2023-12-31-accounts

C￿lIty r•gi¥tr•tion number 275919 THE EXILARCH'S FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE EXILARCH'S FOUNDATION CONTENTS Pag• Tru8teerf Rewt stst•ment oftiust••s' rwsibikns Irwjependent 8udrtorfb rep(¥l St8t•Mnt 0fffifia￿ adNib'•s 10 Stsiemeni of c8•h 11 Nolo$ lo the fm•ndal Stalen￿rtI 12-28

THE EXILARCH'S FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Thi•t••• Mr D A Dang￿ CBE OL (Ex￿¥th) MrMAJDanwr MrEBVD C￿rIty nurnb•r 275919 4 Cgrfo$ Ffjac• ayfa W1K14W A￿lItOr BKLAuthl LLP 5 Fjeet EC4M 7RD B•nk•rn Bard8ys B•r P 1 Chwchdl P E14 5HP Nalic¥wl Wstmfftster 8ank PIC Kenwngton Royal G•rden$ Br•rK 55 Kensinwon High Street London IM SZG Sollcltor¥ F•rr•f & C¢ LLP 86 Linth Inn F*hJ• Inv•glm•nt •dvl•ov• Quthr PIC S•natw Hou 85 Queen Vth'• Strw¢ Twnothy J?mes & Partners Ltd. 16 Babm•e$ Si London SW1Y 6AH EC4V 4A8

THE EXILARCH'S FOUNDATION TRUSTEES. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The tnjstees prtsenl tl'r r•wl #nd tho ￿￿1¢￿ ffinanp4 Stat￿)￿ ol Tr E￿1￿ch.$ FI)￿dat￿)n for Ihe year ended 31 Decen4r 2023. The ￿¢0￿¢5 have been wepafed in wilh Ihe Slaternent of Reo)mmended Prèdi￿.. Aco)Lmb"n9 and Reporting by Charities p￿paring their accounts n accordance with Ihe Finantyal Rewling Slèndard appli¢able in thè UK and Rewblic ol Ireland IFRS 1021 wued in Oclober 2019 and the FinarDal ReFthng Stsrvjard applicab in th• UK R8public of Ireland (FRS 1021 and charl￿ Acl 2011 UK Generalty Act•F4•d Prndi¢x aj il from 1 JanU￿Y 2019. The accounts have been Fry•re¢S lo a Iwue WKI W v4t •nd lthf• d•p•rt•d Ch8rrts lAC￿ntS or•J Rèports) Regu￿tionS 2￿8 only lo the extenl requKed lo k¥ovth a true and fair This departure has invofved folbcMfiThJ Accounting and Reporting by Ch8rilie6 prep8rirvJ Ihwr ac(x)unts m accordance wth the Financ•al RèportiThJ StoThJard appluble in the UK and Repubh'c of Ire18rwJ IFRS 1021 issued in Oclober 2019 rBlher Ih8n I h¥ Ac¢(xJnling •nd Reporb'ThJ by Chaiilws.. Statement of RecLYnm￿ PrAKe off￿ from l 2(W)S Vthich h•• wnct be withdrawn. R•f•r•n¢• and dmlnkntr￿w• Inlorm•tlon The Charty was established by a TNSI Deed daled 2 Awil 1978 n• dim ThJmb•r l• 275919 4nd tt8 principal office is at 4 Cartos Plac•. Lond￿ WIK 3AW. Alm8 and purpo• Chafrty Is established to c4ryy tharit￿e cty¢16. in of Y1d, withir) Ihe legal nwnlng ol the lorrn. al the absol￿e disryetron of tt Iruslee¥. TP Inmtees wt c¥¥WOnYy ￿￿86d1￿ wlnlK•l new ¢hgfK•bbe ow)ortunitie8. Gov•manc• and m•n•g•m•nt The Charrty is governed by Trust Oeed dated 2 Aprl 1978. Th¢ power of aFpcintrnent of new or ad¢b.￿al tnmlees Ihe d￿.¢4 of v•6l•d •xdu$Nely In thv Exil•rch, D.A. Dwr CBE OL No Icymal pol¢￿ b••n •doptsd fw th• irJU¢l￿n Jr￿ Ir•inlng of tru81090. The truste•s ye•r and up lo Ihe d•t• of $gn#ur• ol this were as ftAkA¥s'. Mr D A Dèr*gtry C8E OL IExll•r¢hl MrlAAJDan •ArE8VDan

THE EXILARCH'S FOUNDATION TRUSTEES. REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Iwslees are Jeg•My res[￿1b￿ for the overall managwnent ￿ c￿IrCl of the chafity ond meet re9utsrty thr￿ the yeor. The invè$tment ComM￿ee Iconsi6bng of D.A. Darw CBE DL and MA.J Dangw revw•rt thtr chariW$ ¥•stments and in¥•strnent po&ci08, tskir4 woless￿n91 where •wow"•te. Publie Benefit The Charities Ad 2011 wuires all charrt to moet 10901 bh8t rts aims the publ￿ bet￿ft. The Chgrrty Commis&on ￿ rtB Chantias a￿1 8￿[rt guhlance slales thai there afe ￿ key prinaples lo be m¥t K) order to 8h¢)w th8t an Ofganisotth's aims afe foi the Wb1￿ bn•frt. firslly. Ihere musi be an idenlifiable •n•fil or be￿rIt8 seC￿dIY, thal th benefrt n￿$t t¢ to the or o secl)n ol thè public The tr￿ste&S c4)n$KIw that they h•¥e compkn'ed ￿ seCt￿n 17 of Its Charibes 2011 indudww t￿ 9uhJarKe 'w￿1C bomffit. nnln9 a thanty (P821" Alm•, Obbctlvm. •Cll¥ltb•• and xhl•v•m•nts thwlng 2023 Alm 1. Ir•q The Intste6s hav¢ a)rfinued to keep tsr kyyt•mi whts on Ihe •¥•nIU￿ rfre8tat4tym￿nI of a Jthvish communrty kn Iraq IhroLgh the Setting up ol •du¢otional 8r)d reh"9KyJs insti¢ution$. Currentty. Ihe 8eoJrity in Iraq r•mains $uffKientty un8ettl¢d for it to be wnpos9it4e lor J4VS lo ￿Settle in s￿￿￿￿nt numbers in Iraq and th•i•fore Impossib￿ for th• Charily to acqu¥ts and1￿ b¢gin construclion on prqects in Iraq Conseouenlly, the Iru$tee's stralegy io achiève rt3 principal aim ￿ lo maintain appropnate levets ol re5eryes whilst monrtoring deVelopft￿nts in Iraq with th• assisi8rte of a rtehvork ol C￿tactS throughcArt Ihe Middle E8sI. member$ ol Ihe former communrfy of r¥qi Jews and acaderThcs wor¢dwth. and p&)1￿ sowce5 of inlom)Olh)n In ConsUrtat￿ wrth profess￿n81 ad¥Jw$ and the Charty Corrwnissw. the Injslees have undertaken to Carry Out r•gular 8w$$ments of wh•n ihe re •Blablishm￿l ol the ¢cthrrwrMty and IWPSC•￿ expenduf• by Ihe Charity frcffi this fund might bec¥me P056ibl8. The Chanty hebj a de$yi8t•d fund of £10 12022.. £10 mAlbnl lor the purp)8e ol aiii#ing lh8 ￿1b'n9 up I￿￿119n￿l ond r•lwious in$lllution in a lulure 19-￿blIshed JO￿8h wnmunrty ￿ Ifljq. The trust•e8 io tak• n￿4 ol.. . th"Scu$$i￿5 takin9 ￿3¢ Iraqi Jthvtyh ctxMiurth• In Iwad. ts USA •)d •18evth•ra r8gardty the I￿e1￿h¢<th￿ that CiTCLwn•rteB ¥•ill ￿ thje courM p•Trnrf th• effeclprt re.est•bth8frknenl of • Jtri8h ojnmunty In B8ghd8d.' b. di$rJJ$$ions wrfh m8mbers of the Iraqi par1￿Mert who b￿l￿Ved to be 8ympatheb"c lo this cau$e," c. wogre55 Iow8rds a ¢)Jnfederation ol Mhl(Me Easlem Int•resis wshing to se• the retum lo Iroq ol many ol the educaledlbusinoss da5ses who have beft Ihe country over past decades. d. mves towards the rethanition ol the impodance hentage lemis of KIenti￿.Thj and preswvirvj holy $ilts In Iraq. many ol whi¢h relate to ts J•wish laith. rellry Ihe Icfftg hislw of Ihe Jewish peoplÈ in Iraq ond the reg￿". 8ThJ . the that SC￿ t￿alrI$S$eS with J•￿sh wwe atready bec￿￿9 invdved vAthln Irao The trustees are kee[￿ng the "onatron ol funds fty Ih¢& PU￿0$? revw. Alm 2. oth•r ch•ritbl• purpo••• AlryTrgside their abovè objective, the Injstees have during 2023 s(whl lo thntrfy eifeclNe ways ol d8plw.ng I Charity's rescyJr¢e$ $0 88 lo delNer maximum affeclirKJ its capa¢ity lo 8thieve its wfvxipèl objectwe. The Iwstees continue lo expftye ￿yS lo take fcwd Ihe r8c(xnmendations in th8 rewl ee4nmissioned I￿nIty wrth Birkbeck College on the fasbilrty of ueatiNJ an instrfute for èthitsl mor)Ihetsrn which will i￿ude acadorni¢ actwib'es of rnse¢h. teaching and pU￿1C4110n. and ervJa9ennt wrth sco81 arm1 elhical

THE EXILARCH'S FOUNDATION TRUSTEES. REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Major grnnts During the year. total 9rani$ ol £5 Sm 12022 £3 kn) vthe maj8. The largesl ol Ihese were a granl made lo Kidney Research UK lor £1.7m and £0.6m ts GNe a ￿ney. Furth8r d•tails ol grants can be Icxmd in nole 6 to Grnnt• for •du¢•tlon•l bn•tllxrtlon• Fu￿ling lor edwI￿nal inslthrtKis in thg UK has tthn thrW 2023 Ind Inlo 2024. The ocad•mi¢ r•sutts #chi•v•d al ￿￿8{minst•l Acmy have rem8ined impressNe. The Academy was subiecl lo An Olsied Inswd)n Ortobei 2023. •thwing r8trys of'yid wrth an 'oLtstandTrJ' Sixth Form.. n 2023, d&8llnat￿S lor Y￿1 13 $I￿ts InckKknJ Oxfvd13%1, Russd Gw unN¢rSrt￿(33%1 # ll as Iw'ghty mpelrtNe appr•nI￿•Ships Tl Charity to th• Lfmdm C•ntre for L•ThJuw aThJ cum￿ was ostsblished by P•mbrok• Colw. Oxltyd. PIIM lof futUf• p•rlod• The trustees r88Ot¥ed that WOL￿ tsyKN)￿ lo other •ppk•lw• k m•de lo IM Chgrrty, Ih•y wshed to cc￿lInue to adthoss the f(IloiThJ over the eomng ye8rn. Th• •dvanG•m•nt of •duG•tlon and th• J•l¥h r•llglon ID Ir•q The Iruslees have re8oW to rel8in tund designated fw •¥¥r61)Nd in lh• o-•stabli$hm•nt ol a Jewlsh rAmmunily in Iraq through tho sotting up cl educabonal and f•thgiws In61rt￿lon1. T￿Y revitrw the bevel of funds d68ignated lor this ￿rg8-8C¥1e project annuty. 8nd •s port 01 Chwty$ rying Mwil￿t￿a of fv wlual considèr ¥heth8r CA>nbnu•d reten￿on of Ihe funds rem•inJ 8pprowale. As reported WevlcrtJ￿y. Ihe truslees believe that rt 15 to the adVant￿e ol Ihe Chty lo o)ntr"n￿l lo ￿My181¥ tr￿• lunds in order Ih8t Ihe Chan'ty may uThlertake Ihe Lrge-scale projrtts that ￿11 be required whon the Jtri$h c4>mmwrty return8 to Ir•q. Eduutional proi•ct• and •chol•rnhlp• Thfr Iivslees anlKJpale continuirvJ Iheir surwl ol the l%5tm￿slef A¢od¢my, ol Ihe Chgthy 1$ th• Sponsor, and which Mr Day￿ Dangoor CBE DL is also a Irust••. Gr•nts •moLrnling 10 £196.888 12022.. £113.7771 were owarded to Westminster Academy duriThJ th8 y•ar. Unlv•r8al Monoth•l•m The Iruslees will continve lo eX[4￿e wlther Ch•rW$ fvnds mw b8nèfficialty be lo siw the •sta￿lS￿en1 of a rthv unvlersity and in partthar for ihe Charrty 10 8lk¢81• 9ddrtwl fvnds for Ihi$ project so a6 to make a maNngfih eontrilmjlion lo the eslinkqled £50 ¢osl$ ￿VOlved. FiMncl•l review Prlnclyl •ouru• of in¢¢)rn• Duriry 2023 the Charity receNed Inves1n￿ffj arnl Ir￿￿81 ol £8.2m12022.. £7.2m}. Th• majority ol tr￿5 look the lorm ol renial incL￿ frcrfn c¥rnmertyal prwrtis. Prfnclp•l rf•k• •nd ￿￿thIn11• The trustees have given consthrab'on to wrK4pal r￿￿5 BrKJ urKertwnts to whth th• Charrty is expos•d. The Chanty hohys a wgnrficant inveslment propeity rKxifrAio and 8ny substantFal d•creas• in property values or a substantial reduLlion in rab"o ol lenanied propert$ to vacanl ones would itry)ad Ihe Charty ￿ trustees monit(Y the irnpact ol these risk$ and have Grrtuded Ihat Iheffj 8￿ sufficil feseNes V4i¢fv'n the Charity to accornmodate t1￿58.

THE EXILARCH'S FOUNDATION TRUSTEES. REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 R••OrV￿ Polky The Iruslees are continuing lo devdop and refine tho tharity'6 reserves pdicy. taking into ac0)￿1 both lorwJ tem and Short term pioieds. and m(mil£¥ res8ms on an ongoing b88ty. The eharity now holds an endtyyn￿I lurKI of £51.7m12022' £5S.4rn1 and. ol Ihe other funds rt holds. £10m remain8 designated lor the spÈcth¢ purpose of assisb'rvJ the setbThJ up of ed￿tiOnal and religious instst￿On8 in a future rtr established Jewish cfjmmunity in Iraq For other (leswJnated fvnds see nole 17 Al the balance sheet date free reseprts ￿rted to £18.6m12022". £18.6ml. Due lo the long term nBture of rts grant8. rt 1$ the Chartys poky to retsin r•seryes of o mlninum of fiv6 ￿ar$ total expenditure excludiThJ grants. At the balar+ce Sheet dale, the ¢hwTrty had MI ¢uThent a8801$ 01 £1 3m12022.. £3 7m). Inv••tm•nt Pollcy. P•rform•n¢• and ObJe¢lfve¥ The Charity's policy Is lo Invesl primarily in real estaig and donth.ons h•¥e been recowd on that b88i8. The Iruslees consider these Investments lo be secure bolh in ts medium and lory lem) and Iheir perfo(mance in terms of caprtal grovrth and irtom¢ is expected lo cL¥npare ￿1 lo Ihe rest ol the market. The Chanty is dso exploring some non.prowrty inveslm•ms. 11 is the ch￿￿$ poky lo conyd8r en¥ryrorwnonl81 and elhieal impact of •ll inveslments_ The Charitys investment ryoperties wefÈ Irthpendenlly revalwd at the bolance $heel dale Thè re$uhanl unroath'sed losses in the year 01 £6 1 m 12022. £13 3ml affj consthred lo mirror the currenl market condrtions ol the propety seclor In th• UK. However. the chanty's Income Is 1gr9ely protected from the impact of shrxt-lem m•rk•t fludualions du• to the contsnuity of rts exists.ng tenants. th Iheir i•ase$ ex￿¥e for several year8. Audltor lson ￿kn9h1 LLP •cted a8 8LKlrtor of thè chaty up urlil 2 Pw'l 2024. On 2 Apnl 2024, Wlson ￿tright LLP transferred rt8 audit bujiness lo BKL Audit LLP. The trustees subsequently consented lo th8 gppoinlmènl of BKL Audit LLP as auditor lo the charity The audrtor BKL Audrt LLP wll be Fvopos•d reapwntment.

THE EXILARCH'S FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Statement of disclosure to auditor

So far as each person who was a trustee at the date of approving this report is aware, there is no relevant audit information of which the charity's auditor is unaware. Additionally, the trustees individually have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charity's auditor is aware of that infonnation.

Approval

This report was approved by the trustees on 2 September 2024 and signed on their behalf .

M r D A D angoor C B E DL (Exilarch)

. 5.

THE EXILARCH'S FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE EXILARCH'S FOUNDATION Oplnlon have audrted Ihe finana81 slalements of The ￿.1#r¢h.5 Foundats'cffl for Ihe yw ended 31 Decemter 2023 whith comprise ihe st8temenl of fi￿nri818￿lwrt￿e$, the bal8n¢e sheet. the statement of ¢a8h flows and noles lo the finan¢i81 statemenls. indLJity swJnificanl acccwJntin9 K4Kaes The finanoal r¢pcrfing frarrthvork that has Lw) •ppli¢d in their pyeparabon I￿t and UnrfgJ KiTh3dom Accounkn"ng StarKlafds. induding Fina￿101 Rewth"ng SiaTrdard 102 Finarri81 Repoitiry Slandallj 8wltcal)le ￿ thtr UK R8pubhc ol Ir&tsnd Iunitad nodom GW￿ltyAr<￿pl￿ A¢counbng PradK). In our own￿. Ihe finanoal ststtrmenls.. give a Ill￿ and tsir view ol the s18le of the d￿rity'S affams as •t 31 Oec•mb•r 2023 and ol Ils IrK>)ml resource8 and applutts)n of i&SCMK¢es. ts the y•ar t￿￿ tyKled. hav• b8•n prepared in •cford•Thx ¥wlh Urthd Gwraify Accepted Accountin9 Praclic'. hovè been prepar•d ) x¢Orda￿ f•qUW•nWrt¥ Of Ihe Chardles Ad 2011. B•¥l• lor oplnlon We conducted OUT au¢Jt in acccwdaft￿ wrth Intefn8iwl Slandard8 Audrtin9 IUKI IISAS IUKII and apPli￿b law Our ￿SpOnsibl11t￿S undef Sts1￿￿r￿S are lurthor d•suibed In the Ath'lorfs for the audil the financi81 slalemenls section ol oui rèport ￿ are wthp•Tha•ftl ol The E¥ilarch'6 Foundation In accordance with thè •th¢al requirements thal ai• rtlèvant lo our audrt ol Ihe finarwl Slalem￿lts in t￿ UK. indudng Ihe FRC'8 Elhical Standard. Brbd we Iwve fulfiH•d our other ethul r¢¥W$￿￿1S in accordar￿ ￿th these requwemenlB. bolbgv• IW the audit 8￿d•n￿ we h•v• obt4Mi•d M suffKnt •)d •mWlle Io Pfo¥th ¥ for ow'nion. Con¢lu•lon• r•l•tlng to goln9 ¢on¢•m In audrtin9 Ihé flnana•l stalements. ￿ have CCWKJuded Ihat the trusteo8' use of the C￿•M b48is ol accounting in ihe weparahon of the fin•K¥l slaterrnt$ 18 apWo￿￿t•. 8as•d on lh• wowk we h8ve ￿f￿me￿. w• hove rM>t thr11f￿d wy Malewi￿ uncertairrtiès thgting lo events or eondition$ that. indwidually or collectively. may c851 signiknnt dtyjbi on The Exilarch's Fovndalx)n's abllity to continue AS 8 gong concein tr a pwrfJ ol al kna5t nN)nlh8 from when the fin•nrl Bt•t•ThntS ¥8 auth0n￿0 for i58ue. Our r•sF)nwbIli￿I And th• rnspon8Oihb•fj of the tr￿t••8 wth r•4Fd io qoing are detiuibed In the r•knant sKtiMs of Ihkq rewxi. Oth•r InlNm•tk>n The clhef Inlormalp)n CJ>nprises the infofm8tion irtluded in the ￿nUal Olher Ihan the finawl statements and c4Jr aLKlrtofs report thereon The truslees ore rosp￿Stb18 for th• oth81 inft>mation contained wrthin 8nnu•l report. Ovr opinion on Iht financial 8tat•m•nt5 (knes not cover the olher 4r7forrnatk￿ and we do rKlt Èxrrfe$$ any I￿rn of assur￿ cO￿lus￿￿ there￿ Our r•8rthwbility is lo re8d the Ot￿r ffifcrn1ic￿ and, it) thin9 so. ¢¢)nsider whether the other infofmaihM is materially incon$i4ent wrth the finanual $tstements or our knCAY￿9e oblain¢d in the course ol the oudrt. or otherwise appear$ lo be matenalty misstated. N we identify such matenal irKLh)sislenues or appa￿nt maten81 misslaierrenls, we are required lo delermine w￿lhel this gNes rise to a Mat￿￿1 misstatement in the finanoal stst¢ment$ Ihernselves. 11, ba￿ on ￿ work we havè cxdud• that Ih•r¥ is • malenal misstatèmant ol ihil other informabon, wt 8re requi￿￿ to Teport thal fact We havg nothitwj lo rewt in this wwd. PAatt•r8 on whl¢h we are requlred to r•port by excepllon We ha￿ nothing to report in respect of the fOlkn￿￿9 motter8 in rdtii￿ to Ihe ChaTiIi18 IAco)unts •tYI Report81 Regulations 2CQ8 wuire u5 to repc¥t to rf. in our wnion. the Informabon gNen n lh¢ financ￿ 6tatemerds is in arry mateiial respo￿ with Ihe Ini8teo8' rwort,. C>r sufficient 8ccounb.ng records have not tttn kÈpt. or the financial statements are not In 4reement with th¥ axountmg record8,' or w• h8V• rnl received all Ihe informabon antl explanabcffjs we fequife our a￿*1.

THE EXILARCH'S FOUNDATION INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF THE EXILARCH'S FOUNDATION R•6ponslblllll•s ol tr￿t￿ As expL9ined more fully in the statement of Irustees, resF¥)nsibiIit￿. the truslees are respon&ble for the preparali of the fin8nryal s18lements and for 58ttsfied that t￿Y give a true and view. and for such intem81 conlrol as the trustees determine is rcessary to enable Ihe preparalion of financial statements that ale free from malerial rnisstalement, whether due lo fraud or erTOf In pYepariThJ the financlal slatements. the trustees are respon￿ble lor assessirvJ The Exilarth's FcrtjndaI￿n's ablty to continue as a c¢)ncem. disclowng. 8S aPPtThtAe. matters related lo goirwJ concern u5ry the gory concem bawl ol unless ts Iruslee$ either intend to operations. or h8ve no realisiK alternabve twl lo do Jo. Auditorf• rMponIbiliti￿ for th• •udit ul tlw fin•ncl•l •tt•rnents We havè I￿n appK)iniè4 a$ oudrtof under Saal￿ 144 of Iht Choribtr$ A¢ 2011 repm In T￿th lh8 Act fethnt r•gulalws mad• or tthin9 ￿ thw¢und•r. Our obJedNes are lo olAain reaswwble assura￿ abc￿1 the financial slolements as a WI￿1• •r• free from materi81 rni$slatm•th. wh•th•r due lo fraud or error. and lo wue an •udrt¢s rewrt that incr￿18 ￿r opK)bDn. Reasonab￿ assurance is J hi9h vel of Ixrt is not a gujrnntee tW Jn 8￿Jrt eondLKied in •xor(18nc with ISAS IVKI will ohlays del¢d o materi¥l mSStsl•mni wh•n il exots. M￿8181eM•nt$ can •rise frcrfn fraud or ror and 8re c¢)n$hJered ffl•l¢rwl 11, lndmd￿lty ty m Ihe w3regate. they r?aswably be expeceO to inllutrn¢• th• d8¢ision$ of u8•rn tsk•n basts ofthew finarwl $tslem•rrts. Irr¢guIwrt￿S, Indwjlng fraud, or• in$taThxs of nm-¢tyYwlw￿ Trth ara re9￿814)n8 ￿ d&sb3n Ilntr ¥￿th our re$p¢nsylrtie$, ouUin•d above. to dete¢t maleriol fThsstoternents in resped ol irregulonli¢$. indudkng fro￿￿ Th• •xt•nl lo our w¢<•duf•$ ar• ¢•p•bl• of d•te(ary wr•gUl•rit￿s. wKludirw froud 15 dd•led bo1￿,. C4p•blllty of th• •udlt In d•t•¢tlrtg Irr•gul•rltio•. Induding ￿￿d Base(l on our undwstanding ol lh• chairty and ihe th8rty sector. ￿ants￿¥d that Ihe ri8ks of ty)n- cxjmpliance Mth laws and reguLqbons roL4led to Iho faihJr• to compty wrth charity le9U￿1￿$. and w• consKYered t •xt&nl to which r￿n.ComPliance nwghl have • Mat￿al elle¢t M Ihe fw)•ncio1 st•tem•nts. ￿ 81so ¢on8thred Ih 1th¥8 and rogulalw)ns that have a thfecl iryad on the prbpar&twi of the finan(Jal stalements $Lth 88 the Charrties (Accounts and R•portsl R•gulatKJn8 2C•)8 and ch￿rt￿ Ad 2011. Wè èvalualed m8na9ement's inc•nlrves aThJ opportunities for fraudulent manipulation of the fThnoal stal•mènts li￿1[￿j•1￿j lh• risk ol ovèrride of conlrdsl and delermined that the princip81 fBks related to posting snaFpfopriate J(#Knal entms •nd m￿1 bL•s in •ccounling ests"males. Audrt wocedwes perlormod by ihe aLpartc4s ￿dUded. th kqws and regulations and lrnud". ' 888essfftg managemenfs swificani pMlgemerrt8 aThJ •gOmat•s in partfAAar lha￿ r•i4b"ng to the Y￿￿1t10￿ of Ihe charily s plopety p(rfffolKJ. and KlenlifyirvJ aTh1 lesting mwxbal pumal enlrw. In path"fAtsr anyhwmal entries F•sled wrfh uThJear rationale. There inh•rent limitations in the audil procdute8 d•scrl)ed 8tx)v•, and the lurther rernoved ncn- complianc th Lsws and regul8tK)n8 is from ts events and lransath.ons r•necied in th• ffin8rK481 statements, Ihe1•88 likely we would beccKne aware ol il. Also. the risk of nol deteclThJ a malerkgl misstslement lo fraLHI i8 higher lkn the risk ol nol detecting one resulting from errcK, as fra￿￿ rnay Thiofve ddthrate ccualmenl by, for exwnple, forgery CY intentional misrepresonlatK)n$, or thrw crjluwm. A ftKthei d8scn'pt)n ol our resF4jn￿t"knes Is availthi on the FinarKial ReFth'ng Council's webslte al.. trrtlps.'Il w4•W.frc.org.uklauditorsrnsF￿Skn. Thi8 desulpl￿ fonns m of our audrtorfs rew. Other matt•r¥ Your 8ttenth)n 1$ drawn lo lad thW the ¢harity ha$ p￿p￿¢d finan¢¢g1 slatement$ in ¥¢¢ord8n¢e with"A¢¢oLnllng and Rwrting by Charrtw. Slatemenl ol Re￿MMer￿je0 Prxttt applicable lo ¢harrfs preparing Iheif a￿￿ntS in accoidance ￿ttl thè Finanoal Reporting Standafd appl￿￿ m the UK and RepuL4K of Ireland IFRS 1021" las •m8ndèdl in preference to the Aco)unkn"ro aThJ R•wlin9 by Chanls." Statement of RecommeThJed PractKe issued on 1 2¢X>S whith is r•lwr•d to in lh• extant reg￿tKIns txA n(A¥ b•8n wrthd¥awn. Thi$ has been done in crfder for the fnancgal $temenis to prov¥Je a t￿ lair Wiew in a¢ttrfdon¢e w+th cyrrenl Genernly A￿pIed ArLounb'ng Pra￿￿.

THE EXILARCH'S FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE EXILARCH'S FOUNDATION VBe ol t)ur rnport This report Is mad# soldy to the charty's truslees. as a boty. in accorda￿ wrth part 4 of the Chantw IAc¢ounts and Rgportsl RegulatM)ns 2CK)8. Our audrt w(xk h8s been urthrt8ken so that we mwjhl st8le lo the carity's trustees Ihtsse mamers we #r• required to ste lo Ihem in an aLwJitorf$ feF4)rt and ior no othtrr purpose To the fullèst exlenl rmimed by law, we do not accepl of assu￿ ￿8F¥Th￿.11ty lo anyor other than Ihe tharty and th• tharty's Irust&e$ as a body. lof our ¥udrf work, lor t￿$ report. or for th• opwmc￿5 we have lommd. BKL Audit LLP Chartered Accounl•nts Statutory Audltor S Fleet Plae• London, EC4M 7RD 25 September 2024 BKL A￿Irt LLP is el￿1￿49 for a￿￿Or of Th• Exil•r(*'s F￿nd•tIon by of Its e￿91b￿ty fr 8ppolnlmenl as aL¥JrtN ol 8 ynd•r 1212 of lh• Conyr¥esAct 2(K6.

THE EXILARCH'S FOUNDATION STATEMEKf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 UnrMtrfct•d Endo¥ furKI• fund• 2023 2023 Tt)tsl Unr••trbctsd Endo¥rtnont fund• fund• 2022 2022 Total 2023 2022 Investment iwo aThJ inleresl 8.153.789 8.153.789 7.198.118 7.198.118 Raising funds 385.991 385,991 412.3WJ 412,3 Chthriiable •ctP4it8 S.737.442 5,737.442 4.202.747 4.202.747 Tot•1 •xpendllur• 6.123.433 6.123.433 4.615.137 4.815.137 Nt g•in8llloMo•} cm) Inve8lnwrt8 11.977,6XII 13.741,764) (5,719.3941 14.698,2181 {8,415.4641 113,113,e821 N•t m9￿m•nI In lund• 52,728 {3.741,7641 13.889,038) (2.11523n 18,415.4641 110,530,701) FLmd bal￿r￿S •t 1 Jonuory 2023 36,841.852 55,440,527 92.282.379 28.957,￿ 63.855.991 102,813,CQO Fund bol•n¢M •t 31 D•C•m￿r 2023 36.894,578 51.698,763 88.593.341 36,841,852 55.440.527 92,282,379 Th• $latemenl of finandAI acti¥*wd kwes recoJnis•d in Ihb yur. Th• $lat•menl of finanoal •clNitws vKkKl•s ail g•in8 •nd rewrwd y••r. All expgrKlllur• (lersve from cAnlinuiryJ ac11vit￿.

THE EXILARCH'S FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2023

		2023	2023	2022	2022
	Notes	£	£	£	£
Fixed assets
Investment property	10		84,911,000		88,795,000
Investments	11		9,250,620		6,067,604
			94,161,620		94,862,604
Current assets
Debtors	13	534,750		992,614
Cash at bank and in hand		7,412,553		7,406,431
		7,947,303		8,399,045
Creditors: amounts falling due within
one year	14	(6,670,794)		(4,744,939)
Net current assets			1,276,509		3,654,106
Total assets less current liabilities			95,438,129		98,516,710
Creditors: amounts falling due after
more than one year	15		(6,844,788)		(6,234,331)
Net assets			88,593,341		92,282,379
Capital funds
Expendable endowment funds	16		51,698,763		55,440,527
Income funds
Unrestrjctedfunds Designated	17	18,250,000		18,250,000
General unrestricted funds	18	18,644,578		18,591,852
			36,894,578		36,841,852
			88,593,341		92,282,379

The financial statements were approved by the board of Trustees on 2 September 2024 and signed on their behalf by:

Mr DA Dangoor CBE DL (Exilarch) Trustee

• 10 -

THE EXILARCH'S FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Nots• C•ih IIM from op•f•tbng •etl¥ltl•• Cash ab80rbed by opera1m￿S 13,256,825) 15.744,4921 In￿ltIng act5vltl•• Purchase of Inv•stm•nt pro￿rtY Proceeds from dwsa ol investmwrt op8rty Purchase ol other investments Pr¢xeeds from disp)sal of oth•r In￿stm￿nIS Investment inccrfne roceNed 14.893,4551 1750.186) 2.636.%)8 13.427.568) 686.105 8.281.357 8.466.955 11,956,622) 64.854 7.114,426 14•t ￿h g•n•rnt•d fram Inv••tlng •ctlvltl 3.282,947 10,939,427 N•t I￿￿•¥• In c••h and c••h •qulv¥l•nts 6,122 5,194,935 Cash and calh equivalent8 al be￿Ir￿j ol year 7,4(￿.431 2,211.498 C••h •nd ￿•h •qulv•l•nQ• •t •nd of y•ar 7.412,$53 7,W.431 11

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2023 Charity Trnf¢rn)•tlon The Exilarch's FOUndatic￿ is a un)r￿r￿)rae￿ ¢h•rity go¥emod by a Trust Deed and is registefad with Ihtr Charrty CommNion for EngLand )d W405. The address of th8 re9iStered oifKe is 4 Cartos PLa(, Mayfair. London, W1 K 3AW. 1.1 Accountlng pollels• Th• pnnCI￿ accountmg WKies atyl•d. Iwjgements •rAJ k•y 8¢xYc# ol estination uncert•inty Sn th• preparatw of the financi41 stolmenis 8re as follcAvs'. 1.2 8••l• of pr•parntion ol •¢¢owts •rKI •M•••m•nt of golng ¢onc•rn The finawal $t8tements have been prepared m aCc￿danCe wrth Ihe Ststement ol RecL)mmendod Pr•¢l¢•', Accountin9 and Reporting by Chant$ wepanng their xcoJnls in o¢xordwKe wth the Finanual Re￿tIng Stsndard Bpplicable tn Ihe UK and R•puNK ol ITelaThJ IFRS 11Y21 ff4sued in Oc1ober 2019 and the Finanoal Reponin9 Slandard 8pplicabl• in UK and Republc of Irel8ThJ (FRS 102) and Charili88 Act 2011 and UK Gènef¥lly Aecepled Pradice 8$ 118ppls frMI 1 January 2019. Th• finandal $t•temenls h•v• b￿n prepwed lo w a #rKI have tj&part•d from tho Chankn'•$ (Accounts and Repmsl R9ulaty"ons 2r))8 only to the ext•nl required to provide 8 'true ¥nd foir vi•w'. Thi8 departure has Invofve<l fdlwng 'AccoJnting and Rep￿Ing by chan1￿8.. St8temenl ol Recommtsnded Pracaice applicabkn to ¢horities preparing th•r 8cc¢uni$ in accordance with lh• Finan¢l R•portirs Standard applubl• in ihe UK Repubic of Irelarml IFRS 102). issued in Odob•f 2019. r•lher Ihan Ihe AccountiTrJ aThJ ReF<Wtn9 by Chrf￿.. Slalemenl ol Re¢ommonded Practte fjffgd+¥• fr¢m 1 Awil 2(1)S which hal bo•n wrthdrwhn. The Exilarch's FO￿dat￿ffi meet$ Ihe definit￿￿ of a public bènafrt enmy undei FRS 102. A￿¥ts Ikqbilitles af• initi8ly recognised at hi$tiwul Cost of vali unlo8S 01￿￿￿.$e $l•l•d In th• ￿e￿Want account￿9 pc4y notes. Th• finana41 $l•t•m•rt• ? in lo the 1.3 Con•olld•t•d fln•n¢l•l •t•t•m•nts Consoli¢Jaled fin￿rK￿l slatemenls fof thg Ch•rity ￿t￿MY oMi•d •ub$Kli•ry. EthJfilm8 Lirrit•d h¥ve not b8èn prepared as Ihe 8uhKary WA8 inmri￿. Al wjch Ihe ac¢ount8 refiea cffily the trans&d￿3 and balanc•8 of the Ch¥rty 1.4 Golng con¢•m These financial stalom•nl$ pr•pw8d ￿ a 0￿CM ba81• •8 81 Ihe Bowd ol Tr￿1•￿ cOn￿der th•r Ire nol mat8fral uncertointie$ exiittylg that fftay cast siwiftwl 88 to rt8 ablrty lo continue 88 a going ojncem. 1.6 Ch•rit•ble lurMI• The Idlowing luThJs am hekl ty the Clwty'.- Unresiricted funds comprise Ihose fu￿lS Ihe trusloes We free lo use for any purpow in lurfherance of Ihe thari¢abSe ofy'ècts Unr•$litted fvnds VK4ud• dsgned ftmds whefe the trusteè$, at their discretson. have created a lund for a spwfir purpo•e. Expèndatye Endowment . th8s• captsl fvrKl$ can cty be c¢rne￿ wrto expendjble kicome 81 the dlscrebon of the Exilarch. Realised and unreaK8ed gains and ￿eS ￿ invesnxnt8 a￿ alkKaled to the approwwte ffiJnd ba*J on IwenM)9 balances. 12

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued) 1.6 In¢om• Income Is recogni8ed ¥rt￿n the h•8 •ntitiement k) th• fund•, any perfomwKe condrfiM8 attache(I to the ilem{sl of ino)me ￿ve been met. it i¥ wobable th•1 Ihe inoyne be rec¢i¥ed •nd the ormunt e•n be measured reliat4y. Donatims are recog￿￿d ¥then the thily has been ￿lfd In writing ol both the amtyjni 8nd setuernenl dale. In Ihe event thai a subJe¢i to ctrtIrt￿n5 thal requi￿ a bEvel ol perfO￿an(e beftye the charity is enli1￿￿ lo the funds. Ihe incry￿ ￿ deferred WKI nol recoantsed unlil erther Ihose 0)r￿lI10n6 are frjlly rnel. or the frjlfilmenl of Ih05e cornjrt￿ns is wholty wilhin the control ol the tharty and it is wob8ble Ih81 tt￿se condition5 ￿11 be fvtfilled In the reporbng pencMJ. D￿￿ted gc>Js and serNryces we reo)gnised a time 8penl basL8 and iecwised Lmly onc Ihe has teen r•cved. Legacy 9ifts arè f•cognised al the earl￿ ol ihe dale on whth tylhw. Ihe chanty 1$ ware that wobatè has be•n granled, eslale has been finalised aNI nottficalion has b8en made by the èx4culors to tho charity that a th"slribLrtion will b• mad•, ￿ w￿n a distribul¥on is f•c•N•d from lh• èslate Rec•ipl of a 189acy, in whol• or in part, 18 orsty ccffj8Jeret1 probable when thw• boen a 9rant of probale, th8 6x•cutor8 hav fjstablished thor& are suff￿￿nt a$sat8 in Ihe estate to pay Ihe 189•¢y condilicffis 8tto¢hod lo lh¢ b98Cy gre erthw wrthin the Contr￿ d th• charty OT have been m&t. ￿er legacs have been Th)trfd lo lh• charty. or tho charity is ￿are ol th• gfanling ol probat•, and Ihe uiterkg for InC£rf￿ recognrtion hav• not b••n met, then th• legacy Is a tr•at•d as a Cl￿r￿n1 aB8•t and d￿Ch)￿d rf mal•rto1. Rental ￿￿Orne arisiry from OFerabrwJ ￿eleS ￿ Inveslment wr¢wlEs is accounted lor on a stravJM li￿ basis over the lease lerm IncerrtNes lor 18ssees to enter into leaBe agreements are $￿ad eventy over the ￿ase lefms, even if the paymenls are not rn8de w such a bqBiS Rental incoTh ￿ me8sured at the fair value ol the ¢on•thr•tth r•cNabl• trxdudiNJ VAT. Inl•f•St on lund8 on d•posd is Inckthd wtn r•c•vabl• th¢ t¢ m•¥$ur•d f•liably by the ¢h8rity, thi$ o nomwlly ndrfKaihM ol tr ntere$t or pgy¥t4e by the b•nk DI￿￿￿n￿l art I•¢09n￿•￿ onu th• divthrtsj h•$ b•¢n de¢l•red •nd nthtp)n ￿•n ol the dMd•nd due. 1.7 Exp•ndl¢ur• EX￿n￿rtUr• 1$ f•¢ognised On￿ Ih¢re 1$ 0 10901 c lo mak• • ￿¥Ment to 8 Ihirl p•rty, it Is probable that 6ettlèmènl will be required and the anh)uni of tr ¢on be moo$ur¢d Expenditure is dawfièd undèr thè headings.. £o$ls of furKIs feprowil wcyrty r•ld cosls •uor4ted ¢J•rfvirwJ rental IrKom8. .Expenditur• on thrrtAbl¢ ¢omproes payabl¢ ￿•0￿1¢￿ wwrred by lh• t•rity in lh dèlivery of rts actiMb•s and SeTh￿S. It itKILths tx)th u)sts that can bè alktated difèdty to 8Lrtt aetiviti•s ond those cosls of an indirect nature necesw to supyrl rt. .Gr¥nts payoble •fe payments made to third pathes in the lurther￿ of th• ol Ihg ¢harty. UnCOndrt￿nal granl offer is aCCr￿d once the reQ￿nt has been notrfth ol the gwl award Th notKtsfjon th• rnapient a rnasona￿e exkctation Ihat Ih•y r•ceN• th• cfft yè•r LW mutti.yèar grant. Th• provi6Oon of • mU1￿ye¥r ￿nI 18 r•¢o9nwd Jl rt$ pffesenl ¥￿e seltlemerrt i¥ ck ovw mor• than one year from the dale of Ihe award. there we N) unluifilkd performanc¢ ¢ondrtw$ Under the c041tr¢l of the Tw$t that would the Trusl to avoid makry the future paymeniisl. setyement 1$ protsabltr and the effecl ol discoUnt￿g is matenal. The th"sctsJnt rate used ts the a¥Tagè loan iat• In Ihè yai In which the grant awwd 18 Th15 d15tount rate is rtyardÈd by the trustees as woviding the m¢) ￿vr￿rt avai1&4* estimate of ihe oppcirtunlty cost of money refieding thè tim• ¥a￿e of monèy to the Cttarrty Al eXr¢￿Illure 1$ accounted for ty) an awuals bags. VAT 1$ charW ag•nsl Ihg oxpeThJ'twe headry for whith it was InC￿Ned. 13-

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 IConiiThuedl 1.8 Allocatjon of •upport and govern•nce costs Support costs have been allocated tts¥een gov￿￿ ¢>xts arwj Lthr siywl cosls. Govemm costs cornwi.se all CO8ls invo￿1ng the pubh"¢ ￿¢￿nIat¥.￿fy of tl ch•nty and rts com￿lance ￿th rfjgulal￿n good pra¢#ic¢. These cosls include oxl$ relaled lo statutory auth"1 and legal lees. Goveman¢è co$ts 8UPWt costs relatry to tho cost ol fi￿￿5 and expenditure on charrtab clwilK8s have be￿ apFKfft10￿d on ￿ equal basis. Th• a•o¢•tion of WPF*Jt and llov•man¢e eosis is anatys•d w) note 7. 1.9 Opernt4ng L••M• Renlals payable undaf cp8faiing leases. indudlNJ any lease incenli49$ rectiv•d. a￿ charged lo incom• M • 6trauht line basss ov•r Ihe term of th¢ relevant ￿a￿e except vhwre another more systematic b8818 1$ mort iepreg•nlalive ol th• Im)8 pattem in whKth benefits from the knse •M•l thre curnwd. 1.10 For•Sw cwr•ncl•• Monetary 0s8•ts 11ablrf￿ deThJmin¥t•d in I￿•￿n curlw￿0• •re Iran￿81•d inlo steding 81 th& ralti of exthan9e ruhng at the balar￿• sheet dale. Tr￿SactionS in forwgn currencies are recold￿ ¥1 Ihe elo$lryJ rate ol Ihe mnlh preceding that in vthich Ir8nsxtion occurred Exchar4Je dillerww are iaken lo the Statemenl ol FIr￿nrjalACIWhth. 14-

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 {Contnu￿) 1.11 Flx•d ?$￿1 Invtttr•nts Inveslment properties are me•8ured at o)st S￿Sequenty at ¥akn at the reporti￿ date. Valuation 01 lair vabje is made on an open markel vahje basts by refere￿ to mwkel evhlence of IT￿S8CtIon prices lor similar Pfoperlies. Fail vdue adjuslments are recognised as gain￿SeS on fevaluation of fixed ass￿$ in the Staternenl ol Financwl AcINi1￿$. Investments in subsklwies aro ffa8ured irwbth at cost •theq￿tty al rAisI leu imp•irmeni. Other investments are initkglly al cosl and 8thequenty at f•"r valufr at the repJtiTrJ d•te lth•re there are other inveslmenls whose fair values cannol ￿ measured reliabty. such assets ale mea8ured al Cost ss irnpairn8nl. Realisad and unrealised gains and losges, as well as any impaimwrt. are shrywn as galnil 1088es on inv8Stmenls in Ihe Stalements ol Finanaal Actryrties. Nel gains ￿ c4her KNeslmenls •re recorded after deduclion ol Monagen￿nI lees and forwgn exch8rvJe ￿￿ver￿t8. 1.12 Fln•n¢l•l In•trum•nts Financial assets and finaThid I8btki8 ar• rwnll th•n th• d￿rty b•com a party to the Ca￿tr￿aual provisions of Ihe inslruwtht AddrtKJnalty. all financial al￿18 and lialH.1rt￿ we dassffj￿d attLYding lo the substance ol the contrxtual arraThJemenls eniered mto. Basic financial ass8ts. whKh WKaude lrnde crther receivables and cash 8t ba￿ are initkqlFy n￿lSur•d at transactTh price Imduding transaction coslsl arrfl are subsequently carmd al amorti8ed CA)St. B finond•l li•ts"thtw KKkKle tT payat4gs. gf•nt$ p•y)l•, rjhev payatjles •nd deknd lTh>Jme are nrt¢alty r8cowised at ￿c1 aThJ sub8equontPrf wi8d at a￿)rtiSed o)sl. 1.13 Lo•M CorKeJsionary klans rnode in furtherarKe of the chwrfys ci)JeclNes and repayab￿ after rrKxe than ¢)ne year are initialty recogniged at Ihe awrwnl paid wilh Ihe rarrying value adjusled In subsequent years lo reffled repayffnts and any aCcn￿￿ interest. To exlenl thal the kxn i• •&8esMd u lThecoverabkn. an iywirmenl loss is rwxgnised in Ihe Slatemeni ol FInana￿ Acbvib? Judg•m•nt• and k•y •ourcM ol MllmatSon wK•rt•S11ty In the application of Th8 Exilarch'l Founda¢KJn'i actountrwJ ￿￿K#e8. the Injstees truBlees are required lo make judgements. estsmates and asoumpt￿8 atojt the carrying affKJunt of a55ets and Iwbilthes Ihat are not readity apparent frcffj olher source3 The estimates and ossocaaleLI a$s￿pI10ns are based on histori￿1 exper￿nce WKI other fxlorn thllt are 0￿￿d￿e0 to be relevant. Actual may ¢Jiffef from these eslirnates. The e8knmates ￿der￿l'D9 •MUlTwI￿ we Te¥iew8d on an ongory bmis. R•vi•K)ns lo a￿Atir￿￿ e5tim8tes Bre recognised in the period in which Ihe esttmate 16 Tewsed where Ihe revision affects ￿tY that period. Iw in the of the revi5iw arhd ftrture ¥¥we ￿ revismjn 8ffeds lyAh currenl and future perit)ds. As disclo8￿ in Nottr 10, ¢h•nty$ irw45b￿ prwrts have bttn valued •n opon Ma￿¢1 Vol￿ basis by an independent proleSs￿n8l valuer. ValUath￿ of whth is bBed on a nulthr of 8$8umpiioM indudirwj m8rkel condi11￿$ vthich PreVa￿ed gt the baLqnce sheet dale. 15-

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Inv•sth)•nt Incom• and Int•rMt Unrn•trlet•d Unre¥tricted funds lunds 2023 2022 Rental irthn 7,365.464 704.083 84,242 7.162,087 31,688 Int8resl recwvable 8.153,789 7,198,118 I￿luje￿ wtthin Other inc¢me 11 £680.￿￿1 {2022". £rMO of #nd £10.48312022.. £nil) of donated occountancy semces from Monopm Limw. • CMp￿Y in whith th• ¢h81ty'8 Irust88s h8¥• 8 8ub3lanlial Inte￿$t Ralllry lund• Unr••tr6¢t•d Unr••trlcl•d fund• lund• 2023 2022 Inve$tm•nl monogerrwrt le Publicty her fuThJraisiThJ cost8 Support cosl818e• nole 7) 10,495 6.340 320.230 7S.325 $40 309,301 76.150 FLThYrwthg ond 385.991 412.3 16-

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Chrltsbl• •ctlvltl Totsl 2023 Totsl 2022 Grant of aciNrfr•s Isth note 61 Present value adju8tsnenl on cc¥nmitrn•rt8 mad& In Financ• ¢￿t5 ForevJn exchange Sharè of tsupport tosls (u• I￿)t• 7) 5.533,307 1220,485) 253,554 94,916 76,150 3.939,633 {139,4701 292.375 75.325 5.737.442 4,202,747 ￿gnInCanI granl p8yinents 8r• du• in greater than year th• amwnls hav• been di5couthed rtflect thth'r nèt Pr8￿nI valuè. Finance cosls r•presenl fmanc• L*arg•8 in r•sp8Ct of Ihe unwinding ol th gr4nts. 17-

ioooo 88=811g- oo* 8888{ 11{{{{{%{{{ silalls11

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR EAIDED 31 DECEPABER 2023 Support ¢￿tr Support Govem•Dc• co•t• co•i8 2023 Support Govemjnce Go•lJ 2022 Propaty Exp•nt•• Bank charges SurKlry Expenses Professional l•es A￿Irt lees 24.128 24,128 13.954 13,954 1,447 18,e65 77,14S 39,439 1.447 18.e65 77,145 39.439 27.475 SS,883 42.7r 27.475 42.7( 24.128 128.172 152.3 13.954 138,696 150,850 AJ)&ty8•d betwm•n Fundrai&n9 Charlable acl'vrties 12, 12.064 76,1￿1 76.1x1 6.977 6,977 75,325 75,325 24.128 128.172 152,3CKI 13,954 138, 150,650 Induded V•ilhMI wc4es$A)nal l•tt w £10.483 {2022." of dr￿￿0 ¥c¢¢w)ncy from Mu￿)PrO Lwnited Tru•t••• •nd •mploy••¥ No re[ThJnerat￿ was paKI to Ihe Iru•t8es ￿ they ¢￿￿(ad yw, nof w•re arry expert￿9 reirnburBed to theffl12022. £ThD. There were no by the th•rity durmg fv ye•r or Ihe yeviws ye•r. g•ln•l{loMMI on In¥Mim•nts Unrn4trlct•d Endowm•nt fvnd• fvnd• 2023 2023 Totsl UnmtrSct•d Endowm•nt Tol•l 2023 2022 2022 2012 Revuabon of investments GainllKi$$l M $• ol Investments Revaluabon ol investmenl ￿￿0￿ert￿S G¥iniifos$l on Sale ol investmènt WOFerliès 421.553 421.553 452288 452.288 159,gJ2) {59.902) I2.335.￿lI (3.741.784) 16.077.455) (4.957.559) 18.415,4641113,373.023) 163.4921 163,492) {133.0451 {133,04SI {1.977.630) {3.741.7641 (5.719.394) 14.698.218) (8.415.464) 113.113.6821 19-

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Inv•slm•nt prop•rty 2023 F•ir v•lu• At 1 January 2023 AddrtKJn8 D¥sp)8813 el gains c lo1￿6 thrw f•ir vthlue ￿ljUstM•nts 68.795.IK(J 4,893,455 I2.7￿,(￿()I 18.077,4551 At 31 D•¢ember 2023 84,911,C(KJ The inve$lm•ni prope￿$ have teen revalued 41 the reporting ye8r •nd dale on an Op￿ m•rket ¥•￿1 bas16 by an ind•pendenl Chartefed SLfveyor, Foxglove Property Limrted and represent ttir f•ir value. The th8rty 1$ 8 le8s•hokl tenant *nd pays • pepFercom lo Ihe free￿￿ler of 8 property is CV+tsd by A conwny in which the trusteè8 are diredOr￿ShareholdelS wrth C￿trol ol tm ¢ompany

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Flx•d M••t kn¥wlm•nts Ll%t•d Inv••lm•nt• Inv••tm•nts in group und•rtskinq8 Tot1 C￿t or v•lu•Von At 1 January 2023 Adth"bon$ Va￿at￿)n than DispoBals 1(k5,817 5,%1.786 3,427. 475,033 ie66.105) 6,C67,804 3.427,568 471.$53 1666.1051 13,480) Al 31 0ec•rn￿r 2023 1￿2.337 9,198.282 9.300.620 Imp•lrnwrt Al 1 January 2023 AI 31 DK•mb•f 2023 C•rrylng •rnount Al 31 D￿Mb•f 2023 102,337 9.148.282 9,250,820 Al 31 D¢c•mb8r 2022 105.817 S,￿1,786 8,067,￿1 Listed inv•slm•nts ar• Cwr￿d 8t lair valuts 8ThJ repf•s•nt investment in equit￿ which ar• tradod n quot•d Publ￿ markets, pn'marty lh• London Excharg8. Impawmènl kisses relale to an inve3trnth that 1$ Wr COn5Kler•d to be rec4)￿rIbl￿. Impalrmenl lo$w$ are ir￿uded In Nel gain@Ilosses} on ￿VeStments on the ol the SOFA 23 2022 Oth•r inv•stm•nts ¢￿th.. Not•• IniMslmw)t$ in •ubwdkws 12 12 SutAldl•rl•• The financ￿1 statements of Edufikns Limiied h•ve b8•n 84p•r•tety ￿ Th& Exilarc'$ F￿fttst financial stalemenls ts 31 De¢mber 2023, Detalls of the The Exilan's F￿￿1￿{lOn.8 at endod 31 January 2024 are as fotltr•s.' Nam• of und•rt•kbng R•ql8t•v•d offic• N•iur• Cl#¥ ol •har•• h•ld % LXr•ct Eduffikn5 Ltd ErYlwKI 8 Ed￿￿?￿81 1(XJ.(K) 21

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Subsbdlarf•s Icorttinwdl The aggregate capital WKI re8ep¥S and the fesull fv)r Ihe year of subsidrn exduded from ¢onx￿daIofi was a5 lollow8'. Nam• ol und•rtakl Pr¢fiV(Lo••l C•pltsl ¥nd R•serves Edvfikns Ltd {2.816} 13 2023 2022 Amoun1• fallng y•r: Tr8¢Jè debtors Amounts owed by ￿J8￿1￿ry und8rt•kn1 Other deblor$ $9.058 61.671 372,338 41.683 340.489 61.871 240.454 534.750 992.614 Amounts trwed by subsbj'ary und•rtaking rewes•nt ¢OrKesS￿ lo•n• made lo laolrtale the prod￿1￿ •nd di$tr4MAion of •xalHJn•l films. Thern is fix•d rop￿￿￿nI l•m and thg amount do•8 not Int•r•sl Oiher r•¢eN)l•$ indLth d•t•iled as fL4knv3'. {11 A £350,OCQ12022 . £350.CqIOI Inl•re$i free loan which was orwjinaly repayable in November 2019 and remain$ cwtstsnding to a$8tst in the pur¢hase and fitting wl of a propèrty fcrf an organlsatlon wth a vis￿n to enhance Jewish ywths. lives Th• kmn is undeftvrillen by a guaronior and &Jditionaly, the charfty has a s•oJnd mortgago againsl lh• wopty.

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS IcoKfiNUED FOR THE YEAR ENDED 31 DECEMBER 2023 14 Cr•ditqn: wn¢wnt• f•llirvJ duè within on• ymr 2023 2022 Other tsxalion armj socTral s•currty Trad& credito Grants payable Other Credrtors Accruals ond dolerr8d incon 874,827 29,872 3,542.921 1,21S.296 1,Crf)8.078 289,920 24,180 3.271,Cv3S 224,182 935,￿2 6,670,794 4.744.939 Analy•l• ol d•f•rr•d Incom• D•lerred as at 1 j￿Uary 2023 Landbrd obligalions luffiled in 2023 Rent recèived in 2023 in respecl of 2024 897.218 {897.2181 951.362 D•tsrred •131 Deumber 2￿23 951,362 D8l&rred knc4m• reL8t•8 Io fwrtal SrKcthe f•tyv•d pro ￿•1 •nd t•nwicy ws•l y•ar eThJ. 15 Cr•dlt¢x•'. •mowth l•lllng du• •ftw m¢r• on• y￿r 2023 2022 Grinll payablè 6.844.788 8,234,331 16 Endowm•nt lund• l•rb¢• •¢ G•bn• •n¢ 8•1•￿ •t IDw•1 J•nu•ry 2023 O•kn• • 31 D•c•mb•r 2023 Expend•t4e 83.855.991 {8.415.4641 55.440.527 {3.741.7641 51.698,763 Endcvmn¢ funds rwesenl •88•18 wIMch be Con¥•￿ ir0 gxFw¥Jgt40 Incom• * the dlscretlon of The Exilarth's Four*Yalw. Incorne on fvThJ$ can bè used in ￿lYdanCe wrth the objecls of The Exilarch's Foundat￿ orwj 15 as Wbreslrthd wxx￿￿. kny cayial 98ins or k)ssas iisiThJ on the assels I￿rn part of Ihe tund.

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 D•Jlgnated fuThl• The u￿￿triCted fimd8 ol the charity ￿nprIse the unexpended balances ol Investment income, grants ¥thich re nol subject lo C[￿ltionS by domrs a￿1 grantors as to hLV4 may be used and caprtal gains or tosses ari8irrfJ on asst$ whk lorm part of the lund. These mdud• ftnlB have be•n 8•t aside out of unr•stllcted fvnds by the tnJst•eJ for Spea￿ Frtrpo88s. Movement in funds Mo¥•m•nt In fund$ In¢•ffAng ln¢• at r••ourc•B 31 O•c•fflb•r BlrK• •t ￿￿￿¢•#1 Janubry 2023 l J•nu•ry 2022 2023 D•skdw¥d lunds 18.29),rKKI I8.2￿1.(m￿l 18,250.CIKJ 18.29),0 18.250.￿0 18.250,CO) Pury>ose$. £10,OC4),¢)XI AM$b'n9 the 8eth'n9 of aThJ r•h'4Kws Hmtslubons li a lthure r•4statAished Jewish comm(rnity In Iraq.. £7,cQo,C￿ Advancernent ol Un4¥¢rnI mon01￿18m UK.. £1,250,C￿ Israel Heohhcwe IMo¥atw Prqec -24-

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THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 l Analysls of not a•••ts b•twe•n fund• unrMtrict￿ Endownn•nt lundi 2023 Toll UnrMtri¢ted End0￿￿nt lund8 lund• 2022 2022 Totsl 2023 2023 2022 Fund balances at 31 December 2023 are represented by". Investment (xowiies Investrnent6 Current 88Mlsiifi•blitie•) Loty term lth"kn"•s 33,212.237 s1,￿.763 84,911,Crf)0 33.354.473 55.440.$27 88.795.C( 9.2SO.820 9.2XJ.620 6,tO7.604 8,C67.604 1.276.509 1,276,509 3,6S4.IC6 3.654.1C {6,844.788) 18.844.708) {6.234.3311 16.234,331) 36,894.578 51,W.763 88.593,341 ￿.811.8$2 55.440.527 92,282,379 20 0￿r•¥n9 l••M ¢ommlbn•nt¥ L••M• At the repO￿.￿j end date Exilar('s Found•11￿ had outst￿lI1n9 commimwls fty fulure nlnimum l¥a81 paymnts under ncwncrf•bk• ¢JFwatiig Iw•& Idl •• fol￿.. 2023 2022 Wilhin on• y*•r Between and ffl¥e ye• In ov•r fN• y$81S 102.280 409,040 7,080.425 192,Cl)O 4,113,534 4.353.$34 7,591.725 Ai the rekxyting ¢nd d8te The Exi18r¢h's Found•1￿ tod ¢￿trad￿d with tenanls for lh• foNThi'ng nNnlmum ase payments.. 2023 2022 thin orte year 8ehv•en hyo and fve ye•rs In overfNe years 7.232,780 26,735.748 35.582.483 7.133,830 28.648,781 38.925,841 69.531,011 72,708,452

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Capltsl commlkn•nts At 31 December 2023 Th8 Exilarth'6 Fourth￿ ca￿1 uxnmIbr￿￿ CLNrtr•d for but not yoytyjed in the financial statemerrts 88 fc4khYs'. 2023 2022 A¢qul$ithy) ol proFerty, ￿ant and equw¢ni A￿Ul$it￿ of fixed asset a￿1 Wh¥￿tment1 4.815,(((J 1.889,180 7,076,384 7.076.384 8.504, 180 Thts tharity was CQmitle¢l to in¥es1 in ￿Nted Thestrnents. 22 E￿nts •ft•r th• r•portlnq d•t• Po81 year end, the th•rity made wanl cofflnwtn)8nts of É2m to MIND arttl £1.2m to UnNernty Cdly Lry Hoswtsls Charlty. On 31 Jantsary 2024 the charry8 o)mp•ny, EduAms Lhiwtwj, final •¢£¢￿¢$ b•wd W￿Ch. the •ntity was 8lnKk Lrfl 2024. 23 R•lat•d party tran•act5on• DLWf¥J the yoar, grnrt8 rnnting £196.888 (2022". £113,777) w•f¢ lo IA8kninerA¢•d•my, ol tthich Mr Davkl Oankw C8E OL CBE 8 trust••. During t￿ y•8r, Morwffj Limrt•d, • ¢owny ol wlmch th• Iwu8l•e$ •r• direaorn, donaltrj •Lxounl•ncy est¥nat•d to amwl £10.48312022. £ndl. 2023 2022 ¢1 lor th• y 13.S89.0381 110,530.701) Adiuslmenls fty.. Investment income rec(NJnised in statemènt of 8¢bvhie8 L086 on disFosal of inveslrnent prcperty IG#i)llo￿ cm disFoul d in¥eslmenlS Faw value gains aThJ bs6es on investmenl wopeities Faif V8Iue gains losses on Inv•stmen Aff￿rtIsa1kJn and im￿Thr￿n1 of itngible assets 18.153.789) 63,492 {7,198,1181 133,045 59.W2 13,373,171 (452.2881 6,077,455 1471.5531 Movements n th￿ir￿j capital.. Decrease in deblor5 In¢y¢Os¢lldeuea￿l ￿ ¢r¢thtcKs IDeueaselAncrease in grants p8yab 384,432 1.599.893 882,283 $93.132 1178.965) 11.545,670) Ca•h •boorbed by operntion• 13.258,8251 15,744,4¥2} -27-

THE EXILARCH'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 25 Analysis of ch•noe¥ In net fund• Al 1 JITh￿ry I1￿ Aijl O•¢¢mbpr 2023 C#•h at bank •tvJ ￿ h8nd T,4[￿.431 6.122 7,412.553 -28-