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← Limmud

2025-06-30-accounts

LIMMUD (a company limited by guarantee)

Charity Number: 1083414 Company Number: 03903050

(a company limited by guarantee)

LIMMUD

LIMMUD (a company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS For the year ended 30 June 2025

Contents Page Legal and administrative information 2 Report of the trustees for the year ended 30 June 2025 3 Independent auditor’s report to the members of Limmud 8 Statement of financial activities for the year ended 30 June 2025 12 (incorporating income and expenditure account) Balance Sheet as at 30 June 2025 13 Cash flow statement for the year ended 30 June 2025 14 Notes to the Financial Statements 15

LIMMUD (a company limited by guarantee)

Report of the trustees for the year ended 30 June 2025

Legal and Administrative Information

Limmud is a company incorporated on 7 January 2000, is limited by guarantee and is a registered charity, governed by the Memorandum and Articles of Association as amended by written resolutions of members dated 23 October 2005, 14 May 2007, 30 March 2014 and 12 May 2024.

Trustees: Carolyn Bogush (chair)
Andrew Cohen
Yehudis Fletcher (appointed 5 November 2024)
Natalie Grazin (resigned 01 September 2025)
Eve Jackson (appointed 5 November 2024)
Alan Silman
Wendy Skolnick
Natan Tiefenbrun
Company Secretary: Adam Rossano
Registered Office: Shield House
Harmony Way
London
NW4 2BZ
Bankers: CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
NatWest Bank Plc
125 Great Portland Street
London
W1A 1GA
Independent Auditor: Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Company Number: 03903050
Charity Number: 1083414

2

LIMMUD (a company limited by guarantee)

Report of the trustees for the year ended 30 June 2025

The trustees of Limmud, who are also directors of Limmud for purposes of company law, are pleased to present their report and the financial statements for the year ended 30 June 2025. The report includes the directors' report and has been prepared in accordance with the requirements of the charity's Memorandum and Articles of Association and current statutory requirements including Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland (FRS 102).

Objectives and Activities

Limmud inspires and empowers people to learn, lead and build community, catalysing change that continually revitalises Jewish life in the UK. Our vision is an uplifting and dynamic Jewish world, powered by vibrant and accessible Jewish learning, bold and inclusive leadership, and deep relationships transcending our differences.

Limmud is a volunteer-led cross-communal organisation that creates immersive learning experiences, offers accessible experiential leadership opportunities and facilitates dialogue across divides. Limmud’s main activities are:

Limmud is run almost entirely by volunteers who work together in teams to create and support these activities. Limmud’s activities are guided by the Limmud promise that “wherever you may find yourself, Limmud will take you one step further on your Jewish journey” and associated values.

Achievements and performance Principal Activities in 2024/25

Limmud events in 2024/25 were run by 395 volunteers and engaged more than 2,200 participants, including:

3

LIMMUD (a company limited by guarantee)

Report of the trustees for the year ended 30 June 2025

Limmud in the UK is part of a network of Limmud communities around the world. This network is now informal, with representatives of Limmud UK in contact with our global counterparts throughout the year to share best practice and explore possibilities for collaboration. We created space at Limmud Festival 2024 for international Limmud volunteers to connect and share best practice.

Structure, Governance and Management

Organisation

Limmud’s trustees together with a small professional staff and with the support of many volunteers, lead, organise and implement activities and events. The trustees are responsible for oversight, strategic direction and governance of the organisation, whilst the professional team manage and lead on operational implementation. The organisation relies on hundreds of volunteers in many different roles from developing our volunteers, to organising our Festival, providing mentoring etc.

Governing document

Limmud is a charitable company limited by guarantee with its Memorandum and Articles of Association lodged at Companies House. The trustees are also the directors of the company.

Appointment of Trustees (directors)

The appointment of new trustees is made on an interim basis by the current trustees, and confirmed by members of the company at the AGM. Most trustees have held senior leadership positions within Limmud over a number of years prior to taking up the position as a trustee.

All new trustees participate in an induction session with the Executive Director and Chair of trustees. They also meet with other trustees and senior staff, depending on their specific portfolio. Each trustee is required to sign a trustee Agreement that includes a code of conduct. Trustees are encouraged to participate in training sessions to enhance their knowledge and skills for their roles on the board. Additionally, the Executive Director provides regular updates to the trustees, including changes in legislation and recommended training opportunities

Risk management

The board regularly reviews the risks to the organisation and ensures that actions are taken to minimise any unacceptably high risks. There are a number of principal risks identified by the Trustees within the risk register and assessments are conducted on an organisation-wide basis and by individual event teams. Risks are documented formally in a risk assessment document, with each perceived risk graded in a ‘point scoring’ system representing a combination of the likelihood and the seriousness of a particular risk. Actions are determined to mitigate identified risks as appropriate.

The highest level risks primarily relate to Limmud Festival and can be summarised as follows:

4

LIMMUD (a company limited by guarantee)

Report of the trustees for the year ended 30 June 2025

Key management personnel remuneration

The trustees consider the Executive Director, together with two other staff members as being the key management personnel for the charity, in terms of running and operating the charity on a day to day basis. Pay and remuneration of key management personnel is set by considering cost of living increases and benchmarking against similar charitable organisations. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of related party transactions are disclosed in notes 10 and 18 to the accounts.

Fundraising

Limmud has prepared a draft fundraising guide, which has been reviewed by the Treasurer and is pending circulation to the Trustees. This guide is intended to serve as a guardian of the organisation’s approach to fundraising, outlining how Limmud raises funds and ensuring alignment with its values and legal obligations. Limmud remains committed to transparency and integrity in all fundraising activities. The organisation continues to be honest about how donations are used to fulfil its mission, open about the methods and partnerships involved in fundraising, and respectful of the preferences, personal information, and circumstances of donors and stakeholders. All fundraising practices are conducted in compliance with relevant legislation and sector standards. No complaints were received in relation to Limmud’s fundraising activities in the year

Financial review

Overall performance

Limmud’s overall movement of funds in the year was a net deficit of £37,590 (2023/24: £182), all of which relates to unrestricted funds. At 30 June 2025 Limmud’s total reserves were £227k (2024: £265k).

Generated funds

Voluntary income for the year, which represents grants or donations from private individuals, Limmud participants, Limmud volunteers, foundations, charitable trusts or other charities, was £389k (2023/24: £352k).

Charitable activities

Limmud Festival 2024 saw increased participant engagement compared to the previous year, reflecting strong community interest and involvement, and in spite of sustained inflationary pressures and increased security costs, was able to achieve a financial surplus of about £9,000. Limmud’s bursary scheme received a larger volume of applications than in previous years, enabling the organisation to subsidise more places for participants. Additionally, targeted event-specific funding allowed for the expansion of the Young Leadership Programme, increasing the number of young leaders able to attend.

Over the past year, Limmud has invested into volunteers with training and leadership development, aimed at enhancing personal growth and strengthening the organisation’s volunteer pipeline. Furthermore, Limmud introduced one-to-one Jewish learning opportunities for staff and senior volunteers, providing space for personal development and reflection. These sessions, subsidised through dedicated grants, are designed to embed Limmud’s core values more deeply into the day-today operations of the organisation.

In line with its commitment to wellbeing, Limmud continued the rollout of its Employee Assistance Programme (EAP), extending the benefit to all staff and volunteers. This confidential service offers support for personal and professional challenges that may impact performance or mental health. The EAP is introduced during onboarding and promoted throughout the organisation to ensure transparency and accessibility. These efforts reflect Limmud’s ongoing dedication to fostering a supportive and resilient organisational culture.

5

LIMMUD (a company limited by guarantee)

Report of the trustees for the year ended 30 June 2025

Limmud’s support costs in the year totalled £342k (2023/24: £277k) with the bulk of the increase due to increased staff capacity.

Plans for future years

The primary focus of the organisation in the remainder of 2025 is the successful delivery of an inperson and residential Festival 2025.

We will be delivering the third annual Presenter Bootcamp programme to support new presenters at Festival, continuing with our microgrant programme and recruiting a third cohort of the Young Leadership Programme. Several training weekends will take place to support volunteers, including one for youth leaders.

Governance costs

Governance costs comprise those costs associated with constitutional and statutory requirements, for example the cost of preparing and auditing the statutory accounts, costs incurred for meetings of the Leadership Forum and professional fees. There were no material identifiable governance costs in the year.

Reserves policy

Limmud’s trustees have reviewed the organisation’s reserves policy so that it reflects the scale of Limmud operations and associated financial commitments. Given the scope of Limmud activities, we have determined that Limmud should hold general reserves equivalent to 3 months operating costs, and an event-specific reserve to cover a potential shortfall in the performance of Festival. At 30 June 2025 these commitments totalled £165k (£85k for operating costs and £80k for a potential deficit on Festival), which Limmud’s reserves were sufficient to meet.

Public benefit

The trustees have considered the Charity Commission’s requirement in respect of public benefit. In their view the charity meets, in full, the criteria to satisfy the test. This trustees’ annual report describes the activities undertaken to further its charitable purposes for the public benefit.

Trustees’ Responsibilities Statement

The trustees (who are also directors of Limmud for purposes of company law) are responsible for preparing the Trustees’ Annual Report, which includes the directors' report, and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to:

6

LIMMUD (a company limited by guarantee)

Report of the trustees for the year ended 30 June 2025

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Statement of Disclosure to Auditors

in so far as the trustees are aware at the time of approving this report:

This report was approved by the trustees on 28 October 2025 and signed on their behalf by:

Carolyn Bogush Chair, Trustee Board

7

LIMMUD (a company limited by guarantee)

Auditor’s report to the members of Limmud

Opinion

We have audited the financial statements of Limmud for the year ended 30 June 2025 which comprise the Statement of Financial Activities, Balance Sheet and Statement of Cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other Matter

In the previous accounting period, the trustees of the charity took advantage of the audit exemption under s.144 of the Charities Act 2011. Therefore, the corresponding amounts for the year ended 30 June 2024 presented in these financial statements are unaudited.

8

LIMMUD (a company limited by guarantee)

Auditor’s report to the members of Limmud

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 or conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

9

LIMMUD (a company limited by guarantee)

Auditor’s report to the members of Limmud

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on pages 6-7, the trustees (who are also directors of the charitable company for the purposes of company law) 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

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

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

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

10

LIMMUD (a company limited by guarantee)

Auditor’s report to the members of Limmud

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

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Wilkie (Senior Statutory Auditor) for and on behalf of Saffery LLP

71 Queen Victoria Street London EC4V 4BE

Statutory Auditors

Date: 07 November 2025

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

11

LIMMUD (a company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) for the year ended 30 June 2025

Income from
Donations
4
Investment Income – bank interest
Other trading activities
5
Charitable activities:
Events
Total incoming resources
Expenditure on:
Raising funds
6
Charitable Activities
6
Events
Volunteer support
Total resources expended
Net (outgoing) / incoming resources
8
Net movement in funds in year
Reconciliation of funds
Total funds brought forward at 1 July
2024
Total funds carried forward at 30 June
2025		 Unrestricted
funds
£
Restricted
funds
£
2025
Total
£
2024
Total
£
296,936
91,694
388,630
352,434
6,713
493
-
-
6,713
493
6,941
1,770
685,688
-
685,688
633,751
989,830
91,694
1,081,524
994,896
18,383
-
18,383
13,935
974,684
29,000
1,003,684
899,372
34,353
62,694
97,047
81,771
1,027,420
91,694
1,119,114
995,078
(37,590)
-
(37,590)
(182)
(37,590)
-
(37,590)
(182)
264,642
-
264,642
264,824
227,052
-
227,052
264,642

The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

12

LIMMUD (a company limited by guarantee)

Balance sheet as at 30 June 2025

==> picture [422 x 314] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |30 June|30 June| |2025|2024| |Note|£|£| |Fixed|assets|12|4,110|3,816| |Current assets| |Debtors|13|30,425|28,632| |Cash|at bank and|in|hand|291,871|326,168| |322,296|354,800| |Creditors| |Amounts falling due within one year|= 14|(99,354)|(93,974)| |Net current assets|222,942|260,826| |Net assets|227,052|264,642| |The funds of the|charity| |Unrestricted|funds|16|227,052|264,642| |Restricted funds|16|-|-| |Total charity funds|227,052|264,642|

----- End of picture text -----

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements were approved and authorised for issue by the board of trustees on 28 October 2025 and are signed on their behalf by:

==> picture [140 x 47] intentionally omitted <==

----- Start of picture text -----
CK aes
Carolyn Bogush
----- End of picture text -----

Chair, Trustee Board

The notes on pages 14-19 form part of these financial statements.

Company Registration Number: 03903050

43

LIMMUD (a company limited by guarantee)

Cash flow statement for the year ended 30 June 2025

Cash flows from operating activities:
Net movement in funds
Investment income
Depreciation
Increase in debtors
Increase in creditors
Net cash (used in)/generated from operating activities
Cash flows from investing activities:
Fixed asset additions
Interest and miscellaneous income
Net cash generated from investing activities
Change in cash in the year
Cash at the beginning of the year
Cash at the end of the year
nalysis of changes in cash and net funds
Cash and cash equivalents
Cash
Cash equivalents		 2025
£
(37,590)
(6,713)
2,989
(1,793)
5,380
(37,727)
(3,283)
6,713
3,430
(34,297)
326,168
291,871
At 1 July
2024
£
Cash
flows
£
325,775 (34,041)
393
(256)		 2024
£
(182)
(8,711)
2,346
(21,976)
79,725
51,202
(1,303)
8,711
7,408
58,610
267,558
326,168
At 30
June 2025
£
291,734
137
326,168(34,297) 291,871

Analysis of changes in cash and net funds

14

LIMMUD (a company limited by guarantee) Notes to the accounts for the year ended 30 June 2025

1. Charitable company information

Limmud is a private charitable company limited by guarantee, company number 03903050 that is incorporated in England and Wales and domiciled in England. The charitable company’s registered office is Shield House, Harmony Way, London, England, NW4 2BZ. The principal activity of the charity continued to be the provision of Jewish learning and leadership development events within the UK and also through supporting Limmud communities globally.

2. Accounting policies

The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006. The Charity is a public benefit entity as defined by FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated. The financial statements are presented in Sterling, which is the functional currency of the charity, and are rounded to the nearest £1. The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charitable company’s accounting policies (see note 3).

Limmud continues to operate a legacy charitable entity (Charity Commission reference 327111) which receives donations via standing orders and direct debits as discussed in Note 18. Although it is under common control it remains a separate legal entity and further is considered immaterial. Consequently, the trustees have chosen not to consolidate it within these accounts.

Having assessed the charitable company’s financial position and plans for the foreseeable future the trustees are satisfied it is appropriate to prepare the financial statements on a going concern basis.

c) Fixed assets

Depreciation is provided on all fixed assets to write off the cost over its expected useful life on a straight line basis. The rates used for this purpose are as follows: Computer and Office equipment 25% straight line Intangible assets (website design) 25% straight line

d) Fund accounting

General funds are unrestricted funds available for use in furtherance of the objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions from donors.

e) Income

All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Gift Aid is recognised at the point of receipt from HMRC.

Grants and donations receivable are treated in accordance with their terms and are recognised when the conditions for receipt are complied with. Interest receivable is included on an accruals basis. Deferred income represents amounts received for future years and is released to incoming resources in the year for which it has been received.

15

LIMMUD (a company limited by guarantee) Notes to the accounts for the year ended 30 June 2025

f) Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charitable company to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the heading.

Costs of generating funds are those costs involved in attracting voluntary income and activities to generate such funds. Charitable activities include expenditure associated with the facilitation of conferences, organisation of meetings and the processing of grants. Governance costs include those incurred in the governance of the charity and its assets.

Support costs represent the costs incurred by staff directly providing support for the facilitation of conferences, meetings and other activities that further the charity’s objects. Support costs that cannot directly be allocated to activity cost categories are then apportioned on a basis consistent with the use of resources.

g) Foreign currencies

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the income and expenditure account.

h) Pension contributions

The charitable company contributes to employees’ money purchase pension arrangements. The assets are held separately from those of the charitable company in independently administered funds. The contributions are charged to the statement of financial activities on a payable basis. The contributions paid are shown in note 17.

i) Operating leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

j) Cash at bank in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less.

k) Creditors

Creditors are measured at transaction price and are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount to settle the obligation can be measured or estimated reliably.

l) Financial Instruments

The Charity has only entered into basic financial instrument transactions resulting in the recognition of financial assets and liabilities like trade and other receivables and payables.

m) Taxation

No provision has been made for corporation tax as the Company is of charitable status.

16

LIMMUD (a company limited by guarantee) Notes to the accounts for the year ended 30 June 2025

3. Judgements in applying accounting policies and key sources of estimation uncertainty In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

4. Voluntary income

.Voluntary income
Limmud charity #327111 (see note 18)
Gift aid on donations
Donations from individuals and charities		 2025
£
2024
£
7,475
8,547
14,592
10,222
366,563
333,665
388,630
352,434

Donations from individuals and charities includes £91,694 restricted funds as detailed in Note 16.

5. Activities for generating funds (all unrestricted)

Merchandising income
Miscellaneous income		 2025
£
2024
£
431
237
62
1,533
493
1,770

6. Resources expended on charitable activities

Events
Fundraising
Volunteer support
Events
Fundraising
Volunteer support		 Direct
Costs
£
Support
costs
£
2025
Total
£
764,444
239,240 1,003,684
1,294
17,089
18,383
11,605
85,442
97,047
777,343
341,771 1,119,114
Direct
Costs
£
Support
costs
£
2024
Total
£
705,241
194,131 899,372
68
13,867
13,935
12,438
69,333
81,771
717,747
277,331 995,078

Events support in 2025 include £29,000, and Volunteer support in 2025 includes £62,694, of restricted costs matched to restricted income as per Note 16. Direct costs of volunteer support in 2025 includes grant expenditure of £5,853 for the microgrant programme.

17

LIMMUD (a company limited by guarantee) Notes to the accounts for the year ended 30 June 2025

7. Allocation of support costs

Allocation of support costs
Events
£		 Fundraising
£		 Volunteer
Support
£		 2025
Total
£
Office & Admin 36,671 2,619 13,097 52,387
Salaries 148,205 10,586 52,930 211,721
Professional 30,914 2,208 11,040 44,162
Depreciation 2,092 149 747 2,988
Insurance 6,745 482 2,409 9,636
IT 14,539 1,038 5,192 20,769
Governance 50 4 18 72
Bank charges 25 2 9 36
239,241 17,088 85,442 341,771
Events
£		 Fundraising
£		 Volunteer
Support
£		 2024
Total
£
Office & Admin 34,903 2,493 12,467 49,863
Salaries 116,554 8,327 41,625 166,506
Professional 20,236 1,445 7,227 28,908
Depreciation 1,642 117 587 2,346
Insurance 6,492 464 2,319 9,275
IT 14,301 1,021 5,107 20,429
Governance -
-
-		 -
Bank charges 4 0 1 5
194,132 13,867 69,333 277,332

Support costs are allocated on a basis consistent with the use of resources.

8. Net (outgoing)/incoming resources

This is stated after charging:
Depreciation on fixed assets
Auditor/Independent Examiner remuneration
Operating lease payment
9. Staff costs
Staff costs during the year amounted to:
Salaries and wages
Social security costs
Pension costs
Number of employees during the year:
Charitable activities
Governance		 2025
Total
£
2024
Total
£
2,989
2,346
15,790
6,250
13,315
13,075
2025
£
2024
£
193,934
152,884
13,891
10,173
3,896
3,449
211,721
166,506
4
4
1
1
5
5

One employee received between £60,000 and £69,999 in the year and the prior year.

18

LIMMUD (a company limited by guarantee) Notes to the accounts for the year ended 30 June 2025

10. Trustees expenses and remuneration

The trustees of the charity received no remuneration and £137 expenses were reimbursed (2024: £Nil remuneration or reimbursement). Donations totalling £32,800 (2024: £18,300) were made by trustees and connected parties, who also paid event fees of £10,398 (2023: £11,803).

11. Key management personnel remuneration

The charity’s key management personnel are the Executive Director, the Director of Innovation and Engagement and Director of Operations (2024: Executive Director and Director of Innovation and Engagement). Total employment benefits (including employer pension contributions) of key management were £154,512 for the year (2024: £104,107).

12. Fixed Assets

12. Fixed Assets
Cost
At 30 June 2024
Additions
At 30 June 2025
Depreciation:
At 30 June 2024
Charge for the year
At 30 June 2025
Net book value:
At 30 June 2025
At 30 June 2024
13. Debtors
Other debtors
Prepayments and accrued income
14. Creditors: Amounts falling due within one year
Trade creditors
Accruals
Taxes and social security
Deferred Income
Other Creditors		 Tangible fixed
assets - office
equipment
£
Intangibles
- Website
Design
£
Total
£
15,076
3,283		 4,381
19,457
-
3,283
18,359 4,381
22,740
11,260
2,989		 4,381
15,641
-
2,989
14,249 4,381
18,630
4,110 -
4, 110
3,816 -
3,816
2025
£
2024
£
4,672
4,239
25,753
24,393
30,426
28,632
2025
£
2024
£
4,569
20,383
17,618
9,868
3,171
3,322
71,068
57,115
2,928
3,286
99,354
93,974

19

LIMMUD (a company limited by guarantee) Notes to the accounts for the year ended 30 June 2025

14. Creditors: Amounts falling due within one year (continued)

Deferred income at the year end relates to grants received in the current year which relate to future activities. All deferred income from the year ending 30 June 2024 was recognised as income in the current year, as shown in the table below:

Deferred Revenue
Balance brought forward
Deferred in year
Released in year
Balance carried forward		 2025
£
2024
£
57,115
-
71,068
57,115
(57,115)
-
71,068
57,115

15. Commitments under operating leases

Limmud has future minimum lease payments under non-cancellable operating leases as follows:

Land & Buildings 2025 2024
£ £
Not later than 1 year 13,337 13,075

Lease payments recognised in the year as an expense amounted to £13,315 (2024: £13,075).

16. Unrestricted, Restricted and Members’ funds

Limmud received £91,694 in the current year (2024: £39,735) which was fundraised for specific purposes including security for Festival (£29,000), an archiving project (£26,425), volunteer and youth support (£31,654), and a microgrant project (£4,615). These funds were matched to costs incurred and fully expended in the year.

As per Note 14, Limmud received funds during the current year which relate to activities to be carried out in future years. £86,268 of these funds are restricted as they relate to specific projects. As cash received matches deferred revenue, the restricted fund balance at the year-end is £nil.

17. Pension Commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held in an independently administered fund. During the year amounts of £3,896 (2024: £3,449) were charged to the profit and loss and at the balance sheet date £794 (2024: £768) was outstanding.

18. Related party transactions

Limmud continues to operate a legacy charitable entity (Charity Commission reference 327111) which receives donations via standing orders and direct debits. At the year end the net income received was donated to the charitable company in the amount of £7,475 (2024: £8,547). It is the charity’s intention to continue donating the income received to the charitable company. There were no other transactions with related parties as required to be disclosed under FRS 102.

19. Controlling party

The charity is controlled by the Board of Trustees. The charitable company is limited by guarantee. Each member has paid £1.

20

LIMMUD (a company limited by guarantee) Notes to the accounts for the year ended 30 June 2025

20. Comparative Statement of Financial Activities for the year ended 30 June 2024

Income from

Donations
4
Investment income – bank interest
Other trading activities
5
Charitable activities:
Events
Total incoming resources
Expenditure on:
Raising funds
6
Charitable Activities
7
Events
Volunteer support
Total resources expended
Net incoming/(outgoing)
resources before transfers
9
Transfers between funds
Net movement in funds in year
Reconciliation of funds
Total funds brought forward at 1 July 2023
Total funds carried forward at 30 June 2024		 Unrestricted
funds
£
Restricted
funds
£
2024
Total
£
312,699
39,735
352,434
6,941
6,941
1,770
-
1,770
633,751
-
633,751
955,161
39,735
994,896
13,935
-
13,935
899,372
-
899,372
42,036
39,735
81,771
955,343
39,735
995,078
(182)
-
(182)
-
-
-
(182)
-
(182)
264,824
-
264,824
264,642
-
264,642

21