Charity number: 244519 THE MAURICE WOHL CHARITABLE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE MAURICE WOHL CHARITABLE FOUNDATION CONTENTS Page Legal and administrative information Trustees. report 2-10 Independent auditors, report 11-13 Statement of financial activities 14 Balance sheet 15 ststement of cash flows 16 Notes to the financial statements 17-26
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 lan Gainsford DDS FDS RCS Hon FRCS Edin, FKC Daniel l Dover BA (Hons) FCA TEP Chief Executive Officer Kate Goldberg MA Charity registered number 244519 Principal office Payne Hicks Beach LLP Lincoln's Inn 10 New Square London WC2A 3QG Independent auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Bankers Barclays Bank plc 1>17 Gat Portland Street London W1 W 8QA Rothschild Bank International Limited St Julian's Court St Peter Port Guemsey GY13BP Solicitors Payne Hicks Beach LLP Lincoln's Inn 10 New Square London WC2A 3QG Investment advisors Crew¢ial Partners LLC 810 Seventh Avenue, 32nd Floor New Yorf(, NY 10019
THE MAURICE WOHL CHARITABLE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report together with the audtted financial statements of the Maurice Wohl Charitable Foundation (Ihe Foundation.) for the year ended 31 December 2024. 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 goveming document and the provisions of the Statement of Recommended practi (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). A: Histo Ob"ectives and Activities History and objectives The Foundation is a charEtable 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 Iwstees 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 preferen 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. In 2015, the trustees adopted a more strategic mission for some of the Foundation's work in the Jewish community." 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 empowemient., and in Jewish education to act as a catalyst to empower young people to creale a strong, viable Jewish community that makes a contribution to society at large. The twstees believe th8t this latter part of mission can be achieved if young people are offered high qualty education, guidance, opportuniti8s 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.. Care and Welfare Jewish Community Jewish Education Medical Advancement Pathways to Self-sufficiency In addition to the above. as expressed in Mr Wohl's letter of wishes, the Irustees have in the past made grants to the arts and humanities. The Foundation pursues its objects both by way of capital. core and programmatic grants. Wherever practicable and relevant, the trustees seek to ensure that their grants will act as a catalyst to leverage additional supporl and l or they choose to work activety 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 Charty Commission's general guidance on public benefit. Pollcies and procedures for grantrymaking activty The Foundation striv8S to honour the memory of Maurice and Vivienne Wohl z'l through making impactful grants to organisations that fit within its core principles. The Foundation has a clear grant making policy which guides the process. Staff ensure that applications are processed in a rigorous and appropriate manner and that the Foundation supports Organisations that can: clearly articulate their vision. are mission focussed- have strong g0veman. a clear pathway for sustainability., and where appropriate, are able to strengthen and sustain the idei field in which they operate.
THE MAURICE WOHL CHARITABLE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Foundation awards grants after a process of due diligence and engagement with the charity's leadership. Applications a then submitted to trustees for their consideration and decision. During the Gourse 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 objective5_ Beyond funding, foundation staff offer grantees addrtional support to help them achieve their mission. through facilitation of leadership development, budgetary sUPPOrt, convening and partnering with other funders and organisations across the Jewish community and beyond Trustees do not respond to unsolicited requests. Grants will generally be made to registered UK ¢haTlties but may also from time to time be made to third paty organisations if considered the most appropriate vehicle to deliver an agreed charitable purpose, ring-fenced so that the funds representing that grant will be applied for that charitable purpose only. Grants may be made for charitable purposes both in the UK and overseas. B.Ke Achievements 2024 Grant-makin Mr Wohl passed away in 2007, and the Foundation received income of £56.Om, increasing the net asset value of the Foundation at 5 April 2008 to £63.Om. Since then, trustees have committed some £77.5m while maintaining the eapital value of the Foundation's endowment in line with the Reserves Policy. At the beginning of each financial yeartrustees set a target for regular new commitments, based on the valuations of the endowment. At 1 January 2024 Ihis was set as £2.8m (2023: £4.3m),' regular new grants committed in the year were £3.9m (2023". £4.5m) including exceptional grants committed of £1.2m (2023: £1.Sm). Grants paid in this financial year from current and previous commitments totalled £7.1 m {2023'. £6.5m), with no grants being cancelled <2023: £1.6m), leaving a bakqnce of outstanding commitrnents as at 31 December 2024 of £4.1 m (2023.. £7.2m). 2024 Grants and Pa ments 2024 was a very challenging year for the UK Jewish community, with daily concern for the war in the Middle East, family members and friends in Israel. as well as an unprecedented rise of anlisemitism, since the 1930s. across theworld In the UK, after the Hamas-led massacre in Israel on 7 October 2023 and the ensuing war. the Community Security Trust (CST) recorded more antisemitic incidents in 2024 than ever before. The Fotjndation is committed to supporting those organisations that encourage and protect a thriving Jewish communty in the UK. We are grateful to those beyond our community for their unwavering support. wrth this backdrop. the wider Jewish community has once again proven to be resilient and strong, and the Foundation continues to focus on rts strategic mission the sustainability of a strong viable British Jewish community. We continued to focus our attention on children and young people in our Gommunty, wilh over 500/0 oftotal new commitments in the year spanning formal Jewish education, gap year and universty programmes and support. covering mental health needs, employability programmes, and family education.
THE MAURICE WOHL CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Alongside supporting key educational institutions for those requiring additional support, the trustees were pleased to announce the Wohl Jewish Education Trust as a separate restricted trust within the Foundation. The trustees were also pleased to launch a new intensive study programme, The Chief Rabbi's Shalem Fellowship UK. ensuring that outstanding students returning to university in the UK from religious study in Israel have the opportunity to continue their Torah leaming. welfa remains a key focus of our work, and through grants to both Norwood and Jewish Blind and Disabled. we helped ensure that those in need have easy access to robust appropnate support. Similarly, underthe banner of Pathways to Self-sufficiency the Foundation helped ensure that those who are out of work also have access to the relevant support systems, and as importantly, those at school have access to real world work experience and infomiation. Grant hi hts ca and Welfare Total committed grants outstanding at 31 December 2024: £0.7m {2023.' £2.Om) Total new grants committed within the year: £0.8m (2023.. £0.8m) 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. The Foundation enables this by supporting various local community charities that identrfy and support those in need and help alleviate suffering, as well as seeking cross communal solutions. During 2024, trustees approved a grant to Norwood to pilot a new cross community approach - Open Front Door a needs-based advi and triage service. integrated with community organisations, providing information and guidance. signposting and referral where required. for families with neuro diverse and neurodevelopmental disabilities. In addition, trustees approved a new three-year grant to Jewish Blind and Disabled towards supporting people who wish to remain and live independently in their own homes, through an occupational therapist-led service. offering more specialist support and wider access to aids and adaptations of all sizes, with the aim of enabling more people to remain in their own homes and retain their independence. For many years the Foundation has supported Bikur Cholim. In 2024, trustees approved a further twcFyear grant to provide practical and emolional support for those in the ultra-orthodox community challenged by illness or disability. The Foundation continues to recognise the difficulties that many in the community fa, due to the ongoing cost of living crisis, and offers support to smaller organisab'ons seeking to relieve some of the hardship. through financial or material support. Finally, in recognition that care staff are the engine of our welfare organisations. the Foundation continues to support Jewish Care. the largest Jewish communty welfare organisation, to ensure that all members of staff are paid at least the current London Living Wage. Jewish Communit Total commrtted grants outstanding at 31 December 2024: £2.Om (2023: £1.7m) Total new grants committed within the year. £0.2m (2023.. £1.3m)
THE MAURICE WOHL CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees note the critical importance of the work of the CST by again committing to a core grant to support its work to protect the community and promote good relations between British Jews and the rest of Brit5sh society. In addition, clear and relevant data by the community on the community is important and the Foundation continues to support the work of Institute for Jewish Policy Research (JPR), as well as more service-driven organisations. Jewlsh Education Total committed grants outstanding at 31 December 2024: £1.Om (2023: £2.4m) Total new grants committed within the year: £2.6m (2023: £1.7m) We ported last year that after years of intensive work. the Kisharon and Langdon charities fonnally merged in 2023 to ensure thatthose in the communitywith learning difficulties, autism and special needs are well supported across their lifetime in the most efficient manner possible_ In 2024, trustees approved 8 core grant for the newly merged charity to support its new combined role in the community. The trustees are pleased to announce the creation of the Wohl Jewish Education Trust as a separate restricted trust within the Foundation. This Trust will ensure our continued focus on Jewish education and will be administered in a similar manner to the Foundation. The trustees allocated £5 million to the Trust during the year, and the Trust made a grant to JFS to ensure the school continues to thrive, with graduates understanding the importance of, and their responsibilrty for, the Jewish communty. In addition, The Foundation launched an initiative. The Chief Rabbi's Shalem Fellowship UK, in partnership with Yeshiva University, for outstanding scholars retuming to the UK from religious study in Israel. The Shalem FelI0vh1P is building cohorts ofyoung men and women, offering them the opportunity to continue their intensive Torah study in addition to full-time universty degrees. The trustees also approved a grant towards the UJIA gap year scholarship programme, ensuring support for, and investing in, outstanding youth leaders from the UK who have chosen a gap year in Israel. Finally, we reported last year on three new educational facilities in the community for those that could not attend mainstream schools.. Gesher School, an Ofsted rated 'outstanding' school working with 5-16 year olds with mild to moderate special needs,. Side by Side. a community school based in Stamford Hill for children aged 2-19 with moderate to severe special education needs,. and Gateways, an alternative education provision for 14-25 year olds who are struggling to remain in. or have struggled with, mainstreaTn education, providing them with bespoke educational support, life skills and vccational training. We are delighted to report that each is thriving. Pathwa to Self4ufficienc Total committed grants outstanding at 31 December 2024: £0.05m (2023.. £0.3m} Total new grants committed within the year.. £0.1 m (2023: £1.8m) Total grants cancelled within the year= £nil (2023= £1.6m) The Foundation made a further commitment to Work Avenue, supporting their social enterprise WAGE, which creates employment and grows businesses by training a workforce to support small businesses in key areas such as website design, social media, finan and administralion so Ihey too can grow and develop, and ensures paid work that is critical for both income and experience. Last year we reported that on the back of a successful pilot programme in 2022 and 2023 the trustees continued their commitment to ORT UK for its JUMP programme, helping young people explore different careers and gain awareness of the skills required by their future employers, preparing them for the workplace. Trustees are delighted that this programme continues to grow.
THE MAURICE WOHL CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Medical Advancement Total committed grants outstanding at 31 December 2024: £0.4m (2023: £0.4m) Total new grants commttted within the year: £0.2m (2023: £0.4ml The Foundation made a commitment to Jnetics, in honour of Wwienne Wohl, to support the NHS pilot test programme for BRCA gene mutations for those over 18 with one Jewish grandparent. This allows Jnetics to drive the communty engagement campaign and ensure participants are supported throughout their BRCA journey. Arts and Humanities Total committed grant5 Outstanding at 31 December 2024: £0.01m {2023: £0.4m) Total new grants committed within the year: £0.1m (2023: £0.01m) Over recent years the Foundation has supported a small number of capital transfomiation and renovation projects in arts and humanities. The trustees were delighted that renovations have been completed at the Wart)urg Instrtute. including the Wohl Reading Room and this is now open for the public, as well as the Wohl Gallery at the British Academy, one of the three new event spaces that focuses on expanding public access to the building and allows for fresh public engagement. C. Structure overnance and mana ement Organlsatlonal structurn and dacision-making The trustees Meet up to four times a year and agree the broad mission statement as well as areas of activty for the Foundation including grant-making, investment performance and reserves, as guided by the chief executive. Trustees review governance of the charity on a rolling basis, including updated policies and a full risk register. Trustees refer to the Charity Governance Code. sign a 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.. The Finance, Audit and Risk Committee, which meets up to four times a year and has oversight of the audit process of the financial ststements. The Investment Committee, which meets up to four times a year and reviews matters of investments and asset allocation, receiving advice from their Investment Advisors and making appropriate recommendations to the trustees for their approval, including recommendations on reserves. The Discretionary Grants Committee. which meets up to four times a year, and reviews and recommends grants of up to £20,000. The HR & Remuneration Committee, which meets annually and determines the remuneration of the Foundation's key management personnel by reviewing annual appraisals for each member of staff and taking into account performance. budgetary environment and benchmarking. At least two trustees sit on each sub-committee. In addition. there were C¢>OPted members ofthe Investment Committee and one COpted member of the Finance Audrt and Risk Committee during the year. The Foundation is a member the Association of Charitable Foundations (ACF). The ACF provides helpful infomation on good practice, changes in the law affecting charities and acts as an authoritative lobby on behalf of charitable foundations with govemment and regulators.
THE MAURICE WOHL CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Appolntment or election of trustees The power to appoint new trustees rests collectively with the current trust8es, all of whom were appointed by Maurice Wohl. Recruitment of further trustees woukl take into account the board'5 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 yearfs financial statements, the trust deed, and all governance policies. Any new trustee will undergo safeguarding training and will be expected to sign a Code of Good Practice and an annual Declaration of Conflicts of Interesl. An induction pack will include a copy of the Charity Commission guidance 'Charity trustee.. whavs involved Charrties and Public Benefft. and the "Charty Governance Code for large charities.. 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. Audit Saffery LLP has expressed its willingness to continue as auditor. 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 refiecting impact and likelihood. Trustees are satisfied that robust internal controls are in place to mitigate exposure to the major risks. The principal risks have been identified as.. A lack of protection of the capit81 of the Foundation due to poor investment performance.. mitigated by relaining expert investment advisors and managers. investments managed on a total return basis and holding a diversified portfolio., A cyber breach or failure of the disaster recovery plan: mitigated by working with an IT support provider to ensure robust systems for disaster recovery and IT backup, cyber security enhancements and Cloud- based software used for grant management and accounting systems, as well as annual external review; Reputational damage through grantee charities suffering losses or regulatory breaches: mitigated by robust and proportionate due diligen carried out prior to trustee approval of grants and throughoutthe period of a grant by monitoring and evaluating progress and carrying out further due diligence rf necessary. Grantees also report on safeguarding policies, procedures and serious incidents at application stage and during a grant period- Loss of key staff.. mitigated by succession planning and knowledge of roles and responsibilities across the staff. Conflict of interest Subject to note 18 in the financial section, all trustees give their time freely and no trustee remuneration was paid in the year. At a board meeting in November 2024 the trustees approved an updated Conflict of Interest Policy. Trustees and staff are required to disclose all relevant interests and withdraw from discussion where a conflict arises. The trustees also confirm that there is an appropriate and approved anti-bribery policy in pisce and a copy of this policy is sent to each new grantee.
THE MAURICE WOHL CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Safeguardlng The Foundation's safeguarding policy is reviewed annually with the latest policy adopted by trustees in November 2024. 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 Gharities 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 identrfied 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. Furthemiore, the Foundation seeks to ascertain that its grantee charities have clear procedures for reporting concerns. Trustees. indemnities The Foundation confirms trustee indemnity insurance is in place. D. Income eneratlon and Investments Incotne generation Investrnents 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 did not receive any complaints in relation to fundraising in the year. Sufficient liquidity is maintained wrthin the portfolio to meet all grant commitments as well as all other outgoings. Investment policy The Investment Committee seeks advi from its appointed Investment Advisors and makes recommendations to trustees. The Investment Advisors also undertake an ongoing review of all fund man8gers 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 quarterly reports from the Investment Advisors and meets wf(h them at least three times a year at Investment Committee meetings. The investment objectives of the Foundation are to maintain the real purchasing power of the expendable endowment after inflation in perpetuity whilst generating a consistent and sustainable return to assist in funding annual grant-making and other expenditure within an acceptable level of risk. However, as expendable endowment funds. Trustees have the flexibility to spend in excess of investment returns. The formal long-term annual retum target is the UK Consumer Price Index plus 4DA. Over shorter time frames. the primary benchmark is the 60 /0 MSCI ACW1140 % Bloomberg Aggregate. Following the appointment of Crewcial Partners LLC on 1 April 2022, a significant portfolio restructure has taken place during 2023 and 2024. The total return on investments for the year for the portfolio holdings, after fees, was a positive perfomiance of 8.2 % (2023: 5.60h) against the short-term benchmark of 12.80h (2023: 8.90/0 . Performance is expected to meet benchmark in 2025 following the portfolio restructure.
THE MAURICE WOHL CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 E. Financial revlew Reserves pollcy and assassment of golng concern The trustees regard the capital of the Foundation as a Eong-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 retum that is sufFicient to meet the costs of the Foundation's charitable expenditur8 and operations. The capital value of th8 8ndowment to be maintsined is defined as the value of the original gift plus UK Consumer Price Index less significant one-off grants of £1.5m and above less emergency grants and the 50th anniversary grants awarded. This value is monitored intemally on an annual basis. At 31 December 2024 the Foundation had total reserves of £75.3m (2023.. £73.3ml, all of which is unrestricted other than £3.8m (2023.. £nil). The trustees are satisfEd, given this level of reseNes, 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. Review of the y8ar The financial statements set out on pages 14 to 26 summarise the transactions of the Foundation for the year ended 31 December 2024. Gross income for the year was £1.1m {2023: £1.3m). Investment Management fees of £0.8m (2023: £0.5m) were incurred in the year, and expenditur8 on charitable activities totalled £4.5m (2023.. £4.9m). There were net investment gains during the year of £6.2m (2023: £3.3m). Total funds increased by £2.Om in the year to £75.3m {2023: £73.3m). Future developments The FoundatÉon will continue to engage, fund and work with beneficiary charrties that fulfil the Foundation's key mission as set out in the founderfs memorandum of wishes and the further refined strategic mission. The Foundation continues to seek to fund projects that will enhan the sustainability of community organisations and the community at large. Trust•es' res nsibilltles statement The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and Uni(ed Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare fin8ncial statements for each financtal year which give a true and fair view of the st8te of affairs of the Foundation and of the incoming resources and application of resources of the Foundation forthat period. In preparing these financial ststements, the trustees are required to.. select suitable accounting poltcies and then apply them consistently,. observe Ihe methods and principles in the Charities SORP. make judgments and accounting estimat8S that are reasonable and prudent., state whether applicable Uni(ed Kingdom Accounting Standards have been followed. subject to any material departures disclos8d and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.
THE MAURICE WOHL CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 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 prep8ration and dissemination of financial statements may differ from legislation in other jurisdictions. This report was approved by the trustees. on 2 July 2025 and signed on their behalf by= rofessor CBE MA Chairnian Martin Paisner CBE MA LLM Trustee D Dsc FRCPath FRSA 10
THE MAURICE WOHL CHARITABLE FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Opinion We have audited the financial statements of The Maurice Wohl Charitable Foundation for the year ended 31 December 2024 which comprise the Stat8ment of Financial Activtrties, 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 Ir81and (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view oflhe state ofthe charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pra¢ti¢e', and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditoff s responsibilities for the audit of the financial statements section of our report. We are independenl 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 uncert8inties relating to events or conditions that, individually or collectively. may cast signrficant 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 responsibilitvas of the trust8es with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infomiation. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitty stated in our report, we do not express any fomi 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 olherwise 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 misstslement in the financial statements themselves. If, based on the work we have perfonred, 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. 11
THE MAURICE WOHL CHARITABLE FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Matters on whlch we are requlred 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 rf. in our opinion: the infomation given in the Trustees, Annual Report is inconsistent in any material respect with the financial statements,. or the charity has not kept sufficient accounting records; or the fi'nancial statements are not in agreement with the accounting records and returns" or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement set out on pages 9 to 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 detemine 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 concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no alistic alternative but to do so. Auditors, responsibilities for the audit of the financlal 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 audilors, 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 delect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial 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 respecl of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregulartties, 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 and infomied management, 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 informed management and updating our understanding of the seclor 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. 12
THE MAURICE WOHL CHARITABLE FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 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 charty's records of breaches of laws and regulations. minutes of meetings and correspondence with relevant authorities to identrfy potential material misstatements arising. We discussed the charity's policies and prdureS 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 invohie non-complian 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. suspeded 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 nomial 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 refiected 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.. vMw.frc.or .ukJauditorsres onsibililies. This deseription forms part of our auditor's report. Use of our report This port is made solety to the charty's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit wwork 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 pennitted by law, we do not accept or assume responsibilty 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 LLP statutory Auditors 71 Queen Victoria Street London, EC4V 4BE Date.. 10 145 2(xs Saffery LLP is eligible to act as an audrtor in terms of section 1212 of the Companies Act 2006. 13
THE MAURICE WOHL CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Unfy5tC¢¢d 2024 Restricted 2024 Totsl 2023 Incomo Irom.. Investmtsnt incoma 1.117.099 1,117,(J99 1.317.924 Total Income 1.117,099 1.117.099 1,317,924 Exp•nthturè on: Raising funds.. Investment management 832.275 832,275 490,520 Charftable actlvltles 3,282,310 1.250,000 4,S32.310 4,862,148 Totsf eXPertture 4,114.585 1,250,000 6,384.585 5,352,668 Net eXpendIre before Investment Ilossgsllgaln8 Net galnslllossè51 on investmènts 12,997,486) 6,211,208 11,250,000) 14247.4861 6,211,206 14.D34.7441 3,270,890 Net Incom• l1gxp9ndlrol 3,213,720 11,250,000) 1.963.720 (7e3.6541 Transfers betvtsen fund$ Net mov•mont In funds 13 15,000,000) 1.7B6,280 s.ooo,ooo 3,750,ODO 1,963,720 1763.8S41 Rewndllatlon of funds: Total funds trmught forward 73,300.788 73.300.788 74,064.640 Totsl funds ¢arrled fornard 13 71.614,606 3.750,000 7S.284,608 73.300,786 The Statement of Fin8nci41 Actwthes include8 all gains and loe3 rewgnised in the year. All incorne and expenditure relates to wrttinuing a¢livthe¥. The notes on pages 17 10 26 lom part ofthese fiorial statements. 14
THE MAURICE WOHL CHARITABLE FOUNOATION BALANCE SHEET ASAT 31 DECEMBER 2024 Notè 2024 2023 Flxèd a888ts Tangible assets Inveslrnents Programme related investments 3.737 75,623,763 5.180 78,442,807 89.151 78.537,144 75,627,500 Cvrrnnt assets Debtors Cash at bank and in hand 10 17 152.535 3.701,596 3.854,131 387.018 1.692,839 2.079,857 Creditorn.. amounts falling due vthhin one year 11 3,505,460) {4.878,515) Net currant a88ots I Illabllltlesl 348.671 2,798.658 Totsl assets les$ ¢Ufront Ilabllltles 75,978,171 75,738,486 Creditorn.. amounts falling due in more than one year 12 11.665 {2,437,700 75.264,506 73.300,786 Fund$ Restricted Unrestricted and endoMment fijnds 13 13 3,750,000 71,514,506 73,300.786 Total funds 75,264,506 73,300,786 The notes ors pages 17 to 2S form part of these financial stalemenls. The finanryal ststements were approved by the Iru5tees on 2 Juty 2025 and signed on their behalf by.. ofessor Dav chman CBE MA PhD DSC FRCPath FRSA Chaimian n P8isner CBE MA LL Trustee 15
THE MAURICE WOHL CHARITABLE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operating activiti08 Net cash used In operating activities 16 (8,228,015) (5,995,188) Cash flows from investlng actlvltles: Dividends, interest and rents from investments Purchase of tangible fixed ass@ts Procéeds from sale oftangible fixed assets Proceeds from sale of investments Repayment of charitable loan Purchase of investments 1,117,099 (3,737) 3,906 35.989,580 89,157 (27,989,454) (12,060,081) 1,317,924 25,509,457 Net cash provided by investing a¢tlvltle8 9,206,551 14.767.300 Increase l (decrease) In cash and cash equivalents in the year 978,536 8.772,112 Cash and cash equivalènts brought forward 17 16,853,110 8.080,998 Cash and cash aqulvalonts carried forward 17 17,831,647 16,853,110 The notes on pages 17 to 26 form part of these financial slalements. 16
THE MAURICE WOHL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Basis of preparatlon of flnanclal ststements The Foundation is an unincorporated twst. It constttutes a public benefrt entty as defined by FRS 102. Its registered address is Payne Hicks Beach LLP, Lincoln's Inn, 10 New Square, London WC2A 3QG. The financial statements have been prepared under the historical cost convention with items reGognised 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 8nd Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) ISORP (FRS102)) and Charities Act 2011. The financial statements have been prepared to give a Yrue and fai view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a Iwe 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 Ir8land (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 Pounds Sterling, the Foundation's functional currency. 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 2024, the Foundation had net assets of £75.3m {2023: £73.3m) including cash and cash equivalents of £17.8m (2023.. £16.9m). 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 nonnally 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 S¢Xtn 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 allocated between charitable activities and raising funds based on staff time. Govemance 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
THE MAURICE WOHL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1.5 Grants payabl• 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 perfomiance conditions are onty accrued when the recipient has been notified and the condition attaching to the grant is outside of the control of the Foundation. 1.6 Operating leases Rentals under operating leases are charged to the Slatement of Financial Activities on a straight line basis over the lease term. 1.7 Foreign currencies The Foundation's functional and presentational currency is pounds sterling. Monetary assets and liabilrties 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 contributes to a number of defined contribution pension schemes. The pension charge represents contribuiions payable by the Foundation to the funds in respect of the year. 1.9 Tangible fixed assets and depreciation Tangible fixed assets are carried at wst, net of depreciation and any provision for impaim)ent. 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: Leasehold improvements Paintings Fixtures & frttings Computer equipment 100/0 Straight line (period of lease) NIL 20 % reducing balance 20% straight line 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. 18
THE MAURICE WOHL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1.10 Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value. 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 taking account of any capital calls or recallable distributions made up until the year end. 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 subsequentty the carrying amount at the balance sheet date is adjusted to reflect repayments made, any impaimients that are required and any fofeign exchange movements. 1.12 Cash at Bank and In hand Cash at bank and in hand includes cash and short tem highly liquid inv8Stments with a maturty of three months or less from the date of acquisition or opening of the deposit or similar account. 1.13 Financlal 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 subsequentty 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 Ihe present value of the estimated cash flows. The impaimient loss is recognised in the Statement of Financial Activities. other financial assels. including investments, are initially measured at fair value, which is nonnally 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. Ibl Flnanclal liabilities Basic financial liabilities, which include trade and other creditors, are initialty 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
THE MAURICE WOHL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1.14 Funds The Trustees are able to expend both the income fund and the expendable endowment fund in managing the charity. The income fund is not separately disclosed as the movements on it are considered ta be immaterial. TheTrustees are free to use the funds for any purpose in the furtherance of the Foundation's objects. During the year, the Trustees created The Wohl Jewish Education Trust ('WJEf'). a special trust of MWCF. The objects of WJET are to advan education by the provision ofsupportto orforthe benefit of the charitable activities of schools operated in accordance with Orthodox Jewish practice, and therefore as the objects of WJET are narrower than those of the Foundation these funds are classed as restrict6d. 1.15 Crltlcal accounting judgernents and key sources of estimation uncertainty In the process of applying rts accounting policies, the Foundation is required to make estimates, judgements, and assumptions that it believes 8re reasonable, based on the infomiation 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 expenditu recognised during the reporting period. Actual results may dtfrer 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 al the most recent valuations from the respective fund's manager or administrator. 20
THE MAURICE WOHL ¢HARITA8LE FOUNDAIION NOTES TO THE FIPiANCIAL STATEPAENTS FOR THE YEAR ENDED 31 DÉCEMBER 2024 2 InvoJtmont Inwm 2024 2023 knwme from invesknents Bk other interest 478,276 638.823 1,OB7,252 230,672 1,117.099 1,317,924 3 Expndlture on charltable actlvth•s 2024 Grantfunding &t ctiviti* (note41 Direct expendlture Support costs (note 3a) T¢Xal are arKI Weware jE5h cmUnIty Education Medical Advancemenl Pthwdysto SeW-Suffuency 809,griJ 160.(MX) 2.588.350 108.318 21.399 346.173 26,749 13.374 14,979 918.218 181.399 2.934.523 226.749 113.374 126.979 31,8 100.C 112,(KXJ N8w In1¥ (dlIy4)dedl 31.058 3.970.250 31,06B $30.992 4.532.310 2023 Gfantfvnding of livttles Supwt Care and WeNare Jewish Communty Education ediraIAdv8r0rn8nt Palhwayslo SÈif-SumclÉncy The Awts New Initialbves 790,600 1.348,454 1.889.lJ)) 400.000 197223 io.oco 49,136 49.464 840.C64 1,432,820 1.794.672 425.026 306.730 10.625 52.210 105.672 25,026 109.S07 626 3.074 4,484.413 377.735 4 862.148 al Supw)rt telate to stair, office and adrninlBif8ti¥è C¥)5t8, snd aTe4lbcated to ChaD1abl2ActMe$ Inveslment ManagE[nrt on the b8sL8 duse. Tho main categDDesof support o)sts are.. 2024 2023 Staff 8nd oJtsoJr£ed o)sts 288.Q61 47,732 240,601 6,924 58.829 29.72f 13,226 Promis88 GernanCe 16,978 ?54,284 13,822 Cutrsncy I Igau161 Olher 28,434 602 275 orthelotal $upport costs, £71.28312023". £nil) k4 a11(dI0 RwsiTrJ Fund$ (investh)& MarementI £530,99212023.. £377.73511$ albGated tD Chariiabk Activthes. 21
THE MAURICE K)HL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 31 DECEMBER 2024 4 Nowgrants awarded al Nwirants awaril¢d from Unr88tr1ctsd •Jnds 2024 2023 Caro and VlolfaTO A¢l)einu Can¢erSupport B5kurChollm Chabad israem Centre J6wih Blind & Dl$ab18d Nightlng8 NOAGir 40,OCrf) 2O),OCQ 15.0 225.0(KS 87,WO 200,000 260,eQO WoLwJstc£k Skndalr Tojst Youlh Afy VaThws small and dwet%)naryurant$ l< £15,CWeachl 218.(QO 50,WO 38,(Y)O 809,9CQ 791.CQO Jowlsh Comrnunlty Community Se¢urNy Twst InitIa S£t Jawlsh C8r8 Sa5sov Bels HamedTr5h The Golders (knn Beth Hamedrash Congregatbn The Jerusalem Fwndation The Jerusalem Grèat Synagoyue VarSous $ma4 and dlscretknnary grants l< £1S,CI)D each) ILK).000 150.0 109.( 34,CQO 180,(X)O f4J,000 815,riJo 15,CbJO 25.000 160.0Th) 1.348,000 Educatlon Britssh CounrAI Chlnuch UK Gateways 285.350 30,000 7(Q,QOO 22.000 f,000 50.000 350.(M)O 20,000 Hasmonean Mutti Ac4dernyTw$l 20, JLGB Klsh() Langdc Lknmud NOTh0 oiri¢o of Tha Chi8f Rabb Our K(ds Flrst PaJeS Shla by Sthool Ltd The Foundation Heri¢e UJ VarftyJ8 small and dlscrellonary grants1<£15,tYJO each) 78. 2B,WO 440.000 18,500 25,Q)O 750,0 20,000 65.000 58.000 1.338.350 1.689.000 Modlcal Advanc&mant Hatzola Northwest JnetK5 4co,r¥Jo 200,OC 200,OC(S 4CD,LhJO Pathways to Sell&ufflClCy ORT UK Work Avenue Work Aue 1RbJme loan eon¥ersionl C8ncell8d grants 200,(h 50.000 1.5(X).fx)o 11,553,0001 loo,0 100.000 197.wo Tho An8 The Brltish Academy VarirMs srnal and dwetYJnary grats l< £15.ODJ each) 1(0,000 12,DJO 10,OC¥) 112,000 10.000 Totsl grants awarded from Unrostrtct8d fund5 2.720.260 4.436,000 bl Ngw fwm R*sth¢t¢d funds". Educallon 1.250,ODO Totsl grants aYArded1see Not¥3) 3.970.250 4N36,000
THE MAVRICE WOHL CHARITABLE FOUNDA710N N¢ThS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 S Staff M$ts Staff w5ts as fellows.. 2024 2023 e8 safaries $al secunty costs other peft$ioft costs 191.826 1B,6es 21.3 232,024 174.237 17,579 18,927 210,743 The avera08 number of persons employed bythe FwNlation durhw the ye8r was as follU.. 2024 No. 2023 Admlnlslra Grant management The fultne equivtht number of pers£& amployad bythe FrlaOn durfng the Jwrwa5 0sfoll¢Ms'. Admlnistrfve (kn managwnenl The Nmber of hlgh¥ paid employ888 wBs'. In tha band £70.WO- £80.000 In tho band £g),OUO- £100,000 The key mana98ment personnel of th6 Foundallons ¢Lynpse the Chief Executwe as guldÉd bylhe tru5tee5. The aggr8gate remuneralion of key management personne1 amounted to £123,874120rJ.' £95.0321. siaff C4)sts and FTE e¢wbvalent Slatt numbers h8ve been apportioned behveen The Maurice Wohl Charflabk Foundalknn and The Maurice and V1¥ineW0hl PhilwrthropK Feundatlon where Staff 61e ampwd joinity bylhe bjjo charities. 8 Net in¢om8 Thls L8 Stated after(haIng11Cr8dlIlngl'. 2024 2023 Depreciation Auditoes remun8ration'. Audh serV88- currentyoar Attounlancy Jetvices- current year Qperatlng le85es- land8nd bulldlngs 1,178 1,472 24.354 21,855 133 46,380 11,595 7 Tanolblellxed assets LeaSed improvemen18 Fi¥tures & fFttiny8 Compvler ulpment Pwntings T¢)tsl Cost At f jam2024 A&JOn$ 41.841 2,825 17.262 49.582 3,737 42,236) 11.083 111,510 3.737 189,359 26.888 41.8411 2,e25 2,7 14.805 A131 Decemtr 2024 Depr8cl8don At 1 Jwu8ry2024 Disposa18 Charge forthe year At 31 December 2024 41,841 141.8411 17.262 12,45 47.227 141.059) 1.178 7.346 106.330 185.3571 1,17 22.151 14,805 Net bookvaluo At 31 December2024 3,737 3,737 At 31 0ecernr 2023 2.825 5.180 The FouAd8t1on'$18ngi¢ AS8ets8r8 hdd for ¥se n it5 activNles. 23
THE MAURICE WOHL CfriARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DÉCEM8ER 2024
8 Flxad as&ai Investments
2024
2023
Mkel value at 1 January
Addttions al cost
pdS tjn disp05NI at morket vahje
ash transfars
Nat galn81llos8esl on knvestmen18
78,442,807
27.989.454
135.989.5801
11,030,124)
6,211,206
80,151.695
12,060,081
125,509.4571
8,258,374
3,482,114
Marketvalue at 31 DecemLer
75,$23.763
78.442,807
2024
2023
Inv¢stm¢nts ar¢ $pllt 04rt os follrms..
Ll8t6d thve8bnen15
Private Equtyfund5
Mgnayed (und5 anis unft trusts
Cssh balances hekl In inve9tmenis
10.256.121
2.800.325
48,437.266
14.130.051
38.137.911
1,776,666
23,368.055
15.180.175
75,623.763
78,442.807
? Progr•mm• rolat•d inv8Stm8nts
ProgTrmme rel4 investrntS relate tD interefree fo of $115,(IJOoiven kn Jewish Inlerarlive12023.. $115.0001. This is regE&d8d as
a wJGial be$9 itwas made lo meet Ihe tarilablg obioGtsves of Ihg F
THE MAVRKE WOHL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YeAR ENDED 31 DECEMBER 2024 13 Fund8 ThÈ Foundauon w85 created by a gfft from the late Mauite Wohl. the foundef. The tnjstees r8gard Ihe Capllal ollho Foundation a5 a Iwg. temi. albett &XFendablv, endovrnenl. The tfUStÈès ¥eft0 usethe fund5fL8ny pJrp05e in theTIhce ollhe Found8tlDll'S obiscts. The bKome lund is nDt 58paratety dscSed as the movenwnts on ilate Gonswjered lo be itnmaterk4l During the year, theTNstEe$ ueated The WDhlJewi5h Educatlcm Trust I'WJEf). a Épedal Injst of MWCF. The objects of WJET are to educatiDn by the provlsEcfi ofsupport ID Dtferthe be af the Charttae actwffcps of schools eperaled In accordance vJTrlh Orthodox Jewish praLkÈ. and therefore a5the objects of WJEf those of the FOundatn these fund6 are classed a5 rastsicted. The fwstÈes allocated ES million to WJEfduring the >ear. This18 shown as a Imsfer in the note w. Movements In fijnds during th8 y•ar were a$ foll.. 2024 2024 2024 2023 Unrestrfded 8nd endom•)t Unrestrfcted an Total Total enth7)ent Restriced Op)ing bnce Income Expendhthre Net galns I11055e51 n.300.786 1.117.099 14,114.5851 6,211,206 15,Cno.Cl 73,300,786 1,117,099 11,250,000) 15,364,585) 6,211,206 74,C64,640 1,317,924 15.352.688) 3,270.890 5,000.000 71,514,SC6 3,750.000 75 264,508 73,300,786 f4 Analy$19 of nat as¥ets IJ•trMen fundg Fund baan(x8 at 31 December are represartsd by. 2024 2024 2024 2023 Llnreslrided and 8ndornl Unteslthted and Total Total enr*)wment Restrtctad Fixed assets Cutrenl 8s8ets urrenl liabllities N-CUrrent N8bllrt 71177.5(] 3,654.131 11505,4801 1711.6651 3,750.000 75.627,50) 3,854,131 13,505.WI 1711.6651 78,537.144 2.079,857 14,8T8.5151 12.437.700) 7t 514.5 3 750 000 75,264,5C6 15 ¢ommiim&nts 31 DeGer 2024 the Found8tion had outstandlno ¢opital eommkn8nts of £2.459.673 kn relallon lo it5 inv¢stm8nts12023'. £1,220,248). 2024 2023 Fubjfe minimum paym8nts under nOrntbopaYatin9 leases are payable 88lolkwth" Wrth 1 Bèen 1 . 5 years 23,190 16 R8conclllatlon of net movemant In funds ts nèt ¢a8h fl(ywlrom Qpvrnlrng ac11•$ 2024 2023 Net lexpenditureylrKome forthè yéar la8 per Staterrwrt of FlnaTrck81 Aclwitie61 1.963.720 1763,8541 AdJuslment lor. Depre¢1on charges LO$$981n5) on inYe8Thentg Dfvidends. interest and rents tr¢m in¥6Stm8nts F¥OgrMe ted investments Ilncrea88llDvAeasB in d8bt¢r8 Decre¥sÉ in tredttoTS 1,178 16.211.208) 11.117,0991 1.472 13,482,114) 11,317,924) 1.5DJ,000 72,086 12.004.854) 234.482 13,099,090) Netcash used in operatlng actlI4e5 8.228,015 5.995.188
ThE MAURICE VIOHL CHARITABLE FOUNDATI NOTÈS TO THE FINANCIAL STATEMENTS FOR THE YR 8NDED 31 DECEMBER 2024 17 Analysvts of cash and cash equlvalents 2024 2023 Cash 81 bank and in hand Cash bakynces hetd in inve5tment515EB Nole 81 3.701.596 14.130.051 1,691839 15.160.175 17,831,648 16.853.014 18 R•l•t•d partytran$•etionS Relmbufsed travel expenses were paKI10 Ihree12023.. three) tw$tees inthe ye8r4m¢unllno to £10,09412023.' £3,735). Pa Htks Bexh, alowfm in which Martin Palsner was a ptner, ralsed tw$ for pmfes$l(al seN¢es and rÈlmbursed expense$ in the amcunt cl £22.27212023.' £21,034) ofwhth £4.49512023". £6.WOI was (yjtstandlng atthe yearend. ldttlon, costs for shart services of£306,258120fJ.. E271.1071 were alotated toThe Maudce and VwRhne Wohl Phipanthrop FodtIOn in the year ID le5PEd of and othE¥ Dkne cu5t5. At 31 0mber2024. £77.93412023.. £275.1021 ijwed by The Maurice WiYi&nn& Wohl PhilanthrDPiG Foundalton. Amounts oNd by Thè MJrice & W¢hl PhiLthrOP Foundation we irrteve repayable on dern8nd. Scme of the charrtles to Ythlch th8 FoUndatn glv88 wanis are knr**n the Foundatknn a8 Ih8r8 ara trustees In common. WhiJs1 Ihesè thaiities are connected through having a comrnon Inlee, they are not C<trold by the Foundation and Ihe trustees are mlndful of Ihe need to CCn51der any potential conffKt5 of interest making deckBklTr¥ as fru5tee¥ of the Foundation. 19 Control The Fcundalion dees not have a parent undertaking. In the ¢)pinion of thotlU5teesthere k5 no uttimate rthrd&ng PAty- 26