## **THE EXILARCH'S FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

**Charity No: 275919** 



**THE EXILARCH'S FOUNDATION CHARITY INFORMATION** 

|**Trustees**|D.A. Dangoor CBE (Exilarch)|
|---|---|
||M.J. Dangoor|
||R.D. Dangoor|
||E.B. Dangoor|
|**Registered Charity Number**|275919|
|**Address**|4 Carlos Place|
||Mayfair|
||London|
||W1K 3AW|
|**Auditors**|Wilson Wright LLP|
||Thavies Inn House|
||3-4 Holborn Circus|
||London  EC1N 2HA|
|**Bankers**|Barclays Bank plc|
||1 Churchill Place|
||London E14 5HP|
||National Westminster Bank plc|
||Kensington Royal Gardens Branch|
||55 Kensington High Street|
||London|
||W8 5ZG|
|**Solicitors**|Gordon Dadds LLP|
||6 Agar Street|
||London|
||WC2N 4HN|
||Farrer & Co LLP|
||66 Lincolns Inn Fields|
||London|
||WC2A 3LH|





**THE EXILARCH'S FOUNDATION CONTENTS** 

||**Pages**|
|---|---|
|Report of the Trustees|**1-5**|
|Report of the Independent Auditors|**6-9**|
|Statement of Financial Activities|**10**|
|Statement of Financial Position|**11**|
|Statement of Cashflows|**12**|
|Notes to the Accounts|**13-22**|





**THE EXILARCH'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** 

The trustees present their report and accounts for the year ended 31 December 2020.  The accounts 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 United Kingdom and Republic of Ireland (FRS 102) issued October 2019 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. 

The accounts 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

## **Reference and administrative information** 

The Charity was established by a Trust Deed dated 2 April 1978.  Its registered charity number is 275919 and its principal office is at 4 Carlos Place, London W1K 3AW, 

## **Aims** 

The charity is established to carry out all charitable objects, in any part of the world, within the legal meaning of the term, at the absolute discretion of the trustees.  The trustees are constantly considering potential new charitable opportunities. 

## **Governance and management** 

The Charity is governed by its Trust Deed dated 2 April 1978. 

The power of appointment of new or additional trustees and the choice of successor is vested exclusively in the Exilarch, D.A. Dangoor CBE.  No formal policies have been adopted for the induction and training of trustees. 

The trustees during the year and at the date of this report were as follows:- 

D.A. Dangoor CBE (Exilarch) 

M.J. Dangoor 

R.D. Dangoor 

E.B. Dangoor 

The trustees are legally responsible for the overall management and control of the charity and meet regularly throughout the year. 

The investment committee (consisting of D.A. Dangoor CBE and M.J. Dangoor) reviews the charity's investments and investment policies, taking professional advice where appropriate. 

## **Public Benefit** 

The Charities Act 2011 requires all charities to meet the legal requirement that its aims are for the public benefit.  The Charity Commission in its Charities and Public Benefit guidance states that there are two key principles to be met in order to show that an organisation’s aims are for the public benefit:  firstly, there must be an identifiable benefit or benefits and secondly, that the benefit must be to the public or a section of the public.  The trustees consider that they have complied with Section 17 of the Charities Act 2011 including the guidance “public benefit: running a charity (PB2)”. 

- 1 - 



**THE EXILARCH'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Aims, objectives, activities and achievements during 2020** 

## **Aim 1 - Iraq** 

The trustees have continued to keep their long-term sights on the eventual re-establishment of a Jewish community in Iraq through the setting up of educational and religious institutions.  The Trustees’ strategy for achieving this principal aim, for so long as the security position in Iraq remains sufficiently unsettled for it to be impossible for Jews to resettle in significant numbers in Iraq and therefore impossible for the Charity to acquire land and/or begin construction on projects in Iraq, is to maintain appropriate levels of reserves and to monitor developments in Iraq with the assistance of a network of contacts throughout the Middle East, members of the former community of Iraqi Jews and academics worldwide, and public sources of information.  In consultation with professional advisers and the Charity Commission, the Trustees have undertaken to carry out regular assessments of when the re-establishment of the Jewish community and large-scale expenditure by the Charity from this fund might become possible. 

The Charity held a designated fund of £10 million for the purpose of assisting the setting up of educational and religious institutions in a future re-established Jewish community in Iraq. 

The trustees continue to take note of: 

- (a) discussions taking place among Iraqi Jewish communities in Israel, the USA and elsewhere regarding the likelihood that circumstances will in due course permit the effective re-establishment of a Jewish community in Baghdad; 

- (b) discussions with members of the Iraqi parliament who are believed to be sympathetic to this cause; 

- (c) progress towards a confederation of Middle Eastern interests wishing to see the return to Iraq of many of the educated/business classes who have left the country over the past decades; 

- (d) moves towards the recognition of the importance in world heritage terms of identifying and preserving holy sites in Iraq, many of which relate to the Jewish faith, reflecting the long history of the Jewish people in Iraq and the region; and 

- (e) the fact that some businesses with Jewish connections were already becoming involved within Iraq. 

The Trustees are keeping the designation of funds for this purpose under review. 

## **Aim 2 – other charitable purposes** 

Alongside their above objective, the Trustees have during 2020 sought to identify effective ways of deploying the Charity’s resources so as to deliver maximum impact without adversely affecting its capacity to achieve its principal objective. 

## **Monotheism** 

The Trustees continue to explore ways to take forward the recommendations contained in the report commissioned jointly with Birkbeck College on the feasibility of creating an institute for ethical monotheism which will include academic activities of research, teaching and publication, and practical engagement with social and public ethical issues. 

- 2 - 



**THE EXILARCH'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Major grants** 

During the year a grant of £1.2m was made jointly to Cancer Research UK/The Francis Crick Institute, £0.25m to The Royal United Services Institute for Defence and Security, £0.2m to Dangoor Education and £0.2m to the Jewish Leadership Council. Further details of grants can be found in note 7 to the accounts. 

Subsequent to the year-end, the Trustees pledged a further £1.5m to The Royal United Services Institute for Defence and Security. 

## **Grants for educational institutions** 

Funding for educational institutions in the UK has been continued through 2020. 

The academic results achieved at Westminster Academy have continued to improve more than 70% of student achieved grades 9-4 in each of the core subjects of English, Maths and Science, with a large proportion of these not having English as a first language. 

The Academy students continue to achieve good IB results and in 2021, obtained an average of 35.8 points out of 45 (global average circa 29/45).  Two students of the Academy achieved 44 out of 45 points and five students met their Oxbridge entry requirements. 

The Charity continues to support the London Centre for Languages and Culture which was established by Pembroke College, Oxford. 

## **Plans for future periods** 

The Trustees resolved that whilst they would continue to consider other applications for funding made to the Charity, they wished to continue to address the following areas over the coming years. 

## **The advancement of education and the Jewish religion in Iraq** 

The Trustees have resolved to retain the fund designated for assisting in the re-establishment of a Jewish community in Iraq through the setting up of educational and religious institutions.  They will review the level of funds designated for this large-scale project annually, and as part of the Charity’s ongoing monitoring of the situation consider whether continued retention of the funds remains appropriate. 

As reported previously, the Trustees believe that it is to the advantage of the Charity to continue to accumulate these funds in order that the Charity may undertake the large-scale projects that will be required when the Jewish community returns to Iraq. 

## **Educational projects and scholarships** 

The Trustees anticipate continuing their support of the Westminster Academy, of which the Charity is the Sponsor. 

## **Universal Monotheism** 

The Trustees will continue to explore whether the Charity’s funds might beneficially be used to support the establishment of a new university and in particular the scope for the Charity to allocate additional funds for this project so as to make a meaningful contribution to the estimated £50 million costs involved. 

- 3 - 



**THE EXILARCH'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Principal sources of income** 

During 2020 the Charity received investment income and interest of £6.5m.  The majority of this took the form of rental income from commercial properties. 

## **Principal risks and uncertainties** 

The trustees have given consideration to the principal risks and uncertainties to which the Charity is exposed.  The Charity holds a significant investment property portfolio and any substantial decrease in property values or a substantial reduction in the ratio of tenanted properties to vacant ones would impact the Charity.  The trustees monitor the impact of these risks and have concluded that there are sufficient reserves within the Charity to accommodate these. 

## **Reserves Policy** 

The trustees are continuing to develop and refine the charity's reserves policy, taking into account both long term and short term projects. 

The charity now holds an endowment fund of £64.03m and, of the other funds it holds, £10m remains designated for the specific purpose of assisting the setting up of educational and religious institutions in a future re-established Jewish community in Iraq. At the balance sheet date free reserves amounted to £14.6m. 

It is the Charity's policy to retain reserves of a minimum of twelve months total expenditure excluding grants. 

## **Investment Policy, Performance and Objectives** 

The Charity's policy is to invest primarily in real estate and donations have been received on that basis.  The trustees consider these investments to be secure both in the medium and long term and their performance in terms of capital growth and income is expected to compare well to the rest of the market.  The Charity is also exploring some non-property investments. 

The Charity's investment properties were independently revalued at the balance sheet date. The resultant unrealised losses in the year of £0.2m are considered to mirror the current market conditions of the property sector in the UK. 

## **Impact of COVID-19** 

During the year, the WHO declared a global COVID-19 pandemic and restrictions were put in place in the UK to contain the spread of this disease.  The effects of the COVID-19 pandemic and subsequent lockdowns have impacted the income of the Foundation in 2020 as reflected in these financial statements. In some instances, the charity has provided rent concessions and extended payment periods, to assist lessees to remain viable in this difficult period. 

The trustees continue to monitor the charity’s reserves, which are significant, on an ongoing basis and have regard to these prior to entering into grant commitments.  The trustees reduced grant making in 2020 in light of the uncertainty arising from COVID-19. 

- 4 - 



**THE EXILARCH'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **Statement of Trustees’ Responsibilities** 

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 and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.  In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

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

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

## **Approval** 

This report was approved by the trustees on 26 October 2021 and signed on their behalf. 

## **Exilarch** 

## **D.A. Dangoor CBE** 

- 5 - 



**THE EXILARCH’S FOUNDATION** 

## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE EXILARCH’S FOUNDATION** 

## **Opinion** 

We have audited the financial statements of The Exilarch’s Foundation (“the charity”) on pages 6 to 22 for the year ended 31 December 2020, which comprise the statement of financial activities, the statement of financial position, the statement of cashflows and the notes to the financial statements, including significant accounting policies. The financial framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: _The Financial Reporting Standard_ applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended; 

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

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

## **Basis for Opinion** 

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

## **Conclusions relating to going concern** 

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast 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. 

- 6 - 



**THE EXILARCH’S FOUNDATION** 

## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE EXILARCH’S FOUNDATION** 

## **Other information** 

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

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

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion 

- sufficient accounting records have not been kept; 

- the financial 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 4-5, 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 cease operations, or have no realistic alternative but to do so. 

- 7 - 



**THE EXILARCH’S FOUNDATION** 

## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE EXILARCH’S FOUNDATION** 

## **Auditor’s responsibilities for the audit of the financial statements** 

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

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

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

## **Capability of the audit in detecting irregularities, including fraud** 

Based on our understanding of the charity and the charity sector, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with charity regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities (Accounts and Reports) Regulations 2008 and Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the auditors included: 

• discussions with the trustees, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud. 

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

• assessing management's significant judgements and estimates in particular those relating to the valuation of the charity’s property portfolio. 

• identifying and testing manual journal entries, in particular any journal entries posted with unclear rationale. 

There are inherent limitations in the audit procedures described above, and the further removed noncompliance 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

- 8 - 



**THE EXILARCH’S FOUNDATION** 

## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE EXILARCH’S FOUNDATION** 

## **Use of our report** 

This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditorʼs 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’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

## **Wilson Wright LLP Chartered Accountants and Statutory Auditors Thavies Inn House, 3-4 Holborn Circus London EC1N 2HA                                                                                           Date:  28 October 2021** 

Wilson Wright LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 

- 9 - 



**THE EXILARCH'S FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020** 

|**Unrestricted**<br>**Funds**<br>**Notes**<br>**£**<br>**Income**<br>Legacy income<br>**3**<br>-<br>Investment income<br>**4**<br>6,504,437<br>Other income<br>**5**<br>-<br>**Total income**<br>6,504,437<br>**Expenditure**<br>Cost of raising funds<br>**6**<br>188,575<br>Charitable activities<br>**7**<br>3,969,902<br>**Total expenditure**<br>4,158,477<br>2,345,960<br>Gain on investments<br>**14.1,14.3**<br>699,383<br>**Net movement in funds**<br>3,045,343<br>Reconciliation of funds<br>Fund balances at 1 January 2020<br>34,818,816<br>**Fund balances at 31 December 2020**<br>37,864,159<br>**Net income and net movement in**<br>**funds before gains and losses on**<br>**investments**|**Unrestricted**<br>**Funds**<br>**£**<br>-<br>6,504,437<br>-|**Expendable**<br>**Endowment**<br>**Fund**<br>**£**<br>-<br>-<br>-|**Total Funds**<br>**2020**<br>**£**<br>-<br>6,504,437<br>-|**Total Funds**<br>**2019**<br>**£**<br>4,546,323<br>6,614,421<br>2,000,000|
|---|---|---|---|---|
||6,504,437|-|6,504,437|13,160,744|
||188,575<br>3,969,902|-<br>-|188,575<br>3,969,902|1,511,516<br>4,423,890|
||4,158,477|-|4,158,477|5,935,406|
|||-<br>819,497|2,345,960<br>1,518,880|7,225,338<br>1,868,095|
||3,045,343<br>34,818,816|819,497<br>63,210,356|3,864,840<br>98,029,172|9,093,433<br>88,935,739|
||37,864,159|64,029,853|101,894,012|98,029,172|



-10- 



**THE EXILARCH'S FOUNDATION STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2020** 

|**Notes**<br>**Fixed Assets**<br>Investments<br>**10.1**<br>**Current Assets**<br>Debtors<br>**11**<br>Cash at bank<br>**Creditors: Amounts falling due within one year**<br>**12**<br>**Net Current Assets**<br>**Creditors: Amounts falling due after more than**<br>**one year**<br>**13**<br>**Net Assets**<br>**Funds**<br>Expendable endowment fund<br>**14.1**<br>Unrestricted funds:<br>Designated<br>**14.2**<br>General<br>**14.3**|**£**<br>**£**<br>106,777,151<br>2,027,046<br>4,723,796<br>6,750,842<br>(4,978,998)<br>1,771,844<br>(6,654,983)<br>101,894,012<br>64,029,853<br>23,250,000<br>14,614,159<br>101,894,012<br>**2020**|**£**<br>**£**<br>106,777,151<br>2,027,046<br>4,723,796<br>6,750,842<br>(4,978,998)<br>1,771,844<br>(6,654,983)<br>101,894,012<br>64,029,853<br>23,250,000<br>14,614,159<br>101,894,012<br>**2020**|**£**<br>**£**<br>105,917,849<br>811,802<br>5,310,578<br>6,122,380<br>(5,785,883)<br>336,497<br>(8,225,174)<br>98,029,172<br>63,210,356<br>23,250,000<br>11,568,816<br>98,029,172<br>**2019**|**£**<br>**£**<br>105,917,849<br>811,802<br>5,310,578<br>6,122,380<br>(5,785,883)<br>336,497<br>(8,225,174)<br>98,029,172<br>63,210,356<br>23,250,000<br>11,568,816<br>98,029,172<br>**2019**|
|---|---|---|---|---|
||||||
|||101,894,012||98,029,172|
|||64,029,853<br>23,250,000<br>14,614,159||63,210,356<br>23,250,000<br>11,568,816|
|||101,894,012||98,029,172|



**Approved by the Trustees and Authorised for Issue on 26 October 2021** 

## **Exilarch** 

## **D.A. Dangoor CBE** 

-11- 



**THE EXILARCH'S FOUNDATION STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2020** 

|**Notes**<br>**Net cash used in operating activities**<br>**16**<br>**Cash flows from investing activities**<br>Interest income<br>Dividends and rental income from investments<br>Purchase of investment properties<br>Purchase of other investments<br>Issue of concessionary loans<br>Proceeds on disposal of investments<br>Proceeds from sale of investment properties<br>**Net cash flow from investing activities**<br>**Net (decrease)/increase in cash and cash**<br>**equivalents in the year**<br>**Cash and cash equivalents at the beginning**<br>**of the year**<br>**Cash and cash equivalents at the end of the**<br>**year**|**2020**<br>**£**<br>(7,822,068)<br>7,759<br>6,568,359<br>(7,697,533)<br>(463,138)<br>-<br>139,993<br>8,679,846<br>7,235,286<br>(586,782)<br>5,310,578<br>4,723,796|**2019**<br>**£**<br>(6,115,176)|
|---|---|---|
|||43,468<br>6,627,768<br>(6,491,931)<br>(108,147)<br>(399,811)<br>1,189,537<br>8,062,167|
|||8,923,051|
|||2,807,875<br>2,502,703|
|||5,310,578|



-12- 



**THE EXILARCH'S FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **1 Accounting Policies** 

The principal accounting policies adopted and judgement in the preparation of the financial statements are as follows: 

## **1.1 Basis of preparation of accounts and assessment of going concern** 

The financial statements(accounts) have been prepared under the historical cost convention except for investments which have been included at fair value and in accordance with 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) issued in October 2019 , the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) , the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. 

The accounts 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) issued in October 2019 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 prepared in sterling which is the functional currency of the Charity. 

The charity meets the definition of a public benefit entity under FRS 102.  Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 

The financial statements have been prepared on a going concern basis as the Board of Trustees consider there are no material uncertainties existing that may cast significant doubt as to its ability to continue as a going concern. 

The Board of Trustees has considered the continuing uncertainty arising from the COVID-19 pandemic and does not believe this to have a material impact on going concern. 

## **1.2 Consolidated and financial statements** 

Consolidated financial statements for the Charity and its wholly owned subsidiary, Edufilms Limited have not been prepared as the subsidiary was immaterial.  As such the accounts reflect only the transactions and balances of the Charity. 

## **1.3 Income** 

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. 

Donations, are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. 

Legacy gifts are recognised at the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when there has been a grant of probate, the executors have established there are sufficient assets in the estate to pay the legacy and the conditions attached to the legacy are either within the control of the charity or have been met.  Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. 

-13- 



**THE EXILARCH'S FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

Rental income arising from operating leases on investment properties is accounted for on a straight line basis over the lease term. Incentives for lessees to enter into lease agreements are spread evenly over the lease terms, even if the payments are not made on such a basis. Rental income is measured at the fair value of the consideration receivable excluding VAT. 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. 

## **Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

-  Costs of raising funds represent investment property and related costs associated with deriving rental income. 

-  Expenditure on charitable activities comprises grants payable and associated costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support it. 

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. Unconditional grant offer is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. 

The provision of a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit the Trust to avoid making the future payment(s), settlement is probable and the effect of discounting is material. The discount rate used is the average loan rate in the year in which the grant award is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Charity. 

All expenditure is accounted for on an accruals basis. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 

## **1.5 Allocation of support and governance costs** 

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees. 

Governance costs and support costs relating to the cost of raising funds and expenditure on charitable activities have been apportioned on an equal basis. The allocation of support and governance costs is analysed in note 8. 

## **1.6 Operating leases** 

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. 

-14- 



**THE EXILARCH'S FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **1.7 Foreign currencies** 

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.  Transactions in foreign currencies are recorded at the closing rate of the month preceding that in which the transaction occurred.  Exchange differences are taken to the Statement of Financial Activities. 

## **1.8 Fund accounting** 

The following funds are held by the Charity:- 

Expendable Endowment - these are capital funds which can only be converted into expendable income at the discretion of the Exilarch. 

Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose. 

Realised and unrealised gains and losses on investments are allocated to the appropriate fund based on opening fund balances. 

## **1.9 Fixed asset investments** 

Investment properties are measured initially at cost and subsequently at fair value at the reporting date. Valuation at fair value is made on an open market value basis by reference to market evidence of transaction prices for similar properties. Fair value adjustments are recognised as gains/losses on revaluation of fixed assets in the Statement of Financial Activities. 

Investments in subsidiaries are measured initially at cost and subsequently at cost less impairment. 

Other investments are initially measured at cost and subsequently at fair value at the reporting date.  Realised and unrealised gains and losses are shown as gains/losses on investments in the Statements of Financial Activities. 

## **1.10 Loans** 

Concessionary loans made in furtherance of the charity's objectives and repayable after more than one year are initially recognised at the amount paid with the carrying value adjusted in subsequent years to reflect repayments and any accrued interest. To the extent that the loan is assessed as irrecoverable, an impairment loss is recognised in the Statement of Financial Activities. 

## **1.11 Financial instruments** 

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual  provisions of the instrument. Additionally all financial assets and liabilities are classified according to the substance of the contractual arrangements entered into. 

Basic financial assets, which include trade and other receivables and cash at bank are initially measured at transaction price (including transaction costs) and are subsequently carried at amortised cost. 

Basic financial liabilities include trade payables, grants payable, other payables and deferred income are initially recognised at transaction price and subsequently carried at amortised cost. 

## **2 Judgements and key sources of estimation uncertainty** 

In the application of the charity's accounting policies, the trustees are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.  The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates. 

-15- 



**THE EXILARCH'S FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

As disclosed in Note 10.1, the charity's investment properties have been valued on an open market value basis by an independent professional valuer, valuation of which is based on a number of assumptions including market conditions which prevailed at the Statement of Financial Position date. 

## **3 Legacy income** 

As disclosed in previous years, the Charity was the sole beneficiary of the Estate of Sir Naim Dangoor CBE. On 24 February 2020, the Estate was quantified by virtue of a deed of release and assent. As such, the Estate of £4,546,323 was included as legacy income within the 2019 accounts. 

|**4**<br>**5**|**Investment income and interest**<br>Unrestricted fund<br>Income from:-<br>Listed investments<br>Unlisted investments<br>Rent receivable<br>Interest on cash deposits<br>**Other income**<br>Unrestricted fund<br>Dilapidation receipt|**2020**<br>**£**<br>158<br>117<br>6,496,403<br>7,759<br>6,504,437<br>**2020**<br>**£**<br>-|**2019**<br>**£**<br>17,506<br>168<br>6,553,279<br>43,468|
|---|---|---|---|
||||6,614,421|
||||**2019**<br>**£**<br>2,000,000|



This represents a settlement receipt in 2019 agreed on a dilapidation claim made against a former tenant by the Charity. 

|**6**<br>**a**<br>**b**|**Cost of raising funds**<br>Unrestricted fund<br>Investment Property Costs<br>Rent payable<br>Rates<br>Insurance<br>Service charges<br>Repairs and maintenance<br>Legal and professional<br>Other costs<br>Publicity<br>Support costs (see note 8)|**2020**<br>**£**<br>104,853<br>-<br>271<br>20,821<br>(94,140)<br>67,353<br>99,158<br>33,800<br>55,617<br>188,575|**2019**<br>**£**<br>154,322<br>76,507<br>2,318<br>74,128<br>785,188<br>316,754|
|---|---|---|---|
||||1,409,217<br>50,000<br>52,299|
||||1,511,516|



-16- 



**THE EXILARCH'S FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

|**7**<br>**Expenditure on charitable activities**<br>**a**<br>**Grants**<br>An analysis of grants is as follows:<br>**_Grants to institutions_**<br>**SOCIAL WELFARE**<br>**Community development**<br>Jewish Leadership Council<br>The Covenant & Conversation Trust<br>Spanish and Portuguese Jews' Congregation<br>The Faith & Belief Forum<br>Woolf Institute<br>Jewish Lads and Girls Brigade<br>Centre for Jewish Life<br>The Board Deputies of British Jews<br>Best Beginnings<br>Beit Halochem UK<br>University Jewish Chaplancy<br>Chazak<br>Norwood<br>Jewish Book Week<br>Maccabi GB<br>The Kessler Foundation<br>Torah Action Life<br>Veteran Games<br>Community Security Trust<br>The Fostering Network<br>Jerusalem Foundation<br>Other<br>**Ethics**<br>Tony Blair Institute for Global Change<br>Global Leadership Foundation<br>**Hospitals, Medical Education and Research**<br>Cancer Research UK/The Francis Crick Institute<br>Magen David Adom UK<br>University College London Hospital<br>Other<br>**General**<br>**EDUCATION**<br>**University/College**<br>Dangoor Education<br>Women's Interfaith Network<br>British Exploring Society<br>Westminster Academy<br>Imperial College-Space Science & Engineering Foundation<br>Sephardi Voices USA<br>Yakar Educational Foundation<br>Middle East Education<br>Imperial College-UK Space Design Competition<br>March of the Living UK<br>Society for Preservation of Israel<br>Heritage Sites<br>Other<br>**Sundry**<br>The Royal United Services Institute for Defence and Security<br>The Royal Marines Charity Trust Fund<br>Carried forward|**£**<br>**£**<br>200,000<br>180,000<br>175,000<br>106,000<br>72,028<br>50,000<br>15,500<br>30,000<br>30,000<br>25,000<br>20,000<br>20,000<br>20,000<br>20,000<br>20,000<br>-<br>-<br>-<br>-<br>-<br>-<br>315,238<br>-<br>10,000<br>1,200,000<br>72,500<br>-<br>35,000<br>3,958<br>2,620,224<br>201,712<br>148,535<br>120,000<br>98,585<br>70,000<br>50,000<br>40,000<br>15,000<br>-<br>-<br>-<br>61,564<br>250,000<br>15,000<br>1,070,396<br>3,690,620<br>**2020**|**£**<br>**£**<br>100,000<br>-<br>67,994<br>169,500<br>-<br>50,000<br>35,000<br>30,000<br>-<br>-<br>20,000<br>10,000<br>-<br>-<br>-<br>50,000<br>46,000<br>25,000<br>19,500<br>6,000<br>20,977<br>239,331<br>130,000<br>5,000<br>-<br>-<br>1,590,000<br>13,876<br>5,244<br>2,633,422<br>116,720<br>283,723<br>-<br>248,362<br>-<br>-<br>-<br>20,000<br>76,000<br>20,000<br>10,474<br>31,459<br>-<br>15,258<br>821,996<br>3,455,418<br>**2019**|**£**<br>**£**<br>100,000<br>-<br>67,994<br>169,500<br>-<br>50,000<br>35,000<br>30,000<br>-<br>-<br>20,000<br>10,000<br>-<br>-<br>-<br>50,000<br>46,000<br>25,000<br>19,500<br>6,000<br>20,977<br>239,331<br>130,000<br>5,000<br>-<br>-<br>1,590,000<br>13,876<br>5,244<br>2,633,422<br>116,720<br>283,723<br>-<br>248,362<br>-<br>-<br>-<br>20,000<br>76,000<br>20,000<br>10,474<br>31,459<br>-<br>15,258<br>821,996<br>3,455,418<br>**2019**|
|---|---|---|---|
|||116,720<br>283,723<br>-<br>248,362<br>-<br>-<br>-<br>20,000<br>76,000<br>20,000<br>10,474<br>31,459<br>-<br>15,258||
|||||
||||3,455,418|



-17- 



**THE EXILARCH'S FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

|**7**<br>**a**<br>**b**|**Expenditure on charitable activities**<br>**Grants (continued)**<br>Brought forward<br>Finance costs<br>Support costs (see note 8)<br>**Other expenditure**<br>Amount written off subsidiary's loan (see 7d below)<br>Loan advance impairment provision (see note 11(i) )|**2020**<br>**£**<br>3,690,620<br>223,664<br>55,618<br>3,969,902<br>-<br>-<br>3,969,902|**2019**<br>**£**<br>3,455,418<br>310,942<br>52,299|
|---|---|---|---|
||||3,818,659<br>380,231<br>225,000|
||||4,423,890|



**c** Where significant grant payments are due in greater than one year the amounts have been discounted to reflect their net present value. Finance costs represent finance charges in respect of the unwinding of the grants. 

**d** The subsidiary's loan was in respect of programme related amounts advanced  to fund a film production for educational purposes and was in furtherance of the charity's objectives. 

|**e**<br>**Reconciliation to Grants Payable:**<br>Commitments at 1 January 2020<br>Commitments made in year<br>Grants paid during the year<br>Finance costs<br>Difference on exchange<br>Commitments at 31 December 2020<br>Commitments at 31 December 2020 are payable as follows:-<br>Within one year (note 12)<br>After more than one year (note 13)|**£**<br>12,576,787<br>3,816,050<br>(5,829,467)<br>223,664<br>(69,812)<br>10,717,222<br>4,062,239<br>6,654,983<br>10,717,222|**£**<br>15,429,683<br>3,606,587<br>(6,671,555)<br>310,942<br>(98,870)|
|---|---|---|
|||12,576,787|
|||4,351,613<br>8,225,174|
|||12,576,787|



|**8**|**Support costs**<br>Apportionment basis<br>Property expenses<br>Governance<br>Bank charges<br>Professional fees<br>Audit fees|**2020**<br>**£**<br>**Total costs**<br>20,632<br>1,492<br>57,986<br>31,125|**2020**<br>**£**<br> <br>**Cost of**<br>**raising funds**|**2020**<br>**£**<br> <br> <br>**Expenditure**<br>**on charitable**<br>**activities**<br>50%<br>10,316<br>746<br>28,993<br>15,563|**2019**<br>**£**<br>**Total**<br>**costs**|**2019**<br>**£**<br> <br> <br>**Cost of**<br>**raising**<br>**funds**<br>50%<br>8,657<br>759<br>23,795<br>19,088|**2019**<br>**£**<br>**Expenditure**<br>**on charitable**<br>**activities**<br>50%<br>8,658<br>759<br>23,795<br>19,087|
|---|---|---|---|---|---|---|---|
||||50%<br>10,316<br>746<br>28,993<br>15,562||17,315<br>1,518<br>47,590<br>38,175|||
|||111,235|55,617|55,618|104,598|52,299|52,299|



## **9 Trustees and employees** 

No remuneration was paid to the trustees or their connected persons for the year, nor were any expenses reimbursed to them (2019 - £nil). 

There were no persons employed by the charity during the year or the previous year. 

-18- 



**THE EXILARCH'S FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

|**10.1**<br>**Fixed asset investments**<br>**Fair values**<br>At 1 January 2020<br>Additions at cost<br>Disposals at carrying value<br>Gain on fair value adjustments<br>At 31 December 2020|**Shares in**<br>**UK Investment**<br>**Listed**<br>**group Other**<br>**Properties**<br>**Investments**<br>**undertaking investments**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>104,650,000<br>258,384<br>1<br>1,009,464<br>105,917,849<br>7,697,533<br>-<br>-<br>463,138<br>8,160,671<br>(7,100,000)<br>-<br>-<br>(139,993)<br>(7,239,993)<br>(202,533)<br>(93,328)<br>-<br>234,485<br>(61,376)|
|---|---|
||105,045,000<br>165,056<br>1<br>1,567,094<br>106,777,151|



The investment properties have been revalued at the reporting year end date on an open market value basis by an independent Chartered surveyor, Robert Mitchell MRICS and represent their fair value. 

The charity is a leasehold tenant and pays a peppercorn rent to the freeholder of a property which is owned by a company in which the Trustees, except for R.D. Dangoor, are directors/shareholders with control of the company. 

Listed investments are carried at fair value and represent investment in equities which are traded in quoted public markets, primarily the London Stock Exchange. 

See note 10.2 for shares in group undertakings. 

|**Analysis of investments at fair value**<br>**at 31 December 2020**<br>**UK investments**<br>Ordinary shares:<br>Listed<br>Investments amounting to more than 5 per cent of<br>the total portfolio :<br>International Consolidated<br>Airlines Group SA<br>Entain plc<br>**10.2**<br>**Interest in subsidiary**|**Analysis of investments at fair value**<br>**at 31 December 2020**<br>**UK investments**<br>Ordinary shares:<br>Listed<br>Investments amounting to more than 5 per cent of<br>the total portfolio :<br>International Consolidated<br>Airlines Group SA<br>Entain plc<br>**10.2**<br>**Interest in subsidiary**|**2020**<br>**£**<br>165,056<br>39,750<br>119,803|**2019**<br>**£**<br>258,384|
|---|---|---|---|
||||156,250<br>93,474|
|||||
||**At cost less impairment**<br>Balance at 1 January 2020 and at 31 December 2020<br>Details of the Charity's subsidiary:||**Shares in**<br>**group**<br>**undertaking**<br>**£**<br>1|
|||||



|**Interest in subsidiary**||
|---|---|
||**Shares in**|
||**group**|
||**undertaking**|
||**£**|
|**At cost less impairment**||
|Balance at 1 January 2020 and at 31 December 2020|1|
|Details of the Charity's subsidiary:||



|**Company**<br>**Country of**<br>**registration or**<br>**incorporation**<br>**Class**<br>**Shares held**<br>Edufilms Limited<br>England &<br>Wales<br>Ordinary<br>100%<br>The results of Edufilms Limited for the year ended 31 December 2020 were as follows:<br>Capital and reserves<br>Loss for the year|**Principal**<br>**activity**<br>Educational<br>film<br>programme<br>production<br>and<br>distribution<br>**£**<br>(6,617)|
|---|---|
||(6,618)|



-19- 



**THE EXILARCH'S FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **11 Debtors** 

|Trade receivables<br>Amounts owed by subsidiary undertaking<br>Other receivables<br>Prepayments and accrued income|**2020**<br>**£**<br>1,175,620<br>53,571<br>508,776<br>289,079<br>2,027,046|**2019**<br>**£**<br>88,695<br>49,671<br>510,745<br>162,691|
|---|---|---|
|||811,802|



Amounts owed by subsidiary undertaking represent concessionary loans made to facilitate the production and distribution of educational films.  There is no fixed repayment term and the amount does not bear interest (see also Note 7b). 

Other receivables include Concessionary loans detailed as follows: 

- **(i)** A £225,000 (2019 - £225,000) drawdown in respect of a £360,000 loan to a company to fund a feasibility study into the provision of affordable housing for teachers at the Westminster Academy. The loan is interest free and repayable on the date on which the company enters into a development agreement with a developer on terms agreed by the charity. No agreement has since materialised as a potential developer has decided not to proceed although it may reverse its decision at a future date. Accordingly, full provision was made in the prior year for its potential irrecoverability. 

- **(ii)** A £134,802 (2019- £134,802) loan to a Trust to support the restoration of a church. The interest free loan was repayable in July 2021. The charity has in addition underwritten a commitment totalling £65,198 to make up for shortfalls in the event that other loan providers' pledges do not materialise. Subsequent to the year-end £34,802 has been repaid in respect of this loan and the charity has been releasesed from their underwriting commitment. 

- **(iii)** A £350,000 (2019- £350,000) interest free loan which was repayable in more than 1 year to assist in the purchase and fitting out of a property for an organisation with a vision to enhance Jewish youth's lives. The loan is underwritten by a guarantor and additionally, the charity has a second mortgage charge against the property. 

All three loans meet the criterion for treatment as programme related concessionary loans. D.A. Dangoor CBE is a director of the Westminster Academy. 

## **12 Creditors: Amounts falling due within one year** 

|**Creditors: Amounts falling due within one year**|||
|---|---|---|
|Trade payables<br>Taxation and social security<br>Other payables<br>Accruals and deferred income<br>Grants payable|**2020**<br>**£**<br>42,087<br>211,785<br>217,621<br>445,266<br>4,062,239<br>4,978,998|**2019**<br>**£**<br>58,452<br>-<br>237,966<br>1,137,852<br>4,351,613|
|||5,785,883|



## **13 Creditors: Amounts falling due after more than one year** 

|Grants payable<br>**14.1**<br>**Expendable endowment fund**<br>At 1 January 2020<br>Gain on investments in the year<br>At 31 December 2020|**2020**<br>**£**<br>6,654,983<br>**2020**<br>**£**<br>63,210,356<br>819,497<br>64,029,853|**2019**<br>**£**<br>8,225,174|
|---|---|---|
|||**2019**<br>**£**<br>62,221,343<br>989,013|
|||63,210,356|



The capital can only be converted into expendable income at the discretion of the Exilarch. 

-20- 



**THE EXILARCH'S FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **14.2 Designated funds** 

|**Designated funds**||
|---|---|
|**2020**<br>**£**<br>At 1 January 2020 and at 31 December 2020<br>23,250,000<br>Purposes:<br>Assisting the setting up of educational and religious institutions in a future<br>re-established Jewish community in Iraq<br>Advancement of Universal Monotheism<br>Affordable housing project for teachers at the Westminster Academy<br>UK Israel Healthcare Innovation Project|**2019**<br>**£**<br>23,250,000|
||10,000,000<br>7,000,000<br>5,000,000<br>1,250,000|
||23,250,000|



|**14.3**<br>**General fund**<br>At 1 January 2020<br>Incoming resources in the year<br>Gain on investments in the year<br>Resources expended in the year<br>At 31 December 2020|**2020**<br>**£**<br>11,568,816<br>6,504,437<br>699,383<br>(4,158,477)<br>14,614,159|**2019**<br>**£**<br>3,464,396<br>13,160,744<br>879,082<br>(5,935,406)|
|---|---|---|
|||11,568,816|



## **15 Analysis of charity net assets between funds** 

|Expendable Endowment<br>Unrestricted Funds:<br>Designated<br>General|**Investments**<br>**£**<br>64,029,853<br>23,250,000<br>19,497,298<br>106,777,151|**Current**<br>**Assets Less**<br>**Liabilities**<br>**£**<br>-<br>-<br>1,771,844<br>1,771,844|**Long Term**<br>**Liabilities**<br>**£**<br>-<br>-<br>(6,654,983)<br>(6,654,983)|**Total**<br>**£**<br>64,029,853<br>23,250,000<br>14,614,159|
|---|---|---|---|---|
|||||101,894,012|



## **16 Reconciliation of net movement in funds to net cash used in operating activities.** 

|Net movement in funds<br>Adjustments for:<br>Investment income and Interest<br>(Profit)/loss on sale of fixed assets<br>Decrease/(increase) in valuation of fixed assets investments<br>Profit on disposal of investment in associate<br>Private equity investments fair value adjustments<br>Non cashflow-concessionary loan written off<br>Net (increase)/decrease in debtors<br>Net decrease in current liabilities<br>Net decrease in grants payable<br>Net cash used in operating activities|**2020**<br>**2019**<br>**£**<br>**£**<br>3,864,840<br>9,093,433<br>(6,504,437)<br>(6,614,421)<br>(1,579,847)<br>137,833<br>295,861<br>(1,795,689)<br>-<br>(103,902)<br>(234,485)<br>(106,327)<br>-<br>654,902<br>(1,483,337)<br>146,197<br>(321,098)<br>(4,674,306)<br>(1,859,565)<br>(2,852,896)|
|---|---|
||(7,822,068)<br>(6,115,176)|



-21- 



**THE EXILARCH'S FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **17 Analysis of changes in net debt** 

|**Analysis of changes in net debt**|||
|---|---|---|
|**Cash at bank**<br>At 1 January 2020<br>Cashflow movements<br>At 31 December 2020|**2020**<br>**£**<br>5,310,578<br>(586,782)<br>4,723,796|**2019**<br>**£**<br>2,502,703<br>2,807,875|
|||5,310,578|



## **18 Operating lease arrangements** 

## **18.1 Lessor** 

At the balance sheet date the charity had future minimum rentals receivable under non-cancellable operating leases, which fall due as follows: 

|Within one year<br>Between two and five years<br>In over five years|**2020**<br>**£**<br>6,961,177<br>24,425,018<br>41,750,103<br>73,136,298|**2019**<br>**£**<br>7,104,505<br>24,751,060<br>40,865,086|
|---|---|---|
|||72,720,651|



## **18.2 Lessee** 

At the balance sheet date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 

## **19** 

|Within one year<br>Between two and five years<br>In over five years<br>**Financial commitments**<br>Amounts contracted for but not provided:<br>Acquisition of fixed asset investments|**2020**<br>**£**<br>102,260<br>409,040<br>7,312,264<br>7,823,564<br>**2020**<br>**£**<br>2,341,198|**2019**<br>**£**<br>96,260<br>385,040<br>6,876,299|
|---|---|---|
|||7,357,599|
|||**2019**<br>**£**<br>1,322,556|



## **20 Related parties disclosures** 

There were no related party transactions undertaken in the current year. In the comparative year, legacy income was received as disclosed in note 3, and a disposal of an associate made in respect of a company all the Trustees (except R.D. Dangoor) were directors and shareholders. 

## **21 Events after the reporting date** 

The charity sold an investment property in April 2021 for £2.4m plus costs. The property was valued at £2.2m as at 31 December 2020 and is included within these accounts. 

In August 2021, the charity acquired an investment property for £5.5m. 

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