2023-12-31-accounts

Registered number.. 08051428 Charity number.. 1147803 THE WESTERN CHARITABLE FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the Charlty, Its Trustees and advlsers Trustees. report Independent auditor5. report on the financial ststements 9-12 Statement of financial activities 13 Balance sheet 14-15 Statement of cash flows 16 Notes to the financial statements 17-33

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Harold Pasha, Chairman David Winton, Vice Chairman Anthony Yadoaroff, Treasurer Suzanne Goodman Colin Jaque Philip Kremen Maxwell Nisner P8uI Rayden Alexander Rayden (appointed 30 January 20231 Company registered number 08051428 Charity registered number 1147803 Registered office 35 B811ards Lane London N3 1XW Company secretary Mr. A.H. Yadg8roff Independent auditors BKL Audit LLP 35 B811ards Lane London N3 1XW Bankers National Westminster Bank PIC 38 Strand London W2CH SJB Page 1

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the audited financial statements of the Charity for the 1 January 2023 10 31 December 2023. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confimi that the Annual report and financial statements of the charitable company comply with the current slatulory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their awounts In accordance with the Financial Reporting Stsndard applicable In the UK and Republic of Ireland IFRS1021 leffective 1 January 20191. Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Reporti Regulations 2013 has been omitted. The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the audited financial statements of the charity for the year ended 31 st December 2022 which are also prepared to meet the requirements of a directors, report and accounts for Companies Act purposes. Objectives and activities a. Policies and objectives The objects of the charity are.. lil The provision and administration of Jewish cemeteries lill The relief of povety in accordance with the principal of the Jewish religion liiil The advancement of Orthodox Jewish education by the provision and maintenance of Orthodox Jewish schools livl The advancement of the Orthodox Jewish Religion and in particular the provision and support of The Western Marble Arch Synagogue Iv) The support of such charitsble institutions established for similar purposes as the Trustees from lime to time think fit In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IP821'. b. Strategies for achieving objectives The Trustees ensure that the charity objectives are achieved by regular reviewing of its charitable aclivib.es as described on page 3. There is regular communication be￿een the Executive Secretsry and the other burial organisations sharing the main cemetery al Cheshunt lo ensure its smooth running and regular visitations by Head Office staff to all four cemeteries to monitor their effectiveness. All grant requests are discussed by the Board of Trustees to ascertain their priority and suitability for funding. c. Activities undertaken to achieve objectives The charity fulfils Ils objectives by ensuring cemetery staff have the training and knowledge to perform their duties effectively and the Trustees communicate with the WMA Synagogue and various charitable institutions who may be in need of financial assistance. Page 2

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities {continuedl d. Grant-making policies The policy of the Foundation is the administration and Maintenan￿ of cemeteries at Bulls Cross Ride Cheshunl, Rowan Road Slrealham, Montagu Road Edmonlon and Fulham Road Chelsea, and making grants lo such other charitable activities as pemiitted by its objects as the Trustees consider appropriate from lime lo lime. e. Main activities undertaken to further the Charity's purposes ft>r the public benefit The charity achieves its general aims by maintaining Jewish cemeteries and providing support to the Vvestern Marble Arch Synagogue. The Iruslees have complied with their duty under section 17151 of the Charities Act 2011 to have due regard to the public benefit requirement. The trustees have also reviewed each grant payment during the year by reference lo the Charity Commission guidan￿ on 'Charilies and Public Benefif. Issued by the charity commission. Achievements and performance a. Main achievements of the Charity In the course of the year there were 17312022.. 1921 burials of which 12012022.. 1401 were in connection with the associated organisation and 5312022.. 521 related to burial subscription members and paid funerals. b. Key performance indicators The measures or indicators used to assess perforrnan￿ and achievement includes observing good staff retention levels, allempling lo keep expenditure level by looking al cost savings possible and administrative efficiency. Other measures include aiming to ensure the givingldonor capacity each year has a general upward trend and that investment performance shows growth or at least stays ahead of market Indexes. c. Review of activities The activities of the charitable company continue lo be the advancement of the Jewish religion in particular by the provision, maintenance and adminislralion of Jewish cemeteries and the provision of assistance lo any burial society for the burial of persons of the Jewish faith. The trustees continue to keep under review the need for maintenance of the cemeteries, performance against objectives sel and the need to acquire land for future burials. During the period the trustees continued the comprehensive maintenance programme al all of the cemeteries. There was no need, al this time, to purchase additional burial land or to make any changes to the way it carries out its aclivilies. The trustees are satisfied that the expenditure incurred helped to support its key objectives in maintaining the high standard of Ils Cemeteries. Page 3

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance lcontinuedl d. Factors relevant to achieve objectives Volatile global markets have minimised share investment income and performance in recent years contributing lo less enthusiasm for external grant making to other institutions. Recent external renovation works al the WMA Synagogue complex required every 10-15 years took place recently and has led to increased pressure for Synagogue grants and administrative support. e. Fundraising activities and income generation Fundraising activities are not performed by the charity and the main forms of income are generated from members annual burial contributions and tombstone mason fees charged. f. Investment policy and perfomiance The Foundation's investment policy is to hand over the management of funds into the hands of professional managers. The trustees consult with the Managers from lime to time lo discuss Investment performance. Financial review . Going concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existen￿ for the foreseeable future. For this rea50n, they continue to adopt the going concern basis in preparing the financial slalements. Further detsils regarding the adoption of the going concern basis can be found In the accounting policie5. b. Reserves policy Total Reserves, as shown on the Balance Sheet, amount lo £11,296,73312022.. £11,440,878). Of these reserves, £3,888.82412022.. £3,882.4391 is Invested in tangible fixed assets and heritage assets leaving £7,407,90912022.. £7,558,439) as free reserves. Whilst the trustees from time to time make grants, considerable reserves have to be held for future expenditure on cemeteries and also to cover the long term burial liabilities as well as maintenance and renewal of its properties. There is also a need to maintain cemeteries which are in effect closed for burial, and funds have to be held lo cover such maintenance for perpetuity. c. Material investments policy The Foundation's investment policy is to hand over the management of funds into the hands of professional managers. The trustees consult with the Managers from lime to time lo discuss Investment performance. Page 4

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 d. Principal risks and uncertainties The biggest risk the Foundation faces is a major event resulting in a large Increase in the number of burials. The trustees cater for the risk by maintaining sufficient reserves and obtain an actuarial report every 3 years lo verify this. A further major risk is the age of the properties associated with the Foundation and the trustees ensure that adequate funds are maintained for the ongoing maintenance programme and any long term e. Financial risk management objectives and policies There is little exposure to financial risk due to the nature of burial services offered which ensure a basic guaranteed market demand from members. However, the WCF policies include the need by senior staff lo ensure the Foundation is acting appropriately, trying to anticipate and assess risk, avoid excessive risks and ensure appropriate safeguards are in place lo minimise risk whether by avoidance, control measures or Insurance. The Foundation also maintains sufficient cashlliquid assets to minimise liquidity risk and allow financial obligations to be fulfilled. f. Principal funding The principal funding sources of the charity are shown in notes 4 and 5 of the accounts. Structure, governance and management a. Constitution The Western Charitable Foundation Is registered as a charitsble company limited by guarantee and was sel up by a Trust deed. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Oryanisational structure and decision-making policies There are nine trustees who are responsible for running the charity. Day lo day running of the charity Is delegated to the Management Committee which consists of the Chairman, Vice Chairman and Treasurer. Routine matters such as arranging funerals and upkeep of records are delegated to the office administration. d. Policies adopted for the induction and training of Trustees The Articles provide for a minimum number of 5 and a maximum number of 15 trustees. One of the Iruslees so appointed shall be nominated by the United Synagogue. The power of appointment of new or additional trustees is vested in the trustees for the lime being of the charity. A trustee must be appointed by a resolution passed by Iwo thirds of all the existing trustees at the lime of the resolution. A new trustee would reTrive copies of the previous years. annual reports and accounts and a copy of the Charity Commission leaflet. The Essential Trustee. What you need lo know" Page 5

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management Icontinuedl e. Pay policy for key management personnel The trustees consider the Chairman and the Executive Secretary as comprising the key management personnel of the Charity In charge of directing and controlling the day lo day affairs of the charity. All Iruslees give their bme freely and no remuneration was paid to them in the year. The pay of the Executive Secretary is reviewed annually. The remuneration set Is fair and not out of line with that generally paid for similar roles. For further information, see note 11. f. Related party relationships There are no directly connected organisations. However, the Foundation co-operates with the following charitable burial societies and burial organisations which use the cemeteries which the Foundation maintains.. Burial Societies New London Synagogue New North London Synagogue Association of Jewish Friendly Societies Chabad Lubavitch Centres Congregation of Jacob East London Central Synagogue Great Garden Street Synagogue Kehillat Ohel Avraham Sandys Row Synagogue Teesdale Street Synagogue The Settlement Synagogue Walford Road Synagogue West End Great Synagogue WMAS Funeral Expenses Scheme Burial O anisations Jewish Joint Burial Society Liberal Judaism Woodford Forest United g. Financial risk management The Trustees have assessed the major risks to which the Charity Is exposed, in particular those related lo the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Page 6

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management Icontinuedl h. Trustees. indemnities The company's Articles of Association provide, subject lo the provision of UK legislation, an indemnity for Iruslees and officers of the company In respect of liabilities they may incur in the discharge of their duties or in the exercise of their duties, or in the exercise of their powers, including any liabilities relating lo the defence of any proceedings brought against them which relate lo anything done or omitted, or alleged to have been done or omilled, by them as officers of the company. Appropriate trustees and officers liability insurance cover is in place in respect of all of the company's directors. Plans for future periods The charity plans to continue its existing aims and objectives in future years in its provision and adminislralion of Jewish cemeteries and its charitable financial assistan￿ lo other Jewish institutions and organisations. ststement of Trustees. responsibilities The Trustees (who are a150 the directors of the Charity for the purpose5 of company lawl 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Charity and of Ils incoming resources and application of resources, including Its income and expenditure, for that period. In preparing these financial stslemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been ft)Ilowed, subject lo 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 Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy al any lime 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. Dlsclosure of Infomiatlon to audltors Each of the persons who are Trustees al the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Page 7

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Auditors The auditors, BKL Audit LLP, have Indicated their willingness lo continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Harold Pasha ITrusteel Dale.. 2311212024 Page 8

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTERN CHARITABLE FOUNDATION Oplnlon We have audited the financial statements of The Western Charitable Foundation Ithe 'charitsble company'l for the year ended 31 December 2023 which comprise the Statement of financial aclivilies, the Balance sheet, the Statement of cash flows and the related notes, including a summary of 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 Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi￿1. In our opinion the financial statements.. give a true and fair view of the slate of the charitsble company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordan￿ 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 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate lo 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 con￿rn basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability lo continue as a going concern for a period of at least IMelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 9

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTERN CHARITABLE FOUNDATION ICONTINUEDI Other Informatlon The other information comprises the information included in the Annual report other than the financial statements and our Auditors. report Ihereon. The Trustees are responsible for the other information contsined within the Annual report. Our opinion on the financial ststemenls does not cover the other information and, except lo the extent otherwise explicidy ststed in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial ststemenls or our knowledge obtained in the course of the audit, or otherwise appears lo 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. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept,. or the financial slalements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees Iwho are also the directors of the charitsble company for the purposes of company lawl 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 ne￿SSary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going con￿rn basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but lo do so. Page 10

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTERN CHARITABLE FOUNDATION ICONTINUEDI Audltors. responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detsiled below.. Enquiring of management around actual and potential litigation and claims. Reviewing board meeting minutes of meetings of those charged with g0veman￿. Reviewing financial statement disclosures and testing lo supporting documentation with applicable laws and regulations. Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitstions of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misststemenl in the financial stslemenls or non-complian￿ with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of InStan￿S of non-compliance. The risk is also greater ￿gardIng irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional scepticism throughout the audit. We also". Identify and assess the risks of material misstatement of the financial $18tements, whether due to fraud or error, design and perform audit procedures ￿SponSive lo those risks, and obtsin audit eviden￿ that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of Internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control. Evaluate the 8pproprialeness of accounting policies used and the re8s0nableness of aecounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material Un￿rtaInty exists related to events or conditions that may cast significant doubt on the charitable company's ability lo continue as a going concern. If we conclude that a material Un￿rtaInty exists, we are required to draw attention in our Auditors, report lo the related disclosures in the financial statements or, if such disclosures are Inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the Page11

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTERN CHARITABLE FOUNDATION ICONTINUEDI dale of our Auditors, report. However, fvture events or conditions may cause the charitable company lo cease lo continue as a going cOn￿rn. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the undedying transactions and events in a manner that achieves fair presentation. We communicate with those charged with goverllan￿ regarding, among other matters, the planned scope and liming of the audit and significant audit findings, induding any significant deficiencies in internal control that we identify during our aLJdil. Use of our report This report is made solely to the charitable company's trustees, as a body, in accordanTr with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charitable company's trustees those matters we are required lo slate to them in an Auditors. report and for no other PUfFiose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 8KL A£ULg- LLP BKL Audit LLP 35 Ballards Lane London N3 1XW Dale.. 2311212024 BKL Audit LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. Page 12

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Charitable activities Investments 901.769 462.693 901.769 462.693 909,818 324. 198 Total income 1,364.462 1,364.462 1,234.016 Expgnditure on: Charitable activities 1,549.189 1,549.189 1,674,084 Total expenditure 1,549,189 1,549,189 1,674,084 Net expenditure before net losses on investments Nel losses on investments (184.727) 114,6001 (184.727) 114,6001 (440.068) (922,909) Net movement in funds 1199.3271 1199.327) (1,362.9T7) Reconciliation of funds.. Total funds brought forward Nel movement in funds 11,440.878 1199,3271 11,440.878 12, 803,855 1199,327) (1,362,977) Total funds carrigd forward 11,241.551 11,241.551 11,440.878 The Ststemenl of financial activities includes all gains and losses recognised in the year. The notes on pages 17 to 33 form part of these financial statements. Page 13

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) REGISTERED NUMBER: 08051428 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Heritage assets Investments Investment property 12 14 15 3.249.469 611,173 4,806,579 5.500,000 3,271.266 611,173 4,848,225 5, 500.000 14.167.221 14,230.664 Current assets Debtors Cash al bank and in hand 16 381.675 1,699.737 362,304 1,829,414 2,081.412 2, 191, 718 Creditors.. amounts falling due within one year 17 1405,1661 (379,588) Net current assets 1.676.246 1,872,730 Creditors." amounts falling due after more than one year Provisions for liabilities 18 1412,9161 {4.189.0001 (412,916) (4, 189.000) Total net assets 11.241.551 11,440.878 Charity funds Unrestricted fvjnds 11.241,551 11,440,878 Totsl funds 11.241.551 11,440,878 The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity lo obtain an audit for the year in question in aceordanee with section 476 of the Companies Act 2006. However, an audit is ￿qUired in accordance with section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo 8ecounling records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. Page 14

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) REGISTERED NUMBER: 08051428 BALANCE SHEET ICONTINUED) AS AT 31 DECEMBER 2023 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. If67kold P6uha Harold Pasha (Trusteel Dale.. 2311212024 The notes on pages 17 to 33 form part of these financial statements. Page 15

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Nel cash used in operating activities 1591,2321 (872.002) Cash flovts from investing activities Purchase of other investments Proceeds on disposal of other investments Investment income received Other non cash movements (1,000.028) 2,203,431 249,673 462,693 11,1381 Net cash provided by investing activities 461,555 1A53.076 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 1129,6771 $81.074 1.829,414 1,248.340 Cash and cash equivalents at the end ofthe year 1.699,737 1, 829.414 The notes on pages 17 to 33 form part of these financial statements Page 16

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General Informatlon The Western Charitable Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 35 Ballards Lane, London, N3 1XW. The liability of each member in the event of winding up is limited to £10. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Western Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern Al the lime of approving the financial statements, the Iruslees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the forseeable future. Thus the trustees continue to adopt the going con￿rn basis of accounting in preparing the financial stalemenls. 2.3 Income All income is recognised once the Charity has entillemenl lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation lo investment income is recognised at the lime the investment income is re￿1Vable. 2.4 Expenditure Expenditure is recognised On￿ there is a legal or constructive obligation lo transfer economic benefit lo 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 acts.vily are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Page 17

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 2.4 Expenditure {continued) Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tanglble flxed assets and depreclatlon All tangible fixed assets are capitslised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, using the straight-line method and the reducIng-balan￿ method for all assets besides cemeteries. Depreciation is provided on the following basis.. Freehold propety Plant and machinery 200h Slraighl line 200k Reducing balance Cemeteries are depreciated on the basis of the number of plots used in the year. 2.7 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial activities. Investments held as fixed assets are shown al cost less provision for impairment. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Page 18

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Llabllltles Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates it will pay to settle the debt or the amount it has re￿iVed as advanced payments for the goods or setvices it musl provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.11 Flnanclal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.12 Provlslons The provision for future funeral costs is based on an external actuarial report assessing the present value of future funeral costs less the present value of future contributions. See note 20 for further information. It is the policy of the trustees lo obtain an updated actuarial report on a triennial basis. The last actuarial valuation was undertaken on 1 January 2022. In the Inte￿ening period, the Trustees review the valuation to assess whether il has materially changed. 2.13 Penslons The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.14 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page 19

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charltable actlvltles Unrestricted funds 2023 Total funds 2023 Suppporting the ￿meterIeS 901,769 901,769 Unrestrictgd funds 2022 Total funds 2022 Supporting the cemeteries 909,818 909,818 Investment income Unrestricted funds 2023 Total funds 2023 Rental income Investments listed on stock exchange 306,723 155,970 306.723 155,970 462,693 462.693 Unrestricted funds 2022 Total funds 2022 Rental income Investments listed on stock exchange 239,948 84,250 239.948 84,250 324, 198 324, 198 Page 20

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of grants Grants to Institutions 2023 Total funds 2023 Grants, Religious Activities 356,014 356,014 During the year, the charity made donations of £271,022 to The Western Marble Arch Synagogue. The rest was donated to a variety of other causes. The total grants made lo Western Marble Arch Synagogue by the company and it's unincorporated predecesor up to 31 De￿mber 2023 amount lo £3,692,83812022'. £3,421,816). Grnnts lo Institutions 2022 Total funds 2022 Grants, Religious Activities 402,223 402,223 All grants in the prior year were paid unto the Western Marble Arch Synagogue besides £22,998 which was donated to a variety of other causes. Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2023 Total 2023 Supporting the cemeteries Religious Activities 1,193,175 356,014 1,193.175 356,014 1,549,189 1.549.189 Page 21

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture on charltable actlvltles Icontlnuedl Summary by fund type Icontlnuedl Unrestricted funds 2022 Total 2022 Supporting the cemeteries Religious Activities 1,271, 861 402,223 1,271,861 402.223 1.674,084 1,674,084 Anatysis of expenditure by activities Activities undertaken directty 2023 Grant funding of activities 2023 Support costs Total funds 2023 2023 Supporting the cemeteries Religious Activities 839,769 353,406 1,193.175 356.014 356,014 839,769 356,014 353,406 1,549,189 Activities undertaken directly 2022 Grant funding ol activities 2022 Support costs 2022 Total funds 2022 Supporting the cemeteries Religious Activities 1, 127,495 144,366 1,271,861 402,223 402,223 1, 127,495 402,223 144,366 1,674.084 Page 22

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by actlvltles Icontlnuedl Analysls of dlrect costs Supportlng the cemeteries 2023 Total funds 2023 Staff costs 250,090 568 67,543 20,684 493,296 2,522 803 4,263 250,090 568 67.543 20,684 493,296 2,522 803 4,263 Cleaning Funeral Cost Light & Heal Repair & Renewal Telephone Rates Travel 839,769 839,769 Supporting the cgmgteries 2022 Total funds 2022 Staff costs Cleaning Funeral Cost Light & Heal Repair & Renewal Telephone Rates Travel 244, 766 2.540 61,506 5.898 595,509 2.924 10,607 8. 768 244, 766 2.540 67,506 5,898 595,509 2,924 10,607 8, 768 194,977 In¢￿ase in provision 194,977 7, 127,495 1. 127,495 Page 23

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by actlvltles Icontlnuedl Analysls of support costs Supportlng the cemeteries 2023 Total funds 2023 Staff costs 53,350 21,797 22,184 82,625 1,738 3,182 2,311 11,572 136,235 18,412 53,350 21,797 22.184 82,625 1,738 3,182 2.311 11,572 136,235 18,412 Depreciation Insuran Light & Heal Bank charges General expenses Office expenses Governance costs VAT write off Accountancy 353,406 353,406 Governance costs are comprised entirely of the audit fee for the year. Page 24

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by actlvltles Icontlnuedl Analysls of support costs Icontlnuedl Supporting the cgmeteries 2022 Total funds 2022 Staff costs 49,700 17.816 24, 771 1,050 1,361 3.114 4,394 18.180 49, 700 17,816 24, 771 1,050 1,361 3,114 4,394 18,180 23,980 Depreciation Insuran Professional fee Bank Charges General expenses Office expenses Governance costs Accountancy 23,980 144,366 144,366 Governance costs a￿ comprised entirely of the audit fee for the year. Auditors. remuneration 2023 2022 Fees payable lo the Charity's auditor for the audit and preparation of the Charity's annual accounts 14,400 13. 734 Staff costs 2023 2022 Wages and salaries Social security costs Pension Costs 263,672 26,115 13,653 264.215 24,371 5,880 303,440 294.466 Page 25

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff costs {contlnued} The average number of persons employed by the Charity during the year was as follows.. 2023 No. 2022 No. Employees 11 No employee re￿iVed remuneration amounting to more than £60,000 in either year. Remuneration of key management personnel.. The Executive Secretary has been deemed as key management personnel and earned a salary in the year of £53,350 10. Net gainslllossesl on investments 2023 2022 Revaluation of investments 223,591 (428,872) (494,037) Gainlllossl on sale of investments 223,591 (922.909) 11. Trustees. remuneration and expenses During the year, no Trustees re￿iVed any remuneration or other benefits (2022- £NIL). During the year ended 31 December 2023, no Trustee expenses have been incurred (2022- £NILJ. 12. Tangible fixed assets Freehold property Plant and machinery Cemeteries Total Cost or valuatlon At 1 January 2023 1,320,191 100,156 2,400,266 3,820,613 At 31 December 2023 1,320.191 100,156 2.400,266 3.820,613 Page 26

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Tanglble flxed assets Icontlnuedl Freehold property Plant and machlnery Cemeterles Total Depreciation At 1 January 2023 Charge for the year 52,430 6,000 89,966 2,497 406,951 13,300 549,347 21,797 At 31 December 2023 58.430 92,463 420,251 571,144 Net book value At 31 December 2023 1,261,761 7,693 1,980,015 3,249,469 At 31 De￿rnber 2022 1,267. 761 10.190 1.993,315 3.2TI,266 13. Investment property Freehold investment property Valuatlon At 1 January 2023 5,500,000 At 31 December 2023 5.500,000 The fair value of the propety that comprises the largest part of investment property as at 1 January 2019 was arrived at initially on the basis of a valuation carried out on 7 May 2013 by a firm of RICS Registered valuers (who were not connected with the charity). The valuation was made on an open market value basis by referen￿ lo market evidence of transaction prices for similar properties. The Trustees subsequently reviewed this valuation al 31 December 2018 . In addition, the balance of the investment propety was also revalued by the Iruslees as al that date giving a total of £4,814,307. The Trustees have further reviewed the investment propety Portfolio and in their opinion there has a been a further increase in value of £800,000 in respect of the year ended 31 December 2020. The Trustees consider that certain of the investment properties have been subject to a decline in value as al 31 December 2022 and accordingly the market value of the investment, properties has been reduced by £78,589 as of that date. For the year ended 31 December 2023, The Trustees have assessed the value of these investments and deem that there has been no material change in value. If the investment property had not been revalued, the historical cost of the property would be £1,001,363. Page 27

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Herltage assets Stslned glass wlndows 2023 Torah Sllverware scrolls etc. 2023 2023 Total 2023 At 1 January 2023 200,000 135,000 276,173 611,173 At 31 December 2023 200,000 135,000 276,173 611.173 The charity has for many years held assets of historical and cultural Importan￿ as The Western Judaica Collection. These assets comprise scrolls, silverware, artwork and other artefacls.A pair of rimonim (Torah finials} are on loan to The Westem Marble Arch Synagogue as of 31 December 2023. These assets are considered lo be heritsge assets. The valuation of silverware, artwork and other artefacts was based on an open market valuation of these assets from third party valuers p￿-1995 who were not connected with the charity. As explained in note 1.8, the Trustees are of the opinion that the cost of undertaking professional valuations is not justifiable by the usefulness of the information lo the users of the accounts, especially as these assets are unlikely lo be disposed of. The scrolls have been based on a trustee valuation. The stained glass windows are also at Trustees, valuation. The Trustees are not aware of any other material changes to these heritage assets since the last valuation. Page 28

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Flxed asset Investments Listed investments Cash on portfolio Totsl Cost or valuation At 1 January 2023 Additions Disposals Revaluations 4.708,342 112.260 136,913 4.845,255 112.260 1133,9721 116,9641 1133,9721 (16,9641 At 31 December 2023 4.803,638 2,941 4.806,579 Net book value At 31 December 2023 4,803,638 2,941 4,806,579 At 31 De￿mber 2022 4. 708,342 136, 913 4,845,255 16. Debtors 2023 2022 Due after morg than one year Trade debtors 60,000 60,000 Due within one year Trade debtors 287,246 1,445 270,227 61,240 other debtors Called up share capitsl not paid Prepayments and acctued income VAT recoverable 3,485 29,500 3,487 27,350 381,675 362.304 Page 29

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Credltors: Amounts falllng due wlthln one year 2023 2022 Bank overdrafts Trade creditors Other taxation and social security Other creditors Accruals and deferred income 6,253 79,854 15,071 233,354 70,634 6.253 47,140 252.989 73.206 405,166 379,588 18. Creditors: Amounts falling due after more than one year 2023 2022 Other creditors 412,916 412,916 19. Provisions Provisions for funeral costs At 1 January 2023 4.189.000 4.189,000 20. Summary offunds Summary offunds - current year Balance at 31 Gainsl December {Lossesl 2023 Balance at 1 January 2023 Income Expenditure General funds 11.440,878 1,252.202 {1.549,1891 97,660 11,241.551 Page 30

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Summary of funds Icontlnuedl Summary offunds - prlor year Balance at 31 December 2022 Balance at f January 2022 Gainsl (Losses) Income Expenditure General funds 12,803,855 1,234.016 (1,674,084J (922,909) 11,440.878 21. Analysls of net assets between funds Anatysls of net assets between funds - current year Unrestrlcted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment propety Heritage assets Debtors due after more than one year Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 3,249,469 3,249,469 4,806,579 4,806,579 5,500,000 5,500.000 611,173 611.173 60,000 60.000 2,021,412 2,021,412 1405,1661 (405.1661 1412,9161 (412.9161 14,189,000) 14,189,000) Totsl 11,241,551 11,241.551 Page 31

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Analysls of net assets between funds {contlnuedl Analysls of net assets between funds - prlor year Restricted funds - class Unrestricted funds 2022 Total funds 2022 2022 Tangible fixed assets Fixed asset investments 3,271,266 3,271,266 4,848,225 4,848,225 5.500, 000 5, 500.000 611,173 611.173 2,191,718 2, 191, 718 (379, 588) (379,588) (412,916) (412.916) (4, 189, 000) (4, 189,000) Investment propety Heritage assets Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges Total 11,440, 878 11,440,878 22. Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Nel expenditure for the year las per Statement of Financial Activitiesl 1199,3271 (1,362,977) Adjustmonts for: Investment income recognised in statement of financial activities IGainllloss on revaluation of tangible fixed assets IGainllloss on disposal of investments Fair value gains and losses on investment Depreciation and impairment of tsngible fixed assets Increase in debtors Increase in creditors Increase in provision 1462,6931 28,182 (324, 198) 572,626 350.283 17,816 (349,542) 29.013 194,977 14,600 21,797 18,8451 15,054 Net cash used in operating activities 1591,2321 (872,002) Page 32

THE WESTERN CHARITABLE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Analysls of cash and cash equlvalents 2023 2022 Cash in hand 1.699,737 1, 829.414 Total cash and cash equivalents 1.699,737 1, 829.414 24. Anatysls ofchanges In net debt At1 January 2023 Cash flows At31 December 2023 Cash al bank and in hand Bank overdrafts repayable on demand 1.829,414 16,2531 {129.6771 1,699.737 {6,2531 1.823,161 {129.6771 1,693.484 25. Related party transactlons The Foundation has given a loan of £60,000 lo The Westem Marble Arch Synagogue during the year free of any interest. The Western Charitsble Foundation also provided donations of £379,225 12021.. £503,673> during the year. Page 33