UK FRIENDS OF I.D.C.
TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31[st] DECEMBER 2021
Charity No: 1096858
UK FRIENDS OF I.D.C. ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31[st] DECEMBER 2021
CONTENTS
| Administrative details | 1 |
|---|---|
| Report of the Trustees | 2 |
| Auditor’s report | 4 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Cash Flow statement | 9 |
| Notes to the Accounts | 10 |
UK FRIENDS OF I.D.C.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Number
1096858
Principal address
5 De Walden Court 85 New Cavendish Street London W1W 6XD
Trustees
A Trager-Lewis G Hausmann R Hausmann
Bankers
HSBC 90 Baker Street London W1U 6AX
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UK FRIENDS OF I.D.C.
TRUSTEES’ REPORT
YEAR ENDED 31[st] DECEMBER 2021
The Trustees present their report and financial statements for the year ended 31[st] December 2021.
Objects of the Charity
The principal object of the charity is to raise and receive funds to support the Interdisciplinary Centre, located in Herzliyah in Israel, a private college which combines academic study with practical training and where personal achievement goes hand-in-hand with social responsibility.
Public benefit
The trustees have had regard to the guidelines issued by the Charity Commission relating to public benefit and are satisfied that the charity confers a public benefit. The UK Friends of IDC exists to raise funds in the UK for the benefit of the Interdisciplinary Centre, located in Herzliyah in Israel as described above.
Trustees
The trustees who served during the year were:
G Hausmann R Hausmann A Trager-Lewis
The trustees receive no remuneration for their services to the charity.
Review of activities and achievements during the year
The charity continued to support the Interdisciplinary Centre by forwarding funds raised and received, with minimal deductions for operating costs in the UK.
In the year, funds were forwarded to the IDC to support a wide range of activities including Scholarships for international students, the Abba Eban Chair of International Diplomacy and various other research and teaching posts.
Investment policy
Under the Trust Deed the charity has the power to make investments as the trustees see fit. No investments were made during the year and the charity holds no investments.
Financial Review
Donations in the year were £1,009,356 (2020: £1,235,614) thanks to generous support from existing and new donors.
During the year donations were made to the IDC of £1,045,303 (2020: £1,184,886) . The only funds retained are for the operating of the charity in the UK .
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Structure, governance and management
The charity is constituted as a trust and is governed by a Trust Deed dated 7[th] October 2002 and was registered with the Charity Commission on 4[th] April 2003.
The Trust Deed vests the power of appointing new or additional Trustees in the existing Trustees for the time being.
Reserves
The policy of the trustees is to distribute income arising and maintain no more reserves than are required for the running of the charity.
This report was approved by the trustees on 31 October 2022 and signed on its behalf by:
G. Hausmann Trustee
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UK FRIENDS OF I.D.C. Independent Auditor’s Report to the Trustees For the year ended 31[st] December 2021
Opinion
We have audited the financial statements of UK Friends of I.D.C. (the ‘’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 ’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 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or 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.
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UK FRIENDS OF I.D.C. Independent Auditor’s Report (Continued) For the year ended 31[st] December 2021
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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Other matters
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
Jon Cartwright (Senior Statutory Auditor) for and on behalf of Hazlewoods LLP
………………………..
Chartered Accountants Statutory Auditor
Hazlewoods LLP Windsor House Bayshill Road Cheltenham Gloucestershire GL50 3AT
Hazlewoods LLP is eligible for appointment as auditor of the by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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UK FRIENDS OF I.D.C.
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31st DECEMBER 2021
| INCOME Donations Total income EXPENDITURE Charitable activities Expenditure on charitable activities Bank charges and exchange differences Other administrative expenses Audit/Independent Examiner's fees Total expenditure NET INCOME/(EXPENDITURE) AND NET MOVEMENT IN FUNDS FOR THE YEAR TOTAL FUNDS Brought forward Carried forward |
Notes 2 |
2021 £ 1,009,356 1,009,356 1,045,303 (26) 600 6,600 1,052,477 (43,121) 45,585 2,464 |
2020 £ 1,235,614 |
|---|---|---|---|
| 1,235,614 | |||
| 1,184,886 200 600 6,600 |
|||
| 1,192,286 | |||
| 43,328 | |||
| 2,257 45,585 |
The notes on pages 9 to 11 form part of the financial statements.
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UK FRIENDS OF I.D.C.
BALANCE SHEET AT 31st DECEMBER 2021
| 2021 | 2020 | |
|---|---|---|
| Notes | £ | £ |
| CURRENT ASSETS | ||
| Cash at bank | 16,264 | 53,985 |
| CREDITORS | ||
| Amounts falling due within one year | (13,800) | (8,400) |
| NET CURRENT ASSETS | 2,464 | 45,585 |
| NET ASSETS | 2,464 | 45,585 |
| FUNDS | ||
| Unrestricted funds | 2,464 | 45,585 |
| Approved by the Trustees and signed on their behalf on 31 October | 2022 |
G Hausmann Trustee
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CASH FLOW STATEMENT FOR THE YEAR 31 DECEMBER 2021
| Note 2021 Cash used in operating activities A (37,721) (Decrease)/increase in cash and cash equivalents in the year (37,721) Cash and cash equivalents at the beginning of the year 53,985 Cash and cash equivalents at the end of the year 16,264 A. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH Net movement in funds (43,121) Decrease/(increase) in debtors - Increase/(Decrease) in creditors 5,400 Net cash used in operating activities (37,721) INFLOW FROM OPERATING ACTIVITIES |
2020 50,528 50,528 3,457 |
|---|---|
| 53,985 | |
| 43,328 - 7,200 |
|
| 50,528 |
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UK FRIENDS OF I.D.C.
YEAR ENDED 31[st ] DECEMBER 2021
1 ACCOUNTING POLICIES
(a) Basis of preparation
These accounts have been prepared under the historical cost convention with items recognised at cost of transaction value unless otherwise stated in the relevant notes to these accounts.
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102
(b) Income
Donations and other income are accounted for as received by the charity. No permanent endowments were received in the period.
(c) Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred.
(d) Foreign currencies
Transactions in foreign currencies are translated into sterling at the average rate of exchange during the year.
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange as at the balance sheet date.
Exchange differences are taken into account in arriving at the operating surplus.
(e) Going Concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees consider that the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements is sufficient to be able to continue as a going concern.
2. EXPENDITURE
Charitable donations are those made to the Interdisciplinary Centre in Israel.
3. TRUSTEES
No remuneration was paid to trustees during the year and no expenses were reimbursed to any trustee (2020 – nil)
4. EXPENDITURE
Expenditure includes Audit fees of £6,600 (2020; £6,600)
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5. RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.
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