The Exilarch's Foundation

Objectives

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.

Professional Advisers

Auditors Wilson Wright & Co
Legal Advisers Davenport Lyons; Farrer & Co

Trustees

N E Dangoor OBE (Exilarch & Correspondent), D A Dangoor, M J Dangoor, R D Dangoor, E B Dangoor

Investment Policy

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's investment properties were independently revalued at the balance sheet date. The resultant unrealised loss of 876,968 is considered to be representative of the current market conditions of the property sector in the UK.

Grant Policy

The Charities Act 2006 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 4 of the Charities Act 2006 and the guidance issued by the Charity Commission in respect of Public Benefit. The Trustees have continued to keep their long-term sights on the eventual re-establishment of a Jewish community in Iraq through setting up 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. Alongside their above objective, the Trustees have during 2010 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. The Trustees commissioned (jointly with Birkbeck College) a report 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. That report contained five key recommendations which the trustees are pursuing with Birkbeck College and others. Funding for educational institutions in the UK has been sustained through 2010 with substantial additional grants being paid to educational institutions supported by the Trustees in previous years. The academic results achieved at Westminster Academy have continued to improve: the number of GCSE students achieving 5 A* to C grades in subjects including English and maths has arisen from 17% in 2007, to 20% in 2008, to 38% in 2009 and an impressive 45% in 2010. The equivalent figures covering all subjects are 23% in 2007, 44% in 2008, 72% in 2009 and 74% in 2010. Other major grants: During the year, grants of 1.1 million to Cancer Research UK and 1.05 million to Age UK have been agreed to assist with the development of information provision through their websites.

Reserves

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 42.6m 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. It is the Charity's policy to retain reserves of a minimum of twelve months total expenditure. In view of the uncertainty surrounding the charity's commitments for the coming few years, the trustees cannot at this stage provide an assessment of whether the charity's current level of reserves is consistent with this policy but they are keeping the position under review.

Future Commitments

The Trustees resolved that whilst they would continue to consider other applications for funding made to the Charity, they wished to address the following areas over the next three 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 setting up 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 on-going monitoring of the situation consider whether continued retention of the funds remains appropriate. As reported last year, 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 financial support of the Westminster Academy, of which the Charity is the Sponsor. 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. Universal Monotheism; In April 2011 a grant of 1 million was made to Bar-Ilan University in Israel specifically to initiate a series of activities to promote the unique concept of Universal Monotheism. The Trustees will continue to explore their proposal for an institute for ethical monotheism. They are currently deliberating on the feasibility report that was produced in February 2011.

4 Carlos Place
Mayfair
London
W1K 3AW

Tel: 020 7399 0850

CC number: 275919

Performance Guide Rankings

investment assets 196 / 1000
investment income 55 / 995
return on investments 7 / 995
investment management costs - / 743
inv mgmt costs as % of inv assets - / 743

inv mgmt costs as % of inv income - / 743
investment property 34 / 361
income from investment property 15 / 325
inv property inc as % of investment property 34 / 225

income from listed investments 656 / 661
income from short-term investments 696 / 726
listed investment inc as % of inv income 657 / 661
short-term investment assets 736 / 988

legacy income - / 226
grants received - / 88
total voluntary income 376 / 628

grants made 129 / 668
charitable expenditure - / 638
charitable expenditure as % of total expenditure - / 335
support costs - / 230
management & administration fees 486 / 970
audit fee per £m of income 532 / 949

total incoming resources 336 / 1000
total resources expended 408 / 1000
total assets 271 / 1000
period ending 2009 2010
INCOMING RESOURCES £m £m
legacies - -
grants - -
other voluntary income 8.48 0.51
total voluntary income 8.48 0.51
activities, furtherance of charities objects - -
activities for generating funds - -
trading subsidiaries - -
sales and fees from operating activities - -
investment property 4.86 5.79
dividends - -
total listed investments 0.08 0.00
income from subsidiaries - -
unlisted securities 0.04 -
interest on cash & short term inv 0.17 0.00
total investment income 5.16 5.81
TOTAL INCOMING RESOURCES 13.64 6.32

RESOURCES EXPENDED £m £m
marketing and promotion 0.02 0.00
fundraising costs 0.02 0.00
investment management costs - -
investment property repair costs 1.09 0.94
Investment costs 1.09 0.94
other costs 0.03 0.00
cost of generating funds 1.14 0.95
grants paid 4.88 2.83
management and admin 0.03 0.04
total charitable expenditure 4.91 2.88
TOTAL RESOURCES EXPENDED 6.05 3.82

ASSETS £m £m
intangible assets - -
tangible fixed - -
investment property 58.06 63.19
equities - -
bonds - -
listed investments 0.17 0.18
investment assets 58.82 63.37
other fixed assets - -
total fixed assets 58.82 63.37
stock - -
debtors 0.62 0.13
cash 1.80 0.51
current assets 2.42 0.63
bank loans & overdrafts - -
trade & other creditors, accruals 3.89 5.61
creditors falling due within one year 3.89 5.61
net current assets - -
loans - -
future long-term grant commitments - -
trade creditors - -
subsidiary & associated undertakings - -
creditors falling due after one year 2.00 1.41
provisions for liabilities and charges - -
TOTAL ASSETS 55.35 56.98

ASSETS £m £m
income funds 12.61 14.33
endowment funds 42.74 42.66
restricted funds - -
TOTAL FUNDS 55.35 56.98