2024-12-31-accounts

JCA CHARITABLE FOUNDATION ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Registered Charity No: 207031

AZETS AUDIT SERVICES Chartered Accountants

River House 1 Maidstone Road Sidcup Kent DA14 5RH

JCA CHARITABLE FOUNDATION

CONTENTS

	Page
Reference and Administrative Details	1
Report of the Trustees	2
Independent Auditor’s Report	6
Statement of the Financial Activities	9
Comparative Statement of Financial Activities	10
Balance Sheet	11
Statement of Cash Flows	12
Notes to the Financial Statements	13

JCA CHARITABLE FOUNDATION

CONTENTS

Board of Trustees	Mr William Cohen (President)
	Mr Geoffrey Gestetner
	Mme Beatrice Jouan
	Mrs Tal Kvatinsky Grad
	Mr Jonathan Heilbron
	Ms Rachel Lasry Zahavi
	Ms Anneke Mendelsohn
	Mr Jacques-Martin Philippson
	Ms Batsheva Moshe
	Ms Katherine Prime
	Mr Marc Vellay
	Prof Ofra Walter
	Prof Shmuel Wolf
	Ms Shani Zindel
Honorary President	Sir Stephen Waley-Cohen Bt
Honorary Vice-Presidents	Mr Yehiel Admoni
	Baron Alain Philippson
Honorary Trustees	Mr Jacques Capelluto
	Prof Yona Chen
	Mr Efraim Halevy
	Mr Peter Lawrence
	Mr Yoki Lothan
	Mrs Hana Smouha
	Mr Doron Weiss
Key Management Personnel	Mr William Cohen – President
	Mr Anthony Sharp – Administrator
Principal Office	14 Hillbury Road
	London
	SW17 8JT
Registered Charity Number	207031
Independent Auditor	Azets Audit Services
	River House
	1 Maidstone Road
	Sidcup
	Kent
	DA14 5RH
Bankers	CAF Bank Limited
	Kings Hill
	Kent
	ME19 4TA
Solicitors	Maurice Turnor Gardner LLP
	15th Floor, Milton House
	Milton Street
	London
	EC2Y 9BH
Investment Portfolio Manager	Partners Capital
	5 Young Street
	London
	W8 5EH

1

JCA CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES

The Trustees of the Foundation, present their Annual Report together with the Audited Financial Statements for the year ended 31 December 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

OBJECTIVES AND ACTIVITIES

Objectives and Aims

The JCA Charitable Foundation was formed in 1891 as a Company Limited by Shares. It was capitalised by a bequest of £5.9m from Baron Maurice de Hirsch. The Foundation formally converted to a Charitable Incorporated Organisation “(CIO”) on 25 September 2020.

The objects of the Foundation are, for the public benefit and in any part of the world,

• a) the relief of those in need by reason of youth, age, ill health, disability, financial hardship or other disadvantage; and

• b) the advancement of education,

within the Jewish community and within communities with which the Jewish community interacts.

The reference to communities with which the Jewish community interacts enables the Foundation to work with the non-Jewish communities in Israel and to promote joint activities between Jewish and non-Jewish communities.

The Foundation’s work is currently almost exclusively in Israel, entirely within the ‘green line’ (i.e. not in occupied territories), and is concentrated in the periphery of the country.

Principal Activities

The principal activities of the Foundation are to make grants for education and economic development in the periphery of Israel. Economic development includes practical and applied research for agriculture, as well as non-agricultural economic development such as supporting business infrastructure. Grants for educational purposes are at every level from primary to tertiary, and to institutions located in or servicing the periphery.

Following the emergency triggered by the Hamas attack of 7 October 2023 the Board of Trustees resolved to make grants to support communities specifically impacted by the crisis. This work continues.

In selecting projects for support the Board of Trustees pays heed to the advice of its Israel CEO and the Israeli Trustees. The Board seeks to achieve leverage from its support. This leverage comes from:

• rarely contributing more than half of a project’s cost;

• identifying innovation, catalytic impact, and employment possibilities arising from the projects;

• encouraging new immigrants to its selected regions; and

• seeking to raise educational attainments.

Grant-Making Policy

JCA maintains a policy of making a percentage of its net asset value available for expenditure each year which has been around 5% for a number of years. This is reviewed annually by the Trustees. Administration expenditure is kept to the minimum leaving the balance available for Grants.

Public Benefit

The Board of Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aim and objectives and in planning future activities and setting the grant making policy for the year.

2

JCA CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES

STRATEGIC REPORT

Achievements and Performance

At the Trustee Meeting of 6 December 2023 Grants of $2.885m were approved for the following 12 months (including previous commitments). These were selected from those proposed to the Israel office and reviewed first by the Israeli Trustees and the Israel CEO and subsequently by the board of Trustees. The Trustees also resolved that a further $1m be made available for rehabilitation and/or rebuilding projects resulting from the Emergency which had yet to be identified. Grants paid in 2024 totalled $2,918,101 as shown in Note 3 to the Financial Statements. These were allocated as follows:

	2024		2023
Grants	US$	%	US$	%
Education	798,244	27%	822,562	28%
Agriculture	1,566,704	54%	1,018,468	34%
Other economic development	240,510	8%	467,353	16%
Cross community development	257,685	9%	305,496	10%
Emergency support	54,958	2%	344,933	12%
	___		____
Total grant payments	2,918,101		2,958,812
	___		____

As at 31 December 2024 there remained $4,821,164 (2023: $4,473,328) of grant approvals but not yet paid because conditions attaching to the grants had not yet been met.

Financial Review

The income of the charity was $2,007k (2023: $964k) and expenditure of $3,811k (2023: $3,437k). The surplus for the charity after gains on investments was $4,711k (2023: surplus for the charity after gains on investments $2,488k).

Investment income only includes income not directly reinvested by underlying funds. Investment gains and losses are reported net of management fees except for custody and foreign exchange fees.

Reserves at the year-end were, unrestricted funds $4.8m (2023: $31.9m), designated funds $52.1m (2023: $20.3m) and endowment funds $32.3m (2023: $32.3m).

Reserves Policy

The Trustees aim to maintain free reserves at a level which will provide both:

• sufficient funds to respond to applications for grants of $4,429k (2023: $4,210k); and

• to ensure that there are sufficient funds available to cover support and governance costs for a period of at least nine months of $460k (2023: $350k).

The actual level of unrestricted reserves of the Charity at 31 December 2024 was $4,785k (2023: $31.9m).

Risk Review

The Trustees have conducted a review of the major risks to which the charity is exposed, and systems have been established to mitigate those risks.

The principal economic and reputational risks arise from:

• a) the possibility of an unsuccessful investment policy which the Board of Trustees has delegated the oversight of to an Investment Committee based in London who, collectively, have considerable relevant experience and from the use of a highly professional and carefully selected investment manager, whose performance is kept under constant review;

• b) supporting unsuccessful projects, which risk is mitigated by usually contributing less than half the total cost, often for buildings or equipment whose cost is supported by invoices. The risk is further managed by close liaison with project sponsors, often local government, other funders, and the project management. This is managed by the Israel CEO in consultation with the Israeli Trustees who have extensive experience in the activities offered support, and

• c) the loss of key management personnel, which risk is mitigated by keeping retirement plans under review and by using shared data storage to reduce risk of loss of knowledge.

3

JCA CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES

Investment Policy

The Trustees intend that the real value of the Foundation’s assets be maintained and enhanced over the long term by a varied investment portfolio. For the purpose of the charity, the Trustees wish to withdraw an amount each year to meet their grant expenditure. This requirement will be discussed with the investment portfolio managers as necessary. The withdrawals may be met from income or capital.

In order to meet these objectives the Trustees have appointed Partners Capital to advise on suitable investments to manage diversified portfolios of suitable investments on a discretionary basis. They have selected a balanced investment objective with medium risk. The proportions invested in quoted and unquoted equities (US, UK, European and emerging markets), usually through index stocks or managed funds, in fixed income stocks or other credit funds, in property funds and in cash are reviewed with Partners Capital regularly to provide guidance on ongoing suitability of that element of investment policy.

In addition the charity may invest directly in unlisted companies in pursuit of its charitable objectives. This may involve investment in start-up companies which will have a higher risk profile than the quoted investment portfolio. However, as part of a diversified investment portfolio the Trustees believe this is appropriate in pursuit of both the charitable objectives and the investment objectives.

The Board of Trustees will regularly consider whether there is a need to revise this policy and keep under review the arrangements under which Partners Capital act as our managers. The Board has appointed an investment committee comprising Mr William Cohen, Mr Geoffrey Gestetner, Ms Anneke Mendelsohn, Ms Shani Zindel and Mr Jonathan Heilbron The investment committee meets several times a year in London. In 2022 the charity entered a five year agreement with Partners Capital with reduced fees, conditional upon satisfactory performance.

Future Plans

The Foundation continues to support development projects (particularly in education and economic development) and projects related to the emergency following 7 October 2023 all of which will assist in furtherance of its charitable objects.

Going Concern

There are no post year events that effect the charity’s ability to operate. The investment portfolio continued to record modest growth in 2025 and it has outperformed appropriate benchmarks. The Investment Committee is satisfied that there is no need to alter investment policy.

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing Document

The charity’s constitution is dated 25 September 2020 and has not been amended since this date.

Trustees

The Trustees during the year were as follows:-

Mr William Cohen (President) Mr Jacques Capelluto (retired September 2024) Mr Geoffrey Gestetner Mme Beatrice Jouan Mrs Tal Kvatinsky Grad Mr Jonathan Heilbron Dr Eli Lachmani (retired September 2024) Mr Shay Livnat (retired September 2024) Ms Anneke Mendelsohn Ms Batsheva Moshe (appointed September 2024) Mr Jacques-Martin Philippson Mr Marc Vellay Prof Ofra Walter Prof Shmuel Wolf Ms Shani Zindel Ms Katherine Prime (appointed September 2024) Ms Rachel Lasry Zahavi (appointed September 2024)

The affairs and business of the charity are under the general control of the Board of Trustees which must consist of not less than three and not more than twenty trustees, each of whom are required to be members of the CIO, and who shall be elected by the CIO in General Meeting.

Each Trustee shall hold office for a term of up to five years or thereabouts from the date of his/her election until the Annual Meeting of Trustees held in the fifth year after the year of his/her election, but shall be eligible for re-election at such Annual Meeting of

4

JCA CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES

Trustees for a further term of five years or thereabouts with a similar opportunity for re-election. If considered in the best interests of the charity, a Trustee’s term can be invited to serve more than ten consecutive years as a trustee.

The Board of Trustees shall have power at any time and from time to time to appoint any person as a Trustee , either to fill a casual vacancy, or as an addition to the Trustees but so that the total number of Members shall not exceed the maximum number. Any person so appointed shall retire at the next Annual Meeting of Trustees but shall then be eligible for re-election.

Recognizing the desirability of maintaining an international representation among our Trustees, the Board has resolved to continue to consult with the existing Trustees from each country now represented on the Board (Belgium, France, Israel, UK and USA) when considering appointments of new Trustees from those countries.

Meetings of the Trustees shall be held at least once a year. Three members of the Board of Trustees shall be a quorum for the transaction of business. At the invitation of the Board of Trustees the Honorary President, Honorary Vice-Presidents and Honorary Trustees many be invited to attend and speak at meetings but are not permitted to vote.

Key management personnel remuneration

The Trustees consider the President and the Administrator as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustees’ expenses and related party transactions are disclosed in Note 6 to the accounts. The Administrator is paid a salary as disclosed in Note 5 of the accounts.

Trustees are required to disclose all relevant interests and register them with the Administrator and in accordance with the Foundation’s policy withdraw from decisions where a conflict of interest arises.

The salary of the charity’s Administrator is reviewed annually by the Investment Committee who have regard to the time and expenditure involved and the cost of any alternative.

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2015 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

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

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution of the Foundation. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to Disclosure of Information to Our Auditors

In so far as the Trustees are aware at the time of approving the Financial Statements:

• there is no relevant audit information of which the CIO’s auditor is unaware; and

• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Approved by the Trustees on 10 September 2025 and signed on their behalf by:

Mr William Cohen President

5

JCA CHARITABLE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

Opinion

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

In our opinion, the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee’s report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the information given in the financial statements is inconsistent in any material respect with the Trustee’s report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

6

JCA CHARITABLE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

Responsibilities of Trustees

As explained more fully in the Trustee’s responsibilities statement, the Trusteess are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the charity through enquiry and inspection;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

7

JCA CHARITABLE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Azets Audit Services

Date: 22 September 2025

First Floor River House 1 Maidstone Road Sidcup Kent United Kingdom DA14 5RH

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of it eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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JCA CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2024

Note Unrestricted funds Endowment Fund $’000 $’000 Income from: Donations received - - Investments – Partners Capital 1,973 - Income from oil leases 30 - Other income, loan repayments and interest 4 - Total income 2,007 - Expenditure on: Fund administration fees 251 - Charitable activities 3,561 - Total expenditure 2 3,812 - Net expenditure and net movement in funds before gains and losses on investments (1,805) - Net (loss) / gain on investments 7 6,515 - Gain on pension scheme - - Net movement in funds 4,710 - Total funds at 1 January 2024 52,190 32,325 Total funds at 31 December 2024 56,900 32,325	Total 2024 $’000 - 1,973 30 4 2,007 251 3,561 3,812 (1,805) 6,515 - 4,710 84,515 89,225	Total 2023 $’000 13 909 40 2 964 45 3,392 3,437 (2,473) 4,846 115 2,488 82,027 84,515

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

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JCA CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2024

Comparative Income and Expenditure 31 December 2023 Note Unrestricted Funds Endowment Fund $’000 $’000 Income from: Donations received Investments – Partners Capital 13 - Income from oil leases 909 - Other income, loan repayments and interest 40 - 2 - Total income 964 - Expenditure on: Fund administration fees and interest paid 45 - Charitable activities 3,392 - Total expenditure 2 3,437 - Net expenditure and net movement in funds before gains and losses on investments (2,473) - Net (loss) / gain on investments 7 4,846 - Impairment of unlisted investments 115 - Net movement in funds 2,488 - Total funds at 1 January 2023 49,702 32,325 Total funds at 31 December 2023 52,190 32,325	Total 2023 $’000 13 909 40 2
	964
	45 3,392
	3,437
	(2,473) 4,846 115
	2,488 82,027
	84,515

10

JCA CHARITABLE FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2024

			2024			2023
	Notes	$’000		$’000	$’000		$’000
Fixed assets
Investments	7			88,869			84,210
Current assets
Debtors	8	375			316
Cash at bank and in hand		9			12
		__			__
		384			328
Creditors:Amounts falling
due within one year	9	(28)			(23)
		__			__
Net current assets				356			305
			___			___
Net assets			89,225 ___			84,515 ___
Capital and funds
Unrestricted funds				4,785			31,890
Designated funds	10			52,115			20,300
Endowment funds	11			32,325			32,325
			___			___
	12		89,225 ___			84,515 ___

Approved by the Board of the Trustees on 10 September 2025 and signed on their behalf by:

Mr William Cohen President

Geoffrey Gestetner Trustee

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JCA CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2024

Notes Cash flow from operating activities 15 Cash flow from investing activities Cash from investment portfolio Net increase in cash and cash equivalents Cash and cash equivalents at 1 January 2024 Cash and cash equivalents at 31 December 2024 Cash and cash equivalents consists of: Cash at bank and in hand Cash and cash equivalents at 31 December 2024	2024 $’000 (3,581) __ 3,578 __ (3) 12 __ 9 __ 9 __ 9	2023 $’000 (3,430) __ 3,431 __ 1 11 __ 12 __ 12 __ 12

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JCA CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

1.1 Basis of Accounting and Preparation

JCA Charitable Foundation is a registered charity constituted under a CIO. The address of the registered office is given in the charity information page on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 3.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in US Dollars which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest.

1.3

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• Costs of raising funds includes the Investment Management costs.

• Expenditure on charitable activities includes the grants awarded.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

1.4 Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 4.

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JCA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1.5	Funds
	Unrestricted funds are those funds which can be used at the discretion of the Trustees in accordance with the charitable
	objectives.
	Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The
	aim and use of each designated fund is set out in the notes to the financial statements.
	Endowment funds are a capital fund where there is no power to convert the capital into income (permanent endowment
	fund), which must generally be held indefinitely. With the expendable endowment, the Trustees have power to convert
	the capital into income.
1.6	Foreign Currencies
	Assets and liabilities denominated in foreign currencies. Transactions in foreign currencies are recorded at the rate
	ruling at the date of the transaction. All exchange differences arising from the above are included in the Statement of
	Financial Activities.
1.7	Debtors and creditors receivable / payable within one year
	Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction
	price. Any losses arising from impairment are recognised in expenditure.
1.8	Investments
	Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs.
	Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the
	SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are
	measured at cost less impairment.
	Investments in equities are all traded in quoted public markets. Holdings in common investment funds, unit trusts and
	open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to
	the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is
	their transaction value).
1.9	Taxation
	The CIO is entitled to the exemptions from corporation tax afforded by section 505 of the Income and Corporation Taxes
	Act 1988. Accordingly, there is no corporation tax charge in these financial statements.
1.10	Going Concern
	The financial statements have been prepared on a going concern basis as the Trustees believe that no material
	uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and
	expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is
	sufficient with the level of reserves for the charity to be able to continue as a going concern.
1.11	Financial instruments
	Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and
	non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative
	financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
1.12	Judgements and key sources of estimation uncertainty
	The following judgements (apart from those involving estimates) have been made in the process of applying the above
	accounting policies that have had the most significant effect on amounts recognised in the financial statements:
	Bad debts
	Trade debtors are regularly reviewed for recoverability, any debts which in the opinion of management are not
	recoverable are provided for as a specific bad debt.
	There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting
	date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
	the next financial year.
1.13	Consolidation
	The Trustees have not produced consolidated accounts on the basis the activity in the subsidiary is immaterial to the
	whole.

14

JCA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

2. ANALYSIS OF EXPENDITURE Managing funds Charitable activities Grants payable (note 3) Field office, ICA in Israel Total expenditure	Staff costs $’000 - 34 - _____ 34	Direct costs $’000 251 2,918 497 ____ 3,666	Support costs $’000 - 112 - ____ 112	Total 2024 $’000 251 3,064 497 ____ 3,812	Total 2023 $’000 45 2,979 413 ____ 3,437

All costs are allocated between the expenditure categories noted above on a basis designed to reflect the use of the resource.

3. GRANTS PAYABLE

GRANTS PAYABLE
	Aggregate grant	Aggregate grant
	made in US$	made In US $
Grants payable to Institutions (123 grants (2023 : 107 grants))	2024	2023
	$	$
Name of Recipient
ACHERET Center	5,000	5,000
Achvat Torah	-	2,482
ADI Nahalat Eran Association	-	50,000
Agrifriend	-	2,482
Alkobi Rivka	-	3,370
Amal Group	-	10,000
Amuta 51 / Rahat Economic co.	-	17,849
Appleseeds Academy	20,000	-
Arava Institute	23,000	5,000
Agricultural Research Organization	564,947	551,255
Assoc for developing Tech entrepreneurship in Shaar Hanegev	-	4,932
Association for the Improvement of Womens Status	20,000	-
Atid BaMidbar	2,921	-
ATID Network	-	34,025
Ayalim Association	20,000	-
Bar-David Museum	-	3,000
Bar-Ilan University	25,000	-
Ben Gurion University	-	22,192
Ben Shemen Youth Village	-	9,917
Bezalel Academy	-	10,000
BGU	154,845	88,000
Braude College of Engineering	-	15,000
Branco Weiss High School	103,000	-
Carasso Park	-	1,512
Central & Northern R&D	105,000	14,000
Central Arava R&D	-	20,000
Chivruta	-	15,000
Derech Eretz	25,000	15,000
Dror Educational Centers	47,500	-
Dror Israel	20,000	46,438
DSASC	17,151	65,729
Economic Dev’t Co	-	7,500
Eden Association	17,700	42,495
Eden Farm	-	13,000
Educational Initiatives	-	10,000
Eilat-Eilot Renewable Energy	-	7,400
Eliot Community Center	8,240	-
	_______	_______
Carried forward	1,179,304	1,092,578

15

JCA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

3.	GRANTS PAYABLE (Continued)
			Aggregate grant	Aggregate grant
			made in US$	made In US $
			2024	2023
			$	$
		Brought forward	1,179,304	1,092,578
	Name of Recipient		_______	_______
	Eliot Economic Development		40,000	9,923
	Eliot RC		41,000	15,000
	Ein Harod High School		-	11,000
	Ein Shemer Greenhouse		7,182	12,818
	Ein Shemer Ecological Farm		19,845	2,466
	Erez College		-	20,000
	Eshkol Development co.		-	20,000
	Eshkol R.C		10,000	59,315
	FIRST Israel		-	8,048
	Friend of Aditim		30,000	-
	Fund for encouragement of educational initiatives		-	4,964
	Galilium Partnership		-	25,000
	Galil Leadership Organisation		30,000	-
	Gan Garoo Australian Zoo		-	20,000
	Growee Tech		-	2,519
	Gumat Chen		-	20,000
	Hagoshrim		-	374
	Haifa University		11,373	41,549
	HaMeginim School		-	6,000
	HaShalom Campus		-	2,350
	HaShalom High School		-	15,124
	Hashomer Hachadash		-	4,990
	Hebrew University (HUJI)		-	262,894
	Heznek		-	10,325
	Hillel – The Right To Choose		30,000	-
	Hiram Rehab Center		-	20,000
	HUJI		95,750	-
	ICA in Israel		-	35,431
	IOLR		-	16,000
	Israel Initiative 2020 (Kiryat Shmone)		44,500	75,000
	Kamlot Khadashnot Technology		-	2,329
	Kenaf Ventures		-	2,482
	Keshet Eilon		15,000	-
	Kibbutz Contemporary Dance Co.		-	15,000
	Kibbutz Erez, Sha'ar Hanegev		25,000	-
	Kibbutz Movement		-	10,000
	Kibbutz Neot Semadar		48,678	85,793
	Kibbutz Nir David		5,600	-
	Kibbutz Reyim		-	2,586
	Kibbutz Samar- Ayellet Krispin		35,000	-
	Kibbutz Snir		25,000	-
	Kibbutz Yad Mordechai		4,103	-
	Kinneret Innovation Center		52,500	-
	Kinneret College		10,000	-
	Kivunim		-	10,000
	Koi Israel Haverim-Alliance (KIAH)		25,000	-
	LeadersAPP Technologies		-	20,000
	Link19 / Ma'avarim		-	25,000
	Lotus		25,000	15,000
	Man & Land (NIG)		20,574	2,632
	Manor-Cabri (ACHERET Center)		7,000	-
	Manor-Cabri Foundation		15,000	-
	Manor-Cabri High School		16,280	-
			_______	_______
	Carried forward		1,868,689	2,004,490

16

JCA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

3. GRANTS PAYABLE (Continued)

GRANTS PAYABLE (Continued)
		Aggregate grant	Aggregate grant
		made in US$	made In US $
		2024	2023
		$	$
	Brought forward	1,868,689	2,004,490
Name of Recipient		_______	_______
Masada Research Center		21,183	12,319
Mateh Asher RC		85,000	-
Mechinat Meitarim Lachish		-	10,000
Meever Center		25,000	15,000
Mevoot HaNegev School			25,000
Mevoot Hermon R.C			20,482
Migal		171,490	-
Migal/Northern R&D		67,000	7,500
Migal Research Institute		-	10,000
Migal in Tel Hai		67,000	-
MindCET		-	50,560
Misgay RC		-	88,241
Mitzpe Ramon Community Center		-	12,000
NCM		10,000	-
New Dawn in the Negev		-	13,500
Nir David tourism (Gan Hashlosha)		-	2,495
Nirim association		-	24,990
Nirim association		-	20,000
Northern & Central Arava R&D		46,750	20,000
Ramat HaNegev R&D		30,000	27,000
Ramat Negev R.C		12,500	-
Rimon Farm		15,000	45,323
Safed RC		70,000	-
Samana NGO		25,000	-
Sapir College		10,275	3,742
Sderot Development Foundation		-	10,000
Sdot Negev		-	49,900
Sha'ar Hanegev High School		-	10,000
Sha'ar Hanegev R.C		-	58,781
Shitim Institute & Ronson School		11,500	-
Sihara		-	20,000
Southern Arava R&D		30,000	5,000
Southern R&D		30,000	-
SouthUp		-	35,000
Special Projects		38,637	12,817
SPIHS		5,000	58,758
Spirit of Israel		20,000	-
SPNI		-	36,000
Taglit Birthright Israel		10,485	-
Tel-Hai Academic College		45,000	60,000
The Ghetto Fighters House		4,200	-
The Northern Foodtech Valley		20,000	-
Tikkun		-	499
Upper Galilee Leadershio Institute		25,000	5,000
Upper Galilee RC		21,521
Valley Lab		-	15,000
Valley of Springs R.C.		-	13,400
Veterinary Teaching Hospital		-	30,000
Wadi Attir		10,000	-
Western Galilee Authority Cluster		1,386	20,000
Wikimedia Israel		-	10,000
Yad Mordechai Museum		35,000	-
Yanabia		-	7,267
		_______	_______
Carried forward		2,832,616	2,870,064

17

JCA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

3. GRANTS PAYABLE (Continued)

		Aggregate grant	Aggregate grant
		made in US$	made In US $
		2024	2023
		$	$
	Brought forward	2,832,616	2,870,064
	Name of Recipient	_______	_______
	Yanabia-Kramim Cooperative	25,485	74,515
	Yerucham Science Center/Siraj	10,000	8,000
	Yeruham Tech 19	-	1,248
	Yesod Ha-maala Local Council	10,000	4,985
	Zemach E.Agricultural Technologies LTD- Pavel Trifonov	40,000	-
		_______	_______
		2,918,101 _______	2,958,812 _______
4.	SUPPORT COSTS	2024	2023
		$’000	$’000
	Office, travel & sundry	46	15
	Foreign exchange	(3)	(84)
	Consultancy, Accountancy and Tax	26	11
	Governance costs:
	Auditor’s remuneration	22	15
	Legal and Professional	21	18
		____	____
		112 ____	(25) ____
5.	STAFF COSTS AND EMPLOYEE BENEFITS	2024	2023
		$’000	$’000
	Staff costs
	Staff costs during the year were:
	Wages and salaries	34	25
	Pension costs	-	20
		_______	_______
		34 _______	45 _______

Staff numbers

The average number of employees by headcount during the year was 1 (2023: 1). The pension costs in 2023 were a Canadian Pension relating to a former employee.

Higher paid staff

For disclosure purposes, no employees received remuneration in excess of £60,000 or the $ equivalent (2023 – nil).

Key management personnel

The remuneration of key management personnel totalled $34k (2023: £25k). The Foundation considers its key management personnel to comprise those individuals listed on page 1. The President is not an employee and did not receive any benefits.

6. TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES

The Trustees did not receive any remuneration during the year (2023: £Nil). Two Trustees were re-imbursed for travel and accommodation expenses of $11,963 (2023 : 1 Trustee re-imbursed for travel expenses of $5,835).

18

JCA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

7. INVESTMENTS Market Value Investment portfolio brought forward Additions Disposals Realised/Unrealised gains / (losses) Investment portfolio carried forward Cash within investment portfolio Carried Forward Investments with: Other – unlisted investments Partners’ Capital 8. DEBTORS Amount due from subsidiary undertaking Other debtors	___		2024 $’000 83,913 5,128 (7,058) 6,515 __ 88,498 __ 85 __ 88,583 __ 286 88,583 ___ 88,869 _______ 2024 $’000 299 76 ___ _ 375		2023 $’000 81,500 9,814 (12,247) 4,846 __ 83,913 __ 50 __ 83,963
		_		_	__ 247 83,963 _______ 84,210
					_______ 2023 $’000 199 117 _______ 316

Included in other debtors is a loan totalling $75k (2023 – 1 loan totalling $75k) which is repayable at the earlier of when the borrower wishes to repay the loan or when the Borrower is paid in consideration for the sale of its shares.

9. CREDITORS: Amounts falling due within one year Accruals	2024 $’000 28 ___ 28	2023 $’000 23 ___ 23

19

JCA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

10. DESIGNATED FUNDS

As at 1 January 2024 New Designation $’000 $’000 Current year Investment funds 20,300 31,815 __ ____ As at 1 January 2023 $’000 New Designation $’000 Prior year Investment funds 20,300 -	Designation Released As at 31 December 2024 $’000 $’000 - 52,115 ___ ___ Designation released $’000 As at 31 December 2023 $’000 - 20,300

Investment funds

To enable the Charity to continue to generate income.

11. ENDOWMENT FUNDS

Current year Permanent Endowment - La Baronne de Hirsch bequest Expendable Endowment- Le Baron de Hirsch	As at 31.12.24 $’000 1 32,324 ___ 32,325 ____	As at 31.12.23 $’000 1 32,324 __ 32,325 __

The endowment funds are invested in quoted shares. There were no movement in funds in the current or previous year.

20

JCA CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted funds 2024 Endowment funds 2024 $’000 $’000 Investments 56,544 32,325 Net current assets 357 - __ _ Total 56,901 32,325 __ _ Comparative analysis of net assets between funds Unrestricted funds 2023 Endowment funds 2023 $’000 $’000 Investments 51,885 32,325 Net current assets 306 - __ __ Total 52,191 32,325	Total Funds 2024 $’000 88,869 357 __ 89,226 __ Total funds 2023 $’000 84,210 306 _____ 84,516

13. RELATED PARTY TRANSACTIONS

During the year the Foundation had related party activity with its subsidiary company ICA in Israel (registered company number 00278288). Expenditure of $497k (2023 : $413k) was paid by the Foundation during the year. A balance due from ICA in Israel of $299k is included within debtors (2023: $199k).

14. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year Net gains on investments Net gain on pension valuation Dividends received Investment management fees Decrease in debtors Increase / (Decrease) in creditors Net cash flow from operating activities	2024 $’000 4,710 (6,515) - (1,973) 251 (59) 5 _____ (3,581)	2023 $’000 2,489 (4,841) (115) (915) - 62 (110) _____ (3,430)

21