Charity number". 1177003 Company number: 11006400 THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION CONTENTS Page Legal and administrative Infomiation Trustsgs, report 2-11 Indep8nd•nt audltor8' report 12-14 Statemenl of flnanclal actlvities Balance shoot 16 ststement of cash flows 17 Noteg lo the financial ststements 18-27
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION TTUStees artin Paisner CBE MA LLM, Chairman PrOfaor David Latchman CBE MA PhD Dsc FRCPath FRSA Sir lan Gainsford DDS FDS RCS Hon FRCS Edin. FKC Daniel l Dover BA (Hon81 FCA TEP Chiof exocutlve offlcer Kate GoSdberg MA Charity ragistered number 1177003 Company registered numbgr 11006400 Prlncipal office Payne Hicks Beach LLP Lincoln's Inn 10 New Square London WC2A 3QG Independent auditors Saffery LLP 71 Queen Victori8 Street London EC4V 48E Bank*rg Barclays Bank plc 15-17 Great Portland Street Lorbdon W1W 8QA Rothschikj Bank International Limited St Julian's Court Sl Peter Port Guemsey GY1 3BP Channel Islands Solicitors Payne Hi¢k8 Beach LLP Lincoln's Inn 10 Nèw Square London WC2A 3QG Investment advlsors Crewcial Partners LLC 810 Seventh Avenue, 32nd Floor New York, NY 10019
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report together wth the audited financial slatemgnts of The Maurice and Vivienne Wohl Philanthropic Foundation I'lhe Foundation") for the year ended 31 December 2024. The trustees Gonfirm that the annual report and financial statements of the Foundation comply wrth the current ststutory requirements, the requirements of the FouTrdation's goveming document and the provisions of the Statement of Recommended Practice ISORPI, applKable lo charities preparing their accounts in accordancewith the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The trustees, report includes those elentS of the directors, report Uired under the Companies Act 2006. Histo Ob'ectives and Activi¢les Hlstory and oblectlves The FoundalKsn is a company, limited by guarantee (company number 110064001 and a chartty registered in England and Wale5 Icharily number 1177003}. The Foundation is governed by ils Memorandum and Articles of A8CIat)n dated 10 October 2017. The Foundation's objectNes are such charitable purF4)ses as the truste8s in their absolute discretion see frt_ Wlh effect from 1 July 2018, under a Business Transfer Agreement, the FoundalK)n took over all the assets and liabilities of an existing charitable FoUndatn of the same name, The Maurice and VIvnn¢ Wohl Philanlhr¢Jpic Foundalion, charity numb8r 1177003-1. The new Foundation continue5 the work of the orKJinal Trust, established by Mr and Mrs Wohl in 2003. In 2006, as the surviving founder, Mauri¢e Wohl prepared a memorandum ofwishe5 giving tho Injslees guidance. In July 2011, reflting these wishes, the trustees adopted a broad mtssion Statement for grant making, mainty in Israel and Europe. focusing on health and medical sciences,. needy populations., and improving the qualty of Jewish lrfe. In 2015, the Iruslees adopted a more strategic mission for the Foundation's work with needy populations and improving the qualty of Jewish lrfe.. to ensure that those less able or more vulnerable across Jewish communities and generations are supported to live ? Irfe of dignity and empowerment., and lo act as a calalysl to empower young people to create strong. Viab Jewish communrties that make a contribution lo society at large. The Iruslees believe that this latter part of mFssion can be achieved rfyoung people ?re offered high quality education- guidance, opportunities and pathways to employment and further opportunities ft)r growth and secure futures,. high quality Jewish knowledge and engagement,. and are encouraged to volunteer and give of Ih8msefve8. helping others less able, more vulnerable or kss secure. In order lo provide greater informalion on the nature of grarts made during the last two years. the trustees have expanded the details in these accounts for the areas of grant giving further into Communty-, Edue*ion,' Pathways to Self-sufficiency.. Medical AdvancemenL Welfa. and Culture and the Arts. The Foundation pursues ils objects both by way of capital and programmatic grants. wheVer practble and levanl, the trustees seek to ensure that their grants will act as a talYSI to leveoge additional support 8nd l or they chwse lo work actNely in collaboration with other funders. The Iruslees confirm that both when setting the mission of thè Foundation. and in the continued allocation of grants, they have given careful ConsKIerat to the Charty Commission's general guidance on public benefit. Policy and procedures for grantwmaking acuvlty The Foundation strive8 to htsnour the memory of Maurice and Vivienne Wohl z'l through making impactful grants to organisalions that fil wrthin ils core principles. The Foundation has a clear grant making policy which guides the Pro$. Staff en8sJre that applications are prcKessed in a rigorous and appropriate manner. ensuring that th8 Foundation supports organisalions that can clearly articulate their vision.. are mission focussed.. have strong govemance,. a cthr pathway for sustainability", arvj where appropriate. are able to strengthen and sustain the wider fiehl in which they operate.
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Foundation awards grants after a process of due diligence and eng8gement with the charty's leadership. Applications are then submÉlted to trustees for their considetation and decision. During the course of the grant the Foundation ensures, through regular contact. that fvnds 8re expended by recipignts in line wilh th8 agreed purpose or in accordance with agreements made, and that repo.ng requirements ar& met before any further instalmenls are paid out. The Foundation works closety wrth grantees both before and during the grant perrci, questioning and supporting the 18adership in order io ensure that both they and the Foundation achieve their objectNes. Beyond funding, Foundatlon staff offer grantees addrtionaS support to help them achiev8 their mission, through facilitation of leadership development, budgetary support, ¢onvening and partnering with other fuThJers and organiselion8 8cross the Jewish eommunty and beyond. Trustees do not reSpd to unsolici(ed wuests. Grants will generally be made to registered UK charities or the international equivalent of a registered charity, bul may also from lime to tt.me be made to third paty OrganisatnS rf considered the most appropriate vehKle to deliv8r an agreed charitable purpose, rin9-fend so that the funds representing that grant will be applied for that charitabk PUre only. Grants may be made for chartiable purposes both in the UK and overseas The Iruslees confim that both when setting the mission of the Fujndation, and in the continued alICatn of grants they give Garefvl consKleration to the Charty Ccrnission's general guidance on public benefit. Achievemènt8- rantamakln Mr Wohl passed away in 2007, and the net asset value of predessOr Foundation of the same name at 5 April 2008 was £44.Om. In 2015 the assets were moved into dollars. Since then trustees have committed somfr $102m while maintaining the capit81 value of the Foundation's endowment in lirse wi(h the Reserves Policy. At the beginning of each financrdl year trustees set a target for new Commitments, based on the valuations of the endowment. At 1 January 224 this target was set at $3.5m12023'. $4.7m}. Regular new gran15 committed in the year were $5.4m12023.' $5.Oml. Ther8 were no exceptional grants committed 12023.. $0.9ml. Grants paid in this financial year from current and previous commitiT)ents totslled $5.6m12023.' $6.7ml, with $0.7m of grants being cancelled12023.. $0.7m) leaving a balance of outstanding commitments as al 31 December 2024 of$S.4m12023.. $9.7m). With careful grant-making the Foundation supports charities who excel in meeting their vision and mission., build the organisational strength and sustainability of these grantees-. and where possible or pr8Ctical, strengthen and Sustain the wider field, in accordance with Ouf mis5N)n. 2024 Grants and Payments In 2024, trustees continu8d to frjnd at4isk populations in Israel. and to ensure a suslain8ble future for Jewish lrfe in Europe. In Isml. the foundation continues to focus on." welfare, through buikling pathways to employment, improwng aGGess to further and highe¥ educalDn, and strengthening mental health 8nd resilience,. medical sciences, through supporting hospitals,. and communty, arts and cuf(ure. In addition to regular grant giving, the trustees have prov4ded emergency funding for relief in Israel after Octobor 7th 2023 and for refugees from Ukraine through Tikva UK. In 18rael the Foundation sought lo maintain a balance been continued support of ongoing welfar8, modical and communty programmes, while also meeting the additional needs arising from thé current situation, particularly as it effocts disadvantaged populations.
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Wrthin each key area, we continue to support a range of exi51ing grantees as well as widening our Gircle with n8 grantees who are addressin9 critical developing needs in our fields of f(U8. The Foundation'$ mid-to kjng-tem funding strategy post-OctoberTh focuses on the following key areas, IhroLtgh both national 8fft)rt8 and 8m81( interest fo¢u5sed NGO'S.. Pathways lo Employment for under-servwj ¢ommunities Idisabilrties, Ethiopian Isrdelis, women-at-risk. Harediml Mental he8Mh and resilrenee YoLrth at risktyoung adums Re-building 8nd rehabilitation for l$rael post-oclober 7th Europe Across Europe, antisemi(1gm remains at an all-time high since the 1930s. Jewish communities ate on art and the Foundats"on remains committed to working with these etsmmunrties through our partners EFI and The Pillar Foundat to ensure su8tainable and thriving J&wish life. Communi Total commiited grants at 31 December 2(r24." $2.4m12023.' $2.2ml Total new grants commrtted during the year.. $1.6m12023.' $1.1ml Highllghts In Israel: Towards the end of 2024, the Foundation join a coalition of seven philanthropic partners led by the Rashi Foundation. in a &ye8r effort to revitaloe the so¢ioeconomically disadvantaged Israeli IaleS IhatW8re infilliated or attacked on O¢lober 7th and have been hit hard by ensuing war. 'Muni-Impact° was launched in four major Municipalriies in the Gaza Envelope.. SderoL Ofakim, Netwot. a Ashkelon, focusing on four critical areas." municipal management capacty, edltcation. cornmunily resilience, and mployment and economic development. Wrthin the coalition, Th8 Foundation's support is SPlfiCallY focused on the city of Of2kim. Trustees rewgniz@ that to overcome the immense socioewnomic challenges facing these k)cales, i( is vital to strengthen the affected municipalrties, abilty to promote social mobility and economic growth. Trustees also proud supported a project in the North of Israel, encouT8ging the ieturn hom8 of evacuated local cornmunities along the confrontation line on Ihe northem border. "Return Home. is helping strengthen personal and community resilience for residents of the moshavim and communities when they come back home, building mmunily infrastructure, Strengthening the sense of iesponsibilily, molNation. thdership and resil*nce of families to return. Th8 trLJslees are e1hted that folbwing many delays due to the war, the Wohl Rose Park in Jerusalem will be reopened in September 2025. Hlghllghts In Europe: The Hama>led massacre in Israel on 7 October 2023 has led lo an unprecedented increase in the level of antisemitism across Europe since the 1930s. In Europe. the Foundation has worked with tsvo key partners over many years- Educating for Impact IEFII and the Pillar Foundats"on. The Pillar Foundation supports k)cal communitres across Europe to ensure that their institutions are 8s SUre as possible. The need is particularly relevant after 7th octrer.
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 EFI has, Since inception. worked with 18 schools across Europe to develop and strengthen their delivery of Jewish education 8nd thereby strengthen Jewish lrfe. In addrtion. il expanded its intervention into certain Europ8an Jewish communities to help ensure their active. engaged and sustainable existence. WhiL Jewish day schools are seen as the critical startiro point for eaeh community journey, EFI supports strategic and tranSrmatIOn projects lo enhance the communrty's religiou$ instilulions, infrastructure and aderShiP to ensure the quality and &nhancement of Jewish lrfe. Educatlon Total commrt18d grants * 31 December 2024. $1.6m {2023. $1.9m) Total new grants committed during the year.. $1.1m12023'. $1.8m) Total grants cancelled within the year.. $0.4m12023". $0 6ml Highllghts In Israel: The Foundation ha$ continued its essential work in Haredi integration, towards a more economically resilient, democratic and participatory Israeli society. Building on the Foundation's previous work in employment and educion, trustees approved a grant of $0.4m to Teach First Israel in 2024, to support their training of Hasidic teachers introducing core studies into Be Hasidic primary education instrtulions for boys. This has had widespread impact as several other Hasidic Gommunilies have recently agreed lo introduce core stijdies into their schools and are training theirteachers lo do. Wrth increasing change5 in education and employment. there is an ongoing need lo legits'mize conversations around change, 10 5LlPPOrt a $haTed sense of soci81 r8sponsibilty for Israeli society at large. and to ¢uttivale a leadership cadre to motivate haredi society from wilhirs. RecognrLing this, trustees approved a grant of $0.255m to Machon Chochmat 8h Torah towards a Haredi Leadership School aimed at helping consolidate the m8instream-moderale Uhra-orthodox majority and overcome 8xireme voic8s in Ultra-orthodox society. Trustees also gave a repaat granl of $0.24m to The Keren Or I"Ray of Lighfi Scholarshlp Program at Reichman Universrty, providing students from Israel's soual and geographic periphery with the opportunity to eam bachelor's degrees in either Business Administration or Computer Science. Tho Keren Or program has consistently demonstrat success since ts eslablishmenl in 2001 by helping young people who show great academic ptslenlial but lack the financial and sockil support need to receive a university education. Entrance criteria for Keren Or studenls do not rety on grade point averages. In fa¢t. students with low grades and displaying high potential are given special priority. Pathwa to Self4ufficienc Total committed grants 8131 Drfernber 21y24.. $2.8m12023.. $3.6m) Totsl new grants committed during the year: $0.6m12023'. $1.4m) Total grants cancelled within the year.. $nil12023.. $0.1ml Highlights In Israel- The Foundation continues to support organisatlons that offer at-risk populations opportunrties for career devdopment. encouraging them to improve their skills and enter the job market, so Ihat they can ultimately becLxne Self-sufflenI and contribute to the wider communty. In 2024, these included an emeTgency granl of $0.1 m to Be-Atzmi for Employment Shield - an employment recovery programme for wartime evacuees, and a grant to Shikkum Acher of $0.15m towards a programme to bolster employability. job stability. and workplace retention for adults with mental health challenges.
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 In addition, the Foundation continued lo support veteran partnevs Hul Ha'meshulash. who help Israel's most at- risk teenagers and young adutts develop their strengths and capabilitEs, enabling their successful integration into normative society. The Foundation gave a gTanl of $0.1m towards an employment training project aimed lo èmpower at-risk. unempbyed and underemploy8d yourE men and women lages 17-251 t¢)ward sustained employment and financial independ8nc8. Trustees also approved sevefal 9rants in the range of $10,000 10 $20,000 each. to specrfic Èmploym8nt pi(urammes for at-risk groups including.. deaf and hard of hearing loSeekerS Ima'agalei Shema), young aduhs following national servrce (Towards the Horizon}, parents of spectal needs children returning lo the job market (Kesherl, and for womenryowned microbu5ines$es advers¢ly impacted by the war (yoz>t Atid). Medical Advancement Total committed grants at 31 December 2024.. $0.8m12023.- $0.2ml Total new grants committed during the year.. $0.8m {2023.. Snill Highlights In Israel: The Foundation continuès to work closety with Sheba Medical Centre on the Wohl Stem Prcces8ing Centre, whh 15 nearfy MPlete. Following the establishment of the Wohl Institute for Translat¢onal Medicine in 2020, trustees are proud to continue to support Hadassah Medical Organization in its commitment to adIng translational research and advoncing cellular and molecular Iherapie5. In 2024, Trustees approved a grant of $0.75m lo Hadassah's Resèarch Fund for the Construction of A GMP Facility in the Wohl Instfcute of Translational Medicine. The Wohl Institute has focused on innovative non-invasive pre-clinical bIlMaging lhnolc¥3ies, and GMP facilities are ess8ntial for 8n$uring the quality, safety, reproducibilrty, and Fcalabilrty of pharmaceutical products and biologics developed by researchers at the Instrtule. The foundation hopes that the GMP room will foster an environmenl conducive to innovative and interdisciplinary collaborative research, leading to groundbreaking discov8ries and applications which bridge the gap been pre-clinical research and clin1 practice in therapy and drug devèlopm&nt. Welfare Total committed grants at 31 December 2024.. $2.Om (2023: $1.5m) Total new grants committed during the year.. $2.Om12023'. $1.7ml Total grants cancelled within the year $0.4m12023'. $nil) Hlghllghts In Isrnel: While we have supported mental health directly and IndirtlY across many drfferent programme areas from employment to welfare over the last len years, the war and its far-reaching consequences for the Israeli public has established mental health and re$ilion¢e as a prism IhrowJh which we view much of our funding. We have learned more about the range of points of intervention, from prevention, to wellbeing and resilience, trauma. professional d8v&lopmenl and treatment, across the breadth of Israeli S¢xiety. To this effect, trustees committed a seed core ftjnding grant to ICAR, Israel's Collective Action for Resilience which brings together Igading experts in medicine. psychology. public heakh, philanthropy, and investment. to 8¢c&lerate trauma healing and safeguard the health. productwily, and securty of Israel. ICAR fosters collaboration among the numerous organEions in the fiekt to ensure that the nation's efforts and resou$ are aligned wrth the macro needs of the population.
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees also committed a capital grant of $1m to the Summit Institute lowards the building of The Wohl Summit House. designed to provide a stsblè and supportive environment for children at risk and young adums und8rgoing inlen$ive mental haa5th rehabilitation orthose within the care of Summit's foster hornes. The multi-faeeted fxilty spans approximately 2000 square meters, featuring distinct areas for professional care, communtty building. and personalized tr&2trnent across multiple stages of recovery, fostering independence and reintegration into the community. In addition, the Foundation gave a seed grant to Helem Club whose mission is to provide COTnmunity. resOU$s, and support to people with Post Traum8tic Stress Injury IPTSII while reducing the load on mental heallh professionals. Helem Club creates and disseminates digital content by people with PTSD, and builds a ccmnmunty led by and for its users, advrtIng for education and de-sligmalization. Finalty, the Foundation recognized during the w81 special popuLgtions that were deepty affected and need specialised care, for exampk the Ethiopian MMunity living across Israel. Following an 8mergency grant in 2023, the Foundation provided additional support for Vvuste Tzega Centre for CuUralty Adapted Psychotherapy to fund therapy and counselling sp¥rfiCa1 tsilored lo the cuttural, emotion81 and psychglogical needs of the Ethiopian communty in Israel. Youth and young 8dulls-at risk are an additional population group at particuLgr risk baUSe of the war. As such, trustees provided emergency supported to ELEM for teens and young adults affectod ineluding Breathing Spaces in Evacuation Centers and schools - infom1 popup sites that offer a safe space and inrtial trauma therapy for teenage refugees,. and Digital BrealhiThJ Spaces- whh offer protKled and professional emotional SUPFQrt on digital chal platfomis. The trustees committed 8 capital grant to Nigunim - Keren Ohel Meir for a renovation of a long-term, residential living environment for Severe at-risk, adolescent girls who are not able to live wfih their u5tra-Orthodox familie5 throughout Israel. urnan Total CXJmmitted grants at 31 December 2024: $nil12023'. $0.3m) Tclal new grants committed during the year. $nil12023' $0.1ml Structure overnance and ement Organisatlonal structurg and declslon rnaking The Iruslees meet up lo four times a year and agree the bro& mission statement as well as a8$ of actNity for the Foundation including granl-m8king. investment perfomarKe and roserves. as guided by the Chief Executive. Trustees revEw govemance of the charity ¢Jn a rolling basis, including updated policle8 and a 11 risk register. Tnjstees ref8r ID the Charity Gov8rnarte Code, sign a Code of Good Practice and an annual Declaration of Conflicts of Interest. There are four suAc*nmittee$, 811 of which report back to the full board". The Finance, Audit and Risk Commtttee. which meets up to four lim8s a year and has overspjht of the audr( process of the financial statements The Investment Committee. which meets up lo four time8 8 year, and reviews matters of investmnls ond asset allo&its"on, receiving advice from Crewcial Partners LLC and making appropriate recommendations to the trustees fortheir approval. in¢ludin9 recommendalK)ns on reserves The Discretionary Grants Commtilee, whieh meets up to four Ibmes a year, and reviews and r8commends grants of up to $20,000
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 The HR & Remuneratw Committee, which meets annualty and detemiines the remun8ralion of the Foundation's key management personnel by reviewing annual appraisals for each member of staff and taking into account perftJrM8n. budgetary enwronment and benchmarking. At least trustees srt on each SU1COmMIttee. In athjition, there were 0 CCtrOPted members of the Investment Committee and one ccpopted member of the nance Audit and Risk Committee during the year. The Foundation is a memberoflhe Westbury Group, an international nelworking groupof likeminded foundations. as well as the Jewish Funders. Nthork and the Forum of Foundations in Israel. Th8 PUTPOSe of these groups is to share knowledge and infomiation amongst its member5. Plgthod of appolntment or elecllon of truste88 The power to appoint new 1rnstee$ rest$ ¢ollg¢tively with the Current trustees, all of whom were appointed by Maurice Wohl. Recruilm8nt of ftjrther Iruslees would take into account Ihe board's eurrent strengths and any potential gaps. The ongoing trustees will be responsible for the induction of new trustees, which involves an awareness of a Injstee's responsibilitie5, the terms oflhe trust deed. administrive procedures, govemance, risk and the history ol the Foundation. The trustees will make available copies of the previous yearfs financial statements, the trust deed. and all govemance policies. Any new trustee will undergo safeguardin9 training and will be expected to sign the Code of Good practi and an annual Declaration ofconflicts of Interest. An induction paek will include a copy of the Charity Commission guidance 'Charily trustee.. what's involved", "Charities and Public 8enefif and the'charity Govemance Code for larger eharilies.. Reked charities The FoundatK)n is connected through trustees to the MaLtrice Wohl Charitable Foundatron. Details of material transactions with related parties are Shown in the notes to thg financi slatemenls. Audlt Saffery LLP ha8 expressed its willtngness to continue as auditor. Risk managfrment The trustees assess on an annu81 basls the maior risks to whieh the Foundation is exwsed. in particular, those related lothe operations and finance$ ofthe Foundation. Truslees review a comprehensive risk register refiecllng impact and lik81ihcKJd. Trusiees are s*isfied that robust internal controls are in place lo mitigate exposure lo the major risks. The principal risks have been identified a$.. A lack of protection of the expendable endowment due to poor investment perfoance.. mikngated by retaining expert investment advisors and manager5, investments managed on a t¢tsl relum basis and holding a diversffied portfolio A cyber breach or failure of the dtsasler recovery plan: mitiqaled by working With an IT support provider to ensure robust syst$ for disaster recovery and IT backup, cyber security enhancements and c1Jd- based software used for grant mgnagement and 8ccounling systems. as well as annual external reVW Reputational damage through grantee chariti'es suffering losses or regulatory breaches.. mf(igated by robust and proportNJnate due diligence carried out prior lo truste& approval of grants and throughout the period of a grant by monitoring arsd evaluating progress and carrying out fvrther due diligence if necessary. Grantees also report on safeguarding policies, procedures and 5erK)us incident5 al application stage and during a grant period. Loss of key staffr. mrtigated by succession planning and knowkdgg of ro5 and responsibilities across the staff.
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Conflict of interest Subject to note 18 in the financial section, all trustees givetheirtime freely and no tnjstea remuneralion was pd in the year. At a board meeting in November 2024, the trustees approved an updated Conflict of Interest Policy. Trustees and staff are required to disclose all relevant interests and wrthdraw from discussion where a confl1 arises. The trustees also Confirm that there is an appiopriale and approved anli-bribery policy in place and a copy of this policy is sent to each new grantee. Safeguardlng The Foundation's safeguarding policy is reviewed annually with the latest policy adopted by trust88s in November 2024. The trustees take their responsibilty to safeguarding seriously and although the Foundation does not wotl( directly with children or vulngrdble ajulls. it does provide funding lo other char5ties that work wrth these populations. AS such the Foundation seeks lo ensure. through prowrtionate and reasonable due diligence, that gr8ntee charity trustees take their responsibilty seriously, that there is a general awareness of abuse and how il is idenirfi&d and that they have adequate and appropriate s8feguaTd5 in place to protect vulnerable indNidual8 from abuse and to prevent abuse happening in the first place. Trustees, Indgmnltles The Foundation confirms trustee indemnty insurance is in place. In me eneratlon nd Investments Income generation Investments are managed on a total retum basis, comprising the increase in value of investments and income arising from the porfolio. The Foundation dcs not fundraise from the public and did not receive any Complaints in relatDn to fundraising in the year. Suff¢cient liquidity L% maintained within the portfol to meet all grafbl commitments as well as all other outgoings. Investment pollcy The Investment Committee seeks adv from its appointed Investment Advisors and makes recommendations to Iruslees. The Investment Advisors also undertake an ongoing review of 811 fLJnd fflanagers and their performanc&, 8nsuring that the agreed strategy regarding asset allatiOn, hedging and benchmarking is adhered to_ Recommendations are then made lo the Investment Commrttee to consider portfolio changes, includirYJ exits'ng wholly or partly from fund managers and the inlroduth.on of new managers. The Investment Commitiee receives monthly summary valuations and quartedy reports from the Investment Advisors and mee15 W11h them at least Ihme time8 a year * Invéstment Committee meetings. The invesknent objèclwes of th8 Foundation arè to maintain the real purchasing power of the expendable endowment after infiation in perpeluty whilst genering a constslent and SLJStainable return to assist in funding annual granl-making and othw expendrture wilhin an acceptable level of risk. However, as expendable endowment funds, Trustees have the flexibilty to spend in excess of investment returns. The fomal long4emi annual return target 18 the US coMer Price Index plus 4%. Over shorter time frames, the primary berKhmark is the 60% MSCI ACW1140¥• Bloomberg Aggregate. The total retum on investments for the year for the portfolio holdings. after fees, was a gain of 15.9Yo (2023.. 17.1%) against the short-temi benchmark of 10.8%12023= 15.4%).
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal rgview Rosgrves pollcy and assessment of going concgrn The trustees regard the c8prtl of the Foundation as a long-lerm. albeit expendable. end¢)wment. The trustees do not define a minimum level of Teserves. However, it is their intention to maintain the capit81 value of tho endowment in real terms whilst also generating an investment retum that is sufficient lo meet the costs of the Foundalion's charitable expenditure and cFerations. The capital value of the endowment to be maintained is defined as the value of the original grfl plus UK Consumer Price Index less significant onwff grants of $1.5m and above $S emergency grants and the 5Cth annwersary grants awarded. Al 31 December 2024 the Foundation had total reserves, all unst11¢ted. of $113.5m 12023.. $104.5m}. The trustees are satisfied, given this level of reserves. and their IiqLbidty. that the Foundation has adequate resou5 to continue in operational existence forthe foreseeable future. Accordingty, the trustees continue lo ad¢)pl a going concern basis in preparing the financial statements. R•viw of tho year The financial stslements sel out on pages 15 to 27 summarise the transactions of the Foundation for the year ended 31 D8c8mber 2024. Gross incorne for the year was $0.9m12023." $1.Oml. Investment Management fees of $1.6m 12023.. $1.1ml were incurred in the year, and expenditure on charitable a¢liviti95 totalled $6.2m12023: $6.Om). There were net Investment gains during the year of $16.4m12023.. $16.3ml. Total fvnds increased by $9 sm in the year lo $114.Om12023.' $104.5m). Futuro Devfjlopmonts The Foundation will continue to engage, fund and work with benefficiary charrti85 that fu11 the Foundation's key mission as sel out in the founderfs memorandum of wishes and the further refined strategic mission. Trust99s' res nslbllltles statement Thetruste&s (who are also directors of The Maurtce and Wrvienne Wohl Philanthropic Foundation forthe purposes of company lawl are responsible for preparing the trustees, report and the financk41 statements in accordance th applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare finanelal statemènts for each financial period. Under company law the trustees musl not approve the financial sLements unless they arg satisfd th81 they give a true and fair view of the stsle of affairs of the eharrtable company and of the incoming resources and appli¢ation of resources. including the income and expenditure. of the charitable company for that period. In pr8paring these financial stalemenls, the trustees are required lo-. select suitable accounting policies and then apply Ihem consistenlty,. observe the methods and princples of the Charities SORP., make judgments and accounting estimates Ihat are reasonable and prudent.. stale whether applicable UK Accounting Standards have been followed. subject Its any mat8rral departures disclosed and explained in the financial slatemenls., prepare the financial slalemenls on the going conrn basis unless it is inappropriate to presume that the charitable company will continue in operalton. 10
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Injstees are responsible for keeping adequate accounting records that are suffitient to show and exploin the charitable company's IransactvJns arKI disclose WTth reasonable accu1y at any timethe financial position of the charitable company and enable them to ensure that the financial 8talemerts comply with the Companies Ad 2006. They are also reswnsible for safeguarding the assets of thè charitable company and hence for taki reasonable steps for the prevent and detection of fraué and other irregularities. The trustees are reswnsible forthe maintenance and integrity of the corporale and financial infomialion includgj on the charitable MpanY'S website. Legislats"on in the United Kingd( goveming the preparation arKI dissemination of finarKial statements may differ from legislation in other jurisdictions. In so far 8S the trustees are aware.. Ihefe is no relevant audr( inft)mialion of which the charTrtable company's auditor is unaware., and the trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audf( infomation and to establish that the auditor is awaie of that infomiation. The trustees are responsible for the maintenance and integrty of the Corp1$ and financial infomiation included on the Gharitsble company's website. Legislation in the United Kingdom g¢)veming the reparation and dissemination of financial statements may drffei from legislalM)n in other jurisdictions. This report has been prepared in a¢cordance with the provisions applicable lo companies enlrtled to the Small companEs' exemption. This report was approved by the tnjstees, on 2 Juty 2025 and is signed on their behalf by". Martln Paisner CBE MA LLM Chalrman sor Latchman CBE MA PhD DSC FRCP8th FRSA Trustee 11
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2024 Oplnlon Vve have audli ed the financial slalernenls of The Maurice and Wwienne Wohl Philanthropic Foundation for the year ended 31 December 2024 which comprise the Statement of Financial Acliviliès, the Balance Sheet. the Statement of Cash Flows and notes to the financial statem8nls, including significant accounting policies. The financial porting 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 (Unrted Kingdom Generally A¢¢¥ed Accounting Practice). In our opinion the financial $tstemgntS'. gNe a true and fair view of the charrtable CoMpY'S state of affairs as at 31 December 2024 and of its incoming resources and applicath?n of reswrces, including its income and expenditure. for the year then ended-, hav8 been proper prepared in accordanc8 With United Kingdom General kcfjpt8d Accounting Practice., and have been prepared in accordance wrth the Ccryanies Act 2(y)8. Bagis for opinlon We conduGtwJ our audit in accordanrE with Inlemational Standards on Auditing IUKI {ISA5 IUKII and appluble law. Our responsibilities under those standards a further described in the Audrtor's responsibilities for the audft of the financial statements section of our report. We are independent of the charitable company in accordance with the ethal requirements thal are relevant to our audit of the financial statements in the UK, including the FRC'S Elhul Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the 8udil evidence we have obtained is sufficient and appropriate Its provide a basis for our opinton. Conclusions relatlng to going concem In auditing the financial $talemenls. we have concluded that the twslees. use of the going concern basis of accounting in th8 pr8paralion of th8 financial StateMts 18 appropriete. Based on the work we hav8 performed, we ha not idenlffied any material un¢ertainlies relating to events or ndrtiorls that, indwidually or collectively, may cast significant doubl on the ¢harilable company's ability to continue as a going concern for 8 period of at least e1ve months from when tho financial stalemenls are oulhorised for issue. Our responsibilities and the responsibilities of the Irustees wlth respect to going concern are described in the r818vant sections of this report. Other Inforniation The trusle8s are responsible for the other infomiation. The other irrfO7atIOn comprises the infomialion included in the annual report, other than the financial stat&mants and our auditorfs report Ihereon. Our opinK)n on the financial statement$ does not cover the other information and, except to the extent otherwise expli¢itty stated in our r8POrt, we do not express any fomi of assuran condusion thereon. Our responsibility is to read the other infomtstion and, in doing so, consider whether the other information is materially inmnsislenl with the financial statements or our knowledge obtained in the course of the audit or olhenpjise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemen15. we are required to detemiine whether thK8 gives rise lo a material misslalement in the financial Statements Ihemsefves. If. based on the work we have perforrned. we conclude that thefe is 8 material misstatement of this other infomiatK)n we are required to report that fact. We have nothing to report in this regard. 12
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2024 Oplnions on other matters prescrfbod by the Companies Act 20 In our opinion. basad on the wotk undertaken in the course of the audit.. th8 infomalion given in the Truslees, Report which includes the Oirectors, Report for the financial year forwhich the financral slalements ar8 prepared is consistent with the financial slalements,. and the Trustees. Report which includes the DireotQTS' Report has been prepared in accordance wrth applicable leg81 requirements. Matters on which w& are requirod to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtsined in the COU of the audit. we have not identified mateirdl misstatements in the Trustees, Annual Report We have nothing to report in resp8Ct of the following matters where the Companies 2006 requires us io report lo you if, in our opinion.. adgquate accounting records have not be kept, or rduTns adequ¢ for our audit have not been received from branches not visited by us- or the financial Statements are not in agreement wlth the accounb'ng records and returns,. or ¢ertain disclosures of Iruste8s' remuneration specified by law are not made- or we have not ieceived all the infomalion and explanattons we require for our audit., or the truste were notentitled to prepare the financial 8tstements in accordance wf(h the sm811 ccmpanies. regime and to take advantage of the small companies, exemption from the requirement lo pr8pare a strategic port or in preparing the Trustees, Report. Re8pon8lbllltigB of trustOOS As explained more fully In the Trustees, responsibilities statement set out on pages 10 and 11, the ttuslees {who are also directors ofthe charitable company forthe purposes of eompany lawl are responsible forthe preparatDn of the financial statements and for being salisfEd that they give a true and fair view, and for such internal control as the Iruslees detem)ine is nesSary to &nable the preparation of financral statements that are free from material misstaternent. Whet due lo fraud or error. In preparing the financial statements. the trustees are resp)nsible for assessing the charitable company's abilty to eontinue as 8 going concem. disclosing, as applicable, matters related to going conc8rn and using the going concern basis of accounting Lknless the truslee$ either intend to liquiale the char-rtable company or lo cease 0ratIonS, or have no realistic atternatwe to do so. Auditofs responsibilitios for the audit of the flnanclal sLemonts We have been appointe(l as auditors under the Cornpan Act 20C6 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the fiTkaneial ststemenls as a whole a fre& from material m153t8lement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is ? high level of assurance, but is not a guarantee th81 an audit conducted in accordonce with ISAS IUKI will always detect 8 material mi5ststemenl when it exists. Mis51atements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial stslements. Irregularities, including fraud. a instances of non-compliance wilh laws and regulations. We design prctedures in lin8 Wrth our responsibilities. outlined above, to deteGt material misstatements in respect of irregularrties, including fraud. The specific procedures for this engagement and the extent lo which these are capable of detecting irregularities. iluding fraud are detsiied below. 13
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER2024 Identifying and assessing risks related to irregularities- We assessed the susceptibility of the charitable company'8 finala1 statements to material misslalement and how fraud might occur. including throu9h discussions wf(h the Iruslees and infomied management, discuSsiS wrthin our audtt team planning meeting. updating our rec+yd of internal controls and ensuring these controls operated as intended. We evaluated possibl8 incentives and opportunitie5 for fraudul&nl manipulation of the financial statements. We identtfsed laws and regulations that are of significance in the context of the charitable company by discussions Wlth trustaes and infOed management and updating our tsnderslanding of the sector in which the ¢harFtabl¢ ¢ompany operates. Laws and regulations of direct significance in the context of the charitable company include the Companies Act 2006, and guid8nce issued by the Charty Commission for England a1 Wales. Audrt respons8 to risks idenlifie(I'. We Gonsidered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial slatement disclosures. Wè reviewed the charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant aulhorf(ies to identify potential material misstatements arising. We discussed the charitable company's policies and proceduies for compliance wfth laws and regulations wilh members of management responsible for compliance. During the planning meeting with the audit team. thg engagement partner drew attention to the key areas which might involve non<ompliance wf(h laws and regulations or fraud. We enquired of management wh8ther they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual. suspgcled or alleged fraud. We addressed the risk of fraud through management override of eontrols by testing the appropriateness of joumal entries and idenlitying any significant transath.ons that were unusu81 or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partnerfs review Includ ensuring that the team had approached their work with approprithe professional sceplicism and thus the capaety to identify non-compliance with laws and reguLgtions and fraud. There 8re inherent limitations in the oudf( procedures described above and the further removed non-complian with laws and regulations is from lh8 events and transactions refiected in the financial slalements, the less likety we would become aware of it. Also, the risk of ftol delecling a material misstalemenl due lo fraud Is higher than the risk ol not detecting one resulb'ng from error, as fraud may involve deliberate Goncealment by. foi example. forgery or intentional fflisrepresenlations, or through collusion. A further description of our re8pon81bilil$ is available the Finar181 Repjrting Council's website at.. www.frc.org.ukJaudRorsresponslbililies. This description forms part of our audilo¢s report. Use of our report This report is made solely to the charitable company's members, as a bc4Jy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our auéit work has been undertaken so th* we might stale lo the charilable ompany's m8mbers those matters we are required lo slate to them in an auditor's report and far no other purpose. To the fUlst extent permitted by law, we do not acp1 or assume responsibilty lo anyone other than the Charitable company and the charitable company's members as a body, for our audit work, for this (eport, or for the opinions we hav8 fomied. Cara Turtington (Seni statutory Auditor) for and on behalf of Saffery LLP ststutory Auditors 71 Queen Victorkq Street London EC4V 4BE IOT4201S S8ffery LLP 1$ eligibk to act as an audttor in temis of section 1212 of the Companies Act 200S 14
THE IIAURICE ANO VIVENNE TNOHL PHLAKfHROPIC FOUNDATION STATEMENT OF FINANCIAL ACTNITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Income from: IrNestrnent incomg 697,310 981.116 Totsl Sn¢om• 897,310 981,116 Expendliure on: Raising funds.. Investment marwment 1.644,307 1.129,255 Chab a(vts8 6,160,369 6.011,960 Totsl oxpendltur• 7,804.676 7 141 215 N•t•xpenditLEre bgforg invMtrn•nt IIOg8•sllyaln$ Net 981l{loSSes) on investments 16.907,3661 1e,411,748 16,160.0991 18,300,315 Net oxpgnditure and n•t movement In fundB 9,504,382 10,140.216 R8conclllation of fvnd•'. Totsl ndS brought forward 104.526,048 94.385,832 Totsl fvnds rri•d fowwdrd 13 114,030,430 104.526,048 The Statement ol Financial Activitses indudes all gg4n5 aThJ k)ss8s recx)gnwl in the year. AJI inc¥)me and exp8nthre mlates to conts"nuing a¢tNites. The notos on pagès 18 to 27 fomi part ofthese financial 8tstements. 15
THE MAURICE AND VIVENNE WOHL PHILANIHROPIC FOUNDAIION 8ALANCE SHEET AS AT 31 DECEM8ER 2024 2024 lord Flxéd assets Tan9ible 8SSets Inveslments Pr0gEde rdatsd Investft*nts 112.79B.774 3.040.947 115,837.721 103.890,404 3.040,947 It,¥81,351 CuThenta88ets DebloTS Cash at bank and h hand 10 14.459 7,949.413 7,963.872 7.7(Kl.499 7,781.455 Cr8dlt¢rn.' amounts faling due one 11 7,191,163 .574,2561 Ngt curr•nt assats 772.709 187,199 T¢>t•l a658ts curreni IlabllMI• 116.610.430 107.118,550 Crèdltors.. afflounls fallr¥ due (n mL¥e than onè 12 ,560.0001 2.592.SOO Net assat 114.030.430 104 526,049 Funda InGDrne anLI er¥Jwnent frjnds 13 114.030.430 104,528,049 r¢)tsltunds 114,030,430 104,526.049 Th8 nol8s fm pages 1810 27 fm part of Ihese ffnanclal statenEnts. The nancIal statemen15 we approved by the trLJStees on 2 jy2023 ar gned en I ehawby." sor av CBEMAPhD Chakm#n man FRCPaih FRSA Ma CBE MA LLM Trustee 16
THE MAURICE AND VIVENNE WOHL PHILANTHROPIC FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Ca$h flows Irom opgratlng activiti Not ca8h Us In operatlftg a¢tlvltie5 15 8.153,772 8.527,828 Cash flow? frt>m Investing •¢tlvltivJ'. Dividends, interest and rents from investmonts Proceeds from sale of investments Purchase of investments 897,310 981,116 36,214,971 17,870,360 {20,255,2771 110.788,9881 Mèt cash provlded by InStIng activities 16.857.004 8,CE2,488 In¢r•ase I IdKr•ase} in cash •nd cash equivaloDts In the year 8,703.232 (465.3411 Caskn and cash ¢qulvalents broughl foThMrd 16 15.202,920 15,668,261 Cash and ¢ash •qUIvants carried fonvard 16 23 906.152 15 202,920 The noles on pages 18 10 27 form part of these financial statnents.
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles 1.1 Basis of preparntion of financial $tstsments The Foundotion is an incoTporal&J charitable company. It conslitutes a publtc benefit entrty as defined by FRS 102. 118 registered add$ is Payne Hicks Beach LLP. Lincoln's Inn, 10 New Square, London WC2A 3QG. The financial statements have been prepared under the histOTioal cost convention with r(ems recognised at cost or transaction value unle&% olheThvise slated In the relevant notes lo these accounts. The financial statements have been prepared in aceordance with the Statement of Recommendod Practice". Accounting and Reporting by Chari(ies preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102} (SORP IFRS 10211 and Companies Act 2006. The financkil statements are presented in US dollars, the Foundation's fvnclignal and reporting curTency. 1.2 Going concern The trustees consider that there aio no material uncertainties concerning th& Foundation's abilty to continue as a going concem. The Foundation's investment portfolio 15 diversrfigd lo protect th& risk lo which the Foundation is exposed. At 31 December 2024, the Foundation had net asse*5 of $114.Om 12023.. $104.5ml including ca8h and cash equrvalents of $23.9m12023.' $15.2ml. 1.3 Income recognition All income recognlsed once the Foundation has entitlement lo the income, it is probable that il will be received and the amount can be measured reliabty. Investment inwrrE is recognised when receivable and the amount Gan be measured rellably. This is normally when the investment managers are nolffied of the interest r8ceivable by the banks or dividends are declared and notfficaIn has received of the dividend due. 1A Expenditure Lkgbilities arè recognised as soon as there is a legal or constructive obligation committing the Foundation lo that expendf(ure. i¢ Is probable Ihal settlement will be required and the amount of the obligatn can be measur8d rdiably. All expenditure 1$ included in the Slalement of Financial Activities on an accruals basis. Irr9coverable VAT is 811ocated to Ihe relev8nl expenditure as incurred. Support ¢o$l$ are those central support ftjncllons that are $hared across the 8clivilies undertaken by the Foundation and ilUde for example, personnel costs, travel, information technology and general office costs. Support costs are allocated btheen charitable activities and raising funds based on staff me. Governale costs cc¥nprise all costs involving the public accountability of the charity and its complk?n¢e with regulation and good prathe. Thes8 costs include costs related to statutory audit and legal fees. 18
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1.5 Grdnts payable Grants payable ar8 payments made to third parties in th8 furtherance of the charitabl8 obje¢l$ of the Foundation. Grants payable are charged to the Statement of Financial Activities once the Foundation has made an uncondTtional commitment to pay the grant aThJ this has been eommunicated to the beneficiary or the grant has been paid, whichever is the earlier. Grant awards that are subJ"8Ct to the recipient fulfilling pgrforman¢e ¢cditic¥ThS a onty accrued when the recipient has been notffied and the condition attaching to the giant is outside of the control of the Foundation. 1.6 Operatlng lease5 Rentals under operating leases are charg1 to the Slatennl of Financial Activities on a straight line basis over the lease temi. 1.7 Foreign currenclo$ The Foundation's functional and presentabonal currency Is US dollars. Monetary assets and liabilities denominated in foreign CLJrrencies are translated into US dollars at rat8s of exchange ruling at the balance sheet date. Non-mon81ary assets are all shown al the exchange rate applying at the (late of the Iransactbn. Al each period end foreign currency monetary items are Iranslated using the closing rate. Non•monetary items measured at historical cost are translated using the exchange rale at Ihe date of the transaction and non-monetary rtems measured at fair value a measured using the exchange rate when fair v81u8 was detemiined. Exchange gains and losses are recognised in the Statement of Financial Activtties. 1.8 Pensions The Foundation operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Foundation to the fund in respect of the year. 1.9 Tangible flx•d assets and deprclatlon Tangible fixed assets are carried at cost less depreClan. Depreciation ig provided at rate8 calculal lo write off the cost of fixed assets, less their estimated residual v81ue, over their expecled useful lives on th8 following bases.. Leasehold improvemerrts Fixtures & ffftings Computer equipment 10% 51iaighl line (period of lease) 20% reduclng balance 20% straight line 1.10 Investmgnts Investments are a fom of bas financial instrument and are initially recognised at their transaction value and svbsequently remeasured depending upon th8 dass of investment. Listed investments, including shares. bonds and managed fund$, are valued at the closing market price at the balance sheet date. Inve81ments in funds whith have no readity idenlrfiable market value are included at the most recenl 19
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 valuations from the respective fund's m8n8ger or administrator taking aoUnt of any capital calls or recallable distributions made up until the year end. Cash Of cash equNalents are measured al the Gash balance in US dollars. u$iftg th8 spot exchange rate at the balance sheet dale. The Slalement of Finanek81 Activities incjudes the net gains and 10s5es arising on revalualion and disposals throughout the year. 1.11 Programme related Investments Programme relatèd inv8slments are initially recorded at the tran$artion amount and are subsequently a4'usted to reflect any lnpaimients quIred. 1.12 Cash at Bank and In hand Cash at bank and in hand includes cash and short term highty liquid investments with a maturity of three mnlhs or less from the date of acquisition 01 opening of the deposrt or similar account. 1.13 Financial instrumonts Financial assets and financial liabilities are recognised when the Foundation bect)mes party to the contractual provisions of the instrument. lal Financial assots Basic financial assets, which include trad8 and otherdeblors and cash and bank balances, are in(ti81 reco9nised al transaction price including transaction costs and are subsequ&ntty Carried at amortised cost. At the end of each reporting per)d financral assets measured at amortised cost are assessed for objective evidenee of impaimient. If an asset is impaired, the impairment loss is the difference befvleen the carrying amount and the present value of the estimated cash flows. The impairnient loss is recognised in the Statement of Financial Activities. Other financial assets. including investments. are initially rrta5ured al fair value, which is nomially the transaction price. Such assets are subsequently carrEd at fair value and the changes in fair value are recognised in the Statement of Financial Activf(ies. (b} Financial liabilities Basic financial liabililw, which indude trade and othercreditors. are initialty recognised at transaction price and subsequently measured at amortised cost. Financial liabilit*s are derecognised when the liability is fjxtinguished, that is when thè contractual obligation is di$¢harged, ¢an¢olled or expires. 20
THE MAURICE AND VIVIENNE WOHL PHILANTHROPIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 1.14 Furbds Th8 Trustees are able to expend both the income fund and the expendable endowment fund in managing the charity. The income fund is not separatety disclosed as the movements on it are considered to be immateri81. The trustees are fre& lo use the funds for any purpose in the fUrtranCe of the Foundalk)n's objecls. 1.15 Cridcal a¢¢ountlng judgements and key sourcos of estlmation uncertainty In the applution Dfthe Foundation's aUntIng policies. the trustees are required lo make eslimales, iudgemenls. and assumptions that they bglieve are sOnable, based on the infomation available. These estimates. judgements and assumptions affect the amounts of assets and liabilities atthe dale of the a¢Unts and the amounts of income and expenditure rnISed during the reporting period. Adual results may drffer from these estimates. The estimates, judgements and assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revlsed. The estimates and judgeMts that are cons#Yer8d lo have the ff*)st signifant impact on the aount5 are thevalualion of investments- as explained above, the Foundation's investments include investments in funds which h8ve no readily identrfiable market value. These funds are included in the financial statements al the most recent valuations from the respe¢tNe fund's manager or adminislralor. 21
IHE IIAURICE WVENNE WOHL PHILAThROPIC FOUNDAMON
NOTES TO ThE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 Invf¥tmont Incom8
2024
2023
(xThfrom In¥esbnentg
Bank and oth8f Inlwesl
212.288
685.022
420.797
560.319
897,310
961.116
3 Expendttyfe on ¢harttablo aclhflll88
Grant fundiry of
tieS InDle
Support costs ITh
3a)
2024
41
fotsi 2024
Care and WelFare
Jewlsh ComtNnlly
Educ81ion
Medical Advarwxmenl
Pathway$ to Self.Suffidency
The
1.637.848
1.620.000
755.000
800,QOD
620.0(XJ
219.368
217.004
101,135
107.163
83.051
1,857,016
1,837.004
856.135
g07,163
703,051
5.432,848
727.721
6,160,369
Grant luThJlng of
2023
SwrNJrt costs
T¢)ts12023
Care Wdfwe
Coftwnun
Educalbn
Medical Adwdncement
PathvRys to Setf.Suffic48ncy
The
1,898.748
1,055.000
1,158,000
221.258
137.412
232.493
1.920.004
1,192.412
1.390.492
1.309.309
20,OOD
5.241.055
177,137
2,605
770.905
.48e.446
22,605
6,011.960
al £t¢0Sts re18teto stsff. Offi und adIr&traINe costs. and are 8IIDowl lo Charitable Actlvlls arvj InvestrnBnl Management
on Ihè ba&s of use. The main calegorfes of support costs a..
2024
2023
Staff and outsourc8d c08ts
s,781
56,541
100219
48.880
36.462
27,516
501.502
13.555
75.962
80,078
26,160
Prerr+se$
Govemanc
Offi
CwrenGy los¥e¥ I Igainsl
73,648
798,033
770.905
orihe 10181 SLPPOrt ts)sts, $70,31212023.. Snill Is allocated lo RaisiNJ FLM)ds (Inv$5bnent ManagentI and $727,72112023.'
$770.gDSI Is 4lcKat8d to Charflab* P
THE hlAURI¢EAND VIVENt4E WOHL PHILAMThROPI¢ FOUNDAMON NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 31 DECEMBER 2024 4 Now award•d and InitiatiV88fund•d 01 grnnts 4wanl8d- ¢urr•nt year 2024 C#fv W811aw• eriGan Jdnl DL8tributn Cowmiit Bai Mda Beillgsie Shapiro BILY . AHLTr for Every ChAd Eiran-Everybody Can ELEM ELIYA-As8odalx lor BIT and tmpalred Clwhyren Club Israel Trautna Coautlon j$h for Israel Leket Mosalca. Rdlglon. SvfAety and State NATAL Nlgunlm- Keren OFPI Melr NITZANIM. jeiSh Israeli Identity ICAR Comective Quantum Shalva The Coalition for Haredi Erntyoyrrm The Garage IArnut8h Daroml The Jerus8lBm Hlls TherapwU¢ Cente The Pthli¢ Fuum The Sumrnrt Insllute Tlkva UK Wustt Tzega Yad Sarah Ydidim Varfou3 small and dIscretry gnIS l< $15.OLX)I Cenlled gr8Trt &(y)o 548.(KJO 50,Tr)0 180.(XIO 280.000 90,0 20.OLMJ 18,ClJO 50.OCKI 100.0 91,000 25,000 50,trfJo 64.500 75.Crt)O 100,000 50,000 20,0 54.otij 30,oryJ 11)O,otKJ I,0(J).o 100,OLk) 25.0(K) 50.oc 50.OLX) 34,746 40.DOQ 11,8521 1.637.648 1.698,746 Cornmuhlty CharedS lrnpa Galfia ForA Better FLrture Rashi Fow)dallon The jwusetn FoutM1at&)Tr The Pillar Foun(lalion 50,OLX) 20,0(KJ 1,250,0 1,055,0Th1 200,0 1.620,000 1.055.iXJO Educatlon Brfitish Council (conlled grant in 20241 Educating for Impact Hotam-Te*h l$r8el L81&t Pe Leshem Mifallm Hlnuthiitn achM Chocth¥l ah Torah LTD ICGI Reichrnan Unrversity YesFxv8t Ohel Shimon Ywlh Lead CharvJe- Aharai Various small and di3(Yelion&ry grants l< $15.orxii R[tlMirr zu Berfin e.V. IcsrKdled giant) 1360.0001 200.0 400,000 20.0(K) 720,0 450.WO 255.0(K) 240,OC 60,0 550,C¥JO 5.0)0 1627,D)01 755.000 1.158.000 23
IHE AWRICE AND VIVENNEWOHL PHILAIIThROHC FOUNDAIION NOTes TO ThE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 310ECEMBER 2024 4 New grants aw8rded and Inltlatlvasfurtdad l¢ontlAuI al Naw grant• awlrdod. Cury•ntlr 2023 Il•dl¢al Advan¢gm•nt Researth Fund ofthe Hadassth Wi¢al l)uanr£ation Stba Melic41 Cerder 750.ofM) 800,IhX Pathways to Sgif4uffl¢l•nty Be-Atzmi Hul H9meShLash Jaffa InstitLrtÈ Jolnt D15trtbU1n Committee l Haredi ErryJloynEntCoalition Keshw- The HDme fDr SpEual Famil5 Lishm& 360 Ma'agalei Shema Milibat (cadd granti Quanlurn Shlkum A( rikva UK Towards the Horfjzon Yeladirn YouThJ Buslness Leadership Yozmot Abj 100.000 75,000 250.000 1(MJ.000 20.0(KJ 240.(MIO 12.0th) 150.8911 500,QOO 150,000 100.000 80.000 150.(KIO 120.QOO 83,000 fj2D.OQO 1.309.309 ThgArts National Library Df15rael Wohl Mu5eurn 20,OC4) 20.000 Total awarded15eB Note J) 5,432,848 5.241.055 JI STaNs are unr8slrlLlwJ expendilure12023'. all unres¢rlctedl. S Staff Costs Staff costs ere 8$ frAknw3'. 2024 2023 W8ges and s81aries SocK415ecurity co$ts oirf 1¢n tosts 270.230 41.278 38,122 349,828 326.202 48.654 414.088
IHE MAURICE AND MVENNEWOHL PHILANTHROPIC FOUMOAMOII NOTES TO THE FINANCI STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2024 5 sithff cost8 Icort4nuèdl The 8¥erage number ol petsws try IhE FOd8t10 during ts year 8$ 10kn." 21124 2023 No. Admirri5tr9tNe Gmt manapment The tIme equNalent nL4nber of persons emrADyed by Ihe FouThJation dun9 theyearwas as fDll(Av&'. 2024 FT 20ZJ FTE Admiii$traUve Grant mana9wMnt The nlber ofhIgr paKJ erWoy86S VOS.. 2024 No. 2023 No. In the band $84.704- S.805 In the band $101,850_ $114,580 In the band $114,58fj- $125.208 The key managemart por$onn81 of the FoundaOn& corrwrise Ihe Chf Execubve a5 guided by the truslees. The aggregat& remuneratlon of key m8nagwEnt pÈr&onnd aru1ed to $155k 12023 $140kl. Stsff costs and FTE equjvarrt st811 numbers have been 8PPOrtioned betrn The Mauiit Wohl Charitablè FOd811¢ and Th Mawics 8TvJ VMeMèWohl Philanthr( Foundat vknefy staff areefflployediny ty It Iwo chtie O Nit incorno Thi5 IS stated after th8rglngllcfeditingl- 2024 2023 Audrtorfs rèmuneration.. Jdit seNrs- CUrrÈfflar 23.587 34.220 4.e67 Opuaffing k4se8- land arKI bulbJirvJs 43,799 57,011 7 Tangibb fLx8d a888ts Leasehold Corrputer eqpment arxl flthr¥Js Total Cost At l J8t)uary 2024 arNI 31 Decernber 2024 8,926 5,391 11317 0oprgElaiion Al 1 Janry 2024 and 31 DMber 2024 6,926 5.391 11317 Not bookvaluo At 31 0m*r 223 and 31 December2W24
IHE WIUIUCE AND viveNNE WOHL PHILANTHROPIC FOUNDATION IIOTES TO THE FINANCIAL STATEMENTS FOR The YEAR ENDED 31 DECEMBER 2024 8 Flxed 886el inve$tm¢vts 2024 23 Market vakne al l January dOr at cost Proceed5 on disposal at market V8lu8 Cash transfers Nel gainsl(fossesl on investsnErts I8.890.404 100.140,629 20,255,277 10,78e,988 (26,214.971} 117.870.3601 .454.318 15,W,5191 16.411.748 16.197,666 M8&t V81u& at 31 Dermnber 112.796.778 103,890,404 Inv•sim&ni8 ar•split out asfollowk: Lted inve5knEnts Pflvaie equity Managed fuThJs and trthsts Cash baLgnces hdd ITh investments 27,915,187 11,972.536 56.952.312 15,956,739 32,687.270 9.561.598 54,139,115 7,502,421 I12.7.774 103.89),404 g Programme r¢lated invesiments The Foundation a propety in Jen&88km Is leased on a rer-free Ilas to OIEI Torah. a thitybased Israd. ThE charity uses Ihe PToperty as Yeshiva for men learnln91o become Rabbis. The property mee15 Ihe defi1 of a social Investment as it is hetrj to support the charltsble alms ot the Foual011 15 Gartd at histLWIC COSt of $3,040,947. 10 D¢bto 2024 2D23 DuevilNn year Other dabtors PrepaymeThts 10.624 3.835 35.338 25.620 14.459 60,956 11 Crtdi¢orn.' Arnourts fa#lng duo vAthln on8 year 2024 2023 Tradg (rJ110[9 A¢¢ruaL% Amounts owed to The maul Wohl Ch8rilable FwTrJation Grants PaYae 29,422 50,347 90.684 7.020,710 32.176 6S.375 351,riJo 7.125.705 7.191.163 7.574.258 12 ¢n>dltors: AmoLthIts dyo aftrrnor• than one yegr 2024 2023 Grants p8yable 2.580,000 2.892.5)0 l¥ Funds The Found8¥on cre8kd by3 uift from the fate Mrand Mrs Wohl. Thetrustees regard the capit81 ufthe Foundation 85 a long- term. albert e4DendaNe. eTrJ(yInenl. Th8 trustees are tree kn use Ihè funds for any PLUPDSg In the fvrtherance ofthe FoundaUorTr objetts. The incorne fund 1$ rTOI Srat0LSCJ0$ei1 as the movements on It are consIde to be Imma.
THE IAAURI¢E AND VIVENNE WOHL PTrULANThROPIC FOUIIDAIION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 OECEMBER 2024 14 Comrnltmwia Al 31 D¥mbèr 2024the FCJthn Woulstaidinpwi181 Commitff80f$7,4s5k ID r8lakn lo rf5inV951rnents12023'. $9,30aki. Flre miThvnthi p8ymenb under now0nplIab[e operBtirYJ leases are payable a5 follw." 2024 2023 wrtrn 1 year etsw 1 . 5 year$ 29.524 29.524 15 Raconcmalion ol n81ffVernent in lund•to not cuh flowfrom op•r4YD9 act111 2023 (eXn)rirfn& foTthe year las per Slatement of FlnancKg1 AcliTrAtie51 Adju&Jnent for. Deprecl8llon charg25 (Ga1} I losses on Inkstsnets Dnridends. interest and twts trom kn¥estrIts NewpwamrnÈ rÈL818d InYeslffEnts Ilnueasel Idecreas8 in debtors Oecrease In creOttvt5 9,504,382 10.140.216 11e,411.7481 11e.197.E601 1897.3101 1981.116) 46.497 124.0481 1395,5931 11.465.214) Netcash used in operallry activibes 8 527.828 16 ATra of ush and ¢a8h e4ulvalpnts 2024 2023 Cash at bank and fft hand Cash bances in investrnentslsee Note 81 7.949.413 15,956.739 7.700,499 7.502.421 Total 23.906.152 15.202.920 The Fowdaik)n not Pove any debt. 17 Rolated rtyranS1nts Reknbursed travel expenses we lo three1207J'. three) Iruytees In year arnoutrting to 16.31912023." $3.7351. Payne Hks Be¥h, a lawfirm li Martln Palsner wo$ a partner. rdlsed drge5 for professnal serviS and reimbursed eypet&S in amount of $27,88712023. $21,034) ofttich 55.87812023.. $6.0001 vR5 OLrt5tandirJ at the year er. addydon. $fOrsh8r8d SeTr1 ¢f $383,45112023.. V71,10n re allocated la The Plaurice arKJ Vivienne Wohl FthilaFrthropi¢ Foundalion in thè year in resFect of stafFand other overtwd costs. Al 31 De(¥nber 2024. $90.68412023.. $275,102) was 0d by The Maurice and Wi?ene Wohl PhlanlhropicFoundth"M. Amomts od by The Maurt 8 Wohl Phil•ihropic Foundatson are inleresl free and repay8ble on dernand. Some ofth2 chaiithe5 to the FoUrVJats gives gr8ms are trj th& Foundatson as thete are trustee¥ in WmLon. Whi18l these rhadues a connected through h&vlrKJ a common trustse, they 8re Dot cwtrolled by Foundathon and thè Injsteos we mkndlul of need to tA)nder any potential canfbcts of interestwknen maklng deci03 8$ trust8&8 ofthe FoundaliDn. 18 Memb•rn The Found8Uon 1$ a regi8tered thanty constiluled as a compary limllbj byguar8ntee. tt (Jcs Th)t ha¥p $hare capllal. Ttt8 nabll ofeath ofthe fow rnetnbers12023.' fowl % Imnited 10 £1. 19 Control Tl¢ FrAJndatton doe¥ noi have a paTent WKlertakkng. Irsthe ownirffl ofthe Inlees tsre no uttlmate o)rtrolliry paty. 27