DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D Registered number: 06997994 Charity number: 1131850 THE LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS, COLLEGE) (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) CONTENTS Page Reference and administrative details of the ¢harity¥ its Trustees and advisers Trustees. report Trustees. responsibilities ststement Independent auditor's report on the financial statements 9-12 statement of financial activities 13 Balance sheet 14 Statement of cash flows 15 Notes to the financial statement$ 16-36
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2022 Trustees Gary Phillips, Chair Elliot Goldstein, Vice Chair (resigned 31 July 20221 Leon Nahon, Treasurer Alan Bekhor Josephine Rosenfelder Margaret Rothem Susan Nyman Sara Gamsu Bill Benjamin Steven Michael Noe lappoinled 22 June 20221 Elliot Conway lappoinled 7 June 20221 Company registered number 06997994 Charity registered number 1131850 Registered office Schaller House The Wohl Campus For Jewish Education 44a Albert Road Hendon London NW4 2SJ Independent auditor Blick Rolhenberg Audit LLP Chartered Accounlanls Slatulory Auditor 16 Great Queen Street Covent Garden London WC2B SAH Bankers National Westminster Bank Pl 95 Church Road London NW4 4DL President The Chief Rabbi, Ephraim Mirvis Deputy President Rabbi Joseph Dweck Website www.Isjs.ac.uk Page 1
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2022 The Trustees present their annual report together with the audited financial statements of the charity for the year 1 August 2021 to 31 July 2022. The Annual report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual report and financial statements of the charitsble company comply with the current slatulory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 Islralegic Report and Directors, Reporti Regulations 2013 has been omilled. The London School of Jewish Studies is also referred lo as "the College and "the charitable compan¥, throughout this report. Objectives and activities Policies and objectives The charitable company's objects are the education and training of educational leaders for Jewish communities and the provision of higher Jewish learning for the laity. sin 1855, the College has fulfilled this function and today ils graduates can be found serving the Jewish Community in the UK and abroad as rabbis, lay leaders, headteachers, teachers and educators. The College has a list of esteemed graduates Including the late Emeritus Chief Rabbi the Lord Sacks, (former Presidenti, the late Rabbi Abraham Levy, former spiritual leader of the Spanish and Portuguese Jewish Congregation in the UK (who is also former Deputy President and was Honorary Deputy President of the College) and Rabbi Joseph Dweck (Senior Rabbi of the S&P Sephardi community and Deputy President of the College). The current Chief Rabbi, Sir Ephraim Mirvis is the President of the College. In selling objectives and planning for aclivilies, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IPB21'. b. Activities undertaken to achieve objectivos In recent years the charitable company has broadened the scope of its activities responding to communal needs, offering a range of adult education activities with a particular emphasis on text based learning for all. In addition, the College also provides a number of Higher Education courses on the Wohl Campus for Jewish Education, including teacher training qualifications with a focus on providing teachers for Jewish schools, continuing professional development for teachers of Jewish Studies, and BA & MA degrees in Jewish Education to enable them to progress in their careers as educational leaders for the Jewish community. The day-to-day activities and courses run at the College are attended by people of all types of religious backgrounds including Orthodox and non Orthodox Jews and those of other faith. Courses are educational and provide a broad spectrum of view in all the topics covered. Courses are advertised in the press, on the Internet and through social media and are open to all regardless of ability to pay the appropriate course fee. Our degree programmes IBA and MA in Jewish Education) and Teacher Training Programmes offer access lo higher education to those wishing to gain a degree andlor Qualified Teacher Stslus. Some sectors of the community would otherwise not have a¢$S lo higher education, some alongside employment, and when the students graduate, they leach in schools across the spectrum of the community. Bursaries are awarded through third party gifts lo students based on the degree of need and the funds available. Third party bursaries are also sOUrd and awarded where appropriate. Page 2
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Achievements and porformance Main achievomonts of the charity 25 teachers achieved Qualified Teacher Status through LSJS'S three teacher training programmes, as well as 7 who achieved Qualified Teacher Status through our Assessment Only programme. All achieved offers of employment in schools. This success was celebrated at a Graduation Ceremony in July. 8 students graduated from the MA programme in Jewish Education. Three BA (Honsl in Jewish Education students completed their studies. We continued an online (distance learning) version of the MA programme in Jewish Education. This has opened the MA option to students from across the UK (unable lo study in London) and around the wodd. In 2022, 22 students have undertaken the programme from the UK, South Africa, Austria, the Netherlands, Hong Kong, USA and Israel. They are all progressing well. We launched our BA programme as a distance learning programme and ran the first years online in 2021 22. The dIStsn leaming students together with the on campus BA (Honsl Jewish Education had a total of 25 students in 2021 22 and this roule continues to provide a vital stepping stone towards achieving Qualified Teacher Status. Following the introduction of more rigorous government requirements for teacher training providers in 2022, we applied lo the Department for Education to be re-accredited as a teacher training provider from September 2024. Our application was SucsSfUl. In 2022, The annual National Conference for Primary School Jewish Studies teachers again welcomed, online, over 100 teachers from all over the United Kingdom and Europe. 25 different sessions were available during the day on a variety of pedagogic and educational leadership topics. In May 2022, we held our first in-person Secondary School Jewish Studies teachers conferen, for 50 participants, sponsored by UnilEdla project of the Ministry of the Diaspora in Israel). We continued lo offer our adult education programmes both in-person and online. We upgraded our IT and installed more sophisticated cameras to enable this hybrid method of leaming. Our events included interactive museum tours, 'trial' events of Biblical characters, book launches and more, benefitling from the online asS lo teachers overseas. We continued to grow our campus as a hub for Jewish charities, with a particular focus on Jewish education. Over the year we have increased the number of tenants on our sile and have continued working in partnership with several of them. b. Fundraising activities The charity manages its own fundraising activits'es with an in-house professional and does not employ the ServIS of an external fundraiser or involve commercial participates. The charity aims to achieve best practice in the way in which il communicates with donors and other supporters. 11 lakes care with both the lone of ils communications and accuracy of ils data to minimise the pressure on supporters. The charity is not registered with the Fundraising Regulator bul adheres to the Code of Fundraising Practice. All direct marketing Is monitored lo ensure il is not unreasonably intrusive or persistent. All marketing material contains clear Instructions as to how a recipient can be removed from mailing lists. There were no complaints about fundraising activities during the year lo 31 July 2022. Page 3
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Financial rgViOW a. Resgrrfgs policy and going concern As explained above the charitable company carries out a diverse range of activities, some of which comprise short term and externally funded projects whilst others comprise long term projects requiring significant ongoing financial commitment and investment. The Trustees have examined the requirement for free reserves i.e., those unrestricted fvjnds not invested in tangible fixed assets, designated for specific purposes, or olhenNise commilled. The Trustees consider that, given the nature of the charitable company's work, the level of free reserves representing general fund net current assets, would ideally be approximately £400,000 equivalent to 4 months annual expenditure on unrestricted funds. The Trustees believe that this level of reserves would provide sufficient flexibility to cover temporary shortfalls in incoming resources due lo liming differen5 in income flows, adequate working capital lo cover core costs, and will allow the charity lo cope and respond lo unforeseen emergencies whilst specific action plans are Implemented. The level of free reserves continued lo improve over the last year and the forecast for the next year is for these reserves to slay static. The College has continued lo grow rentsl and programme income. The charity continued all its learning, adult education classes and tours both in person and online. All learning courses have been carried on with minimum disruption and the College suffered no financial loss of income through these channels. LSJS continues lo run a variety of fundraising events. The Trustees therefore believe that the charity will continue as a going concern owing to support from its donors and the continued strong uptake in courses offered by the College. b. Financial perfomiance The College wishes to thank all of its donors and supporters for their support. A summary of the yearfs results Can be found on page 13 of these financial stalemenls. Total income £1,593,436 12021.. £1,621,501). The College incurred total expenditure of £2,108,464 during the year12021.' £1,394,996). The balan sheet shows total funds of £961,73812021.. £1,476,766) which includes restricted funds of £92,655 12021.. £87,626). These monies have either been raised for and their use restricted lo specific purposes or they comprise donation subject to donor imposed conditions. Further detail can be found in note 20. The unrestricted funds of the charitable company at 31 July 2022 total £869,083 12021.. £1,389,140), which includes free reserves of £Nil12021.' £432,669). Included in other creditors is a claim for £604,000, notified by the Universities Superannuation Scheme IUSSI to The London School of Jewish Studies ILSJSI relating to a former employee of Jews. College who was a member of that scheme. Jews, College (which no longer exists) was a seperale legal entity lo LSJS. As the employee was not employed by LSJS, it is the view of the trustees that LSJS is not liable for the USS claim. To promote continued financial stability, the College has continued to review all expenditure, operations and fvnctions. Page 4
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 c. Principal risks and uncertainties The Trustees are responsible for the management of risks faced by the charitable company. They have assessed the major potential risks to which the charitable company is exposed, in particular those relating lo the specific operational areas of the charitable company, Ils investments and Ils finan$. The main risks faced by the College and how these are being addressed are as follows.. Possibility of insufficient funding lo maintain an appropriate level of activity. LSJS now runs major fundraising campaigns on a yearly basis. These have proved lo be very successful. Trustees also take responsibility for fundraising. While the College's free cash reserves have improved significantly, they still need lo be monitored on an ongoing basis. A further budget surplus is projected for the next year. Possibility that both buildings on the Wohl Campus for Jewish Education, found no longer to be a safe, appropriate, comfortable and an effective base for LSJS. Health and Safety is a key focus of the Trustees and all staff within the charitable company. In addition lo ensuring that LSJS complies with all legislation, appropriate sums have been spent and will continue lo be spent on maintaining the building to help maintain and improve facilities and environment. Possibility that LSJS fails to deliver high quality outputs that meet target audience needs. LSJS has recruited high quality teachers and professional staff with a strong understanding of programme requirements and communal needs. In addition, feedback is requested from all key courses to provide further input into course development., Possibility that BAIMA courses are not successful due to not allracling enough students or academic institutions aSIng their relationship with LSJS. Relationships with universities are monitored and managed to ensure that LSJS remains a high quality, desirable partner. In addition, there is a strong focus on marketing the courses using standard marketing techniques and informal networksl relationships. The creation of online degrees increases the pool of potential students and relationships have been developed with institutions globally lo provide a pipeline. The Trustees believe that the major risks facing the charitable company have been identified. They are continuing fundfftising aclivilies, closely monitoring levels of reserves and ensuring that adequate controls exist over key financial systems. The Trusteès recognise that the charitable company's systems provide reasonable assurance that risks are being adequately managed and that systems are in place lo mitigate the effects of the risks identified. Structure, govemance and management a. Constitution London School of Jewish Studies (formerly Jews, College) is registered as 8 ch8rit8ble company limited by guarantee and was set up by 8 Memorandum of Association dated 21 August 2009. The London School of Jewish Studies is also referred to within this report as the chari18ble company. Page 5
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Structure, governance and management Icontinuedl b. Methods of appointment or election of Trustees When new Trustees are appointed, they are given an introduction into the activities of the College and provided with all relevant information they need lo fvjlfil their roles, which includes information about the role of Iruslees and charity law. The following Trustees were in Offi as at the date of signing this report and served throughout the year eXpt where shown.. Gary Phillips, Chair Elliot Goldstein, Vice Chair Iresigned 31 July 20221 Leon Nahon, Treasurer Alan Bekhor Daniella Klein (resigned 14 October 20211 Josephine Rosenfelder Margaret Rolhem Susan Nyman Sara Gamsu Bill Benjamin Elliot Conway lappoinled 7 June 20221 Steven Michael Noe (appointed 22 June 20221 c. Key management porsonnel The Trustees consider that they together with the senior management team comprise of the key management of the charitable company in charge of directing and Controlling, running and operating the charitable company on a day to day basis. Staff remuneration and pay is set by the Board. None of the Trustees are remunerated for their ServIS as Trustees. d. Rolated party relationships The related party transactions which look place during the year are detailed in note 27. Plans for future periods A budget has On again been produced for the forthcoming year in which a surplus is projected. The Trustees intend to continue reviewing expenditure and increasing donations and commercial income wherever possible. The number of students on the BA and MA programmes will Continue lo rise with subsequent cohorts joining the MA online (January 20231. There is a renewed emphasis on marketing lo increase the number of students on our teacher training courses. As regards the adult education programme, a new digital strategy project is underway lo plan the future balance beeen synchronous and asynchronous conlenl and digital delivery and distribution as well as the balance beleen free and paid content. There Is also a drive lo expand global partnerships. Members. liability The Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. Page 6
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Disclosure of infomiation to auditor Each of the persons who are Trustees al the time when this Trustees. report is approved has confirmed Ihal.. so far as that Trustee Is aware, there is no relevant audit Infomialion of which the charitable company's auditor is unaware, and that Trustee has taken all the steps that ought to have been 18ken as a Trustee in order to be aware of any relevant audit information and lo establish that the charitable company's auditor is aware of that information. Auditor The auditors, Blick Rolhenberg Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. GaryFhilP Ips Dale.. 26-Jul-23 1 IL:20 BST Page 7
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2022 The Trustees (who are also the directors of the charity for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢pted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial stslements unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of ils Incoming resources and application of resourTrs, including ils income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements", prepare the financial statements on the going concern basis unless it is inappropriate to psume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with rèasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also sponsible for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on its behalf by. 902coAD432... Gary Phillips Dale". 26-Jul-23 | 11=20 BST Page 8
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF JEWISH STUDIES IFORMERLY JEWS. COLLEGE) FOR THE YEAR ENDED 31 JULY 2022 Oplnlon We have audited the financial ststemenls of London School of Jewish Studies Iformerly Jews, College) (the 'charilable company'l for the year ended 31 July 2022 which comprise the Ststemenl of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The fi'nancial 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 Praclicel. In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 31 July 2022 and of ils incoming resources and application of resources, induding its income and expenditure for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs 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 lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, 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 lo continue as a going concern for a period of al least e1ve months from when the financial stslemenls are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going conrn are described in the relevant sections of this report. Page 9
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF JEWISH STUDIES IFORMERLY JEWS. COLLEGE} ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Other Informatlon 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 SPonSible for the other information contsined within the Annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent othenNise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other informstion is materially inconsistent with the finsncial 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 misststemenl 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. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 quireS us to report to you if, in our opinion". the information given in the Trustees, report is inconsistent in any material respeel with the financial statements", or sufficient accounting records have not been kept,. or the financial slalements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl 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 neSSary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers 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 operab'ons, or have no realistic alternative but lo do so. Page 10
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF JEWISH STUDIES IFORMERLY JEWS. COLLEGE} ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Audltorfs responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 145 of the Charits'es Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assursnce about whether the financial statements as a whole are free fmm material misstatement, whether due to fraud or error, and to issue an Audilorfs 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 IUKI will always detect a material misststemenl when it exists. Misstatements can arise fmm fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of these financial statements. Irregularits'es, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, lo delect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detsiled below.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-complian with applicable laws and regulations., we Identified the laws and regulations applicable to the company through discussions with directors and other management. and from our commercial knowledge and experience of educational charities we focused on specific laws and regulations which we Consided may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, laxalion legislation and data protection, anli-bribery, employment, Charities Act 2011 and health and safety legislation., we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondenTr,' and identified laws and regulations were communicated within the audit team regularfy and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements lo material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they consided there was suseeplibility to fraud, their knowledge of actual: suspected and alleged fffiud," and considering the intemal controls in place to miligale risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical prOdureS lo identify any unusual or unexpected relationships., tested a sample of journal entries lo Identify unusual transactions,. assessed whether judgements and assumptions made in determining the accounting estimates set out In the notes were indicative of potential bias., and investigated the rationale behind significant or unusual tmnsaclions Page11
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF JEWISH STUDIES IFORMERLY JEWS. COLLEGE} ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Audltorfs responslbllltles for the audlt of the flnanclal statements Icontlnuedl In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited lo". agreeing financial statement disclosures to underfying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of management as lo actual and potential litigation and claims., and reviewing correspondence with HMRC. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo Identify non<ompliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal corresponden, if any. Material misstatements that arise due to fraud can be harder to delect than those that arise from error as they may involve deliberate Conalment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditorfs report. Use of our report This report is made solely lo the charitable company's members, as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required lo stale to them in an Audilorfs report and for no other purpose. To the fullest extent permilled by law, we do not a¢pt or assume responsibility lo anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Russell Tenzer FCA (senior statutory auditor) for and on behalf of Blick Rothenberg Audit LLP Chartered Accountants statutory Auditor 16 Great Queen Street Covenl Garden London WC28 SAH Dale. 26.07.2023 Page 12
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2022 Unrestrieted funds 2022 Restricted funds 2022 Total funds 2022 Totsl funds 2021 Note Income from: Donations Charitable activities Investments Other income 557,694 458,626 14 236,579 136,100 794,273 594,726 14 697,545 759,483 19 164,454 199.423 5.000 204.423 Total Income 1,215,757 377,679 1,593,436 1,621,501 Expenditure on- Raising funds Charitable activities.. Provision of education 34,574 34,574 8,315 1,701,240 372,650 2,073,890 1,386,681 Total expenditure 1,735,814 372,650 2,108,464 1,394,996 Net movement In funds {520,0571 5,029 {515,0281 226,505 Reconciliation of funds.. Total funds brought forward Nel movement in funds 1,389,140 {520.0571 87,626 5,029 1,476,766 {515.0281 1,250,261 226,505 Total funds carried fopHard 20 869,083 92,655 961,738 1,476,766 The Statement of financial activities includes 811 gains and losses recognised in the year. The notes on pages 16 to 36 form part of these fin8nci81 statements. Page 13
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D REGISTERED NUMBER.. 06997994 LONDON SCHOOL OF JEWISH STUDIES IFORMERLY JEWS. COLLEGE) IA company limited by guarantee) BALANCE SHEET FOR THE YEAR ENDED 31 JULY 2022 2022 2021 Note Fixed assets Tangible assets Heritage assets 16 17 641,374 297,540 658,901 297,540 938.914 956,441 Current assets Debtors." amounts f811ing due within one year Cash al bank and in hand 18 41,321 683.709 S7,643 567,454 725.030 625,097 Creditors." amounts falling due within one year 19 1702,206) 1104,7721 Net current assets 22,824 520,325 Total assets less current liabilities 961,738 1,476,766 Total net assets 961,738 1,476,766 Charity funds Reslricled funds 20 92,655 869,083 87,626 1,389,140 Unrestricted funds 20 Total funds 961,738 1,476,766 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial slalemenls have been prepared in accordance with the provisions applicable to enlilies subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. DocuSWby'. BA99tsÈ02CÈAD132 . Gary Phillips Dale.. 26-Jul-23 | 11:20 BST The notes on pages 16 to 36 form part of these financial statements. Page 14
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES (FORMERLY JEWS. COLLEGE) IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022 2022 2021 Note Cash flovts from operating activities Nel cash generated fromllused inl operating activities 23 127.233 262,952 Cash flows from investing activities Investment income Purchase of tangible fixed assets 14 110,992} 19 Net cash lused inllprovided by investing activities 110,978) 19 Cash flows from financing activities Repayments of borrowing 1200,0001 Net cash provided byllused inl financing activitios {200.0001 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 116.255 62,971 567,383 504,412 Cash and cash equivalents at thg end ofthe year 24 683.638 567,383 The notes on pages 16 to 36 form part of these financial statements Page 15
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 General information The London School of Jewish Studies (formerly Jews, College) is a private company limited by guarantee, incorporated in England and Wales. The registered office is Schaller House The Wohl Campus For Jewish Education, 44a Albert Road, Hendon, London, NW4 2SJ. The charity is registered with the Charity Commission for England and Wales with charity no. 1131850. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial slalements are rounded to the nearest £. In the event of the charity being wound up, the memberfs liability in respect of the guarantee is limited lo £1 per member of the charity. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. London School of Jewish Studies Iformerly Jews, Collegel meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless Othelse staled in the relevant accounting policy. 2.2 Income Income comprises donations, investment income, income from charitable activities and other income including rental income. Income is recognised in the period in which the charitable company had entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income from charitable activities is made up of students fees, and amounts reiVed from govemment funding agencies that relate lo training and development. Income arising through providing educational courses is recognised on an accruals basis, with amounts received in advance being shown in deferred income. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the bank. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes bul not expended dLJring the period is shown in the relevant funds on the Balance sheet. Where income is reiVed in advance of entitlement of receipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 2.3 Expenditure Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charitable company through the provision of education and courses for students. Such costs include direct pr([aMMe costs and support costs in respect to the operation of the charitable company including governance costs. Page 16
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accounting policies Icontinuedl 2.3 Expenditure {continued) Governance costs are the costs associated with the governance arrangement of the charitable company and include audit costs and the costs of other neSSary legal prOdureS for compliance with statutory requirements. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. Expenditure on charitable activities Is incurred on direcuy undertaking the activities which further the charity's obieclives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Going concern Having considered post year-end financial results and cash reserves, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going conrn basis of accounting in preparing the financial stalemenls. 2.5 Government grants Grants are accounted under the accruals model. Grants of a revenue nature are recognised in the statement of financial activities in the same period as the related expenditure. Government grants comprise amounts receivable from HM Revenue and Customs for employees under the Coronavirus Job Retention Scheme also known as the furlough scheme. These are recognised In the period in which they become receivable. 2.6 Interest receivable Interest on funds held on deposit is included when received. 2.7 Tangible fixed assets and depreciation Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 17
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accounting policies Icontinuedl 2.7 Tangible fixed assets and depreciation Icontinuedl Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. Depreciation is provided on the following bases.. Freehold buildings Computer equipment Over a 50 year period on a straight line basis Over a 5 year period on a straight line basis Freehold land is not depreciated. 2.8 Heritage assets The library collection includes a number of items of historical significanTr which were valued in 1998. Due lo the nature of the heritage asset, depreciation would be Immaterial as the collection's useful life is considered lo be indelinile and therefore no depreciation is charged. Al each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined lo be the higher of its fair value less costs to sell and ils value In use. An impairment loss is recognised where the carrying amount eXedS the recoverable amount. 2.9 Cash at bank and 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 from the dale of acquisition or opening of the deposit or similar account. Bank overdrafts are shown within current liabilities. 2.10 Financial instrumgnts The charity has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the charity becomes party to the contractual provisions of the inslrumenl. Financial liabilities are classified according to the Substan of the contractual arrangements entered into. The charity's policies for its major classes of financial assets and financial liabilities are sel out below. Financial assets Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised al transaction price, unless the arrangement conslitules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted al a market rate of interest for a similar debt Instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is finand al a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Page 18
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accounting policies Icontinuedl Financial instruments (continued) Financial liabilities Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rale of interest for a similar debt Instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is finand al a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Impairment of financial assets Financial assets measured al cost and amortised cost are assessed at the end of each reporting period for objective eviden of impairment. If objective eviden of impaimient is found, an impairment loss is recognised in the statement of financial aclivilies. For financial assets measured al cost less impaimient, the impairment loss is measured as the difference beeen the asset's carrying amount and the best estimate of the amount the company would re1ve for the asset if Il were to be sold al the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference beeen the asset's carrying amount and the present value of estimated cash flows discounted al the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rale for measuring any Impairment loss is the current effective Interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impaimient was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the Impairment not previously been recognised. The impairment reversal is recognised in the statement of financial activities. Derecognition of financial assots and financial liabilities Financial assets are derecognised when lal the contractual rights to the cash ffows from the asset expire or are sellled, or Ibl subslanlially all the risks and rewards of the ownership of the asset are transferred lo another paty or Icl despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability lo unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the conlraclual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there Is an enforTrable right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and sellle the liability simultaneously. Page 19
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accounting policies Icontinuedl 2.11 Fund accounting The general fund comprises those monies which are freely available for application towards meeting the charitable objectives of the charitable company at the discretion of the Trustees. Fixed asset fund comprise the nel book value of the charitable companls tangible fixed assets and heritage assets, the existence of which is fundamental to the charitable company being able lo perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded, therefore, as realisable. 2.12 Pension costs The charity offers a Workpla pension. This takes the form of a defined contribution scheme. Contributions on behalf of employees are recognised in the statement of financial activities in the year in which they are payable. 2.13 Taxation The London School of Jewish Studies (formerly Jews, Collegel is a registered charity and therefore is not liable lo income lax or corporation tsx on income derived from its charitable aclivilies, as il falls within the various exemptions available to registered charities. Critical accounting estimates and areas of judgement Judgments in applying accounting policies and key SoUrS of estimation UnrtaInty Critical accounting estimates and assumptions.. In the application of the charity's accounting policies, the Trustees are required lo make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other SoUrs. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key accounting estimates and assumptions Value of heritage assets - The heritage assets represent a collection of books in The London School of Jewish Studies library, these are mostly historic and religious texts and as such, there is a limited market for these items. The value of these items is therefore uncertain and is neTrssarily a Trustees. estimate based on a valuation made In 1998. Al the year end the carrying amount of the heritage assets is slated in note 17. The accounting policy for heritage assets is described in note 2.8. Page 20
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Income from donations Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Grants and donations Donations Security grant Jewish Lives grant 557,694 102,304 104,299 29,976 659,998 104,299 29.976 557,694 236,579 794,273 Unrestricted funds 2021 Reslricled funds 2021 Total funds 2021 Grants and donations Donations Security grant Jewish Lives grant Government grant 529,574 3,000 58,278 99,712 532,574 58,278 99,712 6,981 6,981 536,555 160,990 697,545 Income from charitable activities Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Students, fees 458,626 458,626 136,100 Training and development 136,100 458,626 136,100 594,726 Page 21
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Income from charitablg activities {continued} Unrestricted fvjnds 2021 Reslricled funds 2021 Total fvnds 2021 Students, fees Training and development 617,283 617,283 142,200 142,200 617,283 142,200 759,483 Investment Income Unrestrlcted funds 2022 Total funds 2022 Totsl funds 2021 Interest reiVed 14 14 19 Other incoming resources Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Rental income MislIaneOUS 196,331 3,092 196,331 8,092 5,000 199,423 5,000 204.423 Page 22
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 other incoming resources {continued) Unreslricled funds 2021 Total fvnds 2021 Rental income MislIaneOUS 162,474 1,980 162,474 1,980 164,454 164,454 Expendlture on ralslng funds Unrestricted funds 2022 Total funds 2022 Total funds 2021 Fundraising costs 34,574 34.574 8,315 Anatysis of expenditure on charitable activities Summary by fund type Unrestrieted Restricted funds funds 2022 2022 Total 2022 Provision of education 1,701,240 372,650 2,073,890 Unrestricted funds 2021 Reslricled funds 2021 Total 2021 Provision of education 1,117,415 269,266 1,386,681 Page 23
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 10. Analysis of expenditure by activities Activities undertaken directly 2022 Total funds 2022 Total fvnds 2021 Provision of education 2,073,890 2,073.890 1,386,681 Analysis of dirgct costs Total funds 2022 Total ftjnds 2021 Activities 2022 staff costs Educational courses Premises - Running costs Premises - Security costs Depreciation Bad debt expense Jewish Lives project Foreign exchange gain Governance costs 1,227,821 553,750 93,730 96,226 28,519 1.227.821 553,750 93,730 96.226 28.519 431,004 683,224 76,085 80,045 26,594 9,076 59,862 51,830 1981 22,112 51,830 198} 22.112 20,791 2,073,890 2,073,890 1,386,681 Page 24
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 11. Analysis of direct costs Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Staff costs Educational courses Premises - Running costs Premises - Security costs Depreciation Foreign exchange gain Jewish Lives project Governance costs 1,192,591 368,306 93,730 1,080 28,519 1981 35,230 185,444 1,227,821 553,750 93,730 96,226 28,519 1981 51,830 22.112 95,146 51,830 22,112 1,706,240 367,650 2,073,890 Unrestricted funds 2021 Reslricled funds 2021 Total funds 2021 staff costs Educational courses 431,004 542,324 76,085 11,541 26,594 9,076 431,004 683,224 76,085 80,045 26,594 9,076 59,862 20,791 140,900 Premises - Running costs Premises - Security costs Depreciation Bad debt expense Jewish Lives project Governance costs 68,504 59,882 20,791 1,117,415 269,266 1,386,681 12. Governance Costs 2022 2021 Audit fees Legal and professional fees Accountancy fees 15,600 2.320 4.192 12,000 13 8,778 22,112 20,791 Page 25
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 13. Auditorfs remuneration The auditorfs remuneration amounts to an auditor fee of £15,60012021- £12,000) including VAT. 14. Staff costs 2022 2021 Wages and salaries- Raising funds Wages and salaries- Provision of education Social security costs Other pension costs 28,969 540.951 62.703 624,167 482,500 52,303 9,840 1,256,790 544,643 Included within other pension costs is £nil12021.' £nill relating to payments to pensioners. Included within the wages and salaries are redundancy payments of £nil 12021.. £nill. Remuneration and benefits received by key management personnel during the year amounted lo £279,69112020.' £267,195). The average number of persons employed by the charity during the year was as follows.. 2022 No. 2021 No. Provision of education 15 12 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2022 No. 2021 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £90,001- £100,000 In the band £100,001 - £110,000 Page 26
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 15. Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefils12021- £NILI. During the year ended 31 July 2022, no Trustee expenses have been incurred12021- £NILI. Tangible fixed assets Freehold land and buildings Computer equipment Total Cost At 1 August 2021 Additions 1,329,705 1,518 1,329,705 10,992 9,474 At 31 July 2022 1.331.223 9.474 1.340,697 Dopreciation At 1 August 2021 Charge for the year 670.804 26,624 670,804 28,519 1,895 At 31 July 2022 697,428 1,895 699,323 Net book value At 31 July 2022 633,795 7,579 641,374 At31 July2021 658,901 658,901 Page 27
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 17. Horitage assets Assets recognised at valuation Library Collection 2022 Carying value at 1 August 2021 297,540 Carrying value at 31 Juty 2022 297,540 Heritage assets is made up of the College's library collection. This was valued at £1,000,000 in 1998 by Professor Abramsky. Over the years, specific items from the collection have been sold, leaving a value of £297,540. The Trustees consider that there has been no impairment of these assets during the period under review. 18. Debtors 2022 2021 Due within ong ygar Trade debtors 40.903 162 44,139 7,331 6,173 Other debtors Prepayments and accrued income 256 41.321 57,643 Page 28
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 19. Creditors: amounts falling due within one year 2022 2021 Bank overdrafts Trade creditors Other laxalion and social security Other creditors Accruals and deferred income 71 71 24.158 24.239 609,088 44,650 55,802 23,395 2,881 22,623 702.206 104,772 Included in other creditors is a claim for £604,000, notified by the Universities Superannuation Scheme IUSSI to The London School of Jewish Studies ILSJSI relating to a former employee of Jews, College who was a member of that scheme. Jews, College Iwhich no longer exists) was a seperate legal entity to LSJS. As the employee was not employed by LSJS, it is the view of the Iruslees that LSJS is not liable for the USS claim. 2022 2021 Deferred income brought fonNard Fee income deferred during the year Amounts released during the year 5,440 27.467 15,440) Deferred income carried fonvard 27,467 5,440 Deferred income relates lo amounts received in advance from students for terms that are yet to take place. Page 29
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 20. Statement of funds statement of funds - current year Balance at 1 August 2021 Balance at Income Expenditure 31 July 2022 Unrestricted funds General Funds - all funds Fixed asset fund 432.699 956.441 1.204,765 10,992 11.707.295} {28,519} 169.8311 938,914 1,389,140 1,215,757 11,735,814) 869,083 Restrictgd funds Library Fund Security grant Teaching Agency - Mainstream ITT provider funding Teach lo Lead Jewish Lives Tanach Course Building works Rafi's Book Publishing Sacks Chair 25,876 117,166) (95,146) 8,710 9,153 104,299 3.900 15.000 39,850 3,000 136.100 1140.000} {14,300} 151,830} 12,725) 15,000} 19,000} 137,483} 700 17,996 275 29,976 5,000 12,500 89,804 3,500 52,321 87.626 377.679 1372.650} 92.655 Total of funds 1.476.766 1.593,436 12.108.464} 961,738 Page 30
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 20. Statement of funds (continued) statement of funds - prior year Balan at 1 August 2020 Balance at Income Expenditure 31 July 2021 Unrestricted funds General Funds - all funds Fixed asset fund 213,524 983,035 1,318,311 11,099,136) 126,5941 432,699 956,441 1, 196,559 1,318,311 11, 125,7301 1,389, 140 Restrictgd funds Library Fund Security grant Teaching Agency - Mainstream ITh provider funding Teach lo Lead Jewish Lives 25,876 10,226 25,876 58,278 168,5041 2,600 15,000 142,200 1140,9001 3,900 15,000 39,850 3,000 99,712 3,000 159,8621 Tan8ch Course 53,702 303,190 1269,2661 87,626 Totsl offunds 1,250,261 1,621,501 11,394,996) 1,476,766 Page 31
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 20. Statement of funds (continued) General Funds Fixed asset fund comprise the nel book value of the charitable companls tangible fixed assets and heritage assets. Rostricted Funds Library Fund had been set up for the funding of the compulerisation of the library book catalogue, upgrading of the library collection and refurbishment of the physical spa. The Teaching Agency funds represented income and expenditure in relation to the Jewish Teacher Training Partnership. The Security Grant is money given by the Community Security Trust to cover the cost of physical guarding of the premises whist il is occupied. The teacher training fund is money given by the Pincus Fund for Jewish Education in support of the New Teacher Training, Professional Development and Online Courses for Jewish Educators Project. The Jewish Lives fund relates to income and expenditure on a research project funded by The Pears Family Charitable Foundation and The Maurice Vvohl Charitable Foundation. The project involves a longitudinal study which follows the lives of Jewish families over time. The Tanach Course fund relates lo donations received to sponsor the Tanach Course. The Sacks Chair and Rafi's Book Publishing fund related lo student, Lecturer, Principal - Rabbi Lord Jonathan Sacks zt I who fulfilled all these roles al LSJS (formerly Jews, College) in his rise lo becoming Chief Rabbi for decades. His impact on the Jewish People, and the world is immeasurable. This project is lo honour his memory. The deep connection that Rabbi Sacks had with LSJS spans over forty years. He studied here, he laughl here and ullimalely, he led the institution as Principal and then President. And following his term as Chief Rabbi he became the Honorary President of LSJS. He was always fully supportive of LSJS and gave so much of his time and advi. We are immensely proud of this long-standing association and so, in his honour, this new academic Chair has been created to recognise his contribution lo contemporary Jewish thought and further his teachings and approach. Rabbi Dr Raphael Zarum, the Dean of LSJS, has been appointed as the first occupant of this Chair and in this new role he will have the opportunity to teach, write and amplify many of the teachings of Rabbi Sacks. On 31 July 2020 the Trustees passed a resolution lo transfer the funds from the Freda & Victor Hockley Fund and Bradfield Graduate Programme Fund to unreslricled funds. Page 32
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 21. Summary offunds Summary offunds - current year Balance at 1 August 2021 Balance at Income Expenditure 31 July 2022 General funds 1,389,140 87,626 1,215,757 377,679 11,735,814) 1372,650) 869,083 92,655 Reslricled funds 1,476.766 1.593,436 12.108.464} 961,738 Summary offunds - prior year Balan at 1 August 2020 Ba18nce at Income Expenditure 31 July 2021 General funds Reslricled funds 1,196,559 53,702 1,318,311 303,190 11,125,730) 1269,2661 1,389,140 87,626 1,250,261 1,621,501 11,394,996) 1,476,766 Page 33
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 22. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Heritage assets Current assets 548,719 297,540 725,030 1702,2061 92,655 641.374 297,540 725,030 {702,2061 Creditors due within one year Totsl 869,083 92,655 961,738 Anatysis of net assets between funds - prior year Unrestricted funds 2021 Reslrieled funds 2021 Total funds 2021 Tangible fixed assets Heritage assets Current assets 658,901 297,540 528,449 195,7501 658,901 297,540 625,097 1104,7721 96,648 19,0221 Creditors due within one year Total 1,389, 140 87,626 1,476,766 23. Reconciliation of net movement in funds to net cash flow from operating activities 2022 2021 Nel incomelexpendilure for the year las per Statement of Financial Acb'vitiesl 1515,028} 226,505 Adjustments for: Depreciation charges Intest income Decrea11nCreaseI in debtors Increase in creditors 28.519 14} 16,322 597.434 26,594 1191 119,3051 29,177 Net cash provided by operating activities 127.233 262,952 Page 34
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 24. Analysis of cash and cash equivalents 2022 2021 Cash in hand Overdraft facility repayable on demand 683,709 71) $67,454 1711 Total cash and cash equivalents 683.638 567,383 25. Analysls of changes In net debt At 1 August 2021 Cash flows At 31 July 2022 Cash al bank and in hand Bank overdrafts repayable on demand 567,454 1711 116.255 683,709 1711 567,383 116.255 683,638 26. Operating lease commitments At 31 July 2022 the charity had commitments to make future minimum lease payments under non- CanlIable operating leases as follows.. 2022 2021 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 25,644 72.576 960 21,843 65,812 3,608 99,180 91,263 The following lease payments have been recognised as an expense in the statement of financial aclivilies.. 2022 2021 Operating lease rentals 26,643 27,056 Page 35
DoGuSign Envelope ID". 2023F121.BB2A4B69896-B728c607FI9D LONDON SCHOOL OF JEWISH STUDIES {FORMERLY JEWS. COLLEGE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 27. Rolated party transactions During the year the Trustees donated funds without conditions tolalling £66,100 12021.. £55,860). Donations tolalling £70,827 12021.. £90,000) were received from charitable organisalions who share common trustee with The London School of Jewish Studies. These donations were made with no conditions attached. Finally, rental income tolalling £23,96012021.' £23,213) was reiVed from charitable organisations who share a common trustee with The London School of Jewish Studies. Page 36