2024-12-31-accounts

Charity registration number 1113038

Company registration number 05604295 (England and Wales)

THE MONTEFIORE ENDOWMENT

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

THE MONTEFIORE ENDOWMENT

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mrs R J Basrawy	(Appointed 3 January 2024)
	Mr A R Bekhor
	Mrs C H Green
	Mr D Kessler
	Mr I Levy
	Mrs P C N Sinyor
	Mr D R M Sopher
	Mr R M Sopher
Secretary	Mrs S G Sinyor
Honorary Life President	Mr L Gubbay
Charity number	1113038
Company number	05604295
Registered office	Schaller House
	44a Albert Road
	London
	NW4 2SJ
Auditor	RDP Newmans LLP
	Lynwood House
	373-375 Station Road
	Harrow
	Middlesex
	HA1 2AW

THE MONTEFIORE ENDOWMENT

CONTENTS

	Page
Trustees' report	1 - 7
Statement of Trustees' responsibilities	8
Independent auditor's report	9 - 12
Statement of financial activities	13
Summary income and expenditure account	14
Balance sheet	15 - 16
Notes to the financial statements	17 - 33

THE MONTEFIORE ENDOWMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE PERIOD ENDED 31 DECEMBER 2024

The Trustees present their annual report and financial statements for the period ended 31 December 2024. Exceptionally, this was reported as a 14 month period, as the Charity transitions to an annual reporting based on the calendar year.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Memorandum & Articles of Association, Companies Act 2006 and “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 Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The trustees have complied with their duty in Section 17 (5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. The report is prepared in accordance with the small companies' regime (Section 419(2) of the Companies Act 2006). The benefit to the public of its work is demonstrated by the achievements contained in this report.

In 2014, having received prior consent from the Charity Commission for the purposes of section 198 of the Charities Act 2011, the trustees unanimously passed a special resolution, updating the Charity's objects as follows:

1. The maintenance and support of the Synagogue and the maintenance of the mausoleum and cemetery belonging to the Charity;

2. The advancement of the education of the public by the maintenance and promotion for the public benefit of the moveable property of the Charity including Scrolls of the Law, bells, cloaks, silver plate, books, manuscripts and pictures in such ways as the Trustees of the Charity think fit, including:

a) The digitisation, translation and publication of books and manuscripts;

b) The display of artefacts.

1. The promotion of the advanced study of the Holy Law as revealed on Sinai and expounded by the revered sages of the Mishna and Talmud in one or more of the following ways:

a) In the training of Orthodox Jewish Teachers, Ministers and Rabbis, by awarding scholarships of such value and tenable at such institutions of further education as the Trustees think fit;

b) By making grants to any institution of further education which provides such education and is established for charitable purposes;

c) In such other ways as the trustees think fit.

1. The advancement for the public benefit, of the education of young adults and lay leaders in the Orthodox Jewish community in such ways as the Trustees of the Charity think fit, including:

a) The promotion of study of the Holy Law as revealed on Sinai as expounded by the revered sages of the Mishna and Talmud and its application to contemporary life;

b) The provision of leadership training.

1. The promotion of religious harmony for the benefit of the public by:

a) Promoting mutual respect and understanding between those of different faiths and beliefs.

b) Teaching the benefit of tolerance, mutual understanding, social harmony and integration, in accordance with the teachings of the Holy Law as expounded by the revered sages of the Mishna and Talmud.

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THE MONTEFIORE ENDOWMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

It is clear from Sir Moses Montefiore’s life and works that he would have expected the trustees of his Endowment to interpret the objects of the Charity in the light of the current realities of ‘orthodox’ Jewish life in the UK and elsewhere. Accordingly, the trustees have summarised the primary aims of the Endowment as follows:

1. To provide and to augment resources for higher religious educational training, lay leadership training and university-level study and research, likely to lead to the fulfilment of the Endowment’s primary goals, even though these activities may not in themselves always constitute advanced Torah scholarship.

2. To promote advanced Jewish scholarship based firmly on rabbinical tradition, coupled with the pursuit of social harmony and constructive engagement with people of all shades of religious belief and non-belief.

3. To maintain the Montefiore Synagogue, Mausoleum, and the Jewish cemetery at Ramsgate together with the collection of manuscripts and ritual objects owned by the Endowment.

4. To disseminate knowledge of the Jewish religious and intellectual heritage represented by the collections, records and buildings owned by the Endowment.

The trustees have agreed the following strategy to achieve these aims, paying due regard to the guidance issued by the Charity Commission on deciding which activities the Charity should undertake.

a.) The Endowment’s own long-term courses, such as the Semicha Course, the Dayanut Course and the Gap Year school leavers’ programme will be supported on an ongoing basis, as will its support for similar courses at other institutions. Every opportunity will be taken to develop further courses and to identify and support worthy projects run by institutions with similar aims. In the UK’s small orthodox Jewish community, there are relatively few opportunities to embark successfully on significant projects consistent with the governing instrument of the Charity; and its trustees endeavour to maintain sufficient funds for any opportunities that may arise.

b.) A programme of grants to assist study and research at university level on subjects consistent with the aims of the Charity is being promoted. Research publications on the Endowment’s website and elsewhere are encouraged; and it is planned to run Leadership Training and other courses in Jerusalem for selected UK university graduates expected to return to the UK.

c.) The Montefiore Synagogue and Mausoleum at Ramsgate and the Ramsgate Jewish Cemetery remain in need of continual maintenance, necessary repairs and improvements are now being undertaken. Efforts continue to make the site more attractive and available to visitors, and especially to organised groups of school children.

d.) The Montefiore Endowment will continue its policy of staging special public events whenever appropriate, featuring international scholars on important topics.

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THE MONTEFIORE ENDOWMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

Achievements and performance

The strategic aims set out in the Charity’s strategy document were promoted during the past period in the following ways.

All the Endowment’s Courses were successfully delivered in person and/or by using video facilities.

The Montefiore Semicha Course continues to attract high-calibre students and is almost fully populated despite maintaining high criteria for admission. The policy of admitting new students at appropriate times during the fouryear course, rather than only at the beginning of each cycle, has succeeded.

The Montefiore Dayanut Programme for senior rabbis in advanced Torah learning (Dayanut) has been divided into two parallel streams, one for UK rabbis and the other for rabbis from the USA, the EU, Israel, Turkey, Hong Kong and Australia. Because of its unique features, this programme continues to attract world-wide attention with currently thirty rabbis participating, including fourteen from the UK. The first cohort of six UK rabbi have graduated in the period.

An experimental two-year Diploma Course for lay men and women, divided equally between sessions on practical issues in Jewish law and on religious and cultural inspiration, was concluded in 2022 with 14 students graduating and six others attending regularly but not seeking diplomas. It is hoped to launch a similar but revised course when more resources become available.

The first stage of the new course of Advanced Torah Learning for Women was completed during the period. 9 women were considered to have reached a high enough standard to proceed to the second two-and-a-half-year stage of the course, which requires more intensive study but will give the women who have successfully completed it, the qualification to act as Yoetzet (advisors on Jewish practice as it concerns applications to the family). The course has proved an outstanding success despite its strenuous nature.

The programme of annual Gap-Year Scholarships for male and female school leavers was suspended in the past period because of a constraint on funding, but it is intended to be resumed in September 2025 for between 8 and 10 students. As in the past, these will be each selected by competitive interview for their potential leadership qualities from students already accepted for study at selected colleges of advanced Torah learning in Jerusalem. It is intended that a special programme of additional lectures will be delivered directly by the Endowment to the students in Jerusalem every fortnight, either face-to-face or by using video facilities, to broaden their knowledge in accordance with clauses 4 and 5 of the Charity’s aims.

Three Ph.D. students are now being supported in their studies in furtherance of several of the Charity’s aims.

Grants were made to several other charities to promote courses of study complying with one or more of the Charity’s aims. These included the Jewish Chaplaincy, the Sephardi Habura, the London School of Jewish Studies in London, and Eretz Hemda in Jerusalem. Satisfactory reports were received from these institutions. Such grants are awarded under specified conditions and monitored to ensure compliance.

Due to limitations of funding capacity, it was decided to scale down its assistance to the other charities, or to terminate them.

In collaboration with Eretz Hemda, it is being considered to expand the Dayanut programme to include a teaching stream to cover Choshen Mishpat, i.e. laws concerned with the adjudication of civil and financial disputes.

The Synagogue, Mausoleum and Cemetery at Ramsgate, and their grounds are in reasonably good condition and are being maintained on a regular basis. Due to a water leak from the roof, repairs were undertaken to the West parapet and repair to the internal plaster and decoration.

The Synagogue is, again, being used by school groups seeking knowledge of the Jewish religion for their studies,and an audio-visual presentation is now in use. Access to this heritage site by appointment has been maintained and it is again receiving increasing numbers of visitors.

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THE MONTEFIORE ENDOWMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

Nearly all the Charity’s collection of ritual silver continues to be on public display at the Victoria & Albert Museum in London, and at the Fitzwilliam Museum in Cambridge. More of the manuscript collection is being published online.

Work continues slowly on projects for making the Endowment’s manuscript collections more widely available to the public, both online and otherwise; and numerous inquiries from scholars worldwide were answered by our Librarian. Public interest is demonstrated by the large number of “visitors” to the Endowment’s website with over 5,000 ‘users’ recorded in the past six months, mainly from the UK, Israel and the USA but also from places as far apart as Finland and China.

Several manuscripts were sold through an auction process at Sotheby’s New York, raising some much-needed funds for the Endowment. The manuscripts were those unsold in the Endowment's sale at Sotheby's New York in October 2004 and were acquired by the former Montefiore College at Ramsgate largely after the lifetime of Sir Moses Montefiore. The total amount raised in the period from the sale of manuscripts amounted to £423,079.

It should be clear from the above that the resources of the Charity are being successfully employed to further its declared aims, all for public benefit.

Financial review

During the course of the period ended 31 December 2024, in pursuit of the charitable objectives, total incoming resources amounted to £648,663 (2023: £166,890). Total resources expended were £667,111 (2023: £573,651). There were also net gain on investments in the period of £850,355 (2023: £191,726). There was an increase in overall surplus generated in the period of £831,907 (2023: £215,035 - deficit).

The trustees regularly monitor the performance of its investment policy and consider it to be especially satisfactory during this period of financial uncertainty.

The trustees have an ongoing commitment to maintain the synagogue, mausoleum and cemetery in Ramsgate along with a significant amount of moveable property. The Charity's present and planned educational and leadership programmes and assistance to charities with similar aims will involve significant expenditure in the coming years. Nonetheless, the trustees are undertaking an ongoing review of the Charity’s activities, given its budgetary constraints.

Reserves Policy

The reserves policy is reviewed annually to reassess risk and reflect any changes to the Endowment's income, capital, financial obligations and long-term plans for charitable expenditure. The minimum amount of reserves necessary to meet the Charity’s obligations for a year in case of emergency is between £0.5 million to £0.75 million, which is adequately covered at present.

Unrestricted Funds (not designated for other purposes) at the period-end amounted to £1,239,825 (2023: £779,078) comprising those funds which the trustees are free to use in accordance with the charitable objectives of the Endowment.

Designated Funds consist of several individual funds such like the Special Projects Fund, set aside by the Board of Trustees to meet the cost of the Charity’s educational and other special projects as and when they occur, at the Trustees' discretion. Additionally, the Building, Tombstone and Burial Fund provides for the purchase and maintenance of the Synagogue and Mausoleum as well as for the maintenance of the burial grounds and tombstones. Other Bequest Funds provide for the general maintenance of the property of the charity. The value of Designated funds is currently £1,241,213 (2023: £1,743,511) at the balance sheet date.

Restricted Funds at period end amounted to £nil (2023: £nil). During the period a restricted donation amounting to £32,880 was made specifically to contribute to the funding of the Women's Yoetzet Halacha programme and it was fully expensed during the period.

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THE MONTEFIORE ENDOWMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

While the Montefiore Endowment is mainly a self-funding charity, it was decided that funds need to be raised to support up to 50% of the cost of the women’s programme. So far two-thirds of this objective has been met, but further donations are being solicited to meet these budgetary requirements.

In the UK’s small orthodox Jewish community, there are not many opportunities to embark on large-scale projects for public benefit consistent with the governing instrument of the Charity. As the Montefiore Endowment is one of the few Jewish educational charities with funds at its disposal, its trustees consider it essential to maintain a Special Reserve Fund to take advantage of such opportunities that may present themselves or be developed. Projects that have already been made possible by this fund are described above. They include the Semicha Course, the Dayanut Programme, the Gap-year Programme, the Diploma Course and the course of Advanced Torah Learning for Women.

At present the Special Reserve Fund is fully utilised to provide the income and capital gains necessary to enable the Charity to fund its policy of maintaining its buildings and collections, publications, and to maintain and expand its programmes to promote advanced Torah learning, and leadership training.

The Charity's Endowment Funds represents assets which must be held permanently by the Charity.

A total return approach is adopted in respect of the Permanent Endowment held by the Charity, with any income and capital gains or losses arising classed as unapplied total return which can be transferred to unrestricted income at the discretion of the trustees. The endowment fund at the period end amounted to £5,075,939 (2023: £4,204,481). Included within these amounts are the unapplied total returns which amounted to £4,091,065 (2023: £3,219,607) at the period end.

Investment policy

The assets of the Endowment are invested in a balanced way, having regard to the ongoing commitment to maintain the Synagogue, mausoleum and cemetery at Ramsgate and having regard to the operational commitments and expected costs of the Endowment. This is important as the trustees rely mainly on internal resources to fund its work. Having regard to the above, the objective is to invest the assets of the Endowment in pursuit of capital growth. The trustees regularly monitor the performance of its investments against the stated policy.

Risk management

The trustees have considered the major risks to which the Charity is exposed, have reviewed these risks, have established systems and procedures to manage them as set out in its Risks Register. They are satisfied that systems are being put into place to mitigate exposure.

Structure, governance and management

The Charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association which were incorporated on 26th October 2005. The net assets of The Montefiore Endowment at Ramsgate (Charity No. 230919) were transferred to The Montefiore Endowment (Charity No. 1113038, Company No. 05604295) on the 20 November 2007. On 2 April 2014, having received prior consent from the Charity Commission for the purposes of section 198 of the Charities Act 2011, the trustees unanimously passed a resolution, updating the Charity's objects.

The Trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:

Mrs R J Basrawy (Appointed 3 January 2024) Mr A R Bekhor Mrs C H Green Mr L E Gubbay (Resigned 11 November 2024) Mr D Kessler Mr I Levy Mrs P C N Sinyor Mr D R M Sopher Mr R M Sopher

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THE MONTEFIORE ENDOWMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

Trustees are currently recruited by word of mouth, or by personal approach. Special knowledge of at least one of the Charity's activities is generally required.

Trustees undergo regular training in accordance with agreed policy. New trustees are furnished with recent minutes of relevant meetings and encouraged to discuss any matters with other trustees and with the Secretary.

The Board of Trustees recognises that the responsibilities of a trustee are considerable and continues to so inform all trustees.

During the period, the day to day running of the Charity was undertaken by the above trustees.

During the period, Alan Bekhor took over as Chairman of the Charity, and Isaac Levy as Deputy Chairman. The enormous contribution of the departing Chairman, Lucien Gubbay, recently awarded an MBE, to the success of the charity has been duly recognised by the Board.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the Charity and guarantee to contribute £1 in the event of a winding up.

Rabbi Asaf Mittelman (Director of Asimon Ltd.) is permanently retained as a consultant to provide Educational Direction.

Members of staff (some part-time) are as follows:

Giselle Sinyor, C.O.O and Company Secretary Yael Sonnenfeld, Operations Manager Rabbi Sam Millunchick, Education Lauren White, part-time Secretary (Resigned December 2024)

Sally Style, part-time Librarian

Ben Kelly, part-time Superintendent for the Ramsgate properties, assisted by other part time helpers on a casual basis.

Associated Organisations

The Montefiore Endowment is an independently constituted charity with historical links to the Spanish and Portuguese Jews’ Congregation, London (S&P Sephardi Community). Many members of its board of trustees and advisory council are also members of this synagogue.

Asset cover for funds

Note 25 sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the Charity's obligations on a fund by fund basis.

Auditor

A resolution confirming the re-appointment of RDP Newmans LLP as auditors of the Charity was agreed by the trustees at the AGM.

Related party transactions

During the period there have been transactions with related parties - please refer to note 26 for further details.

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THE MONTEFIORE ENDOWMENT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The Trustees' report (including the Directors' report) was approved by the Board of Trustees.

On behalf of the board of trustees

Mr A R Bekhor

Trustee

29 September 2025

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THE MONTEFIORE ENDOWMENT

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE PERIOD ENDED 31 DECEMBER 2024

The Trustees, who are also the directors of The Montefiore Endowment for the purpose 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 period 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 charitable company 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 in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

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THE MONTEFIORE ENDOWMENT

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE MONTEFIORE ENDOWMENT

Opinion

We have audited the financial statements of The Montefiore Endowment (‘the charitable company’) for the period ended 31 December 2024 which comprise the statement of financial activities, the summary income and expenditure account, the balance sheet 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:

• give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 Charity’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

We have nothing to report in this regard.

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THE MONTEFIORE ENDOWMENT

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MONTEFIORE ENDOWMENT

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• adequate and proper 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.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the 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 of financial 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 Charity’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 but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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THE MONTEFIORE ENDOWMENT

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MONTEFIORE ENDOWMENT

Extent to which the audit was considered capable of detecting irregularities, including fraud

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and The Charities Act 2011 together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charitable company through discussions with trustees and other management, and from our commercial knowledge and experience of the charity sector.

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006 and The Charities Act 2011 together with the Charities SORP (FRS102), General Data Protection Regulation (GDPR), and employment legislation.

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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THE MONTEFIORE ENDOWMENT

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MONTEFIORE ENDOWMENT

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• reviewed and tested journal entries to identify unusual transactions and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• reviewing and agreeing financial statement disclosures and testing to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in an auditors' 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 charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

RDP Newmans LLP

29 September 2025

Chartered Accountants Statutory Auditor

Lynwood House 373-375 Station Road Harrow, Middlesex HA1 2AW

RDP Newmans LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE MONTEFIORE ENDOWMENT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2024

			Unrestricted	**Restricted **	Endowment	**Total **	**Unrestricted **	Endowment	Total
			funds	funds	funds		funds	funds
			Period	Period	Period	Period	Year ended	Year ended	Year ended
			ended 31	ended 31	ended 31	ended 31	31 October	31 October	31 October
			December	December	December	December
			2024	2024	2024	2024	2023	2023	2023
Notes			£	£	£	£	£	£	£
Income and endowments from:
Donations and
legacies		3	20,499	32,880	-	53,379	10,747	-	10,747
Investments		4	115,015	-	57,190	172,205	62,820	45,823	108,643
Other income		5	423,079	-	-	423,079	47,500	-	47,500
Total income and
endowments			558,593	32,880	57,190	648,663	121,067	45,823	166,890
Expenditure
on:
Raising funds		6	3,598	-	11,087	14,685	2,696	9,915	12,611
Charitable
activities		7	619,546	32,880	-	652,426	561,040	-	561,040
Total resources
expended			623,144	32,880	11,087	667,111	563,736	9,915	573,651
Net
gains/(losses)
on investments	14		25,000	-	825,355	850,355	-	191,726	191,726
Net movement in
funds			(39,551)	-	871,458	831,907	(442,669)	227,634	(215,035)
Fund balances at	1
November 2023			2,522,589	-	4,204,481	6,727,070	2,965,258	3,976,847	6,942,105
Fund balances at		31
December 2024			2,483,038	-	5,075,939	7,558,977	2,522,589	4,204,481	6,727,070

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

• 13 -

THE MONTEFIORE ENDOWMENT

INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2024

	All income	All income
	funds	funds
	Period ended	Year ended
	31 December	31 October
	2024	2023
	£	£
Gross income	591,473	121,067
Change in fair value on investment property	25,000	-
Total income in the reporting period	616,473	121,067
Total expenditure from income funds	656,024	563,736
Net expenditure for the period	(39,551)	(442,669)

• 14 -

THE MONTEFIORE ENDOWMENT

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes Fixed assets Tangible assets 16 Investment properties 17 Investments 18 Current assets Debtors 19 Cash at bank and in hand Creditors: amounts falling due within one year 20 Net current assets Total assets less current liabilities Capital funds Endowment funds - general 23 Income funds Unrestricted funds Designated funds 24 General unrestricted funds 24	2024 £ £ 2,234 525,000 5,385,313 5,912,547 436,753 1,230,228 1,666,981 (20,551) 1,646,430 7,558,977 5,075,939 1,241,213 1,239,825 2,483,038 7,558,977	2023 £ £ 3,448 500,000 4,559,839 5,063,287 16,706 1,666,926 1,683,632 (19,849) 1,663,783 6,727,070 4,204,481 1,743,511 779,078 2,522,589 6,727,070	2023 £ £ 3,448 500,000 4,559,839 5,063,287 16,706 1,666,926 1,683,632 (19,849) 1,663,783 6,727,070 4,204,481 1,743,511 779,078 2,522,589 6,727,070
			5,063,287 1,663,783
			6,727,070
			4,204,481 2,522,589
			6,727,070

• 15 -

THE MONTEFIORE ENDOWMENT

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 31 December 2024, although an audit has been carried out under section 144 of the Charities Act 2011. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts under the requirements of the Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 29 September 2025

Mr A R Bekhor Mr D R M Sopher Trustee Trustee

Company Registration No. 05604295

• 16 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

The Montefiore Endowment is a private company limited by guarantee incorporated in England and Wales. The registered office is Schaller House, 44a Albert Road, London, NW4 2SJ. The Charity is registered at the Charities Commission with the registration number 1113038.

All of the trustees are members of the charitable company and guarantee to contribute such sum (not exceeding £1) in the event of winding up.

1.1 Reporting period

The Directors have made a decision to extend the accounting period and as a result have presented the financial statements for the 14 month period ended 31 December 2024. The comparative amounts presented in the financial statements (including the related notes) therefore are not entirely comparable.

1.2 Accounting convention

The accounts have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and “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 Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties, fixed asset investments and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

Endowment funds represent assets which must be held permanently by the Charity. The Charity has adopted a total returns approach in respect of its permanent endowment under section 104A(2) of the Trust (Capital and Income) Act 2013. Any income and capital gains or losses arising on the assets are classed as the unapplied total return which can be transferred to unrestricted income at the discretion of the trustees.

• 17 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.5 Incoming Resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Rental income is recognised in the period to which the rent relates.

Interest income is recognised in the period to which it relates.

Income from investments is accounted for on a receivable basis.

Income from the sale of heritage asset is recognised at the point of the sale.

1.6 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Grants payable are charged in the period when 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 attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.

Charitable expenditure comprises all expenditure directly relating to the objectives of the Charity. It also includes an allocation of support and governance costs.

Governance costs include expenses associated with constitutional and statutory requirements, such as audit fees and the cost of legal advice taken by the Trustees. Governance costs have been allocated based on the proportion of total direct costs attributable to each charitable activity to total resources expended.

Support costs are those costs that are not directly attributable to a single activity but provide the necessary organisational support for all the charity's activities. The support costs have been allocated based on the proportion of total direct costs attributable to each charitable activity to total resources expended.

The charity is not registered for VAT so all expenses shown in the SOFA and notes to the accounts are shown gross (i.e. inclusive of VAT).

• 18 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Items of equipment are capitalised when the purchase price exceeds £1,000.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment

20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the period.

1.8 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of financial activities.

1.9 Heritage assets

These assets are integral to the activities of the Congregation and are unique in terms of their religious and historic significance. Conventional valuation techniques cannot be applied because of their uniqueness and any valuation would be misleading. The heritage assets held are as follows:

a) Freehold Properties and Content

The cost of properties as listed below held for religious, burial and administrative purposes has previously been written off against reserves. Their current value is not shown as the properties are inalienable and historic.

i) Land comprising 0.095 hectares being the Synagogue and the Mausoleum thereon.

ii) Land comprising 0.29 hectares being the Burial Ground.

b) Movable Assets

Movable assets, primarily silver, manuscripts and books are not included in the accounts at any value. This is in accordance with the Statement of Recommended Practice which specifies that assets held as the objects of the charity for long term retention and to which it is difficult to reliably estimate their value can be excluded from the balance sheet.

1.10 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the statement of financial activities for the period. Transaction costs are expensed as incurred.

1.11 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

• 19 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.12 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.14 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.15 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

• 20 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Specifically, the trustees have made made judgements on the apportionment of support and governance costs across the various charitable activities (see note 9 for further details) - the basis of this apportionment has remained consistent to prior years.

The trustees have also made judgements on the fair value of the investment property (see note 17 for further details).

3 Income from donations and legacies

Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 20,499 32,880 Income from investments Unrestricted Endowment funds funds 2024 2024 £ £ Income from listed investments - 57,190 Rental income 27,999 - Interest receivable 87,016 - 115,015 57,190	Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 53,379 10,747 - Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 57,190 - 45,823 27,999 19,140 - 87,016 43,680 - 172,205 62,820 45,823	Total 2023 £ 10,747
		Total 2023 £ 45,823 19,140 43,680
		108,643

4 Income from investments

• 21 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

5 Other income

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Other income	-	47,500
Profit on sale of heritage assets	423,079	-
	423,079	47,500

Other income received during the period amounting to £423,079 represent the profit on the sale of some of the Charity's heritage assets held outside of the balance sheet. The assets consist of various manuscript sold at auction on 18 December 2024.

Other income in the prior year represent an amount recovered from a loss due to an external fraud in the year ended 31 October 2021. In September 2021, the Charity suffered a loss amounting to £100,000 as a result of cyber fraud. The Charity recovered £5,000 in the year ended 31 October 2022 with 50% of the remaining loss suffered recovered in the year ended 31 October 2023 amounting to £47,500. Interest of £6,923 was received on the remaining loss suffered in the year ended 31 October 2023.

6 Expenditure on raising funds

	**Unrestricted **	Endowment	Total	**Unrestricted **	Endowment	Total
	funds	funds		funds	funds
	2024	2024	2024	2023	2023	2023
	£	£	£	£	£	£
Investment management	3,598	11,087	14,685	2,696	9,915	12,611

• 22 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

7 Charitable activities

Religious and cemetery running expenses Educational Maintenance and conserving assets £ £ £ Staff costs 10,751 20,107 - Building costs 63,276 - - Semicha course provision - 76,893 - Expenses incurred in support of Semicha courses - 59,626 - Conservation programme - 47,801 318 Manuscripts - - 31,251 Testimonial projects - - 825 74,027 204,427 32,394 Grant funding of activities (see note 8) - 158,022 - Share of support costs (see note 9) 15,853 139,624 12,479 Share of governance costs (see note 9) 1,472 12,969 1,159 91,352 515,042 46,032 Analysis by fund Unrestricted funds 58,472 515,042 46,032 Restricted funds 32,880 - - 91,352 515,042 46,032 For the period ended 31 October 2023 Unrestricted funds 33,656 515,338 12,046 33,656 515,338 12,046	Total 2024 £ 30,858 63,276 76,893 59,626 48,119 31,251 825 310,848 158,022 167,956 15,600 652,426 619,546 32,880 652,426	Total 2023 £ 25,058 16,070 130,926 19,740 407 6,740 1,594
		200,535 206,572 136,533 17,400
		561,040
		561,040
		561,040

• 23 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

8 Grants payable

	Educational	Educational
	2024	2023
	£	£
Grants to institutions:
Manchester Kollel	7,813	25,000
Dayanut Course	5,093	12,023
London School of Jewish Studies	41,669	47,494
Eretz Hatzvi	4,000	6,834
Midreshet Harova	8,500	9,000
Secular Yeshiva		3,750
Morenu	3,220	7,200
Semicha	4,059	-
Midreshet Tehila	21,750	36,000
Jewish Chaplaincy	10,000	10,000
Yeshivat Hakotel	16,750	22,000
Sephardi Haburah	25,000	12,500
Grants to individuals	10,168	14,771
	158,022	206,572

• 24 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

9 Support costs

Staff costs Depreciation IT costs Maintenance costs Accountancy and secretarial Rent and security costs Legal and professional fees Sundry expenses Audit fees Analysed between Charitable activities	Support costs Governance costs £ £ 105,941 - 1,214 - 7,762 - 11,532 - 17,416 - 23,333 - 450 - 308 - - 15,600 167,956 15,600 167,956 15,600	2024 £ 105,941 1,214 7,762 11,532 17,416 23,333 450 308 15,600 183,556 183,556	2023 Basis of allocation £ 77,048 See note a) 1,214 See note a) 8,228 See note a) 11,255 See note a) 14,711 See note a) 20,000 See note a) 4,077 See note a) - See note a) 17,400 See note b) 153,933 153,933

a) Support costs have been apportioned on the percentage of total charitable expenditure directly attributable to each charitable activity.

b) Governance costs have been allocated based on the percentage of total charitable expenditure directly attributable to each charitable activity.

10 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 11 Auditor's remuneration Fees payable to the charity's auditor and associates: For audit services Audit of the financial statements of the charity	2024 £ 15,600 1,214 2024 £ 15,600	2023 £ 17,400 1,214
		2023 £ 17,400

12 Trustees

There were no travel, accommodation or other expenses paid to trustees in the current or prior period.

No other trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the period.

• 25 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

13 Employees

The average monthly number of employees during the period was:

Employment costs Wages and salaries Social security costs Other pension costs	2024 Number 5 2024 £ 128,633 5,821 2,343 136,797	2023 Number 5
		2023 £ 97,777 2,513 1,816
		102,106

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The Charity's key management personnel consists of the Board of trustees only, The trustees received no remuneration in the period.

14 Gains and losses on investments

Unrestricted Endowment funds funds 2024 2024 Gains/(losses) arising on: £ £ Revaluation of investments - 774,767 Sale of investments - 50,588 Revaluation of investment properties 25,000 - 25,000 825,355	Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 774,767 - 199,130 50,588 - (7,404) 25,000 - - 850,355 - 191,726	Total 2023 £ 199,130 (7,404) -
		191,726

15 Taxation

The Charity is exempt from tax on income and gains falling within section 505 of Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

• 26 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

16	Tangible fixed assets
		Plant and
		equipment
		£
	Cost
	At 1 November 2023	7,446
	At 31 December 2024	7,446
	Depreciation and impairment
	At 1 November 2023	3,998
	Depreciation charged in the period	1,214
	At 31 December 2024	5,212
	Carrying amount
	At 31 December 2024	2,234
	At 31 October 2023	3,448
17	Investment property
		2024
		£
	Fair value
	At 1 November 2023	500,000
	Revaluation	25,000
	At 31 December 2024	525,000

The fair value of the investment properties has been arrived at on the basis of a valuation exercise based on current market rents and investment property yields for comparable real estate undertaken by the trustees.

The trustees having suitable knowledge and qualification considered the above valuation to be a fair reflection of the investment property at 31 December 2024.

• 27 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

18 Fixed asset investments

Listed investments £ Cost or valuation At 1 November 2023 4,544,463 Additions 272,918 Valuation changes 774,767 Movement in cash - At 31 December 2024 5,592,148 Impairment At 1 November 2023 - Disposals 941,551 At 31 December 2024 941,551 Carrying amount At 31 December 2024 4,650,597 At 31 October 2023 4,544,463	Cash in portfolio £ 15,376 - - 719,340 734,716 - - - 734,716 15,376	Total £ 4,559,839 272,918 774,767 719,340
		6,326,864
		- 941,551
		941,551
		5,385,313
		4,559,839

Fixed asset investments revalued

The market value of the listed investment as at 31 December 2024 is £4,650,597 (2023: £4,544,463).

19 Debtors

Amounts falling due within one year: Trade debtors Prepayments and accrued income	2024 £ 430,021 6,732 436,753	2023 £ 403 16,303
		16,706

20 Creditors: amounts falling due within one year

Trade creditors Other creditors Accruals and deferred income	2024 £ 2,235 1,588 16,728 20,551	2023 £ 1,629 1,339 16,881
		19,849

• 28 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

21	Retirement benefit schemes
		2024	2023
	Defined contribution schemes	£	£
	Charge to profit or loss in respect of defined contribution schemes	2,343	1,816

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

22 Restricted funds

The restricted funds of the Charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. The restricted fund donation was raised for the Women's Yoetzet Halacha programme and was fully expended during the period.

	At 1	Incoming	Resources	At 31
	November	resources	expended	December
	2023			2024
	£	£	£	£
Advance torah learning for women's
programme	-	32,880	(32,880)	-

• 29 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

23 Endowment funds

Endowment funds represent assets which must be held permanently by the Charity. The charity has adopted a total returns approach in respect of its permanent endowment under section 104A of the Charities Act 2011 as amended by the Trust (Capital and Income) Act 2013. Any income and capital gains or losses arising on the assets are classed as unapplied total return which can be transferred to unrestricted income at the discretion of the trustees. This approach was reflected as of 1 November 2017 where the original endowment was valued at £984,874 with the unapplied total return being £1,664,625. The value of the original endowment is deemed as the value of the permanently endowed investment funds as at 31 October 2004. This value was chosen being the most historic value available.

			Movement	in funds				Movement	in funds
	Balance at	Transfer on	Investment	Investment	Investment	Balance at	Transfer on	Investment	Investment	Investment	Balance at
	1 November	adoption of	return:	return:	management	1 November	adoption of	return:	return:	management	31 December
	2022	total returns	dividends and	realised and	costs	2023	total returns	dividends and	realised and	costs	2024
		approach	interest	unrealised			approach	interest	unrealised
				gains/(losses)					gains/(losses)
	£	£	£	£	£	£	£	£	£	£	£
Permanent endowments
Endowment	984,874		-	-	-	984,874	-	-	-	-	984,874
Unapplied total
return	2,991,973		45,823	191,726	(9,915)	3,219,607	-	57,190	825,355	(11,087)	4,091,065
	3,976,847	-	45,823	191,726	(9,915)	4,204,481	-	57,190	825,355	(11,087)	5,075,939

• 30 -

THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

24 Unrestricted fund

The unrestricted funds of the charity include general unrestricted funds and the following designated funds which have been set aside by the Trustees for specific purposes:

Balance at 1 November 2022 £ Designated - Special Project Fund 1,649,523 Designated - Building, Tombstone and Burial Ground Fund 304,271 Designated - Other Bequest Funds - Designated - Investment Property Revaluation Fund 328,279 General Unrestricted Funds 683,185 2,965,258	Incoming resources £ 7,647 2,785 - - 110,635 121,067	Movement in funds Resources expended Transfers £ £ (515,338) - (33,656) - (12,046) 12,046 - - (2,696) (12,046) (563,736) -	Gains and losses Balance at 1 November 2023 £ £ - 1,141,832 - 273,400 - - - 328,279 - 779,078 - 2,522,589	Incoming resources £ 16,840 3,378 - - 538,375 558,593	Movement in funds Resources expended Transfers £ £ (515,041) - (58,475) - (46,031) 46,031 - - (3,597) (46,031) (623,144) -	Fair value movement Balance at 31 December 2024 £ £ - 643,631 - 218,303 - - 25,000 353,279 - 1,267,825 25,000 2,483,038	Fair value movement Balance at 31 December 2024 £ £ - 643,631 - 218,303 - - 25,000 353,279 - 1,267,825 25,000 2,483,038
							2,483,038

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THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

24 Unrestricted fund

(Continued)

The Special Projects Fund was set aside by the trustees to meet the cost of special projects, for example the Women's Advanced Learning project, as and when they occur at the Trustees' discretion.

Building, Tombstone and Burial Ground Reserves Fund - this fund is used for the purchase and maintenance of the Synagogue and Mausoleum as well as the maintenance of the burial grounds and tombstones.

Other Bequests Funds - this provides for the maintenance of the property of the Charity. During the period a transfer was made by the trustees from general unrestricted funds amounting to £46,031 to this designated fund.

The Investment Property Revaluation Fund is comprised of gains or losses in fair value of investment properties.

The trustees are satisfied that sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with any designations.

Total designated funds at the period-end amounted to £1,241,213 (2023: £1,743,511). General unrestricted funds at the period-end amounted to £1,239,825 (2023: £779,013). These funds are available for use at the discretion of the trustees for particular purposes.

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THE MONTEFIORE ENDOWMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024

25 Analysis of net assets between funds

Unrestricted Endowment funds funds 2024 2024 £ £ At 31 December 2024: Tangible assets 2,234 - Investment properties 525,000 - Investments 309,374 5,075,939 Current assets/(liabilities) 1,646,430 - 2,483,038 5,075,939 Unrestricted Endowment funds funds 2023 2023 £ £ At 31 October 2023: Tangible assets 3,448 - Investment properties 500,000 - Investments 355,358 4,204,481 Current assets/(liabilities) 1,663,783 - 2,522,589 4,204,481	Total 2024 £ 2,234 525,000 5,385,313 1,646,430
	7,558,977
	Total 2023 £ 3,448 500,000 4,559,839 1,663,783
	6,727,070

26 Related party transactions

Transactions with related parties

During the period the Charity entered into the following transactions with related parties:

During the period, the Charity paid rent and security costs of £23,333 (2023: £20,000) and a grant of £41,669 (2023: £47,494) to Jews' College T/A the London School of Jewish Studies, a charity in which there are common trustees.

27 Members' liability

The charitable company is limited by guarantee. In the event of the charitable company being wound up while someone is a trustee, or within one year afterwards, in the event of there being a deficiency, each trustee will contribute a sum not exceeding £1.

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