2024-12-31-accounts - Rothschild Foundation (Hanadiv) Europe

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Company number 03948898

Charity number 1083262

ROTHSCHILD FOUNDATION (HANADIV) EUROPE

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

31 DECEMBER 2024

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |CONTENTS|Page| |Legal and administrative information|1| |Report of|the|Trustees|2-8| |Independent|auditors’|report to the trustees|9-12| |Statement|of financial|activities|incorporating|the|income|and|expenditure|account|13| |Balance|sheet|14| |Cash|flow|statement|15| |Notes to the financial statements|16-30|

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

LEGAL AND ADMINISTRATIVE INFORMATION

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Constitution|Rothschild|Foundation|(Hanadiv)|Europe|is|a company|limited|by|guarantee| |and|a|registered|charity|governed|by|its|memorandum|and|articles|of| |association.|It|is|registered|charity, No.|1083262.|Company No.|03948898.| |Directors and Trustees|The directors of|the charitable company (“the Foundation”) are|its trustees|for| |the|purpose|of charity|law and|throughout|this|report|are|collectively|referred| |to|as|the|trustees.|As|set|out|in|the|articles|of association|the|chairman|of the| |board|of trustees|is|appointed by|the|trustees.|The members|have|the|power|to| |appoint any|of their number to be|a|trustee.| |Dame Hannah Rothschild DBE|(President)| |The|trustees who|served during the|year|and to|the|date|of signing were:| |Lord|Rothschild OM GBE|(President — February|2024)| |Sir Bradley Fried (Chairman)| |Sir|Victor|Blank| |Mme|Béatrice|Rosenberg|(resigned|July|2024)| |Dr David|Landau| |Adam|Karni-Cohen| |The|Honourable|Beth|Rothschild| |Nicola Cobbold| |Nicola|Loftus| |Ben Avigdori| |Company|Secretary|L|Masterton| |Chief Executive|S|Berkovic| |Registered|Office|14|St James’s|Place| |London| |SW1A|INP| |Auditors|Saffery LLP| |71|Queen Victoria|Street| |London EC4V|4BE| |Bankers|The Bank ofNew York Mellon| |Rue Montoyer 46| |B-1000|Brussels| |Belgium| |Coutts &|Company| |440|Strand| |London WC2R 0QS| |Solicitors|Farrer &|Co|LLP| |66|Lincolns|Inn|Fields| |London WC2A|3LH|

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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Sadly, but inevitably, our annual report starts with mentioning the passing of our esteemed President and Patron, Lord (Jacob) Rothschild, in February 2024. His vision to support Jewish communities and cultural heritage throughout Europe led to the establishment of the Foundation in 2000. We are grateful that his daughter, Dame Hannah Rothschild, has taken on the role of President of the Foundation and look forward to her stewardship.

The trustees are pleased to present their report together with the financial statements of the Foundation for the year ended 31 December 2024.

Legal and administrative information set out on page 1 forms part ofthis report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice: Accounting and Reporting by Charities applicable in the UK and Republic of Ireland (FRS 102) Second edition and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. Objects ofthe Foundation and Public Benefit

The objects of the Foundation are set out in the memorandum of association.

The Foundation is established to advance any charitable purpose and to benefit any charity as the trustees in their discretion think fit, primarily by the provision of grants and loans for such charitable purposes which are for the charitable benefit of the Jewish community either in Israel or elsewhere in the world. The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objects of the Foundation and in setting grant-making policies.

Organisation

The board of trustees of up to twelve members administers the Foundation. The trustees meet to consider recommendations for, and make final decisions on, the awarding of grants.

All trustees receive a comprehensive Governance pack on their appointment. The Governance pack provides information on the structure and operations of the Foundation and includes a Trustee Code of Ethics, which has been adopted by the trustees, as well as the key governance issues and documents of which the trustees should be aware. Training for trustees is continued through regular meetings and discussions with Foundation staff or individuals and organisations in the areas supported by the Foundation.

There are two separate committees of Trustees which discuss matters relevant to their remit in detail and make recommendations to the full Trustee Board. These are:

Small Grants Awards Committee
- Finance and Audit Committee

Both Committees meet at least twice yearly.

Remuneration of key management personnel is discussed and approved by the full Trustee board taking into account performance, budgetary environment and benchmarking.

Review of activities and future developments

Incoming resources

The Foundation has a substantial endowment, which is primarily invested for generating capital, not profit. Incoming resources for the year amounted to £561,602 of investment income (2023: £205,25 6).

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

es The Foundation is one of the philanthropic trusts supported by the Rothschild family. It does not carry out any fundraising activity in order to raise funds from the general public.

Resources expended and services

Resources expended for the year amounted to £8,466,120 (2023: £8,403,043) of which the amount related to direct expenditure on grants and other charitable activities was £6,337,742 (2023: £6,483,190).

During 2024, RFHE maintained its robust grant making programme but also continued its initiatives that help strengthen the wider system in which the Foundation operates. However, in this report it is worth focussing on the difficulties facing Jewish communities around the world since October 7", 2023, which have filtered through to many of our programme areas.

Those involved in Jewish studies across universities in Europe have experienced challenges. In addition to the general (and ongoing) economic threat to the humanities, students and staff are contending with increasing antisemitism and anti-Israel sentiment on campus. Some European universities are cutting ties with Israeli universities and the participation of Israeli institutions and scholars in Horizon Europe (the EU’s academic funding programme) is at risk. Our funding for Jewish Studies is more important than ever. Scholars and students need our support, and the history and contributions of Jewish civilization must continue to be included in European university curricula.

In the field of archives and libraries, Covid lockdowns and the invasion ofUkraine highlight the role digitisation can play to ensure material isn’t lost even if the originals are damaged or destroyed. To that end, RFHE has over the last few years, supported large-scale digitisation projects and during times when many staff weren’t able to work directly with material for significant periods, cataloguing projects could remain on track by being able to access digitised images from home. It also emphasised the importance of making items available to researchers anywhere in the world negating the need to travel. We’re seeing digitisation continue to be a significant part of our collections management grant programme and it’s increasingly viewed as part of a larger effort to make material accessible and secure. For example, The Jewish Community of Vienna catalogued 218k items regarding Jewish cemeteries, Germania Judaica added 21k items to its new online catalogue and The Jewish Historical Institute catalogued 13.5k items obtained in the last 25 years by family heritage centre. London Metropolitan Archives made 5,903 items from the UK Jewish Community archives visible to researchers for the first time.

The pandemic had a huge impact on Jewish museums in Europe - months-long closures, significant loss of income, staff on furlough schemes or let go. Most of them used this time to look inward and attend to their collections — inventory, cataloguing, documentation — and to alternative engagement programmes such as online lectures, virtual exhibitions and other digital offerings. Nevertheless, they came out of the Covid crisis surprisingly well: none of them had to close, and they managed to resume their public programmes, keep their staff, and eventually reach the pre-Covid visitor numbers.

Soon after October 7* we surveyed about 40 museums that we keep in touch with. Initially, none of them saw a direct impact on their activities, but felt they needed to enhance security around their buildings. Some museums experienced increased requests for guided tours, for workshops about Jewish history and Judaism, and for educational resources. Others were empty. As the war between Israel and Gaza dragged on and antisemitism raised its ugly head around the world, Jewish museums began to face numerous challenges: fear from staff working in a Jewish-labelled institution, security threats, antisemitic posts on social media and verbal attacks, and sometimes dramatic drop in visitors. The good news is that Jewish museums in Europe have not faced unlawful occupation oftheir premises, or forcibly cancelled or disturbed programmes. But tension remains high and the ongoing war will certainly impact the upcoming exhibitions and public events.

ROTHSCHILD FOUNDATION (HANADIV) EUROPE

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

e ee eeeee Communal life has been severely impacted — initially due to the pandemic and now more significantly since the wars in Israel and in Ukraine (especially for border countries including Poland and Moldova) Ongoing challenges - disengagement from organised Jewish life, low levels of Jewish knowledge, limited resources for Jewish communal life - have been compounded by new realities. Whereas the rise of antisemitism since October 7th, 2023, has caused many people to strengthen their ties with their local community and the number of people attending synagogue services and social programmes has increased, at the same time, many people have retreated, fearful of identifying Jewishly. Funding for security provision has increased — both from the government and philanthropically. We continue to support Jewish communal life through projects that nurture and connect a strong European cadre of professional and volunteer Jewish educators who are valued, knowledgeable and skilled. We also stay focussed on ensuring that quality Jewish learning resources and expertise can be accessed to engage and connect communities with Jewish life, learning, culture and heritage.

Looking ahead to 2025 Our website was refreshed in January 2025 to highlight our focus on our three strands of work: grant making, professional training opportunities and the initiatives created by the Foundation such as Yerusha, Judaica Index and Jewish Heritage Europe.

Academic Jewish Studies

Our main focus will be developing a series of seminars and workshops for our doctoral and post-doctoral fellows. These will be designed to help them succeed in academia but will also enable them to share their experiences at their own institutions and hopefully combat any isolation they might feel. They will also hear from senior academics about how best to prepare for a teaching position in Jewish Studies and how to navigate campus politics, etc. We will begin the process of evaluating our first three Sustainability and Enhancement (S&E) grants, with the goal of deciding whether or not we should fund additional S&E grants in 2026.

Archives and Libraries

While digitisation has been a key achievement over the past 5 years, cataloguing projects have also opened up collections by adding new items and improving descriptions. Conservation continues to be important, and we will fund projects to ensure items are stable enough to be digitised, stored or accessed without further harm.

Over the next year, we will focus on resources and skills training — using networks like Hidden Treasures to provide archivists with workshops and resources to better care for and understand their Jewish material. We will promote further engagement with the expertise at the NLI (National Library of Israel) to ensure the highest professional standards regarding the care of Jewish materials across Europe. We intend to ramp up the Endangered Archives programme, focussing on small communities throughout Europe where their archives are in disrepair and/or in unsafe conditions.

Museums

We will continue to develop training opportunities for curators and museum educators. Following other programmes, in 2024, we launched another pilot with Central European University (CEU) and awarded scholarships to 8 people to attend a trimester-long graduate course on Jewish heritage, along with two field trips to Vienna and Budapest. The students who completed the course and met the requirements received a certificate from CEU. We are planning to offer another training seminar in Amsterdam in 2025 (based on previous efforts in 2023) however, in more holistic terms, during 2025, we will be scoping out the possibility of developing a suite of training programmes across the various sectors we support under the RFHE aegis.

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

eeeee eee During 2025, we anticipate that around five Jewish museums will undergo a complete redesign of their core exhibition and will apply for support. Additionally, as museums have always been repositories for personal archives, books, fine arts and Judaica objects, we can expect new requests for collection management projects as their collections grow. We will continue to reach out to museums and other heritage organisations to keep abreast of their plans and their needs.

Further, during 2025 we will introduce two new grants. First, scoping grants to small institutions that would like to assess their holdings before deciding towards inventory, digitization, exhibition or other substantial projects. This grant will be offered year-round, like our small travel and language grants. Second, digital heritage reconstructiongrants specificallyof Belarusianfor projectssynagoguessuch as virtualor themuseums,augmentedapps,reality3D or ARtour projects,of JewishsuchBudapest.as the currentWe willvirtualfind additional outside experts who can help us assess these applications. This new grant reflects the increased use of AI across many areas of Jewish heritage and academia, and we want to remain updated in the field.

Finally, we will acquire more experience and consult experts who can review applications around virtual museums, digital heritage projects and innovations in the field of collection management. The digital route can be particularly interesting for countries in challenging political situations, as well as for reaching out to new audiences.

Communal Life

In communities, we are focussed on supporting the paid professional educators and community volunteers who benefit from comprehensive professional development training programmes to enhance their Jewish skills and. knowledge. Many benefits from mentoring, networking and peer-learning through Yesod’s virtual and in-person services that complement RFHE grants. Residential Jewish camps create a unique experience for young people to explore their Jewish identity in an immersive and enjoyable Jewish environment. RFHE will continue to support youth movements and communal organisations serving thousands of youths from across Europe to enhance the ability of the camp leadership to deliver meaningful and engaging educational programming. Most grantees in this category benefit from mentoring, networking and peer-learning through Yesod’s community of practice for camping professionals. We look forward to expanding the Kaleidoscope collection of stories by young European Jews about their lives. In 2024 grants for projects were awarded in the following countries:

Austria Belgium Croatia Czech Republic Denmark Estonia Finland France Germany Hungary Israel* Italy Lithuania Moldova Netherlands Poland Romania Spain Sweden Switzerland

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Turkey

UK

*Grants to organisations in Israel (3 in total) are for specialised work carried out in European institutions.

Grant-making policy

Individuals and institutions whose projects fall within the areas in which the Foundation currently works are eligible to be considered for grants. In the UK, grants are only made to organisations registered with the Charity Commission for England and Wales, or to individuals working for charitable purposes on behalf of those organisations. Overseas grants are only made for purposes considered to be charitable by the Charity Commission for England and Wales to organisations that have charitable or not-for-profit status in their countries, or to individuals working on behalf of such charitable or not-for-profit organisations. Where there is any uncertainty about the status of an organisation abroad, the Foundation will work through long-established bodies with considerable experience of grant-making, monitoring projects and the allocation of charitable funds in the countries concerned, in order to ensure that the work of the grant recipients is of a charitable nature.

Investment policy In accordance with the memorandum and articles of association, the trustees exercise the power of investment having obtained and considered the advice of persons they believe to be suitably qualified to advise them, and in accordance with written investment policy guidelines. The Foundation’s policy in relation to investment is that, over the medium to long term, it should produce a total return that allows the Foundation to pursue its charitable objectives as fully as possible whilst maintaining the real value (i.e. adjusted for inflation) of the initial endowment.

For the year ended 31 December 2024, a sterling composite benchmark was approved for investment performance measurement purposes. At the end ofthe year the value ofthe portfolio after withdrawals for grants and expenses was £138.0 million compared with the value at year-end 2023 of £132.0 million. Over the calendar year, the portfolio gained 3.59% before withdrawals for grants and expenses, compared with an increase of 6.04% in the MSCI World All Country Equity Index (£) and an increase of 5.52% in the Citi World Government Bond Index.

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |ROTHSCHILD|FOUNDATION|(HANADIV)|EUROPE|10|Yrs|(Annualised)|5 Yrs|(Annualised)|3 Yrs|(Annualised)|2024| |RFE|Sterling £|71%|6.6%|2.5%|10.3%| |RFE|Relative|Benchmark|with|NC|overlay,|expressed|in|Sterling £|TA|7.1%|4.2%|13.6%|

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The Trustees continue to closely monitor the investment portfolio and consider it in need of review given the current economic climate.

Relationships with related parties and delivering public benefit

The Foundation is entirely independent but occasionally works with other charitable foundations to support charitable projects in Europe. For example, in the wake of increased antisemitism in Europe, the Foundation and three other European foundations combined to create the Pillar Foundation whose sole purpose is to provide security training and readiness for staff and regular visitors to communal institutions, including schools and community centres across Europe.

In the UK, we continue to support a variety of Jewish social care organisations such as Jewish Care (focused on the elderly), Norwood (families) and Kisharon (children with disabilities) reflecting the Rothschild family’s historical concern and involvement in the welfare needs of the Jewish community.

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves policy

The Trustees’ policy is to review reserves levels on a regular basis and to maintain a level of reserves which will provide a stable base for the Foundation’s continuing activities while at the same time ensuring excessive funds are not accumulated.

The Trustees have considered the reserves of the charity and conclude that there is no need for the charity to carry free reserves. The nature of the expendable endowment fund is such that the trustees have absolute discretion over how it is spent, and investments can be called upon and realised as needed. During the year ended 31 December 2024 the Foundation made grants in excess of its income, making good the difference from its expendable endowment and leavinga nil level of free reserves, as per the definition stated by the Charity Commission. The Trustees have exercised their option to expend endowment in order to cover the deficit on the unrestricted income fund.

Total reserves at the year-end were £132,954,048 (2023: £127,727,059).

Risk Management

The major risks to which the Foundation is exposed have been reviewed, and systems have been established to manage those risks. The Foundation’s investment and spending policies are intended to be prudent; and much of its income derives from investments.

The Trustees consider that there is a risk that the level of income could fall considerably, whether from investments or donations, although the latter is considered unlikely. In such an event, the total of grants committed might have to be reduced. Since the nature of the Foundation’s grant-making activity involves relatively little by way of future commitments, the impact on current beneficiaries is unlikely to be significant. There is also a risk that grant funds are not used for charitable purposes for which funds were awarded. This risk is managed through a due diligence process which is applied to all prospective grantees. - In the event of doubt about the suitability or sustainability ofan applicant, grant funding is not awarded. Statement of trustees’ responsibilities

The trustees (who are also directors of the Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 Foundation and of the incoming resources and application of resources, including the income and expenditure, ofthe Foundation for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.

ROTHSCHILD FOUNDATION (HANADIV) EUROPE || TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 2| The trustees are responsible for keeping proper accounting records that disclose with. reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - there is no relevant audit information of which the Foundation’s auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. \ The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Foundation’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditors | A resolution will be proposed at the annual general meeting that Saffery LLP be re-appointed as auditors to the | Foundation for the ensuing year. This report has been prepared in accordance with the special provisions ofPart 15 of the Companies Act 2006 relating to small companies. | The Trustees’ Report was approved by the Board of Trustees on 2™ July 2025, and is signed as authorised on | its behalf by: | | Sir Bradley Fried |

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES

eS Opinion

We have audited the financial statements of The Rothschild Foundation (Hanadiv) Europe for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard. applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

e give a true and fair view ofthe charitable company’s state of affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
° have been prepared in accordance with the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern 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 information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

ROTHSCHILD FOUNDATION (HANADIV) EUROPE

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

° the information given in the Trustees’ Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
° the Trustees’ Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

© adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
° the financial statements are not in agreement with the accounting records and returns; or ° certain disclosures of trustees’ remuneration specified by law are not made; or ° we have not received all the information and explanations we require for our audit; or ® the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies’ exemption from the requirement to prepare a strategic report or in in preparing the Trustees’ Report.

Responsibilities of trustees

As explained more fully in the Statement of trustees’ responsibilities set out on page 8, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation ofthe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES

ee Irregularities, including fraud, are instances ofnon-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with management and the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with management and the trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches oflaws and regulations, minutes ofmeetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances ofnon-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness ofjournal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication ofmanagement bias. At the completion stage ofthe audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. ;

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES

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Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery LLP Statutory Auditors London71 Queen Victoria Street EC4V 4BE Date: Vi) la, AOZS

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

ACCOUNT FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 DECEMBER 2024DECEMBER 20242024	ACCOUNT FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 DECEMBER 2024DECEMBER 20242024	ACCOUNT FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 DECEMBER 2024DECEMBER 20242024	ACCOUNT FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 DECEMBER 2024DECEMBER 20242024	ACCOUNT FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 DECEMBER 2024DECEMBER 20242024	ACCOUNT FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 DECEMBER 2024DECEMBER 20242024
Neen eee nnnnnnnn eee
		Expendable	Unrestricted
		endowment	income	Yearended	Year ended
		fund	fund	31-Dec	31-Dec
		2024	2024	2024	2023
Incomefrom:	Note	£	£	£	£
Investments	9.	-	561,602	561,602	205,256
Totalincome		-	561,602	561,602	205,256
Expenditureon:
Raisingfunds
Investmentmanagement costs	4.	1,201,955	-	1,201,955	855,158
Charitable activity AcademicJewishStudiesProgramme HeritageandCultureProgramme	4. 4.	- -	1,050,252 2,540,893	1,050,252 2,540,893	1,255,357 2,657,431
Education andResearch NationalLibraryofIsrael	4. 4.	- .	1,267,711 899,748	1,267,711 899,748	948,317 873,168
Community Welfare	4.	-	1,505,561	1,505,561	1,813,612
Totalresources expended		1,201,955	7,264,165	8,466,120	8.403.043
Netoutgoing resources before investmentmovement		(1,201,955)	(6,702,563)	(7,904,518)	(8,197,787)
Net losses on investment assets
Realised andunrealised investment
losses		13,131,507	-	13,131,507	1,448,460
Netincomeand expenditure		11,929,552	(6,702,563)	5,226,989	(6,749,327)
Transfers between funds	1b.	(6,702,563)	6,702,563	-	.
Netmovement in funds		5,226,989	.	5,226,989	(6,749,327)
Fundbalancesbrought forward		127,727,059	-	127,727,059	134,476,386
Fundbalancescarriedforward		132,954,048	-	132,954,048	127,727,059

The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

The notes on pages 16 to 30 form part of these financial statements. In note 2, there is a full comparative statement of financial activities for the year ending 31‘ December 2024.

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

BALANCE SHEET AS AT 31 DECEMBER 2024

BALANCE SHEET AS AT 31 DECEMBER 2024AT 31 DECEMBER 202431 DECEMBER 2024DECEMBER 20242024	BALANCE SHEET AS AT 31 DECEMBER 2024AT 31 DECEMBER 202431 DECEMBER 2024DECEMBER 20242024	BALANCE SHEET AS AT 31 DECEMBER 2024AT 31 DECEMBER 202431 DECEMBER 2024DECEMBER 20242024	BALANCE SHEET AS AT 31 DECEMBER 2024AT 31 DECEMBER 202431 DECEMBER 2024DECEMBER 20242024
ee
		31-Dec	31-Dec
	Notes	2024	2023
		£	£
Fixed Assets
Tangible assets	8.	3,501	-
Investments
Quoted securities andunquoted investments		134,942,820	128,689,082
Derivative financial instruments		(904,454)	536,455
Sales for future settlement		639,815	139,843
Purchases for future settlement		-	98,186
Cash balances		3,350,246	2,843,987
	9.	138,028,427	132,307,553
Current assets
Prepayments		68,477	122,358
Cash atbank		39,611	19,861
		108,088	142,219
Creditors: amounts fallingdue within one year
Other creditors		3,526	3,611
Grantspayable withinoneyear Accruals		3,609,226 203,198	3,751,415 30,172
		3,815,950	3,785,198
Netcurrentliabilities		(3,707,862)	(3,642,979)
Creditors: fallingdue inmore thanoneyear
Grants payable	11.	(1,370,018)	(937,515)
Net assets		132,954,048	127,727,059
Funds
Expendable endowment fund—historical cost Expendableendowmentfund—revaluation	12.	71,252,804 61,701,244	71,248,359 56,478,700
Unrestricted income fund		-	-
Totalfunds	13.	132,954,048	127,727,059

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The notes on pages 16 to 30 form part ofthese financial statements.

The financial statements were approved bythe Board on 2"! July 2025 and signed on their behalf by:

Sir Bradley Fried, Chairian Registered in Englang & Wales Company Number: 03948898

Dr David Landau, Trustee

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

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||||||||| |---|---|---|---|---|---|---|---| |a| |2023|2023| |£|£| |Net cash|used|in|operating|activities|(7,822,467)|(8,582,493)| |Cash|flows|from|investing|activities:| |Purchases|of tangible|fixed|assets|(4,632)|-| |Purchases|of investments|(6,013,918)|(7,571,092)| |Proceeds|from|sale|of investments|13,433,184|13,518,930| |Proceeds|from forward|currency|contracts|503,298|185,408| |Income|from|investments|in|cash|430,544|-| |Net cash provided|by investing|activities|8,348,476|6,133,246| |Change|in cash|and cash equivalents|in the year|526,009|(2,449,247)| |Cash and cash|equivalents|at|1|January|2,863,848|5,313,095| |Cash|and|cash|equivalents|at 31 December|3,389,857|2,863,848| |Notes|to the cash flow statement| |Analysis of cash and cash equivalents|2024|2023| |£|£| |Cash within investment portfolio|3,350,246|2,843,987| |Cash|at bank|39,611|19,861| |3,389,857|2,863,848| |Reconciliation|of changes in resources|to|2024|2023| |net|cash|used|in|operating|activities|£|£| |Net gain (Page|13)|5,226,989|(6,749,327)| |(Gains)|/ losses|on investments|(13,131,507)|(1,448,460)| |Income|from|investments|in|cash|(430,544)|-| |Depreciation charges|1,131|2,528| |Realised exchange gain|396,114|(323,752)| |(Increase)|/ decrease|in sales|for future|settlement|(499,972)|(139,843)| |(Increase)|/ decrease|in purchases|for future|settlement|98,186|(98,186)| |Decrease|/ (increase)|in debtors|53,881|4,163| |Increase|/ (decrease)|in|creditors|463,255|170,384| |Net cash|used|in|operating|activities|(7,822,467)|(8,582,493)|

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The notes on pages 16 to 30 form part of these financial statements.

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

a

1. Accounting Policies

The Foundation is a charitable company, limited by guarantee, registered in England and Wales. The registered address is: 14 St James’s Place, London, SW1A 1NP.

a) Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable in the UK and Republic of Ireland (FRS 102) Second edition and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements have been prepared on the going concern basis.

The trustees consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern.

The Foundation constitutes a public benefit entity as defined by FRS102.

The financial statements are prepared in sterling which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest whole £ except where otherwise indicated.

b) Fund accounting The expendable endowment fund is primarily for income generation but is expendable at the trustees’ discretion. The trustees have the discretion to transfer funds to the unrestricted income fund should the need arise.

The unrestricted income fund can be used in accordance with the charitable objects of the Foundation at the discretion of the trustees.

The expendable Restricted funds are subject to specific restrictions imposed by donors.

c) Incoming resources All incoming resources are included in the statement of financial activities when the charity has entitlement to the income, it is probable income will be received and the amount can be measured reliably.

d) Foreign currency translation Foreign currency transactions are translated into pounds sterling at the exchange rate prevailing at the transaction date. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date.
e) Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is included on an accruals basis.

Expenditure on raising funds comprises those expenses directly attributable to managing the investment portfolio and investment income.

Grants payable are charged in the year where the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions are no longer seen to be

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) ns

within the control of the Trustees. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

Support costs (e.g. staff costs and administrative overheads including rent) are allocated to the Foundation activities as incurred. Governance costs have been allocated to the Foundation’s activities. They comprise of all costs involving the public accountability of the charity and expenses related to statutory requirements. These expenses include fees for statutory audit, legal fees where relevant.

f) Fixed Assets Fixed assets comprise office furniture, equipment, and motor vehicles. Fixed assets are capitalised when cost exceeds £1,000 and are being depreciated on a straight-line basis over four years.

g) Investments

(i) Quoted securities and multi-asset funds Quoted securities and multi-asset funds comprise publicly quoted, listed securities including shares, bonds and units. These are stated at market value at the balance sheet date. Investment shares and purchases are recognised at the date of trade.
(ii) Unquoted Investments Unquoted investments are valued at the Trustees’ best estimate of fair value, after having taken professional advice.
(iii) Unquoted hedge funds Unquoted hedge funds are valued by reference to the fair value of the underlying securities. These valuations are provided by third-party hedge fund administrators.

(iv) Private equity funds and property funds The vast majority of private equity and property fund investments are held through funds managed by private equity and property groups. No readily identifiable market price is available for these unquoted funds. These funds are included at the most recent valuations from their respective managers.

In a limited number of cases where information is not available as at 31 December, the most recent valuations from the managers are adjusted for cash flows and foreign exchange movements between the most recent valuation and the balance sheet date.

(v) Derivative Financial Instruments Derivative financial instruments are used as part of the Foundation’s portfolio risk management and as part of the Foundation’s portfolio management and investment return strategy.

The Foundation’s use of derivative financial instruments includes index-linked futures, options and currency forwards.

The fair value of contract positions is recognised in the Balance Sheet and gains and losses on the contracts are recognised in the Statement of Financial Activities.

ROTHSCHILD FOUNDATION (HANADIV) EUROPE

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

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(vi) Cash and Equivalents, Purchases and Sales for Future Settlement Cash held within the investment portfolio purchases and sales for future settlement are stated at their fair value.

(vii) Realised and unrealised gains and losses

Realised gains and losses represent the difference between the amount received on the sale of an investment and the original cost price, all other movements are considered to be unrealised.

h) Operating leases

Rental payments under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

i) Pensions

The Foundation makes payments into a defined contribution scheme for the benefit of its employees. The contributions are charged to the statement of financial activities in the year in which they are paid.

j) Critical estimates and judgements

Judgements and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In making these estimates the Foundation makes assumptions concerning the future. The Trustees do not believe that there is a significant risk of a material adjustment being made to the carrying amounts of assets and liabilities included in these financial statements within the next financial year.

The valuation of unquoted investments, private equity and property funds is a critical area of judgement. The Trustees’ valuation of these items is based on appropriate professional advice.

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

weSS

2, Statement of Financial Activities incorporating the Income and Expenditure Account for the year ended 31 December 2023

	Expendable	Unrestricted
	endowment	income	Yearended
	fund	fund	31-Dec
	2023	2023	2023
	£	£	£
Income from:
Investments	-	205,256	205,256
Total income	-	205,256	205.256
Expenditure on:
Raisingfunds Investmentmanagementcosts Charitable activity	855,158	-	855,158
Academic Jewish Studies Programme	-	1,255,357	1,255,357
Heritage andCultureProgramme	.	2,657,431	2,657,431
Education andResearch	-	948,317	948,317
NationalLibrary ofIsrael	-	873,168	873,168
CommunityWelfare	.	1,813,612	1,813,612
Totalresources expended	855,158	7,547,885	8.403.043
Net outgoing resources before investmentmovement	(855,158)	(7,342,629)	(8,197,787)
Net losses on investment assets
Realised and unrealised investment
losses	1,448,460	-	1,448,460
Netincome and expenditure	593,302	(7,342,629)	(6,749,327)
Transfersbetween funds	(7,342,629)	7,342,629	-
Netmovement in funds	(12,576,696)	-	(6,749,327)
Fundbalances broughtforward	134,476,386	-	134,476,386
Fundbalancescarriedforward	127,727,059	-	127,727,059

||||||| |---|---|---|---|---| ||||||| ||||||| |ROTHSCHILDFOUNDATION(HANADIV)EUROPE||||| ||||||| |NOTESTOTHEFINANCIAL STATEMENTS||||| |FORTHE|THEYEARENDED 31DECEMBER2024 (continued)|||| |See
ee
gg...||||| |3.|Grants andDonations|||| |||2024|2023|| ||AcademicJewish StudiesProgramme|£|£|| ||The Intra-Communal ProfessionalGroup|180,000|-|| ||Maison de laRecherche en Sciences Humaines-Université de Caen|138,500|-|| ||UniversityofOxford
University ofCambridge
TechnischeUniversitatBerlin|90,000
184,000
70,000|-
-
-||
|| ||UniversityofSouthampton
DelftUniversity ofTechnology
EuropeanAssociation forJewishStudies|57,000
56,997
-|-
-
153,000||
|| ||Ecole PratiquedesHautesEtudes, Sorbonne|128,500|139,500||| ||PragueCentre forJewish Studies, CharlesUniversity|-|83,000|| ||University ofManchester|70,000|66,812|| ||LudwigMaximiliansUniversity
UniversityofGranada|-
.|60,000
57,000||| ||Justus-Liebig-Universitat GieBen|-|57,000|| ||University ofAmsterdam
UniversityofLondon|103,000
99,865|110,500
99,881||| ||UniversityCollegeLondon|-|126,998|| ||Complutense University ofMadrid|-|57,000|| ||Individualgrantsoflessthan£50,000
Earliergrantspart-returned orcancelled|122,098
(399,350)
900,610|143,558
(91,638)
1,026,611 _||
|| ||Jewish HeritageProgramme
Belarusian-Jewish CulturalHeritageCenter
SpecialCollections Library, University ofSouthampton
Library Services,University College London.
JewishMuseumofBelgium
SzegedJewishCommunity
IsraelArchivesNetwork|173,900
167,285
131,336
123,200
112,000
100,000|-
-
-
-
-
-||
|
|| ||JewishMuseumBerlinFoundation|95,941|.|| ||JewishCommunityofVienna|77,487|-|| ||Association ofEuropeanJewishMuseums
InstitutEuropéendesMusiques Juives
StichtingJoodsMaatschappelijkWerk
Scottish JewishArchives Centre|64,080
60,000
57,116
50,788|-
-
-
-|| ||IsraelitischeReligionsgemeinde zuLeipzigK.d.6.R
American Jewish JointDistributionCommittee|50,000
*|-
160,000||| ||JewishMuseum ofGreece|2|150,000|| ||QuincentennialFoundationJewishMuseum ofTurkey|-|147,383|| ||Holocaust CentreNorth|"|120,000|| ||Musée d'art etd'histoire duJudaisme|=|115,118|| ||20||||
}
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ROTHSCHILD FOUNDATION (HANADIV) EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

aeee ee

3. Grants and donations (continued)

ETH, Zurich			=	112,000
StateArchive ofRavenna			=	80,000
CentralArchivesfortheHistoryofthe JewishPeople			-	80,000
London SchoolofJewish Studies			-	79,200
TheUrbanMemoryFoundation			=	75,000
JewishMuseumFrankfurt			=	74,357
JewishMuseum ofVienna			-	68,500
WienerHolocaustLibrary			=	66,750
BibliothecaRosenthaliana			=	60,000
Jewish StudiesProgramme, CentralEuropeanUniversity			-	57,167
OsrodekBramaGrodzkaTeatrNN			-	52,905
BodleianLibraries,UniversityofOxford Unione delleComunitaEbraiche Italiane		133,333 84,838		133,334 131,651
Individual grantsoflessthan£50,000		699,260		450,287
Earlier grantspart-returned orcancelled		(41,931)		(19,737)
		2,138,633		2,193,914
Jewish Education
Limmud MoisheHouseEurope		120,000 120,000		= =
DetJodiske Samfund iDanmark		119,100		-
TheJewish Community ofStockholm		117,225		=
ICE - IsraeliCommunityEurope e.V.		70,000		S
JCC WarsawFundation		60,000		-
JCCBudapest -BalintHaz HillelDeutschland e.V.		58,000 -		- 105,000
JWw3 MachonKehilot		5 .		90,000 80,000
Individualgrants oflessthan£50,000		217,311		315,650
Earliergrants part-returnedorcancelled		(52,281)		(121,877)

		829,355		468,773

					}


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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

a

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||||||| |---|---|---|---|---|---| |3.|Grants and donations|(continued)|2024|2023| |£|£| |National|Library|of Israel| |Gesher L’Europa|[A Bridge to Europe]|785,000|750,000| |785,000|750,000| |Community|Welfare| |Community|Security|Trust|250,000|-| |Jewish Care|150,000|-| |Jewish Literary Foundation|105,000|-| |Institute for|Jewish Policy Research|245,000|465,000| |West London Synagogue|200,000|-| |European|Association|for Jewish|Studies|64,000|-| |JCOSS|school,|London|50,000|.| |Educating for Impact|-|208,547| |Jewish Futures|Trust|-|180,000| |The Jewish Association for Mental|IlIness|-|169,744| |Norwood|-|60,000| |Jewish Women's Aid|.|50,000| |Pillar Foundation|125,000|117,980| |Individual grants|of less than £50,000|210,650|336,516| |Earlier grants part-returned or cancelled|(86,098)|(30,000)| |1,313,552|1,557,787| |Total grants|5,967,150|6,033,085|

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

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a	a	a	a				OS
4.	Resources Expended
a)	2024
			Other	Investment	Support& Admin	Governance	Total
		Grants £	Activities £	Costs £	Costs £	Costs £	2024 s
	InvestmentManagement	.	-	987,224	214,731	-	1,201.955
	Charitable Expenditure
	UnrestrictedFund
	Academic Jewish Studies	900,610	15,700	=	130,737	3,205	1,050,252
	CultureandHeritage	2,138,633	78,212	-	316,293	7,755	2,540,893
	EducationandResearch	829,355	276,681	-	157,806	3,869	1,267,711
	National LibraryofIsrael CommunityWelfare	785,000 1,313,552	- -	- -	112,002 187,414	2,746 4,595	899,748 1,505,561
		5,967,150	370,593	987,224	1,118,983	22,170	8,466,120
		Note 3.
4.	Resources Expended
b)	2023				Support&
		Grants	Other Activities	Investment Costs	Admin Costs	Governance Costs	Total 2023
		£	£	£	£	£	£
	InvestmentManagement	-	-	792,532	62,626	-	855,158
	Charitable Expenditure
	UnrestrictedFund
	Academic Jewish Studies	1,062,611	15,667	.	172,631	4,448	1,255,357
	CultureandHeritage	2,193,914	88,663	-	365,438	9,416	2,657,431
	Education andResearch	468,773	345,775	-	130,409	3,360	948,317
	National LibraryofIsrael	750,000	-	-	120,074	3,094	873,168
	CommunityWelfare	1,557,787	-	-	249,399	6,426	1,813,612
		wg
		6,033,085	450,105	792,532	1,100,577	26,744	8,403,043
		Note3.

Support costs have been allocated pro-rata to grants and other activities for each programme. Administration costs have been allocated based on the amount of time allocated to each activity.

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

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||||||||| |---|---|---|---|---|---|---|---| |S| |5.|Administration|costs|include:|2024|2023| |£|£| |Auditors’|remuneration|(incl.|VAT)|22,170|26,744| |Depreciation|1,131|2,528| |2024|2023| |6.|Staff Costs|£|£| |Wages|and|salaries|488,337|443,311| |National Insurance|64,937|60,398||| |Pensions|70,484|71,941| |Life|Insurance|5,960|5,064| |—|029,718|oe|80,714| |The number of employees whose|emoluments|as|defined for taxation purposes|amounted to|over £60,000|in the year was|as| |follows:|Number|Number| |2024|2023| |£80,001|- £90,000||||||| |£170,001|- £180,000|]|l| |2024|2023| |£|£| |Total benefits paid to key management personnel|216,144|207,576|

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||||| |---|---|---|---| |The average number of|employees calculated on an average head count basis, analysed by function was:| |Number|Number| |Charitable|activities|5|5| |Management and administration|1|1|

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Related Party Transactions

During the year, five trustees received payments in reimbursement of travel expenses of £2,838 (2023: five trustees £7,759) and they did not receive any remuneration (2023: £nil).

The Foundation rents the office premises at 14 St James’s Place, London, from entities of which the President was a trustee. In 2024 the rent, rates and service charges amounted to £153,378 (2023: £119,857). The property costs were reviewed by an independent expert and found to be reasonable and at normal market rates.

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

a

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|||||||| |---|---|---|---|---|---|---| |8.|Tangible Fixed Assets| |Office|furniture,|equipment and motor vehicles|at|cost|£| |At|1st January 2024|48,018| |Additions|4,632| |At 31st December 2024|52,650| |Depreciation| |At|Ist January 2024|48,018| |Charge|for the year|1,131| |At 31st December|2024|49,149| |Net book|value at 31 December 2024|3,501| |Net book|value|at|31|December|2023|-|

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

FEE

Investments	31-Dec	31-Dec
	2024	2023
Quoted securities	£	£
Marketvalue as at startofyear	63,118	74,603
Investmentpurchases	95,275	-
Disposalproceeds	(12,037)	-
Netinvestmentgains	32,121	(11,485)
Marketvalue as atendofyear	178,477	63,118
Unquoted investments
Valuation atstart ofyear	46,964,025	48,969,401
Investmentpurchases	5,918,643	7,571,092
Investmentdistributions	(7,421,147)	(4,993,931)
Trustees' revaluation	3,641,554	(4,582,537)
Valuation as atendof year	49,103,075	46,964,025
Multi-asset funds
Valuation atstartofyear	81,661,939	83,970,867
Investment distributions	(6,000,000)	(8,525,000)
Trustees’ revaluation	9,999,329	6,216,072
Valuation as atendofyear	85,661,268	81,661,939
Quoted securities andunquotedinvestments	49,281,552	47,027,143
Multi-asset funds	85,661,268	81,661,939
Derivative financial instruments	(904,454)	536,455
Sales forfuture settlement	639,815	139,843
Purchases for future settlement	-	98,186
Cashandequivalents	3,350,246	2,843,987
Total investments	138,028,427	132,307,553
Historicalcost	76,327,182	75,828,853

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

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9. Investments (continued)

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||||||||| |---|---|---|---|---|---|---|---| |Market|Value|Investment|income| |2024|2023|2024|2023| |Overseas|investments|£|£|£|£| |Quoted|securities|86,382|7,139|=|=| |Unquoted investments|47,292,939|45,174,249|373,414|90,850| |Multi-asset|funds|85,661,268|81,661,939|=|”| |Derivative|financial|instruments|(904,454)|536,455|21,336|re| |Sales|for|future|settlement|639,815|139,843|-|-| |Purchases|for|future|settlement|-|98,186|-|-| |Cash and equivalents|3,350,246|2,843,987|64,090|105,495| |136,126,196|130,461,798|458,840|196,345| |UK quoted investments|92,095|55,979|=|<| |UK unquoted investments|1,810,136|1,789,776|102,762|8,911| |138,028,427|132,307,553|561,602|205,256| |Total income from|investments|561,602|205,256|

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10. Material Investments Investments material in the context of the market value of investments held at the balance sheet date:

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|||||| |---|---|---|---|---| |2024|2024|2023|2023| |£|%|£|%| |WHAM Endowment Fund|85,661,268|62.06%|81,661,939|61.70%|

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

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|||||||| |---|---|---|---|---|---|---| |11.|Creditors|falling due|in more than|one year| |2024|2023| |£|£| |Grants|payable| |Within|1-2 years|1,099,849|752,419| |Within 2-5 years|270,169|185,096| |1,370,018|937,515| |12.|Reconciliation|of historical|cost|assets|and|liabilities| |2024|2023| |£|£| |Fixed assets|3,501|-| |Historical|cost of investments|76,327,182|75,828,853| |Net|current liabilities|(3,707,861)|(4,395,398)| |Creditors falling due in more than one year|(1,370,018)|(185,096)| |71,252,804|71,248,359| |Expendable|endowment fund — historical|cost|71,252,804|71,248,359|

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20724 (continued)

13.	Allocation ofAssets
a)	2024
		Expendable	_—__Unrestricted
		endowment	income
		fund	fund	Total
		2024	2024	2024
		£	£	£
	Fixedassets	-	3,501	3,501
	Investments Bankbalances Othercurrent assets Liabilities	138,028,427 - - -	- 39,611 68,477 (5,185,968)	138,028,427 39,611 68,477 (5,185,968)
	Interfundbalance	(5,074,379)	5,074,379	-
		132,954,048	-	132,954,048
b)	2023
		Expendable	_Unrestricted
		endowment	income
		fund 2023	fund 2023	Total 2023
		£	£	£
	Investments Bankbalances	132,307,553 .	- 19,861	132,307,553 19,861
	Other currentassets	-	122,358	122,358
	Liabilities	-	(4,722,713)	(4,722,713)
	Interfundbalance	(4,580,494)	4,580,494	-
		127,727,059	-	127,727,059

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE

14. Financial commitments

As at the balance sheet date the Foundation had capital commitments in respect of investments in limited partnerships amounting to £14,209,718 (31 December 2023: £16,398,983). The Foundation also had commitments in respect of grant funding amounting to £369,781 at year end (2023: £1,885,835), which have not been recognised as liabilities in these accounts because they relate to funding offered for future years that is subject to a substantive annual review by the trustees.

In October 2021 the Foundation entered into a two-year operating lease of office premises at 14 St James’s Place, London. As of 31% December 2024, the Foundation had a rent commitment of £nil payable within a year (2023: £nil).

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