2024-09-30-accounts

British Friends of the Hebrew University of Jerusalem Financial Statements Year Ended 30 September 2024

Charity registration number: 209691 Company registration number: 06350828

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

Contents	Page
Charity Reference and Administrative Details	3
Trustees’ Annual Report (Including Directors’ Report)	4-17
Independent Auditors’ Report	18-21
Statement of Financial Activities (Including Income and Expenditure Account)	22
Balance Sheet	23
Statement of Cash Flows	24
Notes to the Financial Statements	25-43

BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

REFERENCE AND ADMINISTRATION DETAILS

Y EAR ENDED 30 SEPTEMBER 2024

Charity registration number 209691 Company registration number 06350828 Trustees Jeremy Amias Jenny Arwas MBE Alan Steven Jacobs, Chair Denise Nicole Joseph Isaac Kaye PhD, Hon President Jonathan Andrew David Marks (resigned 24/5/24) Anthony Graham Page Alan Henry Philipp, Hon Treasurer Joseph Smouha KC Derek Bryan Spitz Benjamin Stowe Simon Tobelem David Mark Wernick Chief Executive Officer Nigel Salomon Registered office 3rd Floor, Marlborough House 298 Regents Park Road London N3 2SZ Independent Auditors HaysMac LLP 10 Queen Street Place London EC4R 1AG Solicitors CH. Hausmann & Co. 5 De Walden Court 85 New Cavendish Street, London W1W 6XD Bankers Barclays Bank PLC 28 Hampstead High Street Hampstead London NW3 1QB

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

TRUSTEES ANNUAL REPORT

YEAR ENDED 30 SEPTEMBER 2024

The Trustees present their report and the audited financial statements of the charity for the year ended 30[th] September 2024.

The financial statements have been prepared under the accounting policies set out in notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) (Second Edition, effective 1 January 2019) .

Trustees of the charity

The Directors of the charitable company are its Trustees for charity law. The Trustees who have served during the year and since the year-end were as follows:

Jeremy Amias (IC, G) Jenny Arwas MBE (RC) Alan Steven Jacobs, Chair (RC, FAC, IC, G) Denise Nicole Joseph (FAC, G) Isaac Kaye PhD Hon, President (RC, G) Jonathan Andrew David Marks (G) (resigned 24/5/24) Anthony Graham Page Alan Henry Philipp, Hon, Treasurer (FAC, RC, IC, GC, G) Joseph Smouha KC Derek Bryan Spitz (G) Benjamin Stowe (G) Simon Tobelem (FAC) David Mark Wernick (GC, G)

FAC = Finance, Audit & Risk Committee G = Hebrew University Governors GC = Grants Committee IC = Investment Committee RC = Remuneration Committee

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

TRUSTEES ANNUAL REPORT

YEAR ENDED 30 SEPTEMBER 2024 Objectives and Activities

The British Friends of the Hebrew University (BFHU) is a registered national charity in England and Wales dedicated to advancing the goals of the Hebrew University of Jerusalem.

The purposes of BFHU are:

1. fundraising in support of the academic development of the Hebrew University, including research, scholarships, and capital projects that drive academic excellence.

2. promoting awareness and standing of the Hebrew University on the local and international stage including through the facilitation of research and student exchange relationships with leading UK universities.

3. undertaking events and activities to generate awareness and, in turn, funds for the Hebrew University.

4. serving as a bridge between the Hebrew University and its UK-based supporters, leveraging understanding of the local market, cultural nuances, and regulatory frameworks, to represent the interests and intentions of both parties, enhancing mutual engagement and support.

5. managing and distributing endowment funds in a manner that aligns with donors’ wishes. This stewardship ensures that funds continue to support the University's goals as donors intended whilst ensuring fund longevity.

6. establishing and nurturing a vibrant Hebrew University UK-based alumni community, unlocking opportunities for supporters and the University.

BFHU aims to operate to the highest professional standards, especially in areas of donor care, marketing, financial management, reputation, and governance.

Achievements and performance

Charitable activities

During the year, the Charity made grants to the Hebrew University and to some students directly in the amount of £4.9m (2023: £4.4m). A small number of grants totalling £309,197 (2023: £244,000) were made to Hebrew University undergraduate students and those continuing postgraduate studies in the UK and to UK-based students undertaking courses at the Hebrew University. In addition, some 30 post graduate students at the Hebrew University received these grants directly.

Financial Report

Income totalled £9.6m, including donations remitted directly to the Hebrew University.- see page 16. BFHU’s investment portfolio achieved a blended total positive net return of 13.11% in the 12 months to 30 September 2024. Historically, over a period of 10 years, the organisation has achieved a 5.5% per annum total return, which is above the annual target of 5%. This has allowed the charity to maintain a 3.5% annual distribution to the Hebrew University, supporting the objectives of the BFHUheld endowments whilst maintaining capital growth.

Governance

Under the direction of BFHU Chair, Alan Jacobs, BFHU lay leadership was further strengthened with the addition of two new members of the investment committee bringing fresh experience and gender balance to the committee. The new members joined after year-end.

2023 -24– the Hebrew University of Jerusalem

War dominated and permeated every facet of the Hebrew University starting with the

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

TRUSTEES ANNUAL REPORT

YEAR ENDED 30 SEPTEMBER 2024

7 October terrorist incursion and massacre and the subsequent multi-front conflict. The Hebrew University in common with all Israeli institutions of higher education found itself unable to start teaching in the new semester nor continue many research activities. As a result, the 2023/24 academic year, after several target dates were put back, opened on 31 December but with a disjointed academic programme given the absence of many new and continuing students. This situation largely continued in this manner for the entire period and into the new academic year 2024/25.

Amid an environment characterised by trauma, the Hebrew University became part of significant and widespread volunteerism efforts supporting all sectors of society. At the same time, specialist skills and knowledge were deployed by the Hebrew University especially in the fields of medicine, dentistry, veterinary science, social work and social welfare. In addition, the Hebrew University has also helped to support displaced communities. Experts from the Faculty of Law were involved in confronting widespread global academic and research BDS (Boycott, Divestment and Sanctions) activity.

On campus the University’s leadership turned its attention to its very diverse muti-campus community with programmes and workshops helping to ensure a harmonious environment, and respect for diverse views in an emotionally highly charged atmosphere. All faculty members participated in efforts to embed a sense of ‘shared society’ both within and beyond campus. These programmes and workshops continue on an ongoing basis.

The Hebrew University also quickly established and partnered with Friends organisations across the globe, in a fundraising campaign, ‘We Are One’. The financial goal was overtaken thanks to many generous donations and reached $6m, some 5% from British Friends. Funds were devoted to financial support, provision of extra academic teaching, injury and bereavement counselling and pastoral care including to student families and, a growing requirement for trauma and resilience support led by the Dean of Students office.

Student numbers reduced from 23,500 to just over 23,000 driven by diversions of conflict and conscious decisions to delay studies.

The University, despite the challenges presented by tensions within Israel’s complex societal make-up, remains committed to securing and retaining minority sector students: Israeli Arabs and East Jerusalemites, Jewish ultra-orthodox students, Ethiopians, those from the periphery of the country along with first-time family members in advanced education. The Hebrew University mechinot preparatory schools and the support of the Office of the Dean of Students play a vital

role in this undertaking. The University has intervened to offset Israeli Government funding cuts, by providing financial support from internal sources to aid these students. Without University intervention numerous students might have been forced to discontinue their studies, leaving them with few viable options. This would in turn have served to undermine efforts to strengthen ‘shared society’.

The Hebrew University is committed to contributing in practical ways to the rebuilding of Israel with outreach projects in Ofakim in the South, a town that suffered murder, destruction and trauma on 7 October. Support includes creating an Agritech centre in the agricultural college also helping to bring employment to the area and medical training in Sapir College.

Faculty numbers remained stable at 1,040.

With limited and expensive flights, government travel advisories in place, coupled with issues around insurance and fears for personal safety, University visitor numbers especially donors, tumbled. Nonetheless, some visitors did make the trip: solidarity groups including academics, committed individuals including from the UK along with ambassadorial delegations who wished to display solidarity and commit to ongoing collaboration with their country’s own universities.

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The 87[th] annual International Board of Governors gathering themed ‘We Are One’ took place in June in Jerusalem with over 22 Friends Associations represented, including from Israel. Members of the Hebrew University community including alumni victims of the conflict were honoured. Hopes were expressed for the safe return of Carmel Gat, a Masters student, and Sagui Dekel-Chen, son of Prof Jonathan Dekel-Chen. At each of the Board of Governors events their pictures were placed on a pair of yellow chairs on the stage. Sadly Carmel was brutally murdered by Hamas terrorists in August, one of 6 hostages in a Gaza tunnel. Sagui was released in February ’25.

The Board gathering was sombre and included visits to the South such as the site of the Nova music festival. Yet Hebrew University President, Prof Asher Cohen, urged hope in the future of the Hebrew University and the positive impact of pluralism, tolerance and collaboration.

The largest delegation to the 4-day gathering came from the UK, with 22 participants.

The gathering acknowledged important ongoing major capital projects including:

• the André Cohen Deloro Building for Computational Medicine

• the 270,000 m² High-Tech HUJI Park

• NEQST Innovation Building – a hub for Quantum Computing and Nanotechnology

• the Centre for Climate Studies

• the Institute of Archaeology building renovation

• the Saul & Joyce Brandman Science Laboratories

• the Saul & Joyce Brandman Faculty Residence

• the Einstein House

• the John Poulson Foundation Computer Science Building

• the Faculty of Social Sciences expansion in which the Business School area is funded by the British Friends.

A strategic 10-year plan 6-point plan continued to be developed based on key principles but with a new 7[th] point.

1. academic & research excellence

2. internationalisation

3. a tolerant and pluralist campus environment

4. engagement with the local community

5. disseminating knowledge across borders

6. ‘green campus’ meeting the UN’s sustainable development goals (SDGs)

7. closer engagement in Israeli society helping in the recovery of Israel’s ‘Gaza envelope’

Fundraising remained centred on seven core themes underpinning the University’s 7-year $1bn centenary campaign. Despite the conflict, the campaign is ahead of schedule with British Friends’ share currently accounting for 8% of the total.

2023-2024– the British Friends

The conflict has inevitably enveloped the organisation, impacting the office team in light of their many direct personal connections to murdered and captured families and friends as well as close colleagues at the Hebrew University. It also quickly became clear that many donors with family and personal connections to Israel were also impacted and the professional team has maintained close connections throughout this traumatic period. The complex environment derailed well-laid plans of the British Friends operating year 2023-24 forcing aspects of the plan to be reassessed. This meant both taking account of extraordinary demands on philanthropists and their rethinking around priorities along with new urgent needs of the Hebrew University.

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TRUSTEES ANNUAL REPORT

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For many supporters, the long-term security and vitality of the University remained a priority. As a result donor commitment largely persisted across all faculties.

The planned schedule of events was significantly changed in part to reflect the prevailing tragedy and trauma and insight into the response of the Hebrew University community. Many webinars featured Hebrew University leadership and experts involved with the response to societal upheaval, to community support and to international issues affecting victims and survivors of 7 October. Additional focus has been on hostages, Israel on the world stage and the growing challenges of the BDS (Boycott, Divestment and Sanctions) Movement.

Travel restrictions and personal considerations meant few University representatives could attend inperson events abroad, however, interactions between Hebrew University donors and students continued, often marked by stories of hardship, resilience and academic perseverance.

Other events included:

• Alumni group (UK Israeli community); in Hebrew: several topic-specific events on the University’s global impact, the group also providing pastoral care for HU alumni.

• Archaeology; in partnership with the Anglo Israel Archaeology Society, on the topic of the History of the Alef Bet.

• Law; Prof Yuval Shany interviewed at JW3, Prof Richard Susskind for the BFHU Legal Group on the Impact of AI on the professions.

• Jewish Studies; four Hebrew University speakers virtual and in person on a variety of topics at Jewish Book Week in a partnership arrangement with BFHU.

• Legators; several meetings including a late summer tea attended by Hebrew University alumni pursuing postgraduate studies having received scholarship grants from the British Friends.

• Medical science; BFHU medical group hosting a cohort of HU elite medical students during their short internship at a leading UK university.

• Multiculturalism; in partnership with JW3 a discussion on shared society on campus with Prof Mona Khoury HU VP Diversity & Strategy and Edward Isaacs, President UJS.

• Science; Prof Hanoch Gutfreund and Daniel Libeskind on the legacy of Einstein and the new ‘Einstein House’ being constructed on the HU Safra campus in Jerusalem and a well-attended event held at JW3 facilitated by Vivienne Stern, CEO UUK. Their London visit included several other events including a donor lunch gathering.

• Collaboration; at the June international Board gathering in Jerusalem, a 100-guest cocktail event with friends from the UK, Europe, Latin & South America and Australia.

Fundraising

The team continues to follow principles of professionalism, respect, integrity, open communication, and sensitivity to all donor needs. We encourage encounters with the Hebrew University, ideally campus visits which are generally transformative in connecting with Hebrew University students, researchers, and faculty. Such visits were extremely limited during the year.

The organisation is registered with the Fundraising Regulator and adheres to the Fundraising Code of Practice.

The British Friends is a long-established charity with donor relationships that are often complex and multi-generational. Voluntary funds are generated through several means, including a periodic gala dinner, biannual mailed appeals, special events, legacies, and major giving from individual or institutional foundations, including family trusts. Approaches to new major potential foundations are coordinated with the Hebrew University who in some circumstances are best placed to lead such approaches.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

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The Hebrew University is a seven-faculty, interdisciplinary institution with diverse needs all aimed at growing academic and research excellence on an international level. The impact of conflict continues to create new immediate student needs for the Hebrew University for which British supporters have responded generously.

More generally, British Friends donors have, over many years, developed their own diverse interests. Maintaining close engagement with donors and aligning their priorities with those of the University has been essential in fostering long-term relationships, particularly during challenging times.

Annual donations, along with the distribution made from restricted endowment funds, helped to support over 500 scholarships, including, in line with the University’s priorities, to minorities such as Haredi, Israeli Arab and East Jerusalemite, Ethiopian and ‘first generation’ students.

Significant support comes from the UK around International Masters Scholarships in Public Health, Agricultural Sciences, and International Development Studies for students from many developing nations across the globe learning new skills and techniques to support their local communities in health, nutrition, and community development. Despite a delayed opening of the semester, all international programmes were fully subscribed in this period; BFHU trustees agreed special financial support to ensure travel for public health students from African nations on the very limited number of flights to Israel. This action ensured that the 2023-24 academic year operated with a full cohort for these programmes.

Research donations similarly addressed most Faculties of the Hebrew University with particular emphasis on medical science, computer science, AI, and deep technology. and the field of sustainability.

During and beyond the period of the Hebrew University’s global ‘We Are One’ campaign, donors have been asked to support students, programmes addressing tolerance and understanding under the umbrella of ‘shared society’ and significant needs around trauma, mental health counselling and resilience.

Fundraising & Ceremonies

During the fundraising year, the Hebrew University and British Friends sought to maintain continuity of donor ceremonies, mainly on campus, although reduced in numbers:

• The Kaye Prize awards for scientific innovation

• The Polonsky Prizes for creativity and originality in the Humanistic Disciplines

• The Sir Sigmund and Lady Hazel Sternberg prizes for interfaith understanding

• The Wall of Life commemoration of the Lux family

• The annual Lionel Cohen lecture given by Lady Vivien Rose

The Charity’s gala dinner is typically a biennial event, last held in 2022 and is next planned for 2025 marking the Hebrew University’s centenary.

Legacy campaign

Since 1998, BFHU has pioneered a legacy campaign centred around missions to the Hebrew University, offering participants a firsthand experience of the university's dynamic environment. These week-long missions serve as a platform for building enduring connections and securing legacy commitments aligned with the donors' interests.

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In this period, the Charity was informed of a significant unrestricted legacy, circa £1.6m. Due to the complexity of the estate, not all funds were received in the period. Trustees agreed to an immediate distribution in line with the request of the HU for discretionary support for talented Hebrew University post-graduate students. The Trustees wish to make maximum impact over time deploying the remainder of the legacy and to leverage the gift for future UK donations. The Trustees have agreed to continue to support several annual generous postgraduate scholarships for major projects.

The most recent legacy mission took place in May 2022, amid lingering Covid restrictions. Ongoing uncertainty around security along with travel restrictions made it impractical to commit to the next mission, but it is hoped that it might take place late 2025 or early 2026. Several participants have expressed ongoing interest.

BFHU continues to curate tailored events for our esteemed Honours Club, comprising individuals who have pledged a legacy in support of the Hebrew University.

Impact of charitable activities at the Hebrew University

In 2024, the Hebrew University focused heavily on the impact of the global We Are One campaign with its multiple designations. In additional, mainstream support continued in the core areas of scholarships, research, research equipment and capital projects.

GDPR

BFHU’s donor relations and communications activities comply with the Data Protection Act 2018, General Data Protection Regulations (GDPR) and the Privacy & Electronic Communications Regulations (PECR) via mail, email and through social media and advertising. Consent is obtained where required and recorded appropriately. All information is stored securely. Rights are outlined in the Privacy Policy; changes and opting out can be made at any time.

During the period, there were no GDPR complaints received, nor safeguarding issues reported. Procedures are in place, complying with the Charity Commission regulations and the Fundraising Regulator guidelines.

Strategic Risks

Risk Policy

The Trustees are responsible for overseeing risks faced by the Charity. Detailed considerations of risk are delegated to the Senior Management of the Charity through the Finance, Audit & Risk Committee. Risks are identified, assessed, and controls are established throughout the year. A formal review of the charity’s risk management processes is undertaken annually.

The Board confirms that the significant risks to which the Charity is exposed have been reviewed, reassessed, and updated as part of the charity’s ongoing risk management

framework. Where practicable, systems and controls have been implemented to mitigate these risks effectively.

A risk analysis table summarising the key risks is monitored by the Chief Executive and Head of Finance and is brought to the attention of the Board on at least an annual basis. This process forms an integral part of the Charity’s annual review of its strategic plan and budget. The key risks are noted below:

Human Resource risks such as loss of key staff members with localised and specialised knowledge and disaffection arising from rapid organisational changes.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

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Management mitigation: BFHU ensures that the team is professionally managed, well-motivated, and competitively remunerated. Annual performance reviews are conducted, and changes are implemented in an orderly and transparent manner to promote continuity and retention.

Data & IT Integrity risks include data protection, support and maintenance services, fire risk, and fraud. A draft disaster recovery plan has been prepared and will be inserted into the staff handbook. This plan will also be shared with all staff members to ensure awareness and preparedness.

Management mitigation: We operate cloud-based IT platforms with external professional IT support and secure, insured risk coverage. Robust password protocols are enforced, and best practices in fire safety and physical security are followed. A draft disaster recovery plan has been prepared and will be finalised and distributed to all staff during 2025. A cyber audit and document digitisation programme are also scheduled for implementation.

Investment and foreign exchange risks such as under performance of investments and particularly given that grants are made in sterling while the Hebrew University’s expenditure is primarily in shekels.

Management mitigation: We maintain a diversified investment portfolio managed externally by two prominent international fund managers, overseen by the BFHU board investment sub-committee in place, and benchmarking including international benchmarking across other Hebrew University Friends.

The Trustees believe that the challenging macroeconomic outlook, including inflationary pressures, could have a negative financial effect beyond the short term. They also recognise that, although annual endowment grants are made in sterling, Hebrew University expends money mainly in Shekels.

The portfolios have a high weighting in overseas equities and UK equities that generate much of their earnings overseas. This reduces some of the foreign exchange risks.

Although income may reduce, the Trustees maintain that the accumulated total return is sufficient to sustain the annual 3.5% distribution to the Hebrew University, which is now fixed in

US dollars. This arrangement between the Charity and the Hebrew University was formalised in a Memorandum of Understanding in January 2024.

BFHU maintains a strong reserve position to support operational needs and to respond to emerging Hebrew University needs.

Income risks arising from the dependence on a small number of ageing key donors, legacy income and philanthropists who may shift their support to other, more pressing causes.

Management mitigation: BFHU is actively diversifying income by strengthening donor retention strategies and engaging new prospects, including charitable foundations and family offices. Donor relationships are nurtured through regular engagement, including tailored communications and direct interactions with Hebrew University leadership. The database is being expanded with GDPRcompliant opt-ins, and new digital marketing initiatives are being developed. Strategic collaboration with the Hebrew University and other Friends organisations, alongside the support of new lay leadership, underpins a broader effort to enhance long-term financial sustainability.

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Governance risks such as poor compliance with well-established processes and accounting standards. Management mitigation: The Charity maintains a robust internal control environment, including a routine of monthly management reporting and oversight. Annual statutory accounts are prepared in accordance with the Charities SORP and subject to external audit. The Finance, Audit and Risk Committee maintains direct responsibility for ensuring financial governance and compliance remain consistently high.

Reserves Policy

The Trustees are keenly aware of the need to secure the Charity’s future beyond immediate day-to-day requirements and to continue to honour its commitments to the University. To achieve this the Charity needs to have sufficient funds to absorb periodic setbacks in its ability to raise funds and to take advantage of opportunities as situations arise. The Charity management also considers it prudent that some reserves should be maintained to finance working capital requirements.

The Charity has reviewed the risk profile of income streams along with past expenditure patterns, anticipated changes and committed expenditure and the extent to which the Charity can curtail or change the timing of cash outflows. The Charity has also looked at timing the cash outflows to match the timing of cash inflows. Where this is not possible, reserves needed to fund expenditure in advance of income receipts or expenditure delayed are estimated.

The charity maintains the position that it will need reserves to cover a least 12 months overheads plus sufficient funds to cover the cost of funding fundraising activities and a gala event marking the Universities centenary where the income is received after the event has taken place. Accordingly, as at 30 September 2024, the targeted free reserves position is £1m.

The Trustees continue to maximise unrestricted income to cover operating costs but recognise that operating losses may occur in some years.

At year end, the charity held total funds of £40,813,318 (2023: £35,918,952). Most of these funds are endowed or restricted and therefore do not form part of the free reserves.

Excluding these funds and those funds held as tangible fixed assets, the free reserves stood at £3,184,341 (2023: £1,731,142).

The current level of free reserves exceeds the target. The establishment of a British Friends Graduate Scholarship Fund is expected to consume up to £1.5 million. Trustees maintain regular communication with the university to assess priorities and identify impactful projects that BFHU can support, either directly or through opportunities for matched funding.

Future priorities

Philanthropists have many demands on their generosity, especially humanitarian. The British Friends envisages ongoing challenges for the Hebrew University and will rigorously focus on ensuring mainstream fundraising for vital research and scholarships, along with special projects resulting from the conflict, which might require funding from time to time.

The Charity encourages visits to the University when the situation is safe and will also work to help build the University’s reputation and academic collaboration with leading UK institutions.

The 3-year BFHU organisational development plan is now in its final year of implementation with attention to professional team development. With the 2023 office move now complete generating immediate operating cost savings, the charity will continue to enhance cyber security, cloud-based services and data storage and a programme of documents digitisation.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

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The Hebrew University’s centenary in 2025 will provide many opportunities for enhanced communications, especially given the strong British roots in the University’s founding and development.

The organisation remains committed to consistent professional engagement with current donors and to securing new support wherever possible in line with the Hebrew University’s priorities. Co-funding with other partners, including other Hebrew University Friends, will remain an area of focus. BFHU has invested in new resources to help diversify income streams into charitable foundations and family offices, enhance digital marketing and establish a UK Hebrew University alumni community. BFHU is building a new leadership cohort in collaboration with the American Friends with the 2025 University international centenary gathering acting as a springboard. The UK group will join the mainly American Friends-led programme which has been curated in partnership with the University.

A continued strategic approach to events, in some cases with high-profile organisational partners, will guide our efforts in promotional activity.

Encouraging Hebrew University campus visits will continue when the situation permits. The Charity nonetheless hopes for a sizeable delegation to the June 2025 centenary gathering in Jerusalem when several UK donors will be honoured.

Where BFHU can add value, guided by the University’s priorities, efforts will continue to facilitate bilateral university collaboration, both research and student exchanges with Russell

Group universities. To this end, Prof Mona Khoury visited 3 major universities in London in this period with the goal of ensuring continuity of dialogue.

Mindful of the many unprecedented challenges, Trustees welcome the performance of 2023/24.

Financial review

During the year under review, as a result of exceptional legacy income the Charity generated an unrestricted net surplus of £1,453,199 (2023: deficit of (£19,911), leaving a retained balance on general funds of £3,184,341 as of 30th September 2024 (2023: £1,731,142).

Additionally, the value of expendable funds increased due to exceptional legacies and gains achieved throughout the year.

Donations remain at the same level as last year when including those that are remitted directly to the Hebrew University.

Total income for the year amounted to £6,183,908 (2023: £4,520,780) of which £5,544,545 (2023: £3,920,978) was donated by our generous supporters and £639,363 (2023: £599,802) was generated from other activities and our investment funds. The Charity made grants to the University and students totalling £4,910,368 (2023: £4,389,196).

The donations made directly by donors associated with BHFU to the Hebrew University are significant and are independently audited. To enable the readers of the accounts to appreciate the broader contribution that the Charity makes to the University, the value of these donations and the corresponding donation expenditure are set out in the memorandum of income and

expenditure analysis. The Trustees consider this a valuable measure of the scale of funding to the HU that the charity generates.

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BFHU’s Contribution to the Hebrew University of Jerusalem

Income Note Total income as presented Direct donations to the Hebrew University (HU) Total income attributable to the BFHU by the HU 18 Expenditure Note Grants funding activities as presented 6 Direct donations to the Hebrew University (HU) Total grants attributable to the BFHU by the HU 18	2024 Unrestricted funds Restricted funds Endowment funds Total £ £ £ £ 2,115,163 3,169,214 899,531 6,183,908 - 3,449,352 - 3,449,352 2,115,163 6,618,566 899,531 9,633,260 2024 Unrestricted funds Restricted funds Endowment funds Total £ £ £ £ - 4,910,368 - 4,910,368 - 3,449,352 - 3,449,352 - 8,359,720 - 8,359,720	2023 Total £
		4,520,780 3,196,484
		7,717,264
		2023 Total £
		4,389,196 3,196,484
		7,585,680

At the year-end the Charity held unrestricted funds of £3.2m, restricted funds of £886k and available expendable endowment resources of £36.7m.

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Structure, Governance and Management

Nature of Governing Document

The British Friends have been supporting the Hebrew University since 1926 through various linked charities. The British Friends of the Hebrew University was incorporated on 22 August 2007 and is governed by its memorandum and articles of association, as amended by special resolution(s) dated 9 May 2013.

Organisational structure (Structure, Governance and Management)

The Charity is controlled by the Directors/Trustees; the full time Chief Executive Officer reports to the Trustees monthly.

Support staff are split by function, such as donor support operations, marketing and communications, alumni, finance and fundraising all reporting directly to the CEO in a flat organisational structure.

Recruitment and appointment of Trustees

Members of the Board are recruited based on their core competencies, a mix of skills, their experience in the sector and general commitment to the cause. Where possible, the Board considers that the skills of the members should provide a mix of the following:

• A Trustee with a legal background.

• A Trustee with a financial/accounting background.

• A Trustee with new skills and experience from emerging sectors

• A Trustee with educational and academic research sector experience.

• A Trustee with senior managerial or business experience

Induction and training of Trustees

All new Board members receive a full induction including meeting with staff and other Board members as well as visiting University officials such as the President. Members of the Board are encouraged to visit the University in Israel. Trustee engagement is an ongoing process. Trustees are encouraged to attend appropriate external training events, which facilitate the understanding of their role. All new Board members are appointed on 3-year terms, with a maximum of 3 such terms following which, subsequent terms of office are of one year duration. This is subject to the retirement and appointment rules within the Memorandum.

Arrangements for setting key management personnel remuneration

The pay of senior staff is reviewed annually by the remuneration committee. The review is performed using benchmarks from similar organisations and against the performance of personal objectives.

Investment policies & performance

BFHU adheres to Charity Commission guidance on ethical investments. The Investment Committee may, from time to time, where it is consistent with that advice, direct the investment managers not to make direct investments in specific companies.

The Trustees reserve the right to exclude companies that carry out activities contrary to their aims or from holding investments which might damage the Charity's reputation.

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YEAR ENDED 30 SEPTEMBER 2024

The investment portfolios are benchmarked for total return against the FTSE 100 and other relevant indexes.

Our portfolios made good progress over the 12 months to the end of September 2024 helped by the rate of increase in prices in much of the western world coming back down to closer to Central Bank targets. This in turn benefitted equity markets as they looked forward to interest rates being cut and towards the end of our financial year Central Banks did begin to cut rates. This factor coupled to further progress in the field of artificial intelligence meant that equity markets, particularly in the UK and US, produced double digit returns.

Over the 12 months US equities produced a total return of 24% in sterling terms, UK equities a return of 14% and UK government bonds a return of 8%.

Against the background balanced portfolios generally rose with Investec Wealth & Investment which combined with Rathbones (and became incorporated within it) producing a total net return (after fees) of 13.03%, Rothschild & Co (after fees) of 13.17%.

By comparison, the FTSE 100 Share index produced a total return of 8.27%.

The performance of the fund managers is kept under close review by the Investment Committee and is satisfactory considering the market conditions and portfolio exposure to high quality businesses which the fund managers believe will outperform the market over the long term.

Grant making policies

Grants are made from restricted funds and income, and, in some cases, the capital derived from endowment funds in a manner as closely aligned as possible with the original wishes of the donor. Grants are approved by a BFHU committee, the Board’s delegated authority.

The Charity makes extensive grants to the Hebrew University for buildings, equipment, research programmes and scholarships.

A sum of £40k was allocated for BFHU discretionary scholarships in 2023/24, some at the Hebrew University and some awarded to Hebrew University students extending their studies at postgraduate level in the UK. The unused budget of £30,000 for 2023/2024 has been carried forward to 2024/25.

Creditor payment policy

Creditors are paid in accordance with their payment terms.

Going concern

The Trustees have evaluated that there are no conditions or events that raise doubt about the Charity’s ability to continue as a going concern.

Relationship with donors

BFHU adheres to the Code of Fundraising Practice and is registered with the Fundraising Regulator. This shows commitment to good fundraising practices.

There were no complaints from donors during the year.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

TRUSTEES ANNUAL REPORT

YEAR ENDED 30 SEPTEMBER 2024 Public benefit statement

The Directors & Trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Our charitable grants, monitored through ongoing auditing and reporting contribute to the Hebrew University continuing to provide university education of a high standard, advancing knowledge, and learning by teaching and contributing to world-class academic research; the Charity also supports access to minorities while encouraging the achievement of the highest academic standards, benefitting society as a whole.

Trustees' responsibilities statement

The Trustees of the BFHU (who are also Directors for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently.

• Observe the methods and principles in the Charities SORP (FRS 102).

• Make judgements and estimates that are reasonable and prudent.

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

• Prepare the financial statements on a going concern basis unless it is inappropriate to resume that the charitable company 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 charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as the Trustees are aware:

• there is no relevant audit information of which the charitable company’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.

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on behalf of the Board on 22 May 2025.

………………………………………… Alan Jacobs Trustee

………………………………………… Denise Joseph Trustee

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

INDEPENDENT AUDITORS’ REPORT

YEAR ENDED 30 SEPTEMBER 2024

Opinion

We have audited the financial statements of British Friends of the Hebrew University of Jerusalem for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 30 September 2024 and of the charitable company’s net movement in funds, including the income and expenditure, 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 Companies Act 2006.

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 Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'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 Trustees’ Annual Report. 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

18

BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

INDEPENDENT AUDITORS’ REPORT

YEAR ENDED 30 SEPTEMBER 2024

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Annual Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report included within the Trustees’ Annual Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the charitable company; or

• the charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Trustees’ remuneration specified by law are not made; or

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

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of Trustees for the financial statements

As explained more fully in the Trustees’ responsibilities statement set out on pages 19-20 the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

INDEPENDENT AUDITORS’ REPORT

YEAR ENDED 30 SEPTEMBER 2024

audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to health and safety requirements, GDPR, employment law, charity law, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practice for Charities (SORP) and consider other factors such as payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to improper recognition of revenue and management bias in certain accounting estimates and judgements. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities.

• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud.

• Evaluating management’s controls designed to prevent and detect irregularities.

• Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and

• Challenging assumptions and judgements made by management in their critical accounting estimates and challenges to the underlying assumptions.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

INDEPENDENT AUDITORS’ REPORT

YEAR ENDED 30 SEPTEMBER 2024

assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Tom Brain (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: 11 June 2025

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 30 SEPTEMBER 2024

Note Income and endowments from: Donations and legacies 2 Other activities 3 Investments 4 Total income and endowments Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net gains/(losses) on investments 14 Net income Transfers between funds 18 Net movement in funds 18 Reconciliation of funds: Total funds brought forward 18 Total funds carried forward 18	2024 Unrestricted funds Restricted funds Endowment funds Total £ £ £ £ 2,068,128 2,576,886 899,531 5,544,545 - 8,200 - 8,200 47,035 584,128 - 631,163 2,115,163 3,169,214 899,531 6,183,908 (309,256) (486) (197,250) (506,992) - (4,910,368) - (4,910,368) (309,256) (4,910,854) (197,250) (5,417,360) - - 4,127,818 4,127,818 1,805,907 (1,741,640) 4,830,099 4,894,366 (352,708) 1,554,935 (1,202,227) - 1,453,199 (186,705) 3,627,872 4,894,366 1,731,142 1,073,442 33,114,368 35,918,952 3,184,341 886,737 36,742,240 40,813,318	2023 Total £ 3,920,978 80,658 519,144
		4,520,780 (678,007) (4,389,196)
		(5,067,203) 2,132,930
		1,586,507 -
		1,586,507 34,332,445
		35,918,952

All income and expenditure derive from continuing activities.

The Statement of Financial Activities includes all gains and losses recognised during the year.

The notes on pages 25-43 form part of these financial statements.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM COMPANY NUMBER 06350828

BALANCE SHEET

YEAR ENDED 30 SEPTEMBER 2024

Note Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at the bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total Assets less current liabilities Creditors: amounts falling due after more than one year 16 Net assets Charity Funds Expendable endowments 18 Restricted funds 18 Unrestricted funds 18 Total charity funds	2024 £ 3 39,491,225 39,491,228 2,142,319 467,951 2,610,270 (1,288,180) 1,322,090 40,813,318 - 40,813,318 36,742,240 886,737 3,184,341 40,813,318	2023 £ 3 34,651,736
		34,651,739 1,211,389 1,140,112
		2,351,501 (257,842)
		2,093,659
		36,745,398 (826,446)
		35,918,952
		33,114,368 1,073,442 1,731,142
		35,918,952

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board and signed on behalf of the Board of Trustees

……………………………………… ………………………………………… Alan Jacobs Denise Joseph Trustee Trustee Date: 22 May 2025 Date: 22 May 2025

The notes on pages 25-43 form part of these financial statements.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

STATEMENT OF CASH FLOWS

YEAR ENDED 30 SEPTEMBER 2024

Note Cash flow from operating activities 22 Net cash flow from operating activities Cash flow from investing activities Withdrawals from/ (additions to) the Investment Portfolio Payments to acquire investments Receipts from sales of investments Interest received Dividends received Net cash flow from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 October Cash and cash equivalents at 30 September ANALYSIS OF CHANGES IN NET FUNDS At 1 October 2023 £ Cash and bank 1,140,113	2024 £ (394,403) (394,403) (41,448) (8,091,897) 7,224,424 71,886 559,277 (277,758) (672,161) 1,140,113 467,952 Cash flow £ (672,161)	2023 £ (1,818,169)
		(1,818,169)
		(1,971,528) (21,202,815) 20,338,594 72,429 446,715
		(2,316,605)
		(4,134,774) 5,274,887
		1,140,113
		At 30 September 2024 £ 467,952

The notes on pages 25-43 form part of these financial statements.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

1 Summary of significant accounting policies

(a) General information and basis of preparation

British Friends of the Hebrew University of Jerusalem is a company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 209691) and Registrar of Companies (Company Registration Number 06350828) in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is given in the Charity information on page 3 of these financial statements. The nature of the Charity’s operations and principal activities are to support research, scholarships and capital projects of the Hebrew University whilst supporting UK students who wish to study at the Hebrew University, student exchange programmes and academic collaboration with the UK’s foremost research institutions.

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 (FRS 102) (Second Edition, effective 1 January 2019), the Charities Act 2011, the Companies Act 2006 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 presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.

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.

(b) Going concern

The financial statements have been prepared on a going concern basis and the Trustees believe that no material uncertainties exist that may cast significant doubt on the charity’s ability to continue as a going concern. 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 are sufficient with the level of reserves for the Charity to be able to continue as a going concern.

(c) Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for specific purposes.

The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements.

The Charity’s endowment funds are classified as expendable endowment funds, meaning they can be spent in accordance with the Charity’s objectives while preserving capital where possible. Income generated from these funds is treated as unrestricted income, and any capital gains or losses from

25

BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

investments are retained within the fund. Investment management fees and legal costs related to the fund are deducted as necessary.

(d) Income recognition

All incoming resources are 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. Amounts donated directly to the Hebrew University from UK donors are not included within the Financial Statements as the charity does not exert enough control over these funds.

Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable.

Receipt is probable when:

• we have confirmation from the representatives of the estate(s) that probate has been granted.

• the executors have established that there are sufficient assets in the estate to pay the legacy. and

• all the conditions attached to the legacy have been fulfilled or are within the charity’s control.

Income from fundraising events to raise funds for the Charity is recognised when received.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

(e) Expenditure recognition

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 include costs incurred seeking voluntary contributions through donations, investment management costs and the running of fundraising events during the year.

• Expenditure on charitable activities includes all costs incurred on furthering the objects of the Charity.

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 a grant. 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.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

(f) 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 conducted at Headquarters. Where support costs cannot be directly attributed to specific headings, they have been allocated to expenditure on raising funds and expenditure on charitable activities on a basis consistent with use of the resources, for example, allocating property costs by floor areas, or per capita staff costs by the time spent and other costs by usage. Governance costs are those incurred in connection with the running of the Charity and compliance with constitutional and statutory requirements.

The analysis of these costs is included in Note 7.

(g) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

The land in Israel was valued on 19[th] January 2017 at £26,000. The Trustees believe that it is prudent to amortise this is as the Charity has been unable to sell it.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Office equipment 25% straight line Fixtures and fittings 20% straight line Phone system 20% straight line

(h) Investments

The Charity has equity investments in listed entities. Fixed asset investments are a form of basic financial instrument are initially recognised at their transaction value and subsequently measured at their fair value using the closing quoted market price or the share of the Net Asset Value of the fund (if unlisted). All unrealised gains and losses are taken to the Statement of Financial Activities as they arise.

The Statement of Financial Activities includes all net gains and losses arising on revaluation and disposals throughout the year.

(i) Debtors and creditors receivable / payable within one year

Debtors are recognised 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.

Creditors are recognised when the Charity has a present legal or constructive obligation resulting from a past event and the settlement is expected to result in an outflow of economic benefits.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

(j) Leases

Rentals payable and receivable under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.

(k) Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

(l) Tax

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. It therefore does not suffer tax on income or gains applied for charitable purposes.

(m) Financial instruments

The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:

Listed investments – Listed investments are held at fair value.

Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 16. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Liabilities – trade creditors, accruals and other creditors will be classified as financial instruments and are measured at amortised cost, as detailed in Note 17. Taxation and social security are not included in the financial instruments’ disclosure.

(n) Judgements and key sources of estimation uncertainty

The judgements that have had the most significant effect on amounts recognised in the financial statements are the estimation of legacies receivable, allocation of support costs and depreciation rates. The estimates and associated assumptions are based on historical experience and other relevant factors and recent communications from the executors or their legal and professional representatives. The underlying assumptions which affect these judgements are reviewed on an ongoing basis.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

2 Income from donations and legacies

Legacies Regular giving Total	2024 £ 2,788,520 2,756,025 5,544,545	2023 £ 782,138 3,138,840 3,920,978

Income from donations and legacies was £5,544,545 (2023: £3,920,978), of which £899,531 (2023: £463,355) was attributable to endowments, £2,576,886 (2023: £3,035,169) was attributable to restricted, and £2,068,128 (2023: £422,454) was attributable to unrestricted funds.

3 Restricted donations from events – Raising Funds

Events income – Conferences and similar events Total	2024 £ 8,200 8,200	2023 £ 80,658
		80,658

Donations from events in 2024 and 2023 were attributable to restricted funds.

4 Income from investments

Dividends – equities Interest - fixed interest securities Interest – deposits Total	2024 £ 559,277 52,036 19,850 631,163	2023 £ 446,715 50,936 21,493
		519,144

Income from investments was £631,163 (2023: £519,144), of which £584,128 (2023: £470,730) was attributable to restricted funds, and £47,035 (2023: £48,414) was attributable to unrestricted funds. The BFHU portfolio at Rothschild does not have any individual Fixed Interest holding; the Fixed Income element is held via the R Wealth Management Investment Grade Bond Fund. This is a Luxemburg fund, and the income received is paid as a dividend.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

5 Costs of raising funds

Support costs Investment management costs Total alysis of expenditure on charitable activities Grants to students Grants to the Hebrew University 2024 total Grants to students Grants to the Hebrew University 2023 total	Grant funding of activities £ 309,197 4,401,594	2024 2023 £ £ 309,741 495,948 197,250 182,059 506,991 678,007 Support costs Total £ £ - 309,197 200,063 4,601,657 200,063 4,910,854 Support costs Total £ £ - 244,000 189,859 4,145,196
	4,710,791
	Grant funding of activities £ 244,000 3,955,337
	4,199,337	189,859 4,389,196

6 Analysis of expenditure on charitable activities

All the above grants to the Hebrew University were attributable to restricted funds £4,401,594 (2023: £3,955,337) and so were the grants to students £309,197 (2023: £244,000). Total support costs of £200,063 (2023: £189,859 ) are analysed in Note 7.

The BFHU remits approximately £4.4m each year to Hebrew University, mainly from annual gifts but also budgets just over £1m from existing Endowment Funds. It was also involved in securing a further £3.5m (2023: £3.2m) in donations that go directly to the Hebrew University.

7 Analysis of total expenditure on support costs

Support cost	Basis of
	allocation	Raising funds	Grant-	Total
			making	2024
		£	£	£
Salaries & other staff costs	Staff time	216,107	92,617	308,724
Establishment costs	Staff time	37,454	16,052	53,506
Printing, advertising, and	Direct	19,514	54,337	73,851
administration
Travelling expenses	Direct	10,459	4,482	14,941

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024 Event costs Direct Governance costs Direct Information technology Direct Total 2024 Support cost Basis of allocation Salaries & other staff costs Staff time Establishment costs Staff time Printing, advertising, and administration Direct Travelling expenses Direct Event costs Direct Governance costs Direct Information technology Direct Total 2023	485 - 485 13,565 18,893 32,458 12,157 13,682 25,839
	309,741 200,063 509,804
	Raising funds Grant-making Total 2023 £ £ £ 256,225 109,811 366,036 86,505 44,131 130,636 31,875 35,917 67,792 18,850 - 18,850 32,772 - 32,772 41,683 - 41,683 28,038 - 28,038
	495,948 189,859 685,807

In 2024 & 2023 70% of the salaries, national insurance costs, other staff costs, and establishment costs have been allocated to raising funds. In 2024 & 2023 30% of the salaries, national insurance costs, other staff costs, and establishment costs have been allocated to charitable activities. This is based on the best estimate of staff time.

8 Governance costs

overnance costs
Auditors’ remuneration – UK & Israel Legal fees Other Total	2024 £ 24,192 706 7,560 32,458	2023 £ 23,040 11,145 7,498
		41,683

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

9 Analysis of grants Grants to students at the Hebrew University Grants to Hebrew University students who study abroad Grants to the Hebrew University: Designated projects £2,149,081 Scholarships £2,136,958 Prizes £40,000 Institute for Medical Research £75,529 2024 total Grants to students at the Hebrew University Grants to Hebrew University students who study abroad Grants to the Hebrew University: Designated projects £1,350,444 Scholarships £2,509,370 Prizes £54,000 Institute for Medical Research £41,523 2023 total	Grants to institutions Grants to individuals Total £ £ £ - 194,000 194,000 - 115,197 115,197 4,401,569 - 4,401,569
	4,401,569 309,197 4,710,766
	- 194,000 194,000 - 50,000 50,000 3,955,338 - 3,955,338 3,955,338 244,000 4,199,338

Further details of the charitable activities supported by the grants made in the year are given in the Trustees Report.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

Scholarships

Pears Foundation is a significant major donor funding students undertaking International Masters Scholarships in Public Health, Agricultural Sciences, and International Development Studies for students from many developing nations across the globe learning new skills and techniques to support their local communities in health, nutrition, and community development. The current cohorts across the 3 programmes include students from most continents of the world.

. Without such scholarships, they could not attend the Hebrew University. The social impact of these students is demonstrated in their home countries where they become active in the field of Public Health, often at policy-making level. Alumni are also in regular contact with their global peers.

Other scholarships are specifically awarded to disadvantaged students who would not be able to attend HU without such external help. They include students with disabilities, Arab Students (Israeli Arab and East Jerusalemite), Charedi (Religious Jews) and those of Ethiopian backgrounds.

Research

The Carew Shaw Endowment Fund distributed £280,000 in 22/23 (2022 £265,000) for a HU Distinguished Medical Faculty Award. This is normally given to encourage very bright researchers to come to HU, often after post-Doctoral work in the USA. Several of these have subsequently won European Research Council awards which recognise the contribution that their research is making internationally. This also enhances the reputation of Hebrew University.

Prizes

The Kaye Innovation Awards for scientific innovation and the Polonsky Prizes for creativity & originality in Humanistic Disciplines recognise excellence and important research or teaching at the University. Such prizes help to enhance the reputation not only of the individual recipients but also the University as a whole.

Lectures

Several BFHU funds help to support important lectures including in the legal and medical fields facilitating HU campus visits and events in the UK.

10 Net income for the year

Net income is stated after charging / (crediting):

	2024	2023
	£	£
Depreciation/Impairment of tangible fixed assets	-	1,234
Auditors’ remuneration - Audit fees – UK	20,160	19,200
Finance charges payable	2,495	3,765
Operating lease rentals	39,518	92,990
Net (gains) / losses on foreign exchange	2,595	21,798

11 Trustees' and key management personnel remuneration and expenses

The Trustees neither received nor waived any remuneration during the year (2023: £Nil).

The total amount of employee benefits received by Key Management Personnel is £172,108 (2023: £169,291) and includes the current year performance bonus approved on 20[th] December 2024, plus the

33

BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

employer’s National Insurance contributions at 13.8% and accrued. The Charity considers its Key Management personnel to comprise the Trustees and the Chief Executive. The Chief Executive is the only full-time member of staff.

The Trustees did not have any expenses reimbursed during the year (2023: £Nil).

12 Staff costs and employee benefits

The average monthly number of employees during the year was as follows:

Raising funds Charitable activities Governance	2024 Number 3 2 1 6	2023 Number 3 2 1
		6

The average number of full-time equivalent employees (including casual and part-time staff) during the year was made up as follows:

Raising funds Charitable activities Governance	2024 Number 2 1 1 4	2023 Number 2 1 1
		4

The total staff costs and employees’ benefits were as follows:

Wages and salaries Social security Other staff costs	2024 £ 272,521 27,362 8,840 308,723	2023 £ 324,280 31,173 10,583 366,036

Related Parties paid no staff costs or employee benefits.

The number of employees who received total employee benefits (excluding employer pension costs) but including employer NI costs of more than £60,000 is as follows:

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

£60,001 - £70,000 £160,001 - £170,000 13 Tangible fixed assets Cost or valuation: At 1 October 2023 Additions/(Disposals) At 30 September 2024 Depreciation/Impairment: At 1 October 2023 Disposals At 30 September 2024 Net book value: At 30 September 2024 At 30 September 2023	2024 Number 0 1 1 Land Fixtures and fittings Computer equipment £ £ £ 26,000 7,308 63,609 - (1,074) (37,725)	2024 Number 0 1		2023 Number 1 1
		1		2
				Total £ 96,917 (38,799) 58,118 96,914 (38,799) 58,115 3 3
	26,000 6,234 25,884
	25,998 7,307 63,609 - (1,074) (37,725)
	25,998 6,233 25,884
	2 1 -
	2 1 -

Land in Israel

The Trustees have re-assessed the value of the land in Israel as negligible due to the nature and location of the plot (It is part of a much larger parcel plot of scrub land and cannot be sold separately) and therefore, we have recognised an impairment loss accordingly.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

14 Fixed asset investments

Fair value At 1 October 2023 Additions at cost Disposals proceeds Revaluations Investment management fees At 30 September 2024 Historical Cost: At 30 September 2024 Listed Investments at fair value comprise: Investment Funds UK listed investments UK cash deposits Fixed income UK other investments Overseas investments	2024 £ 2,152,308 4,139,890 3,005,305 5,553,886 3,059,886 21,579,950 39,491,225	Listed investments £ 34,651,736 8,133,345 (7,224,424) 4,127,818 (197,250)
		39,491,225
		30,008,061
		2023 £ 2,183,109 3,528,467 1,059,117 4,788,458 1,848,696 20,426,926
		33,834,773

The fair value of listed investments is determined by reference to bid prices from the appropriate Stock Exchange, market makers or relevant fund managers. Where fund managers publish a single price, i.e., for OEICS, the valuation has been prepared based on the published price.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

15 Debtors

Trade Debtors Legacies due Prepayments Gift aid recoverable 16 Creditors: amounts falling due within one year Trade creditors Grant commitments Other tax and social security Other creditors Accruals 16 Creditors: amounts falling due after more than one year Grants commitments	2024 £ 145,165 1,967,353 23,716 6,085 2,142,319 2024 £ 22,827 1,131,127 7,777 - 126,449 1,288,180 2024 £ - -	2024 £ 145,165 1,967,353 23,716 6,085 2,142,319 2024 £ 22,827 1,131,127 7,777 - 126,449 1,288,180 2024 £ - -		2023 £ 9,698 1,171,273 26,547 3,871
				1,211,389
				2023 £ 21,758 102,372 7,738 - 125,974
				257,842
				2023 £ 826,446
		-		826,446

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

17 Financial commitments

The operating lease represents a premises lease signed on 19[th] July 2023 and expiring on the 18[th] July 2028.

Total future minimum lease payments under non-cancellable operating leases are as follows:

Not later than one year Later than one and not later than five years	2024 £ 39,516 110,315 **149,831 **	2023 £ 39,516 149,831 189,347

18 Fund reconciliation

Fund descriptions

Unrestricted funds are general funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for designated purposes. The aim and use of each designated fund are set out below.

Restricted funds relate to donated income or grants that have been specified by the donor or granted for a specific purpose.

Endowment funds

Expendable Endowment funds relate to donated income or grants that have been specified by the donor or granted for a specific purpose and where it has been stipulated that income, gains and original capital are to be distributed over several years.

38

BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

Unrestricted funds

Unrestricted – General Total 2024 Unrestricted – General Total 2023	Balance at 1 October 2023 Income Expenditure Transfers Gains / (losses) Balance at 30 September 2024 £ £ £ £ £ £ 1,731,142 2,115,163 (309,256) (352,708) - 3,184,342 1,731,142 2,115,163 (309,256) (352,708) - 3,184,342 Balance at 1 October 2022 Income Expenditure Transfers Gains / (losses) Balance at 30 September 2023 £ £ £ £ £ £ 1,751,052 470,868 (463,175) (27,603) - 1,731,142
	1,751,052 470,868 (463,175) (27,603) - 1,731,142

During the year, the following transfers were made (from)/to Unrestricted-General Funds.

• Transfers of £352,708 were made from unrestricted funds to restricted funds regarding the charity’s contribution towards matching scholarships and a special grant for urgent academic needs.

Restricted funds

Restricted Expendable Endowment funds 19 2024 Total	Balance at 1 October 2023 Income Expenditure Transfers Gains / (losses) Balance at 30 September 2024 £ £ £ £ £ £ 1,073,442 3,169,214 (4,910,854) 1,554,935 - 886,737
	1,073,442 3,169,214 (4,910,854) 1,554,935 - 886,737 33,114,368 899,531 (197,250) (1,202,227) 4,127,818 36,742,240
	33,114,368 899,531 (197,250) (1,202,227) 4,127,818 36,742,238
	34,187,811 4,068,745 (5,108,104) 352,708 4,127,818 37,628,977

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

Restricted Expendable Endowment funds 19 2023 Total	Balance at 1 October 2022 Income Expenditure Transfers Gains / (losses) Balance at 30 September 2023 £ £ £ £ £ £ 871,332 3,586,557 (4,421,968) 1,037,521 - 1.073,442
	871,332 3,586,557 (4,421,968) 1,037,521 - 1,073,442 31,710,060 463,355 (182,059) (1,009,918) 2,132,932 33,114,368
	31,710,060 463,355 (182,059) (1,009,918) 2,132,932 33,114,368
	32,581,492 4,049,912 (4,604,027) 27,603 2,132,932 34,187,810

Restricted Funds

During the year, the charity received many restricted donations, all of which were applied in strict accordance with the donor’s wishes. Due to the considerable volume and the immaterial nature of each individual fund, it is not practical to report on each fund activity.

At the year-end, the charity held £725k (2023: £757k) worth of donations for restricted projects within the Hebrew University, and £126k (2023: £316k) for scholarships. Both were awaiting confirmation of students and projects.

In total, £1,202,227 grants were made from the expendable endowment funds for the year (2023 £1,009,918.

Endowment Funds

The Trustees have authorised a disbursement totalling £1,107K from the endowment funds, which includes 3.5% of the primary balance of the Expendable Endowment funds at the start of the year; fixed grants from other funds, such as the Carew Shaw Endowment and additionally, £3k annually from smaller funds, typically valued under £100,000 enabling a gradual reduction in their balances. The endowment funds have experienced a growth rate of 6% over the past year. Any financial surplus is allocated to cover management fees and help counteract the effects of inflation.

40

BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024 19 Expendable Endowment Funds

1. Main Fund - 38 funds 2. Polonsky Fund 3. Archie Sherman Fund 4. Joels Fund 5. Gestetner Fund 6. BFHU Research & Teaching 7. BFHU Scholarship & Student Aid 8. Main fund – 41 Funds 9. Emily Erskine Fund 10. Carew Shaw Fund 11. Porjes Fund 2024 Total

Balance at 1 October 2023 Capital Additions Expenditure Transfers Gains / (losses) & Fund charges Balance at 30 September 2024 £ £ £ £ £ £ 5,203,091 891,827 - (533,478) 813,452 6,374,892 116,802 - - 16,750 133,552 63,485 - - (25,000) 6,975 45,460 1,215,838 - - (38,315) 144,386 1,321,909 609,138 - - (19,196) 72,338 662,280 1,959,395 - - (24,888) 206,838 2,141,345 6,007,155 250 - (239,112) 642,803 6,411,096 5,815,530 7,454 - (166,736) 690,618 6,346,866 3,786,994 - - (105,182) 449,721 4,131,533 8,272,654 - - (50,437) 879,060 9,101,277 64,285 - - 116 7,628 72,029

33,114,368 899,531 - (1,202,227) 3,930,568 36,742,240

Expendable Endowment Funds

	Balance at 1				Gains / (losses)	Balance at
	October 2022	Capital	Expenditure	Transfers	& Fund charges	30
		Additions				September
						2023
	£	£	£	£	£	£
1. Main Fund - 38 funds	4,958,338	35,450	-	(354,162)	563,465	5,203,091
2. Polonsky Fund	89,026		-	526	27,250	116,802
3. Archie Sherman Fund	127,698	1	-	(68,860)	4,646	63,485
4. Joels Fund	1,145,655	-	-	(43,760)	113,943	1,215,838
5. Gestetner Fund	573,975	-	-	(21,923)	57,086	609,138
6. BFHU Research &	1,929,949	-	-	(20,638)	50,084	1,959,395
Teaching
7. BFHU Scholarship &	6,056,182	250	-	(134,586)	85,308	6,007,155
Student Aid
8.Main fund – 41 Funds	5,464,481	5,384	-	(197,817)	543,481	5,815,530
9. Emily Erskine Fund	3,168,089	422,270	-	(118,454)	315,089	3,786,994

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

10. Carew Shaw Fund 11. Porjes Fund 2023 Total	8,138,037 - - (50,070) 184,687 8,272,654 58,629 - - (175) 5,831 64,285
	31,710,060 463,355 - (1,009,918) 1,950,871 33,114,368

1. The Main Expendable Endowment Fund comprises 38 individual funds that distribute a fixed amount annually. These distributions serve various purposes aligned with the charitable objectives of the organisation.

2. The Polonsky Endowment Fund is a gift of shares from the Polonsky Foundation. This fund generates income used specifically to fund grants made to the University on behalf of the

foundation. The grants serve designated purposes in line with the foundation's philanthropic mission.

1. The Archie Sherman Fund was established for the purposes of supporting the Centre for Transgenic Organisms at the Hebrew University, as well as the cost of generating voluntary income for BFHU.

2. The Joels Fund, i.e., the Jacob and Lena Memorial Foundation for Innovation in the Life and Medical Sciences, is an endowment for the establishment and support for a visiting chair, a senior lectureship for excellence and a research fund.

3. The Gestetner Fund is utilised to support the operating budget of the Harry S Truman Research Institute for the advancement of peace.

6-7 The small endowment funds have been amalgamated into larger pools of Research and Teaching and Scholarship endowment funds to enhance flexibility in supporting the University’s research and scholarship initiatives. The distributions made from these funds are under the discretion of the University.

1. The main variable distribution endowment Fund comprises 41 individual funds and sends variable sums to the University, supporting diverse needs.

2. The Emily Erskine Fund was created to establish a Research Foundation in Physics or Mathematics fostering advanced study and innovation.

3. The Carew Shaw Fund was established to fund a Distinguished Faculty Award in medicine and to fund scholarships preferably within the Faculty of Medicine, in memory of Edward Carew Shaw.

4. The Porjes Fund was established for supporting the general charitable purposes of the Friends, with a priority on promoting the ongoing legacies campaign.

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BRITISH FRIENDS OF THE HEBREW UNIVERSITY OF JERUSALEM

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

20 Analysis of net assets between funds – As at 30 September 2024

Tangible fixed assets Fixed asset investments Current assets Current / non-current liabilities Total 2024	Unrestricted funds Restricted funds Expendable Endowment funds Total £ £ £ £ 3 - - 3 2,748,985 - 36,742,240 39,491,225 1,723,533 886,737 - 2,610,270 (1,288,180) - - (1,288,180)
	3,184,341 886,737 36,742,240 40,813,318

Analysis of net assets between funds – As at 30 September 2023

Tangible fixed assets Fixed asset investments Current assets Current / non-current liabilities Total 2023	Unrestricted funds Restricted funds Expendable Endowment funds Total £ £ £ £ 3 - - 3 1,537,368 - 33,114,368 34,651,736 1,278,059 1,073,442 - 2,351,501 (1,084,288) - - (1,084,288) 1,731,142 1,073,442 33,114,368 35,918,952

21 Related party transactions

Other than Trustee and Key Management Personnel transactions detailed in Note 8. The total amount of donations made by the Trustees was £235,786 (2023: £339,067). There were no other related party transactions in the current or prior year.

22 Reconciliation of net income to net cash flow from operating activities

Net income for the year Donations received Depreciation and impairment of tangible fixed assets (Gains) / losses on investments (Increase) / decrease in debtors Increase / (decrease) in creditors Investment managers fees Net cash flow from operating activities	2024 £ 4,894,366 (631,163) - (4,127,818) (930,930) 203,892 197,250 (394,403)	2023 £ 1,586,507 (519,144) 1,234 (2,132,930) (100,822) (835,072) 182,059
		(1,818,169)

43