2023-12-31-accounts

Charity number. 1156438 The Schwarzschild Foundation Unaudited Trustees, report and flnanclal statements Forthe year ended 31 December 2023

The S¢hwab7s¢hild Foundation Contents Page Reference and administrative details of th• Charty, its Trustees and advisèrs Trustees. report Independent exarninerf5 report SL2tement of financial activiti Balance sheet Notes to the financial 5talements 8-17

The Schwarzschild F¢undation Ref•renee and administrntive details of the Charity, its Trustees and advisers Fot the year ended 31 December 2023 TN$tees Rabbi Barry Marcus (resigned 1 March 20231 Volker Heinz Kay Linnell Maurice Leven8on Charity registered number 1156438 Principal oifice Brick Kiln Cottage The Avenue Herriard Hampshire RG25 2PR Accountants Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT12TU Bankers CAF Bank Ltd 25 lQ'ngs Hill Avenue Kings Hill West Malling Kent ME194JQ Page 1

The S¢hwarLschild Foundation Trustees. rEPOrt Forthe year ended 31 Decembèr 2023 The Trustees present their annual ¥eport together the finandal $tstements of the Charty for the year 1 January 2023 to 31 December 2023. Objectives and activities a. Policies and objectives The objects of the Charity are.. il the advancement of education amongst the Beneficiary Class, being women and girls resident in the UK oi elsewhere in the world who have been brought up in or practice the Jewish faiih in acco¥dance wilh the Orthodox tradition., ill the prevention or relief of poverty or financial hardship amongst the Beneficiary Class by the provision of support to enable such persons lo be self-sufficient., and iiil the advancement of such other Charitable Purposes, amongst the 8eneficiary Class as th¢ Trustees eon$ider appropriate. In setting objectives and planning for a¢tivitie8, the Trustees have given due consideration lo geneTal guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charty IPB21'. b. Governance and grnntvmaking pmcedurgs In 2023, the services of Bates Wells, specialist charity lawyers, were retained to assist the Trustees in Strengthening and formalising the Charity's govemance and grant-making proeedures. Professional assistance in getbng the grant making and monitoring procedures in place was considered necessary in view ol the legacy received from Miss Sd)warzs¢hild's estate that have finally pul the Foundation in fijnds to undertake this exercise. Achievements and perforniance a. Main achigv•mènts of the Charity Miss Helga Schwarzschild (who died on 26 August 20201 provided a legacy in her Will to thè Charity of £5,093,023 that was received in 2022. To provide an ongoing income stream for the Charity. the trustees placed £674,355 of the charity's tunds with Investec Investment Management (who provide fvnd management lo private charities) in 2022. These fvnds had value al 31 December 2023 of £698,818 being £689,884 in investments and £8,934 in cash 131 December 2022.. £682,310 being £300,045 in invesbnents and £382,265 in cash). Leasch Investments Ltd (formerly ovffled by Miss Helga Schwarzschildl became a htholly owned trading subsidiary of the Charity in January 2022 and entered into a Deed of Covenant to donate its annual profits to the Charity. The profits donated by Leasch Investments Ltd for the year ended 31 Decembei 2023 were £62,567 (£61,162 for the year ended 31 December 20221. During the year, in view of an ongoing Charity Commission investigation, the Trustees have declded to cease all activity until this matter is resolved. Financial reviéw a. Going concem After making appropriate enquiries, thè Tru$lees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable ftjttjre. For this reason, they continue to adopt the going concem basis in preparing the fjnancial statements. Further details regording the adoption of the going concern basis can be found in the accounting policies. Page 2

The Schwarzschild Foundation Tru5tees' rèport (continued) Forthe year ended 31 Decernber 2023 b. ReseNe$ policy The Trustees have retained sufficient funds in ¢ash to deal wth the legal costs being incurred since the 2022 year end lo deal with the planned policy making and fijture grant making. At the period end. the CharTty had £4.180,66 held in unrestricted reserves12022.' £4,148,057). Whilst the Charity is cUrren￿Y not actively making grants as noted below. it is the intenlion of the Trustees to utilise the reserves for this end, in line wth the charitable objectives, once the enquiry has been closed. ￿ such, the Charity's current reserves policy target is £5,000,000 until this matter is resolved. . Principal Tisks and uncertainties The Charity Commission opened a statutory inquiry on 23 June 2023 related to their concerns as to whether the Chanty's charitable frjnds have been used for the purposes intended. The Charity fijlly cooperating and engaging wth the Chafity Commission. In line with this, the Charity has paused the making of any grants until the inquiry is etsn¢luded. In the meanb"me, the trustees have beèn taking specialist legal and professional advice to ensure that that appropriate governance and key policies are adopted. The Trustees look forward to continuing lo undertake work in fvrtherance of the Char¢ty's charitable objects in memory of Helga Schwarzschlld once the inquiry is concluded. Stwthrei govemance and managemgnt a. ConSti￿tion The SchwatZ8thild Foundation 18 a charitable trust estsblished as 8 registered charity on 28 March 2014, number 1156438, and is constituted under a TTUSt deed. b. Methods of appointmènl or ele¢tion of Tru5tee5 The management of the Charity is the responsibility of the Trustees vtho are eleded and co-opted under the terms of the Trust deed, which providÈs that new tru$tèÈs are appointed by a resolution of the truslee5 for a two year term and can be reappointed thereafter. . Organisational structure and d8cision-making F)olici8s The Charity has three trustees and operates a minimum of ￿ meetings in each year. d. Financial risk rnanagement The Trustees have assessed the major risks to which the Charity is exposed, in partieular those related to the operations and finances of the Charity, and are salisffied that 8yStem$ and procedures are in place to mitigate exposure to the major risks. Plans ft>r luture periods At Ihe current time the Trustees are con¢entrating on satisfying the Charity Commission that the assets ol the Foundation and grants made are bona fide and proper procedures and policies are now in pla¢e before recommencing the work ofthe Foundation in makn'ng grants and appointing additional Tiustees. Pgye 3

The S¢hwarz5child Foundation Trustees. report Icontinuod) For the year endèd 31 December 2023 Statement of Trust•es' rnsponsibilities The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance applicable law and Unf(ed Kingdom A¢¢ounting Stsndards IUnrf(ed Kingdom Generally Accepted Accounting Pracli¢el. The law appllcable to charities in England & Wales requires the Trustees lo prepare financial statements foT each financial year which gwe a trLse and fair view of the state of affairs of the Charity and of its incoming resources and application ol resources, including its income and expenditure, for that period. In preparing these fjnancial statements, the Trustees are required to.. elert suitable accounting policies and then apply them consistenlty., observe the rnethods and principles ofthe Charrties SORP IFRS 1021., make judgments and accountsng estimates that are reasonable and prudent; State whelhei applicable UK Accounting Standards IFRS 1021 have been followèd, subject to any material departures disdosed and explained in the financial statements., prepare the financial stalements on the going concem basis unless il is inappropriate to presume Ihat the Charity wll continue in business. The Trustees arè responsible foi keepirkg adequate aecountsng records that are sufficient to show and explain the Charity's transactions and disclose reasonable accuracy at any time the finan￿al posrtion of the Charity and enable them to ensure that the finanaal slatements comply wth the Charities Act 2011, the Charity (Accounts and Repotts) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets ol the Charity and hence for tskn'ng reasonable steps for the prevention and detecb.on of fraud and other irregulafities. Approved by order of the members ofthe board of Trustees and signed on their behall by.. Kay Linnell Dale.. ,J- 2¢1+ Page 4

ThÈ Sehwansthild Found•tion Independent examinef s report Forthe year ended 31 December 2023 Indopendent examinerfs report to the Trustees of The Schwarzschild Foundation Ilhe Charity, I report to the charity Twstèes on my èxamination of the accounts of the Charity for the year ended 31 December 2023. Responsibilities and basls of report As the Trustees of the Charity you are responsible lor the preparation of the accounts in accordance wth the requirements of the Charitses Act 2011 Ilhe 2011 Art). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrwng out my examination I have followed the applicable Difections given by the Charity Commission under section 145{51{bl of the 2011 Act. Ind•pgndent •xaminèrfs statemènt Your attention 1$ drawn to the fa¢t that the Charty has prepared the accounts in accordance Vrfith Accounb'ng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Repo￿.ng Standard applicable in the UK and Republic of Ireland IFRS 1021 in Prefererice to the Accounts"ng and Reporb"ng by Charities.. Statement of Recommended Practice issued on 1 April 2005 lthieh is referred to in the extant regulats'ons but has been withdravm. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accour¢ling Practice effective ft)r repo￿ng periods beginning on or after 1 January 2019. I have completed my examination. I confirm that no matters have come to my attention in connection the exgminatson gwing me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by Seclion 130 ofthe 2011 Act., or the accounts do not accord with those records,. or the accounts do nol comply wth the applicable requirements concerning the form and content of accounts Set out in the Charitie$ IA¢¢ounts and Reports) RegUla￿"On8 2008 other than any requirement that the accounts give a Irue and fair. view which is not a matter ctsnsidered as part of an independent examination. I have no eoncerns and h8ve come across no other matters in connection with the examination to whid) attenkn.on should be drawn in this report in order to enable a proper understanding ofthe accounts to be reached. This report is made solety to the Charity's Trustees, as a body, in accordance Part 4 of the Charities (A¢¢ounts and Reports) Regulations 2008. My work has been undertaken so that I might state lo the Charity's Trustees those matters l am required to state to them in an Independent examine¢s report and lor no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charitys Trustees as a bo￿, for my work 01 for this report. Signed.. Dated.. 24 June 2024 FCCA DChA S M Rouse Kreston Reeves LLP Chartered Accountants Canterbury Page 5

The Schwarzschild Foundation ststement ol financial activities For the year ended 31 D￿ember 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Investments 97,320 13,510 97,320 13.510 5,154,192 2,501 Total incom• 110,830 110.830 5,156,693 Expenditure on: Charitable a¢tivities 100,754 100,754 1,017,189 Total WApenditur• 100,754 100.7S4 1,017,189 Net In￿rne before net gains on investmènts Net gains on investments 10.076 22,536 10,076 22,536 4,139,504 8,499 Ngt nv)voment in funds 32,611 32.611 4,148,003 Reconciliation of funds: Totsl funds brought foward Net movement in fiJnds 4.148,057 32,611 4,148,057 32.611 54 4,148,003 Total funds carried forward 4.180,668 4,180,668 4,148,057 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 17 form part of these financial statements. Page 6

The Schwarz5child Foundation 8alan¢e sheet As at 31 December 2023 2023 2022 Note Ftxed assets Investments 4,019,885 3,630,045 4,019.886 3,630,045 Current assets Debtors Cash at bank and in hand 10 64,743 100,840 63,345 466,367 165,583 529,712 Creditors.. amounts falling due within one year {4.8001 11,7001 Net curront assets 160,783 518,012 Totsl net assets 4,180,668 4,148,057 Charity funds Restricted funds Unrestricted ￿ndS 12 12 4,180,668 4,148,057 Total funds 4.180.668 4,148,057 The financial statements were approved and authorised for issue by the Trustees and slgned on their behalf by.. Kay Linnell Date.. The notes on pages 8 10 17 form part ofthese financial statemènts. Page 7

The Schwattschild Foundation Notes to the finan¢Tral statements For the year ended 31 December 2023 G•neral inforn)ation The Schwarzsehild Foundation is a Tegislered charity in England. The charity's registered address is Brick Kiln Cottage, The Avenue, Herriard, Hampshire, RG25 2PR. Accounting policie5 2.1 Ba$1$ of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charittes-, Statement of Recommended Practice applicable to charities preparing theif accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective ? January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Aet 2011. The )Inancial statements have been prepared to give a Irue and lair. view and have departed from the Charities (Accounts and Reports) Regulab'ons 2008 only to the extent required to provide a Irue and fair. view. This departure has involved following the Charities SORP IFRS 102) published in October 2019 rather than the Accounkn"ng and Reporting by Charrbes.. Statement of Recommended Prachce effective from 1 April 2005 ithich has since been withdrawn. The Schwdrzschild Foundation meets the definltion of B publ1¢ benefit entity undèr FRS 102. Assets and liabilib'es are initially iecognised al htstorical cost or transaction value unless otherwise stated in the relevant aceouriting policy. The financial statements are presented in British Sterting and rounded to the nearest Pound. 2.2 Going concem The trustees have assessed the use of going concem and have considered possible events or conditions that might cast significant doubt on the ability of the ¢haiity to Continue as a going concem. The Trustees have concluded that there is a reasonable expectation that the charity y￿11 continue in operational existence for the ft)reeseeable fvture. The charity therefore continues lo adopt the going concem basis in preparing the financial statements. 2a In¢ome AJI income is recognised once the Charty has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to e5b.mate sufficient ac¢ur8cy the amount receivable. Evidence of entidement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through kn￿edge of the existence of a valid wll and the death of the benefactor} and the executor is satisfied that the property in question wll not be required lo satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it TrMII be received and the fair value of the amount receivable, whith will generally be the expected cash amount to be distrbuled to the Charity, can be reliably measured. Giants are included in the Statement of financial aCtiV￿eS on a reeeivable basis. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 8

The Schwarzs¢hild Foundati4 Notes to the financial statements For the year ended 31 Decembor 2023 Accounting policies (continued) 2.4 Expenditurn 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 wll be required in sethement and the amount of the obligation can be measured ieliably. Expenditure is classified by activity. The costs ol each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each actwity. Expenditure on charitable activities is incajffed on diredy undertaking the activities ￿lch further the Charitys objectives, as well as any associated support costs. Grants payablè are chaiged in the year vthen the offer is made except in those cases where the offer is condits'onal, wch grants being recognised as expenditure %then the ￿)nd1￿.0ns atta¢hing are fiJlfilled. Grants offered subject to condits'ons which have not been met at the year end ale noted as a commitment, but not acuued as expendittjre. AJI expendituie is inclusive of irrecoverable VAT. 2.0 Interest receivablg Interest on funds held on deposit is included Ythen receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the stitution with whom the fijnds arè deposited. 2.6 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterfing at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into steiling at the rate ruling on the date of the transaction. Exchange gain$ and losses are recognised in the Statement of ffirbancial activibes. 2.7 Taxation The Charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore il meets the defin￿On of a charitable company for UK corporation lax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within ￿tegOrieS covered by Chapter 3 Part 11 of the corporakn.on Tax Act 2010 or Section 256 of the Taxats'on of Chargeable Gain5 Act 1992, lo the extent that such income or gains are applied exclusively to charitable purposes. 2.8 Investrnents Fixed asset investments are a form of ffinancial instrumÈnt and are initially recognised at their transaction cost and subsequenuy measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it 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 financ4al activities. Investments in subsldiar4es are valued at cost less provision for impairment. Page 9

The Schwarzschild Foundation Notes to the financial statèrnnts For the year ended 31 DeCeM￿r 2023 Accounling policies (conlinuedl 2.9 Debtor5 Trade and other debtors are recognised at the setdement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash al bank and in hand includes cash and short-term highly liquid investments wth a short malurity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 Liabilities and provisions abilities are recognised when there is an obligatson at the Balance sheet date as a result of a past event, il 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 at the amount that the ChaTrty anticipate5 it will pay lo sethe the debt or the amount it has received as advanced payments for the goods or services tt must prowde. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value ol money is material, the provision is based on the present value of those amounts, discounted at the Pre-tax discount rate that reflects the risks specific to the liabilty. The unwnding of the discount is recognised in the Statement of financial activibes as a finance cost. 2.12 Financial instrumènts The Charity only has financial assets and finanaal liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequentty measured al their setuement value wth the exception of bank loans which are subsequently measured at amorbsed cost using the effects've interest method. 2.13 Fund accounting General fijnds are unrestricted lunds whith are avoilable for use at the disc¥etson ol the Trustees in fijrtherance 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 fvnd. Page10

The Schwan5child Foundation Notes to the financial statements For the year ended 31 December 2023 Income Irom donations and lega¢ies Unrestricted funds 2023 Total funds 2023 Total funds 2022 Donations Legaaes 97,320 97,320 61.169 5,093,023 97,320 97,320 5,154,192 Total 2022 5,154,192 5,154,192 Included wthin donations is the covenanted profits from Leasch of £62,567 {2022'. £61,169). Investment income LIn￿trIct•d funds 2023 Total funds 2023 Totsl nds 2022 Income from local listed investments Bank interest received 11,454 2.056 11,454 2,056 597 1,904 13,510 13.S10 2,501 Total 2022 2,501 2,501 Analysis of grants Grants to Grants to Institution5 Individuals 2023 2023 Total funds 2023 Total ftjnds 2022 Grants paid 1,005,000 Total 2022 1,000.000 5,000 1.005,000 Page11

The Schwarzschild Foundation Notes to the financlal statements For the year ended 31 December 2023 Analysis of expendi￿re by activities Gyant funding of activities 2023 Support costs 2023 Total funds 2023 Total funds 2022 Charitable activty expenditure 100,754 100,764 1.017.189 Total 2022 1,OOS,000 12,189 1,017,189 Analysis of support Costs Total funds 2023 Total fvnds 2022 Activities 2023 Investment manager fees Accountancy fees Bank charges Legal fees Auditot8' remuneration 6,025 4,800 966 88,963 6.025 4￿00 966 88,963 108 300 81 11,700 100,754 100,754 12,189 Total 2022 12,189 12,189 Independenl examinerfs remuneration 2023 2022 Fees payable to the Charitys independent examiner for the independent examination of the Charitys annual accounts Fees payable to the Charitys independent examiner in respect ot The auditing of accounts of associate$ of the Charity 4,800 11,700 Page 12

Thé Schwarzschild Foundation Notes to th• financial statements For thè year endod 31 Decembgr 2023 Trust•è$' remuneration and expenses During the year, one Twstee has been paid remuneration or has received other berFeffits from an employment with the Charty. The followng fees were paid during the year for Services provided to the Charity by an accountancy firm in which Kay Linnell had an interest. However, the work undertaken by Kay Linnell & Company Ltd was not provided by Kay ￿'nnell herself, who provided her services to the Charity for free. The value of Tw$tees' remuneration and other benefits was as follow&'. 2023 2022 Kay Linnell Fees 300 During the yeaf ended 31 December 2023, no Trustee expenses have been incuffed {2022 - £NILI. Fixed asset inv•stm•nts Investments in subsidiary Listed companiès inv•stments Total Cost or valualion Al 1 January 2023 Addilions Disposals Revaluations 3,330,000 300,045 408.189 138.0261 19,677 3.630,046 408,189 138.026) 19.677 At 31 De¢ember 2023 3.330,000 689,885 4,019.885 Net book value At 31 December 2023 3.330.000 689.885 4,019,885 Al 31 December 2022 3,330,000 300,045 3,630.045 At 31 Decernber 2023, the investment managers held an additional £8,934 {2022'. £382,265) of the Charity's fijnds as cash. This is induded wtthin bank and cash in the balance sheet. Page 13

The Schwarzschild Foundation Nol•s to the financial statements Forlhe year ended 31 Do￿rnber 2023 Fixed asset investsnents (continued) Principal subsidiaries The followng were subsidiary undertakings ofthe Charity.. Namgs Company number Registered office or principal Principal activity place of business LEASCH INVESTMENTS LIMITED 00692369 8Tick Kiln Cottage The Avenue, Property letbng Herriard, 8asingsloke, company Hampshire, RG25 2PR Brick Kiln Cottage The Avenue, Property letbng Herriard, Basingsloke, company Hampshire, RG25 2PR H H S ESTATES LIMITED 03138176 Class of sharès Holding Ordinary 1000 Ordinary 100% The financial results ofthe subsidiaries for thè y8ar wère.. Names Incomè EX￿ndit￿le ProfitllLoss1 I Surplusl {DÈfieitl for the year Net assets LEASCH INVESTMENTS LIMITED 93,000 (355,173) {262,173} 2,029,890 H S ESTATES LIMITED 60.500 105,8271 {45,3271 1,283,285 Leasch Investments Ltd was formerfy owned by Helga Schwarzschild and its shares wefe gifted to the Charity as part of the Legacy in her Will in the prior year. The earyng value ol the shares in Leasch Investments is the Probate value. A Deed of Covenant has been put in place for the profits of Leasch Investments Ltd to be donated to the Charity each year. H H S Estates is a subsidiary of Leasch Investments Ltd, ofwhich Leasch Investments Ltd owns 1000/0 of the shale capital. Page 14

The S¢hwabz$child Foundalion Notes lo the financial statÈmenls Forthe year ended 31 December 2023 10. Debtors 2023 2022 Due within one year Amounts owed by group undèrtakings Other debtors Prepayments and accrued income 63,345 2,176 62.667 64,743 63,345 11. Creditor5: Arn￿nts falling due within one year 2023 2022 Accwals and deferred income 11,700 12. Statement of funds Statement of funds - currnnt year Balanco at 31 December 2023 Balance at 1 January 2023 Gainsl IL055e5) Incorne Enpenditu UnrnStriCt￿ funds General Funds 4,148,067 110,830 1100,7S41 22,535 4,180,668 ststement of funds- prior year Balance at 31 De¢ember 2022 Balance at 1 January 2022 Gainsl {Lossesl Income Expenihture Unrnstri¢ted funds General Funds 54 5,156,693 {1,017,1891 8,499 4,148.057 Page 15

The S¢hwan$child Foundation Nt)tes to the financial statemènts Forthe year ended 31 Decèmbèr 2023 13. Summary of fvnds Sunwnary of funds - ¢urrEnt year Balanco at 31 Gainsl December {Lossesl 2023 Balance at 1 January 2023 Income Ex￿nd1￿m General fvnds 4,148,057 110,830 1100,7541 22,53S 4,180,668 Summary of fund5 - prior year Balance at 31 December Balon¢e at l January 2022 Gainsl (Losses) Incorne Expenditure 2022 General funds 54 5,156,693 11,017,189) 8,499 4,148,057 14. Analysis of net assets between funds Analysis of net assets betwe￿ funds - curvent year Unrestrithd funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due wthin one year 4,019,885 165,583 (4,8001 4,019.885 165,583 14,8001 Total 4.180.668 4,180.668 Analysis of net assets betw•èn funds- prior year Unrestricted funds 2022 Total funds 2022 Fixed asset investments Current assets Creditors due within one year 3,630,045 529,712 111,700) 3,630,045 529,712 (11,7001 Total 4,148,057 4.148.057 Page 16

Th8 Schwarzschild Foundation Notos to the financial sL*ements For the year ended 31 December 2023 15. Related party transactions Outside of the intra-group transactions already disdosed, there weTe no transactions wilh related parties during the year12022'. none). Page 17