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2020-12-31-accounts

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

Charity number: 244519

THE MAURICE WOHL CHARITABLE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2 - 10
Independent auditors’ report 11 – 13
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 – 28

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mrs Ella Latchman Professor David Latchman CBE MA PhD DSc FRCPath FRSA (Chair) Martin Paisner CBE MA LLM Sir Ian Gainsford DDS FDS RCS Hon FRCS Edin, FKC Daniel I Dover BA (Hons) FCA TEP

Chief executive officer

Kate Goldberg MA

Foundation secretary and correspondent

Joseph Houri BA (Hons) AFA

Charity registered number

244519

Principal office

Fitzrovia House 2nd Floor, 153-157 Cleveland Street London W1T 6QW

Independent auditors

Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE

Bankers

Barclays Bank plc 15-17 Great Portland Street London W1W 8QA

Rothschild Bank International Limited St Julian's Court St Peter Port Guernsey GY1 3BP Channel Islands

Solicitors

Payne Hicks Beach LLP Lincoln's Inn 10 New Square London WC2A 3QG

Investment advisors

MJ Hudson Allenbridge 8 Old Jewry London EC2R 8DN

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DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their annual report together with the audited financial statements of the Maurice Wohl Charitable Foundation (“the Foundation”) for the year ended 31 December 2020. The trustees confirm that the annual report and financial statements of the Foundation comply with the current statutory requirements, the requirements of the Foundation's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Covid-19

In March 2020, the Covid-19 global pandemic shutdown the UK economy. The trustees immediately sought to re-assure grantees that all current and outstanding commitments would be met in full; converted programme funding to core grants, where necessary and appropriate; and offered emergency grants to core grantees.

Throughout the year, staff worked closely with grantee organisations to ensure that they were able to continue to function and serve their clients and/or beneficiaries to the best of their ability, and in some cases to grow their much needed services.

The trustees would like to acknowledge the incredible and in some cases heroic efforts of our grantees’ leadership and staff in these unprecedented times.

Toward the end of year, as the UK entered its second full lockdown, it became clear that the pandemic and its economic ramifications would be deeper and more long term than originally anticipated. Trustees responded by signing off a number of key initiatives to more widely help our grantees and key client groups. These are underway in 2021.

A: History, Objectives and Activities

1. History and objectives

The Foundation is a charitable trust established by a trust deed dated 5 April 1965 and is registered with the Charity Commission, registration number 244519.

The Foundation’s objectives are the support of such charitable purposes as the trustees in their absolute discretion see fit. Maurice Wohl, the founder, prepared a memorandum of wishes prior to his death in 2007 providing guidance to the trustees. Having taken both this guidance into account, and a preference for capital projects, the trustees adopted a broad mission statement for grant making in the United Kingdom, focussing on health and medical sciences; welfare within the Jewish community and Jewish education.

At a Board Meeting on 1 December 2015, the trustees adopted a more strategic mission for some of the Foundation's work: in welfare this is to ensure that those less able or more vulnerable across the community and generations are supported to live a life of dignity and empowerment; and in Jewish education to act as a catalyst to empower young people to create a strong, viable Jewish community that makes a contribution to society at large. The trustees believe that this latter part of mission can be achieved if young people are offered high quality education, guidance, opportunities and pathways to employment as well as further opportunities for growth and secure futures; high quality Jewish knowledge and engagement; and are encouraged to volunteer and give of themselves, helping others less able, more vulnerable or less secure.

In order to achieve its mission, the Foundation focuses on the following fields:

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THE MAURICE WOHL CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

In addition to the above, as expressed in Mr Wohl's letter of wishes, the trustees have in the past made grants to the arts.

The Foundation pursues its objects both by way of capital and programmatic grants. Wherever practicable and relevant, the trustees seek to ensure that their grants will act as a catalyst to leverage additional support or choose to work actively in collaboration with other funders.

The trustees confirm that both when setting the mission of the Foundation, and in the continued allocation of grants they give careful consideration to the Charity Commission’s general guidance on public benefit.

2. Policies and Procedures for grant-making activity

The Foundation has a grant-making policy to enable it to deal with grant applications in a rigorous and appropriate manner. While the Foundation does not accept unsolicited applications, it seeks to achieve its objective by making grants to charities whose objectives are clear, who can demonstrate strong governance, sustainability, whose operations are transparent and whose commitment to the public benefit is demonstrable.

Trustees seek to ensure that as a general principle grants are made to UK registered charities.

The Foundation awards grants after a process of due diligence and engagement with the charity’s leadership. Applications are then submitted to trustees for their consideration and decision. During the course of the grant the Foundation ensures, through regular contact, that funds are expended by recipients in line with the agreed purpose or in accordance with agreements made, and that reporting requirements are met before any further instalments are paid out. The Foundation works closely with grantees both before and during the grant period, questioning and supporting the leadership in order to ensure that both they and the Foundation achieve their objectives.

B. Achievements – grant-making

As in every year, trustees set a target for new commitments at the beginning of the year based on valuations of the endowment. At 1 January 2020 this target was set as £2.5m. As a result of Covid-19, trustees exceeded their new commitments by over £1m.

The total value of grants approved and committed at 31 December 2020 was £6.4m (2019: £7.5m) with new grants committed in the year being £3.7m (2019 £3.8m). Grants paid in this financial year from current and previous commitments totalled £4.8m (2019: £5.6m).

2020 Grants and Payments

As noted above, the global pandemic shifted the focus of our grant-making in 2020. While the whole charitable sector was heavily affected by the crisis, trustees chose to focus the majority of their attention and funding on our core grantees in the Jewish community, with some wider local funding such as the Royal Free London Heroes Campaign or towards Covid related research at Kings College London. At the beginning of the crisis, the Foundation created a separate emergency funding stream but mid-year recognised that almost all applications and commitments for 2020 were Covid-19 related.

It is important to note that in previous years a significant proportion of grants committed reflected applications for new buildings or renovations. For the year 2020, with the exception of one large grant commitment in Israel, all new capital applications were paused due to uncertainty caused by the pandemic. It is expected that capital grant commitments will resume in 2021. Despite the pandemic however, a number of capital projects already underway were able to continue, and in some cases complete their development, such as the Kisharon Wohl Campus, which opened in September 2020. The Campus houses a state of the art school for pupils with learning difficulties and is equipped to deliver a more focussed, specialist Jewish education, which in turn will achieve better outcomes for pupils.

In addition, construction continued through the pandemic on the Wohl Campus at Nightingale Hammerson. The new enlarged facility opened its doors in the first half of 2021, and will enable Nightingale to expand its provision

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THE MAURICE WOHL CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

of dementia, respite and end-of-life care for its increasingly frail residents.

Key achievements:

Jewish Community

Total committed grants at 31 December 2020: £1.7m Total new grants committed within the year: £1.5m Total grants paid within the year: £0.6m

Seeking to sustain and enhance Jewish life in the UK, the Foundation supports organisations and infrastructure which underpin, maintain and advance Jewish communal life. During the course of the pandemic, the Foundation sought to partner with other funders, community structures and organisations to ensure that those in need within the community were cared for. This included emergency appeals for basic needs; enhancing services for those suffering or for the prevention of suffering; enhancing employment services; upskilling to move operational services and education online; and ensuring continued Jewish education and commitment to Jewish lives.

Trustees acknowledge with gratitude that many of our grantees had spent years enhancing their governance and reserves as part of their sustainability plans, and this stood them all in good stead to weather the storm. In addition, community wide fundraising challenges were met with unprecedented generosity from the public, as were volunteer drives. This meant that the Foundation was able to respond positively where help was most needed.

The Foundation made one significant grant in Israel this year. For some considerable time, we have been in negotiation with the Jerusalem Foundation and the Municipality of Jerusalem on their plans to enhance, protect and improve the Wohl Rose Park in Jerusalem. This park, which is sited in the centre of the City, consists of 19 acres constituting one of the most beautiful and important rose gardens in the world, containing 15,000 varieties of rose bushes, ponds with aquatic plants and fish, a waterfall, rockeries and a Sixth Century mosaic floor. It is an outstanding area of horticultural, botanic and environmental significance which additionally provides an open space for residents from across the city as a whole, many of whom are from disadvantaged communities. The improvement plans will place particular emphasis on the upgrading of accessibility within the park and is part of a wider plan to ensure significant upgrade in services, affording the opportunity for additional community activities and engagement.

Care and Welfare

Total committed grants at 31 December 2020: £2.3m Total new grants committed within the year: £1.4m Total grants paid within the year: £2.3m

Arguably, the care sector was hardest hit by the pandemic. This was certainly true in the Jewish community, especially in the spring, where despite locking down early and decisively, care homes and sheltered housing across the welfare sector were deeply affected and faced a multitude of challenges: containing Covid cases, closure of day care operations, inability to see and serve temporary clients or recruit new clients, staff shortages and PPE shortages.

The Foundation welcomed an early joint appeal by the largest elderly care home providers through the Jewish care homes consolidated e appeal; and committed further sustainability funds to Norwood and Langdon, both care providers for those with moderate to severe special needs. In addition, the Foundation committed funds to those that had lost their livelihood as a result of the crisis through The Emergency Community Fund; as well as grants to various charities and organisations ensuring the provision of food, basic needs, and medical equipment.

In addition to the emergency response grants, the Foundation committed funds to organisations who needed to extend and increase their service provision during the crisis. The Foundation committed to a new grant to Noa Girls to expand their therapeutic services and to Jewish Women’s Aid to expand their emergency services for women families suffering domestic violence.

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THE MAURICE WOHL CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

In addition, the Foundation continues to fund a variety of local communal organisations within the Jewish community that research, identify and support those in need, often with multi-year grants to organisations that help alleviate suffering. The Foundation continues to follow the example set by Maurice and Vivienne Wohl in their help and support of those, primarily in the Jewish community, in direct medical, financial, emotional or material need.

Jewish Education

Total committed grants at 31 December 2020: £0.8m Total new grants committed within the year: £0.5m Total grants paid within the year: £1.2m

The Trustees were deeply saddened by the passing of Rabbi Lord Jonathan Sacks, an inspiring voice in the Jewish community and an enormous proponent of the Jewish education and Jewish life. The trustees committed to a further year of support for Covenant and Conversation to ensure that his voice continues to be amplified and heard.

Covid-19, national and local lockdowns highlighted in even greater clarity the disparity between those families with and without access to internet, hardware and space; and those that are challenged to support their children, either physically or emotionally. The Foundation responded to emergency needs in this sector on a case by case basis, to ensure that pupils could continue to learn and be supported by their schools and families. The Foundation responded to an early request from some of the Jewish state schools to offer additional support to families on Free School Meals during lockdown and school holidays, and with Foundation support, this was expanded by PaJeS in December 2020 to all Jewish State Schools.

The pandemic highlighted and magnified the challenges of young people and mental health. Both the Jewish Leadership Council’s co-ordinated Schools Wellbeing Project and the Norwood co-ordinated Heads Up Kids’ programming took on greater urgency, working closely with the schools to ensure appropriate support and response.

Jewish Schools and wider Jewish Education are the bedrock of a strong Jewish community. The Foundation therefore continues to engage widely and strategically, thus ensuring high quality Jewish education as well as support for key areas, such as special needs and well-being within our schools.

A key challenge to all schools was the need to pivot to online teaching and learning in a very short period. Through a grant to the Jewish Leadership Council - PaJeS, the Foundation sought to ensure that Jewish schools received some training in blended learning pedagogies.

Within the field of special needs, trustees were delighted that the Kisharon Wohl Campus with a state of the art school opened its doors in September 2020, and has remained opened through the second lockdown, providing much needed support to young people with special needs and their families.

The Foundation also continued its support of Children Ahead, a charity focusing on raising educational standards and improving individual outcomes for vulnerable boys in the strictly Orthodox sector, by providing both professional development for staff and delivering specialist intervention to individual children. Children Ahead were able to continue offering support during the pandemic and the Foundation committed to a threeyear expansion of this project to ensure that girls can now receive comparable levels of support.

Pathways to Employment

Total committed grants at 31 December 2020: £0.1m Total new grants committed within the year: £0.2m Total grants paid within the year: £0.2m

The Foundation continues to support organisations and projects that enable individuals to find opportunities to work and develop a career, in turn enabling them to grow, succeed and contribute to the wider community.

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DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Covid-19 once again highlighted the challenges with many furloughed and others losing their livelihood. The Foundation made grants to both Work Avenue and Resource to increase and expand their levels of support. As critical as ever was to ensure that students in crisis remain part of the education system. Trustees committed a further grant to expand Gateways at JW3, an educational and vocational provision for 15 to 25-year olds who are striving to overcome challenges. Gateways offers a range of bespoke academic and vocational courses that provide hope for the future and a pathway to self-sufficiency.

Medical Advancement

Total committed grants at 31 December 2020: £0.9m Total new grants committed within the year: £0.1m Total grants paid within the year: £0.4m

During the pandemic the Foundation responded to a request from Kings College London to fund a Covid-19 trial.

In addition, the Foundation continued to meet multi-year commitments to Birkbeck College, University of London, for the Wohl Wolfson ToddlerLab, which is now scheduled to open in 2021; to Hatzola Northwest for the purchase of an ambulance; and to Jnetics which seeks to eradicate a series of genetic diseases through widespread awareness and testing.

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future grant making policy.

With careful grant-making the Foundation supports charities who excel in meeting their vision and mission; builds the organisational strength and sustainability of these grantees; and where possible or practical, strengthens and sustains the wider field, in accordance with our mission.

C. Structure, governance and management

1. Organisational structure and decision-making

The trustees meet up to four times a year and agree the broad mission statement as well as areas of activity for the Foundation including grant-making, investment performance and reserves, as guided by the chief executive.

Trustees review governance of the charity on an annual basis, including updated policies and a full risk register. Trustees refer to the Charity Governance Code, sign the Code of Good Practice and an annual Declaration of Conflicts of Interest.

There are four sub-committees, all of which report back to the full board:

At least two trustees sit on each sub-committee.

The Foundation is a member the Association of Charitable Foundations (ACF). The ACF provides helpful information on good practice, changes in the law affecting charities and acts as an authoritative lobby on behalf

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DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

of charitable foundations with government and regulators. In addition, the Foundation is a member of the Reubens Group and the Foundations Forum, both small networking groups of CEOs of likeminded foundations. The purpose of these groups is to share knowledge and information amongst their members.

2. Appointment or election of trustees

The power to appoint new trustees rests collectively with the current trustees, all of whom were appointed by Maurice Wohl. Recruitment of further trustees would take into account the board's current strengths and any potential gaps. The ongoing trustees will be responsible for the induction of new trustees, which involves an awareness of a trustee’s responsibilities, the terms of the trust deed, administrative procedures, governance, risk and the history of the Foundation. The trustees will make available copies of the previous year’s financial statements, the trust deed, and all governance policies. Any new trustee will undergo safeguarding training and will be expected to sign the Code of Good Practice and an annual Declaration of Conflicts of Interest. An induction pack will include a copy of the Charity Commission guidance “Charity trustee: what's involved”, “Charities and Public Benefit” and the “Charity Governance Code for large charities”.

3. Related charities

The Foundation is connected through trustees to the Maurice and Vivienne Wohl Philanthropic Foundation, a charity company limited by guarantee.

Details of material transactions with related parties are shown in the notes to the financial statements.

4. Audit

Saffery Champness LLP has expressed its willingness to continue as auditor.

5. Risk management

The trustees assess on an annual basis the major risks to which the Foundation is exposed, in particular, those related to the operations and finances of the Foundation. Trustees review a comprehensive risk register reflecting impact and likelihood. Trustees are satisfied that robust internal controls are in place to mitigate exposure to the major risks. Principle risks were identified as the performance of investments in protection of the permanent endowment and failure of a disaster recovery plan.

Investment returns on the permanent endowment: mitigated by retaining expert investment managers and having a diversified investment portfolio. The trustees manage the investments on a total return basis, which helps stabilise the resources available for grant making, thereby facilitating longer term grants.

Failure of a disaster recovery plan: mitigated by working closely with its IT support company to ensure a full disaster recovery plan and upgrading its grant management to a cloud based system. Subsequent to the year end, the Foundation also reviewed and enhanced its cyber security.

General operational risks: mitigated by robust and thorough due diligence of charities prior to the trustee approval, monitoring and ensured adherence to grant agreements during the grant period, and an up-to-date knowledge of policy or statutory changes in the sector.

Reputational risks: Trustees also recognise the importance of maintaining the reputation of the charity as a grant making foundation in accordance with its Trust Deed. Robust internal policies, processes and procedures, as well as rigorous analysis of applicant’s own governance, risk and financial management ensure that this risk is minimised.

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THE MAURICE WOHL CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Covid 19

In March 2020 the trustees recognised the potential impact on the Foundation and carefully considered the risks. Following a detailed review, the trustees concluded that none of the risks identified would have significant adverse impact on the Foundation, as all remained robust. Our investment advisors, working with our Investment Committee, regularly monitored performance of the investment portfolio and were in ongoing dialogue with fund managers. With a total return policy, the portfolio is not dependent on income receivable to maintain the present grant-making policy and there was sufficient liquidity within the portfolio to meet all grant commitments as well as all other outgoings. Cash flow forecasts are prepared for the three years to 31 December 2023. The Trustees do not utilise overdraft or loan facilities.

6. Conflict of interest

Subject to note 19 in the financial section, all trustees give their time freely and no trustee remuneration was paid in the year. At a board meeting in June 2019 the trustees approved an updated Conflict of Interest Policy. Trustees and staff are required to disclose all relevant interests and withdraw from discussion where a conflict arises. The trustees also confirm that there is an appropriate and approved anti-bribery policy in place and a copy of this policy is sent to each new grantee.

7. Safeguarding

The Foundation’s Safeguarding Policy was reviewed and an enhanced Policy adopted by Trustees in March 2019. The trustees take their responsibility to safeguarding seriously and although the Foundation does not work directly with children or vulnerable adults, it does provide funding to other charities that work with these populations. As such the Foundation seeks to ensure, through proportionate and reasonable due diligence, that grantee charity trustees take their responsibility seriously, that there is a general awareness of abuse and how it is identified and that they have adequate and appropriate safeguards in place to protect vulnerable individuals from abuse and to prevent harm from happening in the first place. Furthermore, the Foundation seeks to ascertain that its grantee charities have clear procedures for reporting concerns. Trustees review their safeguarding policy and procedures on an annual basis.

8. Trustees' indemnities

The Foundation confirms trustee indemnity insurance is in place.

D. Income generation and investments

1. Income generation

Investments are managed on a total return basis, comprising the increase in value of investments and income arising from the portfolio. The Foundation does not fundraise from the public and sufficient liquidity is maintained within the portfolio to meet all grant commitments as well as all other outgoings.

2. Investment policy

The Investment Committee seeks advice from MJ Hudson Allenbridge, appointed Investment Advisors, and makes recommendations to trustees. MJ Hudson Allenbridge undertakes a formal annual review of all fund managers and their performance, ensuring that the agreed strategy regarding asset allocation, hedging and benchmarking is adhered to. Recommendations are then made to the Investment Committee to consider portfolio changes, including exiting wholly or partly from fund managers and the introduction of new managers.

The Investment Committee receives monthly summary valuations and members of the committee will meet with fund managers during the year, independently of MJ Hudson Allenbridge.

The trustees:

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DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The total return on investments, after fees, was for the year 4.4% (2019: 9.1%).

E. Financial review

1. Reserves policy and assessment of going concern

The trustees regard the capital of the Foundation as a long-term, albeit expendable, endowment. The trustees do not define a minimum level of reserves. However, it is their intention to maintain the capital value of the endowment in real terms whilst also generating an investment return that is sufficient to meet the costs of the Foundation’s charitable expenditure and operations.

At 31 December 2020 the Foundation had total reserves, all unrestricted, of £82.9m (2019: £83.5m). The trustees are satisfied, given this level of reserves, and their liquidity, that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the trustees continue to adopt a going concern basis in preparing the financial statements.

2. Review of the year

The financial statements set out on pages 14 to 28 summarise the transactions of the Foundation for the year ended 31 December 2020.

Gross incoming resources for the year were £1.4m (2019: £1.6m). Investment Management fees of £0.4m were incurred in the year (2019: £0.4m). Support costs were £0.5m (2019: £0.5m).

Direct costs of grant-making activities of £3.7m (2019: £3.5m) were charged to the Statement of Financial Activities during the year. The trustees maintained this level of grant making during a turbulent year, focussing on programmatic grants rather than those of a capital nature.

There were net gains excluding foreign exchange within the investment portfolio during the year of £2.8m (2019: £6.3m).

Total funds at 31 December 2020 decreased by £0.6m (2019: increase of £3.5m) to £82.9m (2019: £83.5m).

3. Future developments

The Foundation will continue to engage, fund and work with beneficiary charities that fulfil the Foundation’s key mission as set out in the founder’s memorandum of wishes and the further refined strategic mission. At the end of 2020 the trustees approved a number of initiatives for 2021 that would seek to enhance the sustainability of community organisations and the community at large. These include a strategic response to increasing levels of unemployment and a shift in the future job market, as well as a desire to support the leadership of smaller grantee organisations.

Trustees' responsibilities statement

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the trustees are required to:

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DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the Foundation's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the trustees, on 28 June 2021 and signed on their behalf by:

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................................................ ................................................ Professor David Latchman Martin Paisner CBE MA PhD DSc FRCPath FRSA CBE MA LLM Chairman Trustee

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DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Opinion

We have audited the financial statements of The Maurice Wohl Charitable Foundation for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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:

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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

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DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on pages 9 and 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

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

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

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DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available 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 charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees 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 assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery Champness LLP Chartered Accountants Statutory Auditors

71 Queen Victoria Street London, EC4V 4BE

Date:

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

13

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Investments
2
Total income
Expenditure on:
Raising funds:
Investment management
Charitable activities:
Grant-making
3
Total expenditure
Net expenditure before investment gains
Net gains on investments
8
Net (expenditure) / income and net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2020
£
1,368,788
1,368,788
384,603
4,214,830
4,599,433
(3,230,645)
2,627,756
(602,889)
83,466,588
82,863,699		 2019
£
1,636,220
1,636,220
380,452
3,992,029
4,372,481
(2,736,261)
6,217,355
3,481,094
79,985,494
83,466,588

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

All income and expenditure relates to unrestricted funds.

The notes on pages 17 to 28 form part of these financial statements.

14

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
9
Investments
10
Programme related investment
11
Current assets
Debtors: amounts falling due within one year
12
Cash at bank and in hand
18
Creditors: amounts falling due within one year
13
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than one year
14
Net assets
Funds
Unrestricted funds
16
Total funds		 2020
£
8,277
86,748,488
1,596,757		 2020
£
8,277
86,748,488
1,596,757		 2019
£
11,079
87,514,153
1,500,000
89,025,232
120,291
1,946,021
2,066,312
(4,051,789)
(1,985,477)
87,039,755
(3,573,167)
83,466,588
83,466,588
83,466,588
86,353,522
66,615
960,439
1,027,054
(4,346,505)
(3,319,451)
85,034,071
(2,170,372)
82,863,699
82,863,699
82,863,699
8		 86,353,522
8

The notes on pages 17 to 28 form part of these financial statements.

The financial statements were approved by the trustees on 28 June 2021 and signed on their behalf, by:

................................................ Professor David Latchman CBE MA PhD DSc FRCPath FRSA Chairman

................................................ Martin Paisner CBE MA LLM Trustee

15

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Cash flows from operating activities
Net cash used in operating activities
17
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Increase/(decrease) in cash and cash equivalents in the
year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
18		 2020
£
(5,881,738)
1,368,788
(6,321)
28,982,599
(8,840,622)
21,504,444
15,622,706
9,009,526
24,632,232		 2019
£
(6,794,417)
1,636,220
(3,046)
13,939,428
(8,909,923)
6,662,679
(131,738)
9,141,264
9,009,526

The notes on pages 17 to 28 form part of these financial statements.

16

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies

1.1 Basis of preparation of financial statements

The Foundation is an unincorporated trust. Its principal place of business is Fitzrovia House, 2[nd] Floor, 153-157 Cleveland Street, London W1T 6QW. It constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (SORP (FRS102)) and Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are presented in Sterling (£).

1.2 Going concern

The trustees consider that there are no material uncertainties concerning the Foundation's ability to continue as a going concern. The Foundation’s investment portfolio is diversified to protect the risk to which the Foundation is exposed. At 31 December 2020, the Foundation had net assets of £82.9m (2019: £83.5m) including cash and cash equivalents of £24.6m (2019: £9.0m).

1.3 Income recognition

All income is recognised once the Foundation has entitlement to the income, it is probable that it will be received and the amount can be measured reliably.

Investment income is recognised when receivable and the amount can be measured reliably. This is normally when the investment managers are notified of the interest receivable by the banks or dividends are declared and notification has been received of the dividend due.

1.4 Expenditure

All expenditure is included in the Statement of Financial Activities on an accruals basis. Irrecoverable VAT is allocated to the relevant expenditure as incurred. Liabilities are recognised as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Support costs are those central support functions that are shared across the activities undertaken by the Foundation and include for example, personnel costs, travel, information technology and general office costs. Support costs are wholly incurred in support of the Foundation’s charitable activities. They are allocated evenly between activities in proportion to the direct costs of grant-making.

Governance costs comprise all costs involving the public accountability of the Foundation and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.

17

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1.5 Grants payable

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Foundation.

Grants payable are charged to the Statement of Financial Activities once the Foundation has made an unconditional commitment to pay the grant and this has been communicated to the beneficiary or the grant has been paid, whichever is the earlier.

Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified and the condition attaching to the grant is outside of the control of the Foundation.

Grants payable over more than one year are discounted to present value where the effect of

discounting is considered to be material.

1.6 Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.7 Foreign currencies

The Foundation's functional and presentational currency is sterling. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

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

1.8 Pensions

The Foundation operates a defined contribution pension scheme. The pension charge represents contributions payable by the Foundation to the fund in respect of the year.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

No depreciation is provided on paintings as they are expected to have a high residual value and therefore depreciation is not required in accordance with the SORP (FRS102). The trustees undertake an annual impairment review and charge any diminution in value in the year in which it arises.

1.10 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value.

18

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Listed investments, including shares, bonds and unit trusts, are valued at the closing market price at the balance sheet date.

Investments in funds which have no readily identifiable market value are included at the most recent valuations from the respective fund’s manager or administrator.

Cash or cash equivalents are measured at the cash balance in sterling, using the spot exchange rate at the balance sheet date.

The Statement of Financial Activities includes the net gains and losses arising on revaluation and

disposals throughout the year.

1.11 Programme related investments

Programme related investments are initially recorded at the loan amount advanced and subsequently the carrying amount at the balance sheet date is adjusted to reflect repayments made, any impairments that are required and any foreign exchange movements.

1.12 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.13 Financial instruments

Financial assets and financial liabilities are recognised when the Foundation becomes party to the contractual provisions of the instrument.

(a) Financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially recognised at transaction price including transaction costs and are subsequently carried at amortised cost.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows. The impairment loss is recognised in the Statement of Financial Activities.

Other financial assets, including investments, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Statement of Financial Activities.

(b) Financial liabilities

Basic financial liabilities, which include trade and other creditors, are initially recognised at transaction

price and subsequently measured at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

19

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1.14 Funds

The Foundation was established by an endowment, created by a gift from the late Maurice Wohl, the founder. The funds are unrestricted that is, the trustees are free to use them for any purpose in the furtherance of the Foundation's objects.

1.15 Critical accounting judgements and key sources of estimation uncertainty

In the process of applying its accounting policies, the Foundation is required to make estimates, judgements, and assumptions that it believes are reasonable, based on the information available. These estimates, judgements and assumptions affect the amounts of assets and liabilities at the date of the accounts and the amounts of income and expenditure recognised during the reporting period. Actual results may differ from these estimates.

The estimates, judgements and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and judgements that are considered to have the most significant impact on the accounts are the valuation of unlisted investments – as explained above, the Foundation’s investments include investments in funds which have no readily identifiable market value. These funds are included in the financial statements at the most recent valuations from the respective fund’s manager or administrator.

2. Investment income

Income from listed investments
Income from managed funds and unit trusts
Bank and other interest		 2020
£
899,083
459,090
10,615
1,368,788		 2019
£
1,034,990
528,285
72,945
1,636,220

20

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Expenditure on charitable activities

2020
Medical Advancement
Care and Welfare
Jewish Education
Jewish Community
Pathways to Employment
The Arts
2019
Medical Advancement
Care and Welfare
Jewish Education
Jewish Community
Pathways to Employment
The Arts		 Grant
funding of
activities
(note 4)
Support
costs
Total
2020
Total
2019
£
£
£
£
60,000
8,835
68,835
524,103
1,442,517
212,416
1,654,933
1,797,453
482,500
71,050
553,550
595,456
1,480,926
218,072
1,698,998
55,484
207,900
30,614
238,514
200,045
-
-
-
819,488
3,673,843
540,987
4,214,830
3,992,029
463,673
60,430
524,103
1,590,204
207,249
1,797,453
526,799
68,657
595,456
49,087
6,397
55,484
176,979
23,066
200,045
725,000
94,488
819,488
3,531,742
460,287
3,992,029

Support costs relate to staff, office and administrative costs including professional fees. Support costs include governance costs of £40,336 (2019: £35,650).

4. Grants awarded in the year

2020

2020
Medical Advancement
Care and Welfare
Jewish Community
Jewish Education
Pathways to Employment
The Arts		 New grants
committed
(note 5)
Cancelled
Total
£
£
£
60,000
-
60,000
1,443,096
(579)
1,442,517
1,480,926
-
1,480,926
482,500
-
482,500
207,900
-
207,900
-
-
-
3,674,422
(579)
3,673,843

21

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. Grants awarded in the year (continued)

2019

2019
Medical Advancement
Care and Welfare
Jewish Community
Jewish Education
Pathways to Employment
The Arts		 New grants
committed
(note 5)
Cancelled
Discounting
and foreign
exchange
Total
£
£
£
£
399,000
-
64,673
463,673
1,600,496
(100,000)
89,708
1,590,204
370,000
(350,000)
29,087
49,087
497,000
(50,000)
79,799
526,799
175,000
-
1,979
176,979
725,000
-
-
725,000
3,766,496
(500,000)
265,246
3,531,742

The charge for discounting and foreign exchange shown above primarily reflects the unwinding of the discount on grant commitments made in prior years. Grant commitments at 31 December 2019 and 31 December 2020 are not discounted as the effect of discounting would be immaterial.

5. New grants committed

New grants committed
Medical advancement
British Council
King's College London and King's Health Partners
Discretionary grant
Care and Welfare
Beit Halochem
Bikur Cholim
Ezra U’Marpeh
Jewish Care Homes Consolidated Appeal
Jewish Deaf Association
JFS
Jewish Leadership Council - PaJeS
Jewish Women’s Aid
Langdon Foundation
Maggie's Cancer Caring Centres
Medical Aid Trust
Noa Girls
Norwood
Work Avenue
WST Charity Ltd
Various discretionary grants		 2020
£
-
50,000
10,000
60,000
-
45,000
47,711
333,000
-
63,520
75,000
66,098
100,000
-
21,500
257,720
270,847
25,000
60,000
77,700
1,443,096		 2019
£
385,000
-
14,000
399,000
50,000
150,000
-
-
240,000
-
-
-
-
1,000,000
-
-
-
-
-
160,496
1,600,496

22

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. New grants committed (continued)

Jewish Community
Community Security Trust
Interlink
Jewish Leadership Council
LSJS – Jewish Lives Interrupted research
Reshet
The Jerusalem Foundation
United Synagogue
Various discretionary grants
Jewish Education
Children Ahead
Gesher Special School
Hasmonean MAT
Jewish Leadership Council - PaJeS
Norwood - Heads Up Kids
PJ Library in the UK
Project Seed
UJIA
Youth Aliyah
Various discretionary grants
Pathways to Employment
Darchei Torah
JW3 Gateways
Resource
Work Avenue
Various discretionary grants
The Arts
The National Gallery
The Warburg Institute
Total grants awarded (note 4)		 2020
£
100,000
70,000
-
20,000
50,000
1,207,176
-
33,750
1,480,926
150,000
50,000
20,000
120,000
-
45,000
80,000
-
-
17,500
482,500
100,000
47,900
10,000
50,000
-
207,900
-
-
-
3,674,422		 2019
£
100,000
70,000
50,000
-
50,000
-
100,000
-
370,000
-
-
-
-
277,000
-
-
50,000
50,000
120,000
497,000
45,000
85,000
30,000
-
15,000
175,000
425,000
300,000
725,000
3,766,496

23

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Staff costs

The Foundation shares staff with The Maurice and Vivienne Wohl Philanthropic Foundation. The Foundation’s contribution to those shared costs is as follows:

Wages and salaries
Social security costs
Other pension costs		 2020
2019
£
£
211,822
217,713
22,904
24,884
23,400
24,290
258,126
266,887

The average number of persons employed by both Foundations during the year was as follows:

Administrative
Grant management		 2020
No.
2
2
4		 2019
No.
2
2
4

The number of higher paid employees employed by both Foundations was:

2020 2019
No. No.
In the band £60,000 - £70,000 1 1
In the band £90,001 - £100,000 1 1
In the band £150,001 - £160,000 1 1

The key management personnel of both Foundations comprise the Foundations’ Chief Executive and the Foundations' secretary and correspondent as guided by the trustees. The aggregate remuneration of key management personnel amounted to £323,658 (2019: £323,582). This reflects amounts paid in respect of services to both Foundations. The Foundations made termination payments of £14,550 in the year (2019: £nil).

24

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Net income for the year

This is stated after charging:

2020 2019
£ £
Depreciation of tangible fixed assets 9,123 5,164
Auditor's remuneration (excluding VAT)
Audit services
-
Current year		 15,000 15,000
-
Prior year		 4,833 -
Accountancy services - current year 12,500 14,708
Other services - current year 11,680 -
Operating leases - land and buildings 63,293 56,894

8. Net gains/(losses) on investments

Net gains/(losses) on investments
Net gains on revaluation of fixed asset investments (note 10)
Foreign exchange loss		 2020
£
2019
£
2,768,024
6,331,729
(140,268)
(114,374)
2,627,756
6,217,355

9. Tangible fixed assets

Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Leasehold
improvements
Paintings
Fixtures &
fittings
Computer
equipment
Total
£
£
£
£
£
41,841
2,825
17,092
37,543
99,301
-
-
170
6,151
6,321
41,841
2,825
17,262
43,694
105,622
41,841
-
15,342
31,039
88,222
-
-
384
8,739
9,123
41,841
-
15,726
39,778
97,345
-
2,825
1,536
3,916
8,277
-
2,825
1,750
6,504
11,079

The Foundation's tangible fixed assets are all held for use in its activities.

25

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Fixed asset investments

Market value at 1 January
Additions at cost
Proceeds on disposal
Cash transfers
Net gains
Market value at 31 December
Investments held at year end comprise:
Listed investments
Managed funds and unit trusts
Cash and cash equivalents		 2020
£
87,514,153
8,840,622
(28,982,599)
16,608,288
2,768,024
86,748,488
2020
£
20,761,142
42,315,553
23,671,793
86,748,490		 2019
£
86,136,101
8,909,923
(13,939,428)
75,828
6,331,729
87,514,153
2019
£
29,901,805
50,548,843
7,063,505
87,514,153

11. Programme related investment

Programme related investments comprises a loan of £1,500,000 (2019: £1,500,000) given by the Foundation to Redbourne Property LLP ('the LLP') and a loan of £96,757 ($125,000) given to Jewish Interactive (2019: £nil). The loans are interest free and are regarded as social investments because they have been made to meet the charitable objectives of the Foundation.

The loan to Redbourne Property LLP is repayable within 90 days of notice, although it is not the trustees' intention to give notice within twelve months from the balance sheet date. The LLP owns the building known as the Wohl Enterprise Hub, a shared workspace in North London, that is run by Work Avenue in order to create work and business opportunities that benefit the full spectrum of the Jewish community. The LLP is jointly controlled by the Foundation and Work Avenue. The LLP owns and receives rental income in respect of the Wohl Enterprise Hub. It has no other activity. The value of the Foundation's investment in the LLP is not materially different from the Foundation's original investment of £1,500,000.

The loan to Jewish Interactive is repayable in 12 monthly instalments commencing in August 2021.

12. Debtors

Amounts due from The Maurice and Vivienne Wohl Philanthropic
Foundation
Other debtors
Prepayments		 2020
£
10,553
51,453
4,609
66,615		 2019
£
61,082
54,833
4,376
120,291

26

DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Creditors: Amounts falling due within one year

Accruals
Accruals for grants payable
14.
Creditors: Amounts falling due after more than one year
Accruals for grants payable		 2020
£
117,628
4,228,877
4,346,505
2020
£
2,170,372		 2019
£
84,256
3,967,533
4,051,789
2019
£
3,573,167

15. Operating lease commitments

The Maurice and Vivienne Wohl Philanthropic Foundation shares offices with The Maurice Wohl Charitable Foundation. The Foundations’ best estimate of future minimum payments under operating leases is set out below.

Amounts payable:
Within 1 year
Between 1- 5 years		 2020
£
46,380
104,335
150,715		 2019
£
92,760
301,470
394,230

16. Statement of funds

Unrestricted general funds
2020
2019		 Balance at 1
January
Income Expenditure
Investment
gains
Balance at
31 December
£
£
£
£
£
83,466,588
1,368,788
(4,599,433)
2,627,756
82,863,699
79,985,494
1,636,219
(4,372,480)
6,217,355
83,466,588

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DocuSign Envelope ID: 650379E2-E34E-4A4C-B70D-BDA84692E705

THE MAURICE WOHL CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net (expenditure) / income for the year (as per Statement of
Financial Activities)
Adjustment for:
Depreciation charges
Gains on investments
Dividends, interest and rents from investments
New programme related investments
Decrease / (increase) in debtors
Decrease in creditors
Net cash used in operating activities
Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)
Cash balances held in investments (note 10)
Total		 2020
£
(602,889)
9,123
(2,768,024)
(1,368,788)
(96,757)
53,676
(1,108,079)
(5,881,738)
2020
£
960,439
-
23,671,793
**24,632,232 **		 2019
£
3,481,094
5,164
(6,331,729)
(1,636,220)
-
(27,871)
(2,284,855)
(6,794,417)
2019
£
392,566
1,553,455
7,063,505
9,009,526

18. Analysis of cash and cash equivalents

19. Related party transactions

None of the trustees received any remuneration during either period. Reimbursed travel expenses were not paid to any trustees in the year (2019: one) amounting to £nil (2019: £3,650). Bryan Cave Leighton Paisner LLP, a law firm in which Martin Paisner was a partner, raised charges for professional services and reimbursed expenses in the amount of £9,663 (2019: £18,540) of which £nil (2019: £nil) was outstanding at the year end. In May 2020 Martin Paisner became a partner at law firm Payne Hicks Beach which raised charges for professional services and reimbursed expenses in the amount of £20,685 (2019: £nil) of which £10,062 (2019: £nil) was outstanding at the year end.

In addition, costs for shared services of £199,471 were allocated to The Maurice and Vivienne Wohl Philanthropic Foundation in the year in respect of staff and other overhead costs (2019: £256,837). At 31 December 2020 £10,533 was owed by The Maurice and Vivienne Wohl Philanthropic Foundation (2019: £61,082 owed by The Maurice & Vivienne Wohl Philanthropic Foundation). Amounts owed by The Maurice and Vivienne Wohl Philanthropic Foundation are interest free and repayable on demand.

Some of the charities to which the Foundation gives grants are known to the Foundation as there are trustees in common. Whilst these charities are connected through having a common trustee, they are not controlled by the Foundation and the trustees are mindful of the need to consider any potential conflicts of interest when making decisions as trustees of the Foundation.

20. Control

The Foundation does not have a parent undertaking. In the opinion of the trustees there is no ultimate controlling party.

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