contribution towards cor¢ funding to develop leaders across the UK Jewish Community, The Jewish Volunteering Network: contribution towards help in supporting the incr¢&se in staffmg of their Manchester branch. Page 4

SHORESH CHARITABLE TRUST Report of the Trustees for the year ended 31 March 2024 The Larches Trust: Contribution towards the Learning for Life progrdmme. The Movement for Refor￿ Judaism: funding towards RSY-N¢tzer bursaries for residential sumn]er camps io those who would not otherwise be able to experience the smmer camps and a pre-¢amp youth training programme to develop and strengthen 90 young leaders. The Scottish Jewish Heritage Centre: funding towards the salary for an assistant learning officer. The Telling: fimding contribution towards support for their 2024 '1nto the Melting Pot, tour to include 6 perfonnances, 4 free publi c workshops and 2 major outreach projects. The Together Plan: contribution towards the International Holocaust education programme for children. The Vache Baroque Festival: contribution towards the s¢reening> celebrating the achi¢vements and legacy of the Jewish composer, Salomone Ro ssl. UK Jewish Film Festival Ltd: general funding contribution for the 2024 Festival. United Jewlsh Israel Appeal.. fimding towards a June seminar in Israel, training 70 British madri¢him in Half alongside Israeli countery)a rts for their 2023 tour. University Jewish Chaplaincy: funding support for of smaller Jewish studcnt communilies and isolated Jewish students across the UK. Weizmgnn Institute Foundation: contribution towards a science outreach education appeal. Woolf Institute: contribution towards the fijnding of a M&sters student bursary. ZSV Trust: funding towards Sukkot festival food Telief. In Israel: Amal Max Pine Campus: funding contribution to assist participants in Poland to give an understandin8 of the Holocaust the organ isation which is dedicated to serve all LGBT youth in lsfdel. British Friends of United Hatzalah contribution towards the training of citizens from diverse communities as volunte¢r medics. Community Seeyrity Trust.. contribution towards dcalins with th¢ ri5¢ in anti3¢mili3m and tcThori3m. Empathy: fiJnding towrads psychotherapy programmes. Eran Emotional First Aid: funding towards training and equipping volunteers to respond to applicanls requiring r￿st aid. Forgotten People Fund: contribution toward5 Scholarships for prof¢ssional studi¢s for Ethiopians. Hand in Hand: contribution towards a Galilee School project ensuring equality and shared society through integrdted bi-lingual education. Haruv Institute.. funding towards the costs of psychiaty for their mental health clinic. Israeli Guide Dog Centre UK: funding for the provision of guide dogs to Israelis who are blind. Israel Movement for Reform: Contribution to the Israel Religious Action Center (IRAC) , their legal and advocay arm, for work to secure civil right s towards the foundations of Israeli democracy. Page 5

SHORESH CHARITABLE TRUST Report of the Trustees for the year ended 31 March 2024 JLIC: funding contrli )ution for a mental health clinic Shoresh Fund (previously Kumzlzt): funding to all areas affected by 7th October. Osey Chail: Contribution towards work providing psychological and emotional support for lone soldiers. Physieians for Human Rights in Israel: contribution towards the cost of an open clinic in Jaffa covering medical treatsnents to seriously-ill patients. Rabbls for Human Rights: funding contribution to the Hadera Rights Centre. Sahar: funding contribution towards mental 5UPPQrt to emotionally stressed individuals. Tag Meir (formerly Yod Bet Heshvan): contribution to general funding. The Freddie Kriville Initia¢lve: contribution towards fvnding for sports and aft¢r school programmes to disaffected Arab youth and teenagers. UK Friends of Belt Issle Shapiro ..￿nding contribution for treatments for children with complex disabilities. Israaid: Contribution to the Israel Forum for Human Aid. and rhe provision of emergency support for crisis affected population s in Israel. Upper Galilee Rape Crisis Cenlre: contribution to the Safe Space project. FINANCIAL REVIEW Fin#ncial position The financial activities of the charity for the year are sel out in these financial statements. The charity has achieved its aim of supporting its Charitable objective by making 8fdnts to various charitable institution5. The principal incorn¢ for the year was investment income on the charity share portfolio amounting to £51,394 (2023- £51,826). Donations io the Portrait collection in the year lotalled £58,216 (2023 £Nil). Gifts in Kind related lo the management and promotion of the Pothil Collection were £47,000 (2023 - £61.600) The charitable activities undertaken during this y¢ar Consist of 113 grdnts patd to 103 (2023- 110 grdnts) charitabl¢ organisations tolalling £332.996 (2023 - £314,372}. Net realised gains on the Investment Portfolio ajnounted to £29,224 (2023 losses- £96,945). Net unrealised gains on the Investment Portfolio totalled £235,297 (2023 loss¢s £116,312). An unrealised gain of £319,284 (2023 £22,600) arose from the revaluation of the Portrait Collection and there were realised losses on exchange totalling £7,440 (2023 - gains £109,461) which resulted in the net realised and unrealised gains of all investments for the year amounting lo £576,365 £81,196 losses). The n¢t increase in charity assets was £285,955 (2023 - decre&8e £401,689). Investment poliey and objectives The charity has one Investment Portfolio with an an Investment Manager based in Germany. Despite global events in 2023 and 2024 continuing to be volatile. the Trustees agreed with the Investment Manager lo increase the Equity Allocation of the Portfolio in the current year whilsl maintaining the cautious approach with regard lo investment strategy overall. Funds under management in cash and bonds decreased to 49Q/o (2023 5W/o), which resulted in a co￿espOndIng increase in the Equity allocation of the Portfolio to 510/0 (2023 - 410/0). Benchmarks are agreed between the Tru5t¢es and the Investment Managers who then report to the trustees on a quarterly basis. Page 6

SHORESH CHARITABLE TRUST Report of the Trustees ror the year ended 31 March 2024 FINANCIAL REVIEW Reserves policy The charity has in place a reserves policy whereby adequate reserves are mainiained, taking into account its analysis of future needs and opportunilies in its area of operation and having regard to expectations of Its future l¢vels of income and expenditur¢. The level ofreserves and the reserves policy are reviewed annually by the Trnstees. Th¢ Trustee5 aim to maintain fr¢e reserves in unreslricted funds at a level providing an investment return which is fully expended, with any annual shortfall being met from those free reserves. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and conslitutes an Uninco￿ordted charity. Charity constitution The charitable trust was constituted by a Deed of Declaration of Trust dated 12 February 1998 under th¢ ￿11 titl¢ 'Shoresh Charitable Trust (Dr Ruth Borchard Gift), and by subsequent Deed of Variation dat¢d 19 Sept¢mber 2001. On 23 May 2016, the Trnstees resolved to vary the Trust Deed to pemiit the first President, Professor Daniel Sperber, to remain in offic¢ until he attained Ihe age of 80 years. The Trusiees have a minimum of two meetings a year to discuss the charity's affairs and to allocate grants and make such decisions as to the general management of the charity as they deem fit, The appointment of Trustees is governed by thc Declardlion of Trust dated 12 February 1998. Rules governing the appointmenls of new Trustees, the ¢ligibilily for trusteeship and the detem]ination of trusteeship are a150 contained in the Trust Deed. Appointsnent of Trustees is mad¢ by the existing trustees and is confirn]ed by Deed of Appointm¢nl, subrycommittee of Trustees serves as an Investment Committee and oversees the investment performance of the charity with appropriate professional guidance. The Trust Deed gives the Borchard Family Council authority to appoint one trustee who is a member of the Borchard Family. Mrs Rachel Borchard Lewis was appointed as the Borchard Family Trustee on 3 November 2015. Existing tNstees are responsible for the indu¢¢ion and training of new TnJst¢es following their appoinlment. Apart from the Borchard Family Council, there are no persons external to the charity who are entitled io appoint trustees. The investment portfolios of the charity are professionally managed by Asset Managers in Gennany. The Ruth Borchard Portrait Collection is managed by a professional curator in the UK. Risk m#nggement The Trustees actively review, on a regular basis, the major risks to which the charity is exposed. The Trustees believe thaL in respect of the financial. operational and business risks faced by the charity, adequaie systems have been established to mitigate those risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1069246 Principal address Claydons Bams I l Towcester Road Whittlebury Northamptonshire NN12 8XU Trustees Rabbi M Goldsmith Mrs R Borchard Lewis D S Myerson (appointed 24.5.23) Pag¢ 7

SHORESH CHARITABLE TRUST

Rcpo1t of the Trustees

for the year ended 31 March 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

Bennett Brooks & Co Limited St George's Court Winnington Avenue Northwich Cheshire CW& 4EE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Repo1t of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 201 I, Charity (Accounts and Reports) Regulations 2008 and. the provisions of the trust deed requires the trustees 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 trustees are required to

The trustees are 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.

Approved by order of the board of trustees on ..... d9 !

nd signed on its behalf by:

.......... .

Mrs R Borchard Lewis - Trustee

Page 8

Report of the Independent Auditor5 to the Trustees or Shoresh Charilable Trust Opinion We have audited the fmancial statements of Shoresh Charitable Trnst (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities. the Balance Sheet and notes to the financial statements. including a summary of significant accounting policies. The financial reporting fram¢woik that has b¢¢n applicd in Iheir preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slatements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended,. have been properly pr¢pared in accordance with United Kingdom Generdlly Accepted Accounting Practice; and have be¢n prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemalional 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 requiremenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relaling io going concern In auditing th¢ financial statements, we have concluded that the trUS￿eS, use of the going concern basi5 of accounting in the preparnlion of the f￿anCIal statements is appropriate. Based on the work we have p¢rfonned, we have not identified any material uncertainties relating to ¢v¢nt5 or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The trustees are responsible for the other infom)ation. The other inforniation comprises the infonnation included in the Annual Report, other than the financial statemen15 and our Report of the Independenl Auditors thereon. Our opinion on the financial statements does not cover the other inforniacion and. except to Ihe extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statemenis. our responsibility is lo read the other inforniation and, in doing so, consider whether the other information is materially inconsistent with the financial slatemei)ts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material ineonsisten¢i¢s or apparent material misstatements, we are required to detem)ine whether this gives rise to a material misstatement in the rinancial statements themselve5. If, based on ihe work we have perfonned, we conclude that there is a material misstatement of this other infomiation, we ar¢ required io report that fact. We have nothing to report tn 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 infom]alion given in the Report of tlie Trustees is inconsistent in any material resP￿t with the fu]ancial statements. or sufficient accounting records have not been kept. or the financial statements are not in ag￿eMent with the accounting records and returns; or we have not received all the infonnation and explanations we require for our audit. Page 9

Report of the Independtnl Auditors to the Trustees or Shoresh Charitable Trust Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trnstees are responsible for Ihe preparation of th¢ fmancial stat¢ments which give a true and fair view. and for Such internal control ag the trugteeg detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the fman¢Aal statements, the trustees are r¢sponsible for assessing the charity's ability to continue as a going con¢ern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternalive but to do 50. Our responsibililies for the audit of the fJnan¢ial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with Ihe Act and rel¢vant regulations made or having effect thereunder. Our objectives are io oblain reasonable assurance about whether the financial stalements as a whole are free from material misstatement, whether due io fraud or error. and ¢0 issue a Report of the Independent Auditors Iliat includes our opinion. Re&sonable assurance is a high level of assurnnce, but is not a guarantee that an audii conducted in accordance wilh ISAS (UK) will always detect a material missiatemenl when it exists. Misstalements can arise from fraud or ern)r and are considered material if. individually or in the aggregale, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslatements in respect of irregularities, including fraud. The extent to which our procedures are Capable of deleciing irregularities, including fraud, is deiailed below. Based on our understanding of the charity and the sector in which il operates, we identified that the principal risks of non-complianc¢ with laws and regulations related to UK tax legislation and regulations which govem the preparation of financial statements, and we considered th¢ extent io which non-compliance might have a maierial effect on the financial statements. We also considered those laws and regulations that have a direct impaci on the financial statements. We evaluated the Trustees, inceniives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls}, and detennined that the principal risks were related to posting inappropriate journal entries to increase income, through manag¢ment bias in manipulation of accouiiting estimates or accouiiling for significant transactions outside the nornial course of business. Audit procedures perfonned included.. Enquiry of management around actual and potential litigation and claims and instances of non-compliance with laws and regulations. Auditing the risk of manageiY]ent ovenide of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of Ihe risk of manageinent bias), and evaluating Ilie rationale of significant transactions outside the normal Course of operations. Reviewing financial statement disclosures and agreeing to supporting documentation to assess compliance with applicable laws and resulations. and Review of Trustee meeting minutes, There are inherent limitations in th¢ audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflecled in the r￿ancial stalements. Also. the risk of not detecting a material misstatement due lo fraud is high¢r ihan tlie risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepr¢sentations, or through collusion. A fi￿h¢r description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditor's responsibilities. This description fonns part of our Report of the Independent Auditors. Page 10

Report of the Independent Auditors to the Truste¢s or Shoresh Charitable Trust Use ofour report This report is made solely to the charity's trustees, as a b￿y, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might gtate to the charity'5 trustees thos¢ matters we are required to state to them in an auditors, report and for Tho other purpose. To the fullest extent pern]itted by law, we do not accept or assume r¢sponsibility to anyone other than the Charity and the charity's tNstees &8 a body. for our audit WOTK for this report, or for the opinions w¢ have fomi¢d. S£4A££tr 6(T44 tr & BenTbett Brooks & Co Limi*d Si George's Court Winninglon Avenue Northwich Cheshire CW8 4EE Date.. Pagell

SHORESH CHARITABLE TRUST Statement of Financial Activities for the year ended 31 March 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 105,216 61.600 Investment income 51,394 51,826 Total 156.610 113,426 EXPENDITURE ON Raising funds 67,188 78,822 Charitable aetivities Making grants to inSti￿tiOnS Governance 355,247 6,502 338.087 6,437 Other 18,083 10,573 Total 447,020 433,919 Net gains/(losses) on investments 576.365 {81,196) ET INCOMEI(EXPENDITURE) 285,955 (401,689) RECONCILIATION OF FUNDS Total funds brought forward 5,521,981 5,923,670 TOTAL FUNDS CARRIED FORWARD 5,807,936 5,521,981 The notes form part of these fmancial statements Page 12

SHORESH CHARITABLE TRUST

Balance Sheet 31 March 2024

2024 .2023
Unrestricted Total
fund funds
Notes £ £
FIXED ASSETS
Investments 10 5,904,589 5,539,101
CURRENT ASSETS
Prepayments and accrued income 8,978 10,323
CREDITORS
Amounts falling due within one year 11 (105,631) (27,443)
NET CURRENT ASSETS (96,653) (17,120)
TOT AL ASSETS LESS CURRENT
LIABILITIES 5,807,936 5,521,981
NET ASSETS 5,807,936 5,521,981
FUNDS 12
Unrestricted funds 5,807,936 5,521,981
TOTAL FUNDS 5,807,936 5,521,981

for issue on ..... . ............ and were signed on its behalf by: statements were approved by the Board of Trustees and authorised

The notes form part of these financial statements·

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SHORESH CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 Mareh 2024 CENERAL INFORMATION AND COMPLIANCE STATEMENT Gener81 informalion The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is Claydons Barns, I l Towc¢st¢r Road, Whittlebury, Northants. NN12 8XU. Statement ol Complianee These financial statements have been prepared in complianG¢ with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statetnent of R¢commended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fatv view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departur¢ ha5 involved following th¢ A¢¢ounting and Reporling by Charities.. Statement of R¢commended Practic¢ applicable to charities pr¢paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Shoresh Charitable Trust constitutes a public benefit entity as defmed by FRS 102. ACCOUNTINC POLICIES Basis of preparing the financial ststements The financial stateinents of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance wilh 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 R¢public of Ireland (FRS 102) (effective l 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 stateinents have been prepared under the historical rost convention, with the exception of investments which are included al. market value, as modified by the revaluation of certain assets. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through income or expenditure. The financial statements are prepared in sl¢rling, which is th¢ functional curr¢n¢y of the entity and rounded lo the nearest £1. Going concern In view of the significant investment balances. which are highly liquid. there are no material uncertainties about the charity's ability to continue to operate as a going concem. Financial reporting standard 102 - reduced disclosure exemptions The charity does not include a cash flow statement on the grounds that it is not a larger charity as defined in the SORP. Critical accounting judgemeiits and key sources of estimation uncertainty Estimates and judgements are coi)linually evaluated and are based on historical experience and other factors, including expeclations of future events that ar¢ believed to be reasonable under the Circumstances. The Charity makcs estimates and judgements Concerning the future. The resuliing accounting eslimales and assumplions will, by definition, seldom equal the related actual results. The estimates and assuTnpt10115 that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, within the next financial year, are the fair values ascribed to the Portrait Collection, which require the use of judgement. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fund5, it is probable that the income will be received and the amount can be measured reliably. Page 14 continued...

SHORESH CHARITABLE TRUST Note5 to the Financial Statements - continued for the year ended 31 March 2024 ACCOUNTING POLICIES- eontinued Income Donations are recognised when the T￿￿t has been notified in writing of both the atnount and settlen]ent date. In the event that a donation is subject to Conditions that require a level of perforniance before the charity is entitled to the funds, the income is deferred and not r¢cognised until either those conditions are fully met, or the fulfilmeni of those conditions is wholly within th¢ control of the cliarity and it 15 probable that ihose condilions will be fulfilled in the reporting period. Interest on funds h¢ld on deposit is included when receivable and the amount can be measured reliably by the harity. Ihis is nornially upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This 15 nomially upon notification by our investment advisor of the dividend yield of the investmenl portfolio. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing th¢ charity to that expenditure, it is probable Ihal a rransfer of ¢conomi¢ benefits will be required in selllern¢nt and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings tliat aggregate all cost related to the category. Where costs cannot be directly attributed to partirular headinbF5 they have been allocated to activities on a basi5 consi5tenl with the us¢ of r¢sourc¢s. Grants payable are payments made to ihird partie5 in ihe furthcranr¢ of the chariiable objects of the Trust. In ihe case of an uncondilional grant offer this is a¢cNed once the recipient has been nolified of the grant award. The notification gives the recipient a reasonable expectalion that they will receive the one-year or multi-year grant. Grants awards tliat are subject to the recipient fulfilling perfonnance condilioiis are only accrued when the recipient has been notified of the grant and any remaining uiifuifilled condition artaching to that grani is outside of (he control of tlie Trust. Provisions for grants are made when the inlenlion lo make a graiil has been cornmunicated to Ihe recipient but there is uncertainty as to the liming of the grant or the amount of gran¢ payable. The provision for a multi-year grant is recognis¢d at its pr¢5¢nt value where settlement is due over more than on¢ year from the date of the award, there are no unfulfilled perfonnance condilions under Ihe control of the Trust that would pennit the Trnst to avoid making the future payments, settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the trustees as providing the most cutTenl available estimate of ihe opportunity cost of money reflecting the time value of money to the Trust. T4xg¢ion The charity is exempt from tsx on its charitable activities. Fund accounting Unrestricted funds can bc used in accordanr¢ with the charitable objectives at the discretion ofthe trnstees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when fund5 are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Foreign currencies Assets and liabilities in foreign CU￿ncleS are translated into slerling at the rates of exchange ruling at the balanc¢ sheet date. Transactions in for¢ign currencies ar¢ translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into accounl in arriving at the net income/expenditure for the year. Financial instruments A f￿anCial as5¢t or a fmancial liability is recognised only wh¢n the charity b¢comes a paw to th¢ contractual provisions of the insttwnent. Page 15 ¢ontinued...

SHORESH CHARITABLE TRUST Note5 to the Fin8nci81 Statements- continued for the year ended 31 March 2024 ACCOUNTING POLICIES- eontinued FinaDcial InSt￿ments Basic flnancial instruments are initially recognised at the amount receivable or payable including any relaled transaction costs. Current asscts and Current liabilities are subsequently measured at the cash or other consideration ex￿cted to be paid OT received and not discounted. Where invesnnents in shares are publicly traded or their fair value can olherwise be measured reliably, the investment is subsequently me&8ured at fair value with changes in fair value recognised in income and eXpendift￿e. All other such investments are subsequently me&sured at cost le55 impainneni. Portrait Valuation The portrait collection is rneasured at fair valu¢ as set out in Not¢ 10, DONATIONS AND LECACIES 2024 Unrestricted funds 2023 Total funds Gifts of donated works Donated services and facilities 58,216 47,000 61,600 105.216 61,600 INVESTMENT INCOME 2024 Unrestricted funds 2023 Total funds Investment portfolio 51.394 51,826 RAISINC FUNDS Investment mgnggement eosts 2024 Unrestricted funds 2023 Total funds Portfolio management Portrait Collection management 20,188 47,000 21,222 57,600 67,188 78.822 All expenses relating to the curdtion, mainlenanre, insurance, promotion and administration of the Ruth Borchard Portrait Collection are paid on (he charity's belialf with this contribution included as a corresponding donated service and facility received by the Charity. Further reference is made to this in Note 13 to the Financial Statements - Related Party Disclosures. Page 16 continued...

SHORESH CHARITABLE TRUST Notes to the Finaneial Statements- continued lor the year ended 31 March 2024 GRAwfs PAYABLE 2024 2023 Making grants to institutions 332,996 314,372 Page 17 continued...

SHORESH CHARITABLE TRUST Noles to the Financial Statements- coniinued ror Ihe year ended 31 March 2024 GRANTS PAYABLE - continued UK Charilable Institutions: Acheinu Cancer Support Acheinu Ltd Arts Therapies for Children BOD Charitable Foundation Camp Simcha Children Ahead Ltd Clapton Common Boy5 Club Eco Judaisin Electric Umbrella Express Ezra Umarpeth Federation ofJewish Service5 Generation to Generation Gesher EU Give it forward today Holocaust Educational Trust Holocaust Memorial Day Trust Institute for Jewish Policy Research Jewish Blind and Physically Handirappcd Society Jewish Association for Mental Illness Jewish Book Council Jewish Care Jewish Care Scotland Jewish Community Secondary Community Engagem¢nt Jewish Lads and Girls Brigade Jewish Leadership Council Jewish Music Institute Jewish Women's Aid Jews College Jews Temporary Shelter JW3 Jewisli Coininunity Centre London Keshet UK Kisharon Langdon Foundation Leeds Jewish Community Charity Legadel Ltd Leo Baeck College Lighthouse Limmud 2024 Festival Maccabi GB Masorti Judatsm Kelim Programtne Masorti Judaism Senior Leadership Training Masorti Judaism Mesila UK Ltd Mitzvah Day UK Mother to Mother Ltd New Israel Fund Nisa Nashi Noa Girls North Western Refomi Synagogue Norwood Ravenswood ORT UK 2,000 ,999 2.534 3,078 2,565 ,000 ,999 5,130 ,500 2,052 3,997 1,000 2,011 1,539 1,000 2,000 3,000 2,052 3,078 4,617 16,157 1,000 5,000 3,041 3,000 11,534 7,995 3,000 5,130 3,041 2,027 3,997 3,591 5,000 2,052 5,000 2,027 8,209 3,078 3,041 3,041 1,999 1,000 9,993 1,000 2,000 1,499 3,000 3,041 8,102 2,000 4,036 3,997 Our Second Home Prism - the Gift Fund Page 18 continued...

SHORESH CHARITABLE TRUST Notes to Ihe Financial Statements- eontinued ror the yegr eDded 31 March 2024 GRANTS PAYABLE- rontinued Queer Yeshiva Renaissancc Publishing Rene Cassin Sadeh Scottish Jewish AKhives Co Ser¢t Intemational Side by Side Children Ltd Simon Mark5 Primary School Trust Sonshine Club Splash Slep by Slep London The Anne Frank Trust The Bradl￿]S Trust Th¢ Geffiye Museum Trust Th¢ Interlink Foundation The Jewish Council for Racial Equality The Jewish Deaf Association The Jewish Volunteering Network The Larches Trust The Movement for Refonn Judaism The Scottish Jewish Heritage The Telling The Together Plan The Vache Baroque Festival UK Jewish Film Ltd United Jewish Israel Appeal University Jewish Chaplaincy Weizinann Institute Foundation Woolf Institute ZSF Trust 2,027 ,499 2,000 1,999 1,000 2,000 2,027 1,500 1,026 1,014 2,000 1,500 1,521 1,000 6,082 2,498 3,041 5,999 3,498 10,137 2,500 2,027 ,500 1,000 4,104 3,548 3,591 2,500 2,000 1,000 Israeli Charitable Institution s Amal Max Pine Campus British Friends of United Hatzalah Community Security Trust Empathy Eran Emotional Aid Forgotten People Fund Hand in Hand Haruv Instittjte Israel Guide Dog Centre UK Israel Movement for Refomi Osey Chail Physicians for Human Rights Rabbis for Human Rights Sahar Shoresh Fund (formerly Kumzitz) The Freddie Krivine Initiative The Israel Forum for KT)lernational Human Aid UK Friends of Belt Issie Shapiro Union of Orthodox Jewish Congregations of America- JLIC Upper Galilee Rape Crisis Centre Tag Meir (Yod Bet Heshvan) ,995 2,534 4,976 ,000 4,976 ,993 2,998 2,537 1,999 5,069 1,500 3,041 3,000 4,998 4,976 1.999 2,565 2,052 4,872 4,000 3.000 66,080 266.916 Page 19 continued...

SHORESH CHARITABLE TRUST Notes to the Financial Statements- continued for the year ended 31 M9rch 2024 CRANTS PAYABLE - continued Sumtnary ofGrants 2024 2023 Total Grants made to UK Charitable Institutions Totsl Grants made to Israeli Charitable Institutions 266,916 66,080 268,985 45,387 Total Grants made - as per SOFA 332,996 314,372 SUPPORT COSTS Governance costs Management Tothls Other resources expended Making grants to institutions Governance 12,610 22,251 5,473 18,083 22,251 6,502 6,502 34.861 11.975 46.836 Support costs, included in the above. are as follows.. Management 2024 2023 Other resources expended Making grants to institutions Total activities Total activities Administration & secretarial 12,610 22,251 34,861 28,810 Covernance costs 2024 2023 Other re50ur¢¢s expended Toial activities Total aclivilie5 Govcrnance Trustees, expenses Auditors, remuneration Accounthn¢y fe¢s Trustees, indemnity insuranr Bank charges (38) 6,000 4,800 475 678 6,000 6,000 5,100 502 373 5,100 502 373 5,473 6,502 11,975 1,915 Page 20 Continued...

SHORESH CHAIUTABLE TRUST Notes to the Financial S¢atements- continued for the year ended 31 Mareh 2024 TRUSTEESI REMUNERATION AND BENEFITS The tsustees received no emoluments in the current or previous year. Trustees, expenses The numb¢r of Trustee5 to whom ¢xp¢nses were reimbut3ed was Nil (2023 - 2), COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 61,600 Investment incoine 51,826 Total 113,426 EXPENDITURE ON Raising funds 78,822 Charitsble activities Making grants to institutions Governance 338.087 6,437 Oiher 10,573 Totsl 433,919 Net gains/(losses} on investments (81,196) NET INCOME/(EXPENDITURE) (401.689) RECONCILIATION OF FUNDS ToLal funds brouglit forward 5,923,670 TOTAL FUNDS CARRIED FORWARD 5,521,981 Page 21 continued...

SHORESH CHARITABLE TRUST Notes to the Financial Statements- continued for the year ended 31 March 2024 io, FIXED ASSET INVESTMENTS 2024 2023 Shares Borchard Portrait Collection 2.773,504 3,131,085 2,785,515 2,753,585 5,904,589 5,539,100 Additional inforn]ation as follows.. Listed investments MARKET VALUE At l April 2023 Additions Disposals Revaluations Exchang¢ diff¢rences Recla55ific¢ltionl transfer 2,785,515 1,103.846 (1,333,668) 264,521 (7,440) (39.270) 3,208,724 576,610 (993,952) (213.257) 110,888 96.502 At 31 March 2024 2,773,504 2,785,515 NET BOOK VALUE At 31 March 2024 2,773,504 2,785,515 At 31 March 2023 2,785,515 3,208,724 The Charity's Investment Portfolio 15 held oulsid¢ th¢ UK, b￿d in Germany and run by the Asset Management seclion of a German Bank. The base ¢utTency of this Portfolio is Euros. The total of assets under management as at 31 March 2024 was £2,773,504 (2023 - £2,785,515). Euro Equivalents e3,243,613 (2023 e3,160,617). Investments (neither listed or unlisted) were a5 follows.. 2024 2023 Brought forward Additions Rcyaluation 2,753,585 58,216 319,284 2,730,985 22,600 3,131,085 2,753,585 All investments shown are listed at valuation. Listed investments The aggregate market value of listed investments is £2.773,504 (2023 £2.785.515) and the Stock Exchange value is £2,773,504 (2023 £2,785,515). Financial 8ss¢ts held at fair value All listed investments are carried at their rna￿et value. Investments in equities and fixed interest Securities are all traded in quoted public rnarkets, primarily the Germam Stock Ex¢hange {DAX). Holdings in common investment funds, unit trusts and open ended investment companie5 are at the bid price. Asset sales and purchases are recognised at ihe date of trade at cost (that is their transaction value). Page 22 continued...

SHORESH CHARITABLE TRUST Notss to the Financial Statements- continued for th¢ year ended 31 March 2024 io. FIXED ASSET INVESTMENTS- continued The Portrait Collection was subject to independent. professional valuation at 31 March 2024. The valuation was und¢rtak¢n by Dr Robert Trav¢rs of Robert Travers Works of Art Ltmited. The methods and significant assumptions used to ascertain the fair value of £3,131,085 (2023 - £2,753.585) ar¢ as follows: Methods: Using mwket values recorded for compaTable works. taking into account the Peri￿ condition and rarity of the self-portrait. Assumptions: The Ruth Borchard Collection is a unique assemblag¢ of Modern British self-portrait paintings of greater value than its individu(Il ioinpoiients and this is reflecled in the valualions. ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 105.631 27,443 12. MOVEMENT IN FUNDS Net movemenl in funds At 31.3.24 At 1.4.23 Unrestricted funds G¢n¢ral fund 5,521,981 285,955 5.807.936 TOTAL FUNDS 5,521.981 285,955 5,807,936 Net movement in funds, included in the above are as follows: Incoming resour¢¢s Resources expended Gain5 and losses Movement in funds Unrestricl¢d funds General fund 156,610 (447,020) 576,365 285,955 TOTAL FUNDS 156,610 (447.020) 576,365 285,955 Comparatives for movement in funds Net movement in funds At 31.3.23 Ai 1.4.22 Unrestricted funds General fund 5,923,670 (401,689) 5,521,981 TOTAL FUNDS 5.923,670 (401,689) 5,521,981 Page 23 continued...

SHORESH CHARITABLE TRUST Notes to th¢ Financial Statements- ¢on¢inued for the year ended 31 March 2024 12. MOVEMEiYr IN FUNDS- continued Comparative net movement in fimds, included in the above are as follows: Incoming re50urees Resources expended Gains and losses Movement in funds Unrestricted funds General flmd 113.426 (433,919) (81,196) (401.689) TOTAL FUNDS 113,426 (433,919) (81,196) (401,689) A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.24 At 1.4.22 Unrestricted funds General fijnd 5,923.670 (115.734) 5,807,936 TOTAL FUNDS 5,923,670 (115,734) 5,807,936 A current year 12 months and prior year 12 months combined net movement in funds, ineluded in the above are a5 follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds Generdl fund 270,036 (880,939) 495,169 (115,734) TOTAL FUNDS 270,036 (880,939) 495,169 (115,734) 13. RELATED PARTY DISCLOSURES During the year. Mr Richard Borchard, a member of the Borchard Family Council who have the power to appoint one of the trustees, did not donate any portraits to the Ruth Bor¢hard Collection. (2023 None). The value of donaiions in kind was recorded as donated income. There were no balances due to or from Mr Richard Borchard at 31 March 2024 or at 31 Ma￿h 2023. During the ye￿, Fairplay Towage & Shipping Co. Ltd paid the curdtion, storage and insurance costs of the Ruth Borchard Collection amounting to £47,000 (2023 £57,600) and donated portraits totalling £58,216 (2023 £Nil). Two mernbers of the Borchard Family Council are also directors of Fairplay Towage & Shipping Company Ltd. There were no balances due to or from Fairplay Towage & Shipping Co. Ltd at 31 March 2024 or at 31 March 2023. Page 24

SHORESH CHARITABLE TRUST Detailed StAtemenl of Financial Activities for the year ended 31 March 2024 2024 2023 IIYCOME AND ENDOWMENTS Donations legaeies Gifts of donated works Donaled services and facilities 58,216 47,000 61,600 105.216 61,600 Investment ineome Investment portfolio 51,394 51.826 Totsl incoming resourees 156,610 113,426 EXPENDITURE Investment management Costs Portfolio management Portrait Collection managem¢nt 20,188 47,000 21,222 57,600 67,188 78,822 CharitAble Activities Grants lo institutions 332.996 314,372 Support costs Management Administration & secr¢thrial 34,861 28,810 Governance costs Trustees, expenses Audilors, remuneration Accountancy fees Trnslees, indemnity insurance Bajik charges (38) 6,000 4,800 475 678 6,000 5,100 502 373 11,975 11,915 Total resources expended 447.020 433,919 Net expenditure before gains and losses (290.410) (320,493) Realised recognis¢d gains and losses Realised gainsl(losses) on r￿ed asset investments Unrealised gains/ loss¢s 21,784 554,581 (96,945) 15,749 Net incomel(expenditure) 285,955 (401,689) This page does not forni part of th¢ statutory fmanclal ststements Page 25