2023-12-31-accounts - Rothschild Foundation (Hanadiv) Europe

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`Constitution`	`RothschildFoundation(Hanadiv)Europeisa companylimitedbyguarantee` `and` `a` `registeredcharitygoverned` `by` `itsmemorandum` `and` `articles` `of` `association.Itisa registeredcharity,No.1083262.CompanyNo.03948898.`	`RothschildFoundation(Hanadiv)Europeisa companylimitedbyguarantee` `and` `a` `registeredcharitygoverned` `by` `itsmemorandum` `and` `articles` `of` `association.Itisa registeredcharity,No.1083262.CompanyNo.03948898.`
`DirectorsandTrustees`	`Thedirectorsofthecharitablecompany(“theFoundation”)areitstrusteesfor` `thepurposeofcharitylaw andthroughoutthisreportarecollectivelyreferred` `toasthetrustees.Assetoutinthearticlesofassociationthechairmanofthe` `boardoftrusteesisappointedbythetrustees.Themembershavethepowerto`
	`appointanyoftheirnumbertobea trustee.`
	`Thetrusteeswhoservedduringtheyearandtothedateofsigning`	`were:`
	`LordRothschildOMGBE(President)’`
	`SirBradleyFried(Chairman)`
	`SirVictorBlank`
	`MmeBéatriceRosenberg`
	`DrDavidLandau`
	`AdamKarni-Cohen`
	`TheHonourableBethRothschild`
	`NicolaCobbold`
	`NicolaLoftus`
	`BenAvigdori`
`CompanySecretary`	`LMasterton`
`ChiefExecutive`	`SBerkovic`
`RegisteredOffice`	`14StJames’sPlace`
	`London`
	`SWIAINP`
`Auditors`	`SafferyLLP`
	`71QueenVictoriaStreet`
	`LondonEC4V4BE`
`Bankers`	`TheBankofNewYorkMellon`
	`RueMontoyer46`
	`B-1000Brussels`
	`Belgium`
	`Coutts& Company`
	`440Strand`
	`LondonWC2R0QS`
`Solicitors`	`Farrer& CoLLP`
	`66LincolnsInnFields`
	`LondonWC2A3LH`

		`Expendable`	`Unrestricted`
		`endowment`	`income`		`Yearended`		`Yearended`
		`fund`	`fund`		`31-Dec`		`31-Dec`
		`2023`	`2023`		`2023`		`2022`
	`Note`	`£`	`£`		`£`		`£`
`Incomefrom:`
`Investments`	`9.`	`-`	`205,256`		`205,256`		`193,652`
`Donations` `Totalincome`	`3.`	`-` `-`	`-` `205,256`		`-` `205,256`		`810,376` `1,004,028`
`Expenditureon:`
`Raisingfunds`
`Investmentmanagementcosts`	`4.`	`855,158`	`-`		`855,158`		`792,423`
`Charitableactivity`
`AcademicJewishStudiesProgramme` `HeritageandCultureProgramme` `EducationandResearch` `NationalLibraryofIsraelandother` `CommunityWelfare` `Totalresourcesexpended`	`4.` `4.` `4.` `4.` `4.`	`-` `-` `-` `-` `-` `855,158`	`1,255,357` `2,657,431` `948,317` `873,168` `1,813,612` `7,547,885`		`1,255,357` `2,657,431` `948,317` `873,168` `1,813,612` `8,403,043`		`1,374,549` `3,740,951` `1,017,551` `620,253` `1,382,327` `8,928,054`
`Netoutgoingresourcesbefore` `investmentmovement`		`(855,158)`	`(7,342,629)`		`(8,197,787)`		`(7,924,026)`
`Netlossesoninvestmentassets`
`Realisedandunrealisedinvestment` `losses`		`1,448,460`		`-`	`1,448,460`		`(4,643,670)`
`Netincomeandexpenditure`		`593,302`	`(7,342,629)`		`(6,749,327)`		`(12,567,696)`
`Transfersbetweenfunds` `Netmovementinfunds` `Fundbalancesbroughtforward`	`1.b.`	`(7,342,629)` `(6,749,327)` `134,476,386`	`7,342,629`	`-` `-`	`(6,749,327)` `134,476,386`	`-`	`(12,567,696)` `147,044,082`	`-`
`Fundbalancescarriedforward`		`127,727,059`		`-`	`127,727,059`		`134,476,386`

`LANCESHEET` `AT31DECEMBER2023`
		`31-Dec`	`31-Dec`
	`Notes`	`2023` `£`	`2022` `£`
`FixedAssets` `Tangibleassets`	`8.`	`-`	`2,528`
`Investments` `Quotedsecuritiesandunquotedinvestments` `Derivativefinancialinstruments` `Salesforfuturesettlement` `Purchasesforfuturesettlement` `Cashbalances`	`9.`	`128,689,082` `536,455` `139,843` `98,186` `2,843,987` `132,307,553`	`133,014,871` `571,700` `-` `-` `5,289,051` `138,875,622`
`Currentassets` `Prepayments` `Cashatbank`		`122,358` `19,861` `142,219`	`126,521` `24,044` `150,565`
`Creditors:amountsfallingduewithinoneyear` `Othercreditors` `Grantspayablewithinoneyear`		`3,611` `3,751,415` `30,172`	`3,965` `3,633,289` `113,003`
`Accruals`		`3,785,198`	`3,750,257`
`Netcurrentliabilities`		`(3,642,979)`	`(3,599,692)`
`Creditors:fallingdueinmorethanoneyear` `Grantspayable`	`11.`	`(937,515)`	`(802,072)`
`Netassets`		`127,727,059`	`134,476,386`
`Funds` `Expendableendowmentfund— historicalcost` `Expendableendowmentfund— revaluation` `Restrictedincomefund` `Unrestrictedincomefund`	`12.`	`71,248,359` `56,478,700` `-` `-`	`74,968,273` `59,508,113`	`-` `-`
`Totalfunds` `Thesefinancialstatementshave beenpreparedin` `companies’regime.Thenotesonpages16to30`	`13.` `127,727,059` `134,476,386` `accordancewiththeprovisionsapplicabletocompaniessubjecttothesmall` `formpartofthesefinancialstatements.` `ardon09July2024andsignedontheirbehalfby:`
`SirBradleyFried\` `Chairm`			`DrDavid` `Landau,`	`Trustee`

	`2023`	`2022`
	`£`	`£`
`Netcashusedinoperatingactivities`	`(8,582,493)`	`(8,256,002)`
`Cashflowsfrominvestingactivities:`
`Purchaseofinvestments`	`(7,571,092)`	`(10,052,039)`
`Proceedsfromsaleofinvestments` `Proceedsfromforwardcurrencycontracts`	`13,518,930` `185,408`	`18,129,082` `(201,710)`
`Incomefrominvestmentsincash` `Netcashprovidedbyinvestingactivities`	`-` `6,133,246`	`144,925` `8,020,258`
`Changeincashandcashequivalentsintheyear`	`(2,449,247)`	`(235,744)`
`Cashandcashequivalentsat1 January` `Cashandcashequivalentsat31December`	`5,313,095` `2,863,848`	`5,548,839` `5,313,095`
`Notestothecashflowstatement`
`Analysisofcashandcashequivalents`	`2023` `£`	`2022` `£`
`Cashwithininvestmentportfolio` `Cashatbank`	`2,843,987` `19,861` `2,863,848`	`5,289,051` `24,044` `5,313,095`
`Reconciliationofchangesinresourcesto` `netcashusedinoperatingactivities` `Netloss(Page13)` `(Gains)/ lossesoninvestments` `Incomefrominvestmentsincash` `Depreciationcharges` `Realisedexchange(loss)` `(Increase)/ decreaseinsalesforfuturesettlement` `(Increase)/ decreaseinpurchasesforfuturesettlement` `Decrease/ (increase)indebtors` `Increase/ (decrease)increditors` `Netcashusedinoperatingactivities`	`2023` `£` `(6,749,327)` `(1,448,460)` `-` `2,528` `(323,752)` `(139,843)` `(98,186)` `4,163` `170,384` `(8,582,493)_`	`2022` `£` `(12,567,696)` `4,643,670` `(144,925)` `2,843` `(2,382,166)` `1,503,329` `979,161` `(29,559)` `(260,659)` `(8,526,002)_`

	`Expendable`	`_Restricted`	`Unrestricted`
	`endowment`	`income`	`income`	`Yearended`
	`fund`	`fund`	`fund`	`31-Dee`
	`2022`	`2022`	`2022`	`2022`
	`£`	`£`	`£`	`£`
`Incomefrom:`
`Investments`	`-`	`-`	`193,652`	`193,652`
`Donations`	`-`	`810,376`	`-`	`810,376`
`Totalincome`	`-`	`810,376`	`193,652`	`1,004,028`
`Expenditureon:`
`Raisingfunds`
`Investmentmanagementcosts`	`792,423`	`-`	`-`	`792,423`
`Charitableactivity`
`AcademicJewishStudiesProgramme`	`-`	`-`	`1,374,549`	`1,374,549`
`HeritageandCultureProgramme`	`-`	`810,376`	`2,930,575`	`3,740,951`
`EducationandResearch`	`-`	`-`	`1,017,551`	`1,017,551`
`NationalLibraryofIsraelandother`	`-`	`-`	`620,253`	`620,253`
`CommunityWelfare`	`-`	`-`	`1,382,327`	`1,382,327`
`Totalresourcesexpended`	`792,423`	`810,376`	`7,325,255`	`8,928,054`
`Netoutgoingresourcesbefore`
`investmentmovement`	`(792,423)`	`-`	`(7,131,603)`	`(7,924,026)`
`Netlossesoninvestmentassets`
`Realisedandunrealisedinvestment`
`losses`	`(4,643,670)`	`-`	`-`	`(4,643,670)`
`Netincomeandexpenditure`	`(5,436,093)`	`-`	`(7,131,603)`	`(12,567,696)`
`Transfersbetweenfunds`	`(7,131,603)`	`-`	`7,131,603`		`-`
`Netmovementinfunds`	`(12,576,696)`		`-`	`(12,576,696)`
`Fundbalancesbroughtforward`	`147,044,082`	`-`	`-`	`147,044,082`
`Fundbalancescarriedforward`	`134,476,386`	`-`	`-`	`134,476,386`

`GrantsandDonations`
	`2023`		`2022`
`AcademicJewishStudiesProgramme`	`£`		`£`
`EuropeanAssociationforJewishStudies` `EcolePratiquedesHautesEtudes,Sorbonne`	`153,000` `139,500`		`140,500` `-`
`PragueCentreforJewishStudies,CharlesUniversity`	`83,000`		`-`
`UniversityofManchester`	`66,812`		`-`
`LudwigMaximiliansUniversity`	`60,000`		`-`
`UniversityofGranada`	`57,000`		`-`
`Justus-Liebig-UniversitatGieBen`	`57,000`		`-`
`WorldUnionofJewishStudies,HebrewUniversityofJerusalem` `UniversityofAmsterdam`	`=` `110,500`		`132,000` `115,500`
`EcolePratiquedesHautesEtudes,Sorbonne` `UniversityofLondon`	`-` `99,881`		`110,500` `79,020`
`UniversityofCambridge`	`-`		`70,000`
`UniversityCollegeLondon`	`126,998`		`70,000`
`ComplutenseUniversityofMadrid`	`57,000`		`68,544`
`SapienzaUniversitadiRoma`	`-`		`65,726`
`UniversityofBern`	`-`		`60,792`
`AlexandruloanCuzaUniversity`	`-`		`51,000`
`Individualgrantsoflessthan£50,000`	`143,558`		`251,473`
`Earliergrantspart-returnedorcancelled`	`(91,638)` `1,062,611`		`(10,746)_` `1,204,309`
`JewishHeritageProgramme`
`AmericanJewishJointDistributionCommittee`	`160,000`		`-`
`JewishMuseumofGreece`	`150,000`		`-`
`QuincentennialFoundation` `JewishMuseumofTurkey`	`147,383`		`-`
`HolocaustCentreNorth`	`120,000`		`-`
`Muséed'artetd'histoireduJudaisme` `ETH,Zurich`	`115,118` `112,000`		`-` `-`
`StateArchiveofRavenna` `CentralArchivesfortheHistoryoftheJewish People`	`80,000` `80,000`		`-` `-`
`LondonSchoolofJewishStudies`	`79,200`		`-`
`TheUrbanMemoryFoundation`	`75,000`		`-`
`JewishMuseumFrankfurt`	`74,357`		`-`
`JewishMuseumofVienna`	`68,500`		`-`
`WienerHolocaustLibrary`	`66,750`		`-`
`BibliothecaRosenthaliana`	`60,000`		`-`
`JewishStudiesProgramme,CentralEuropeanUniversity`	`57,167`		`-`
`OsrodekBramaGrodzkaTeatrNN`	`52,905`		`-`
`ComunitaEbraicadiVenezia`		`?`	`797,344`
`TheNationalHolocaustCentreandMuseum`		`-`	`141,600`
`BodleianLibraries,UniversityofOxford`	`133,333`		`133,334`

`3.Grantsanddonations(continued)`
	`2023`	`2022`
	`£`	`£`
`IsraelitischeGemeindeBasel` `UnionedelleComunitaEbraicheItaliane` `BritishLibrary` `AssociationOfEuropeanJewishMuseums` `MuseoEbraicoVenezia` `GhettoFighters’HouseMuseum` `JiidischesMuseumderSchweiz` `Tuddsmenedzsmentert,TudasalapuTechnologidértAlapitvany` `BradiansTrust` `CentrointernazionaleLeoLeviperlaricerca,laconservazionee la`	`=` `131,651` `-` `-` `-` `-` `=` `-` `-`	`120,000` `117,612` `111,615` `105,000` `100,000` `93,000` `75,000` `73,000` `72,338` `72,000`
`valorizzazionedelpatrimoniomusicale`
`StichtingJoodsMaatschappelijkWerkMW)` `JewishMuseuminPrague` `SephardiVoicesUK` `MartynasMazvydasNationalLibraryofLithuania` `GrazMuseum` `Centrenationald’artetdecultureGeorgesPompidou` `AssociationofJewishLibraires` `TaubeDepartmentofJewishStudies,UniversityofWroclaw` `JewishHistoricalMuseum` `Individualgrantsoflessthan£50,000` `Earliergrantspart-returnedorcancelled` `JewishEducation` `HillelDeutschlande.V` `Jw3` `MachonKehilot` `EducatingforImpact` `\|TheCentreforEducationalTechnology` `JLC- PartnershipforJewishSchools` `UnionofJewishStudentsoftheUKandIreland` `JewishBookCouncil` `Sadeh` `Individualgrantsoflessthan£50,000` `Earliergrantspart-returnedorcancelled*`	`-` `-` `-` `-` `-` `-` `-` `-` `-` `450,287` `(19,737)` `2,193,914` `105,000` `90,000` `80,000` `-` `-` `-` `-` `=` `315,650` `(121,877)` `468,773`	`71,228` `69,650` `68,106` `59,372` `58,650` `54,838` `54,000` `53,784` `52,400` `547,754` `(1,176)` `3,100,448` `=` `-` `-` `185,171` `95,500` `90,000` `75,000` `50,000` `171,893` `(58,344)` `609,220`

`Grantsanddonations(continued)`	`2023`	`2022`
`NationalLibraryofIsraelandothergrants`
`GesherL’Europa[ABridgetoEurope]`	`750,000`	`550,000`
	`750,000`	`$50,000`
`CommunityWelfare` `Institutefor` `JewishPolicyResearch`	`465,000`	`-`
`EducatingforImpact`	`208,547`	`-`
`JewishFuturesTrust`	`180,000`	`-`
`TheJewishAssociationforMentalIllness`	`169,744`	`-`
`Norwood`	`60,000`	`-`
`JewishWomen'sAid`	`50,000`	`-`
`WorldJewishRelief`	`-`	`250,000`
`Institutefor` `JewishPolicyResearch`	`-`	`190,000`
`PillarFoundation`	`117,980`	`126,732`
`JWw3`	`-`	`100,000`
`SocialFinance`	`-`	`80,300`
`RabbiSacksLegacyTrust`	`-`	`50,000`
`JDC`	`-`	`36,917`
`Individualgrantsoflessthan£50,000`	`336,516`	`395,600`
`Earliergrantspart-retumedorcancelled`	`(30,000)` `1,557,787`	`(3,792)_` `1,225,757`
`Totalgrants`	`6,033,085`	`6,689,734`

`2023`
				`Support&`
		`Other`	`Investment`	`Admin`	`Governance`	`Total`
	`Grants` `£`	`Activities` `£`	`Costs` `£`	`Costs` `£`	`Costs` `£`	`2023` `£`
`InvestmentManagement`	`-`	`-`	`792,532`	`62,626`	`-`	`855,158`
`CharitableExpenditure`
`UnrestrictedFund` `AcademicJewishStudies` `CultureandHeritage` `EducationandResearch` `NationalLibraryofIsrael` `CommunityWelfare`	`1,062,611` `2,193,914` `468,773` `750,000` `1,557,787`	`15,667` `88,663` `345,775` `-` `-`	`-` `-` `-` `-` `-`	`172,631` `365,438` `130,409` `120,074` `249,399`	`4,448` `9,416` `3,360` `3,094` `6,426`	`1,255,357` `2,657,431` `948,317` `873,168` `1,813,612`
	`6,033,085`	`450,105`	`792,532`	`1,100,577`	`26,744`	`8,403,043`
	`Note3.`

`2022`
				`Support&`
		`Other`	`Investment`	`Admin`	`Governance`		`Total`
`InvestmentManagement`	`Grants` `£` `-`	`Activities` `£` `-`	`Costs` `£` `742,863`	`Costs` `£` `49,560`	`Costs` `£` `-`		`2022` `£` `792,423`
`CharitableExpenditure`
`Unrestricted` `Fund` `AcademicJewishStudies` `CultureandHeritage` `EducationandResearch` `NationalLibraryofIsrael` `CommunityWelfare`	`1,204,309` `2,303,104` `609,220` `550,000` `1,225,757`	`14,550` `205,226` `293,077` `-` `-`	`-` `-` `-` `-` `-`	`152,525` `413,663` `112,911` `68,825` `153,388`	`3,165` `8,582` `2,343` `1,428` `3,182`		`1,374,549` `2,930,575` `1,017,551` `620,253` `1,382,327`
`RestrictedFund` `CultureandHeritage`	`797,344`	`-`	`-`	`13,032`		`-`	`810,376`
	`6,689,734`	`512,853`	`742,863`	`963,904`	`18,700`		`8,928,054`
`Note3.` `beenallocatedbasedontheamountoftimeallocatedtoeachactivity.` `Supportcostshave beenallocatedpro-ratatograntsandotheractivitiesforeach`				`programme.Administrationcosts`			`have`

`5.`	`Administrationcostsinclude:`
	`Auditors’remuneration(incl.` `VAT)`
	`Depreciation`
`6.`	`StaffCosts` `Wagesandsalaries` `NationalInsurance` `Pensions` `LifeInsurance`	`2023` `£` `443,311` `60,398` `71,941` `5,064` `580,714`	`2022` `£` `394,519` `54,141` `58,602` `5,591` `512,853`

`Thenumberofemployeeswhoseemolumentsasdefinedfortaxati`	`onpurposesamountedtoover£60,00`	`inthe`
`follows:`	`Number`	`Number`
	`2023`	`2022`
`£70,001- £80,000`	`1`	`1`
`£150,001- £160,000` `£160,001- £170,000`	`1`
	`2023`	`2022`
	`£`	`£`
`Totalbenefitspaidtokeymanagementpersonnel`	`207,576`	`187.752`

	`Number`		`Number`
`Charitableactivities` `Managementandadministration`		`5` `1`

`Investments`	`31-Dec`	`31-Dec`
	`2023`	`2022`
`Quotedsecurities`	`£`	`£`
`Marketvalueasatstartofyear`	`74,603`	`1,490,924`
`Investmentpurchases`	`-`	`-`
`Disposalproceeds`	`-`	`(1,272,654)`
`Netinvestmentgains`	`(11,485)`	`(143,667)`
`Marketvalueasatendofyear`	`63,118`	`74,603`
`Unquotedinvestments`
`Valuationatstartofyear`	`48,969,401`	`43,222,067`
`Investmentpurchases`	`7,571,092`	`10,052,039`
`Investmentdistributions`	`(4,993,931)`	`(5,856,428)`
`Trustees’revaluation`	`(4,582,537)`	`1,551,723`
`Valuationasatendofyear`	`46,964,025`	`48,969,401`
`Multi-assetfunds`
`Valuationatstartofyear`	`83,970,867`	`99,235,782`
`Investmentdistributions`	`(8,525,000)`	`(11,000,000)`
`Trustees’revaluation`	`6,216,072`	`(4,264,915)`
`Valuationasatendofyear`	`81,661,939`	`83,970,867`
`Quotedsecuritiesandunquotedinvestments`	`47,027,143`	`49,044,004`
`Multi-assetfunds`	`81,661,939`	`83,970,867`
`Derivativefinancialinstruments`	`536,455`	`571,700`
`Salesforfuturesettlement`	`139,843`		`-`
`Purchasesforfuturesettlement`	`98,186`		`-`
`Cashandequivalents`	`2,843,987`	`5,289,051`
`Totalinvestments`	`132,307,553`	`138,875,622`
`Historicalcost`	`75,828,853`	`79,367,509`

	`MarketValue`		`Investmentincome`
	`2023`	`2022`	`2023`	`2022`
`Overseasinvestments`	`£`	`£`	`£`	`£`
`Quotedsecurities`	`7,139`	`8,632`
`Unquotedinvestments`	`45,174,249`	`48,588,655`	`90,850`	`155,326`
`Multi-assetfinds`	`81,661,939`	`83,970,867`
`Derivativefinancialinstruments`	`536,455`	`$71,700`
`Salesforfuturesettlement`	`139,843`	`-`
`Purchasesforfuturesettlement`	`98,186`	`-`
`Cashandequivalents`	`2,843,987`	`5,289,051`	`105,495`	`26,074`
	`130,461,798`	`138,428,905`	`196,345`	`181,400`
`UKquotedinvestments`	`55,979`	`65,971`
`UKunquotedinvestments`	`1,789,776`	`380,746`	`8,911`	`12,252`
	`132,307,553`	`138,875,622`	`205,256`	`193,652`
`Totalincomefrominvestments`			`205,256`	`193,652`

	`2023`	`2023`	`2022`	`2022`
	`£`	`%`	`£`	`%`
`WHAMEndowmentFund`	`81,661,939`	`61.70%`	`83,970,869`	`60.46%`

`11.`	`Creditorsfallingdueinmorethanoneyear`
		`2023`	`2022`
		`£`	`£`
	`Grantspayable` `Within1-2years` `Within2-5years`	`752,419` `185,096`	`628,622` `173,450`
		`937,515`	`802,072`
`12.`	`Reconciliationofhistoricalcostassetsandliabilities`
		`2023`	`2022`
		`£`	`£`
	`Fixedassets` `Historicalcostofinvestments` `Netcurrentliabilities` `Creditorsfallingdueinmorethanoneyear`	`:` `75,828,853` `(4,395,398)` `(185,096)`	`2,528` `79,367,509` `(3,599,692)` `(802,072)`
		`71,248,359`	`74,968,273`
	`Expendableendowmentfund— historicalcost`	`71,248,359`	`74,968,273`

`13.`	`AllocationofAssets`
`a)`	`2023`
		`Expendable`	`__Unrestricted`
		`endowment`	`income`
		`fund`	`fund`	`Total`
		`2023`	`2023`	`2023`
		`£`	`£`	`£`
	`Investments`	`132,307,553`	`-`	`132,307,553`
	`Bankbalances`	`-`	`19,861`	`19,861`
	`Othercurrentassets`	`-`	`122,358`	`122,358`
	`Liabilities`	`-`	`(4,722,713)`	`(4,722,713)`
	`Interfundbalance`	`(4,580,494)`	`4,580,494`	`-`
		`127,727,059`	`-`	`127,727,059`
`b)`	`2022`
		`Expendable`	`Unrestricted`
		`endowment`	`income`
		`fund`	`fund`	`Total`
		`2022`	`2022`	`2022`
		`£`	`£`	`£`
	`Fixedassets`	`-`	`2,528`	`2,528`
	`Investments`	`138,875,622`	`-`	`138,875,622`
	`Bankbalances`	`-`	`24,044`	`24,044`
	`Othercurrentassets`	`-`	`126,521`	`126,521`
	`Liabilities`	`-`	`(4,552,329)`	`(4,552,329)`
	`Interfundbalance`	`(4,399,236)`	`4,399,236`	`-`
		`134,476,386`	`-`	`134,476,386`