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2022-12-31-accounts

Jewish Futures Trust Limited

(by guarantee)

Company number 07884678 Charity number 1151066

Trustees’ Report

And

Financial Statements

For the year ended

31 December 2022

Jewish Futures Trust Limited

Contents Page
Legal and administrative information 1
Trustees’ report 2 – 7
Auditors’ report 8 – 10
Statement of financial activities 11
Balance sheets 12 – 13
Cash flow 14
Notes to the financial statements 15 - 27

Page 1

Jewish Futures Trust Limited

Legal and administrative information

Directors / Trustees

J Benarroch S Farhi (resigned 28 October 2022) D Hammelburger K Harris E Lee E Misrahi D Morris N Schiff D Sobel

Chief Executive Officer

N Schiff

Principal Address and Registered Office

379 Hendon Way London NW4 3LP

Details of Incorporation

The company was incorporated on 16 December 2011 in England under company registration number 07884678, and was registered with the Charity Commission on 4 March 2013, governed by its memorandum and articles of association, charity number 1151066.

Auditors

Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL

Bankers

National Westminster Bank Plc 5 Central Circus Hendon Central London NW4 3LE

Page 2

Jewish Futures Trust Limited

Trustees’ Report

The trustees, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and the financial statements of the Jewish Futures Trust Group for the year ended 31 December 2022. The trustees confirm that the annual report and financial statements of the company comply with current statutory requirements, the requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005.

Legal and administrative information set out on page 1 forms part of this report.

Structure, Governance and Finance

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 16 December 2011. The charity’s objects are set out below in the Charity’s Objectives and Activities.

The trustees, who are also the directors for the purpose of company law, and who served during the year are listed on page 1. None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The Directors who served in the year were J Benarroch, S Farhi, D Hammelburger; K Harris; E Lee; E Misrahi; D Morris; N Schiff and D Sobel.

The Board of Trustees is responsible for the overall governance, policy and strategic direction of Jewish Futures Trust. The members of the Board of Trustees have the legal responsibility for the operations of the charity and the use of resources in accordance with the objects of the charity. The appointment and training of a new trustee is subject to the oversight of current trustees.

There are no specific restrictions imposed by the governing document concerning the way the charity can operate.

Jewish Futures Trust has been a driving force in incubating and nurturing new educational initiatives and establishing and building other independent UK charities in the field of education and social action. These charities include Give It Forward Today, Jroots, Forum for Jewish Leadership, Chazak, Klal-Chazon, Aish Hatorah UK. In this respect, Jewish Futures Trust aims to encourage aspirational strategic thinking for each organisation as well as achieve effective economies of scale through the sharing of both innovation, resources and best practises between all the charities. During the course of the year the Company provided central head office services to the subsidiary charities as detailed in the notes to the accounts, at cost, to enable the group to benefit from economies of scale. It encouraged group charities to use the resources of sister charities to benefit from their expertise, in furtherance of each other’s’ charitable objectives.

Neil Schiff has helped to establish charities in USA and Israel (JFT – Jewish Futures Foundation Inc in USA and JFT Netzach in Israel), with similar public benefit objectives to develop educational, religious and cultural programmes. Jewish Futures Trust and sister charities are encouraged to undertake initiatives and activities in conjunction with these charities to mutually benefit each other.

Many hundreds of volunteers are identified and deployed across all of the group charities to fulfil some educational and operational activities such as in GIFT, whose prime objective is to encourage members of the public to give up their time to help other people, and in FJL and Aish where part of their remits are to nurture youth leadership.

Charity’s Objectives and Activities

The principal objects of the charity are exclusively to further, for the public benefit, the following charitable purposes:

Page 3

Jewish Futures Trust Limited

Trustees’ Report (continued)

Initially the primary aim of the charity was only to educate young Jewish people in the UK. Over the past few years the educational remit has widened to allow for a broader spectrum of the community to benefit from the educational expertise and experience of the organisation. The core of the educational philosophy is to share with young people a sense of moral responsibility and ethical values that instil a sense of pride in Jewish heritage as well as upright citizenship in wider society. The charity goes about achieving this objective through regular educational, social and religious events across the UK, alongside numerous overseas educational programmes at key points in the year.

Achievements and Performance

Jewish Futures Trust is the sole member and has legal control over 5 independent charities and companies: Jroots, Give It Forward Today, Aish Hatorah UK, Forum for Jewish Leadership and Klal Chazon. These set of accounts consolidate the results of all these entities.

The main achievements of the Charity in the year under review, coming out of the Covid-19 pandemic lockdown restrictions, include:

Fundraising

Jewish Futures Trust group is committed to the highest standards in fundraising. At all times the Charity aims to ensure that its processes and staff are respectful, open, honest and accountable to our supporters and the public.

Jewish Futures Trust is a medium sized charity that principally raises funds from individuals, family trusts and foundations, and companies who have a connection with and support the work of the charity. Its approach is generally on a personal level, but the group also raises funds through community events and activities.

Fundraising approaches made by Jewish Futures Trust are personal and targeted, focussed on those individuals and institutions who have expressed interest in its work. The Company does not engage in large scale fundraising activities like mass mailings, unsolicited telephone fundraising or door-to-door campaigns.

Jewish Futures Trust has a small fundraising team. The Chief Executive and Chief Operating Officer are responsible for the day to management of fundraising activities. The Trustees provide oversight of fundraising strategy and delivery. The Fundraising Team receive regular training and guidance and aim to adhere to methods of best practise including the Fundraising Regulator’s Code of Fundraising Practice.

Under no circumstances does The Company share personal information of its supporters for the purposes of third-party marketing or processing.

Page 4

Jewish Futures Trust Limited

Trustees’ Report (continued)

Fundraising (continued)

There have been no complaints about fundraising activities reported in the year to 31 December 2022, or subsequently.

Jewish Futures Trust and its group charities have used one third party organisation, CharityExtra, to help raise funds for matched funding, targeted appeals. It has special technology and know how to run 24-hour telethon campaigns. These campaigns are targeted at the charities known database of supporters. The relationship with the organisation is monitored by the Fundraising Team.

Financial Review

During the year the group successfully raised £8.085m through fundraising activities (2021: £7.099m) and, generated participant contributions for trips and events of £3.069m (2021: £0.725m). While in 2021, the group received government employment grants of £496,006, in 2022 the grants under Kickstart were only £1,882.

Total incoming resources for the year were £11.162m (2021: £8.353m) and resources expended totalled £10.656m (2021: £7.750m) resulting in net surplus for the Group of £0.506m (2021: £0.602m).

The group finished the year with total net funds of £3.426m (2021: £3.435m). At the year end the Group had total free reserves of £3.205m (2021: £3.122m). On 1 January 2022 Chazak Ltd left the Jewish Futures group and so its consolidated accounts were adjusted downwards by the value of Chazak net assets at 31 December 2021 of £0.515m

The group is supported by a broad spectrum of donors from across the community, ranging from grassroots student-level program participants and alumni to a broad range of philanthropists who partner with the charities in the group and help encourage their activities.

Most fundraising is done through direct relationships with our partners and through effective communication of the importance of our work to the wider audience of our supporters.

During Covid-19 Lockdown all of the group charities had to innovate their fundraising processes and created highly effective online campaigns during the year. These continued during 2022. The success of the campaigns are a testament to the broadened reach of participants from the online education programmes of 2021 and in person activities relaunched in 2022.

All of the group’s expenditure is focused on creating the wide range of successful high-quality educational courses and popular, impactful activities that deliver our stated charitable objectives.

A summary of the results of the subsidiary entities for the year was as follows:

Total Total Net
Incoming resources Charitable Surplus/
resources expended expenditure (Deficit)
£ £ £ £
Jroots 3,080,537 2,809,021 2,807,185 271,516
Give It Forward Today 2,530,482 2,299,415 2,138,379 231,067
Klal Chazon 514,638 553,648 538,691 (39,010)
Aish Hatorah UK 2995,587 2,981,739 2,835,478 13,848
Forum for Jewish Leadership 464,040 477,292 474,004 (13,252)
JLink (was dormant through the year) - - - -

Page 5

Jewish Futures Trust Limited

Trustees’ Report (continued)

Key Risks and Uncertainties

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. A reduction in donor base could cause cash flow issues; any delayed receipt of pledged donations income could also potentially cause cash flow issues. The major risks facing the charity are reviewed regularly at management meetings. Regular reviews of cash flow projections and budget forecasts are also undertaken, as well as a continual drive to reduce expenditure and negotiate better terms and rates.

The impact of Covid-19 in 2022

Covid-19 had significantly less impact on the Group than in the last 2 years and its charitable activities are now operating without any restrictions prevalent in 2020 and 2021. Our donors have recognised how well the Group has re-adapted and needs to re-invest in in person programmes to re-connect with participants in a live framework and continue to be supportive.

Management and Trustees are monitoring the Charity and Group cost base on a regular basis to ensure that programme, event and educational costs do not exceed foreseeable income. The Management Teams are regularly assessing the operational and logistical capabilities and finance consequences to update plans and budgets.

Reserves

Jewish Futures Trust needs free reserves to enable it to fulfil its charitable obligations and commitments that it enters into. The charity also requires reserves to ensure continuance of these obligations in the eventuality of any unexpected revenue shortfall.

Free reserves are defined by the Charity Commission as unrestricted funds available to spend on the general purposes of the charity and therefore excluding those designated for particular purposes and those already utilised in purchasing tangible fixed assets. Free reserves should not be mistaken for cash reserves. After adjusting unrestricted funds for functional fixed assets free reserves for the Company were in surplus by £682,545 (2021: £649,859).

Jewish Futures Trust policy is to hold free reserves equal to not less than two months and no more than four months normal running costs, approximately £200,000 to £400,000. The Charity’s short-term objective is to ensure that the combination of cash and liquid assets is sufficient to meet current and anticipated obligations.

Pay policy for key management personnel

Pay and remuneration of key management personnel is determined by a variety of contributory factors, including the size of the charity, the pay scales for each role and the level of experience of the staff member. In addition to this, levels of pay may be affected by the ability to recruit key management personnel and retain them in post, which all coincides with the charity’s appointment and pay policies. All amendments to key management personnel's pay and remuneration is discussed and agreed by the trustees.

Plans for the Future

The member organisations of Jewish Futures Trust were all established under the leadership of Rabbi Naftali Schiff over the course of a decade. Since 2018 the trustees have set out to empower each organisational director so that they focused on a more hands on leadership style. Along with the trustees, Rabbi Naftali Schiff, along with the Management Team, have taken on a more strategic and consultative role, in each charity and has been able to embark on further educational and funding opportunities for the Charity and member organisations.

Page 6

Jewish Futures Trust Limited

Trustees’ Report (continued)

Plans for the Future (continued)

The Charity is tenant of a substantial property in North West London and is progressing with plans toward creating a new educational and cultural centre as a magnet for the inspiration and engagement of the UK Jewish and wider community and as a base for all the Group charities. This will be a ground-breaking, step change for the Group and will involve a large capital fundraising campaign. This will be led by a new committee devoted specially for the purpose.

Public Benefit

The trustees acknowledge the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance on public benefit.

All activities undertaken by the group are for the public benefit. With a focus on providing education, the organisation’s operation is very much geared to providing benefit to the Jewish and wider community as is highlighted by the activities reported herein. The core of the educational philosophy is to share with young people a sense of moral responsibility and ethical values that instil a sense of pride in Jewish heritage as well as upright citizenship in wider society. This will also continue to be central to its future plans.

Disclosure of information to Auditors

Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditors are unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of Jewish Futures Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, 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 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the Charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In preparing this report, the Directors have taken advantage of the small companies exemption provided by section 415A of the Companies Act 2006.

Page7

Jewish Futures Trust Limited

Trustees' Report ( continued)

Auditors

Crowe U.K. LLP has expressed a willingness to continue in office. A resolution to appoint them will be proposed at the Annual General Meeting.

This report has been approved by the trustees on 6 December 2023 and signed on their behalf by:

E Misrahi Trustee

Page 8

Jewish Futures Trust Limited

Auditors’ Report

Independent Auditor’s Report to the Members and Trustees of Jewish Futures Trust Limited

Opinion

We have audited the financial statements of Jewish Futures Trust Limited (the “charitable company”) for the year ended 31 December 2022 which comprise Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Company Balance Sheet, Consolidated 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 group 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 information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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 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.

Page 9

Jewish Futures Trust Limited

Auditors’ Report

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees (who are also the 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 but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with the Acts 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.

Page 10

Jewish Futures Trust Limited

Auditors’ Report

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:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the the Charities SORP (FRS102) 2019 and Companies Act 2006.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the recognition of income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on income recognised in the accounts and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located 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, and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees 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, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alastair Lyon Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL

11 December 2023.

Crowe U.K. LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 11

Jewish Futures Trust Limited

Consolidated Statement of Financial Activities

(Incorporating an income and expenditure account)

for the year ended 31 December 2022

Note
Unrestricted
Funds
Restricted
Funds
2022
£
Income from:
Donations and legacies
4
6,838,777
1,246,215
8,084,992
Charitable activities:
Participant payments
4
3,069,048
-
3,069,048
Investment income
5,911
-
5,911
Other income
4
1,882
-
1,882
Total income
9,915,618
1,246,215
11,161,833
_
________
________
Expenditure on:
_Raising funds:
Donor fundraising costs
5
383,425
-
383,425
Charitable activities
6
8,982,314
1,090,717
10,073,031
Charitable donations
72,692
126,893
199,585
Total expenditure
9,438,431
1,217,610
10,656,041
_
_
__
Net income/(expenditure) for the year
before transfers
7
477,187
28,605
505,792
Transfers of subsidiary from the group
22
(514,609)
-
(514,609)
Reconciliation of funds:
Total funds brought forward
3,337,160
97,852
3,435,012
Total funds carried forward
3,299,738
126,457
3,426,195
=======
=======
=======		 2021
£
7,098,982
725,214
32
528,456
8,352,684
_
434,376
7,287,523
28,600
7,750,499
_
602,185
-
2,832,827
3,435,012
=======

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

The notes on pages 15 to 27 form part of these accounts.

Page 12 Jewisb Futures Trnst Limited Company nvmbtr: 07884678 Comolidated Balance SIKet As at 31 December 2022 Note 2022 2021 Fljed A$Jeti Tangible &ssets Heritage Asx¢ty 42.602 52,2&1 162,964 522(A) 94.862 215.224 cur￿￿¢ Auets Debtors Cajh At bank aTKI in h￿d 12 1,35C380 1240,521 5.057.867 4.799.265 CredllDn: Amounts falling due withit) onc ye 13 ull2fi￿￿4 Net currtnt ametj 3.33 lJ33 3,640.625 Toil Mets lem currttht Il#blll¢ 3.426,195 3.8JS,849 Credlton: Amounts f811in8 du¢ after one y¢ 14 (420.83D TotAI Net Asts 3,426,195 £3,435,012 Fundi Resrricied fijnds Unre8trl¢ied 16 16 126.457 97.852 Toi41 fundi 3,426.195 3,435,0112 Included in the CotLqolidated Stoment of Financial Activities is net Unrestri￿ income for th¢ year for J¢wish Futures Tr￿1 of £41,62312021.. £21X).439) The fmancial $18t¢ments were Approved and authorised for i$8ue by th¢ tnLqtees and were signed on its behalf on O D¢¢ember 2023 by E MI3TAhl Tru$lee The noles on pages 15 to 27 forni p4rt of these ac¢outtts.

Page 13 Jewlsh Futurtj Trujt Limited Cornp¥ny Dumber: 07884678 Company BalBDce Sheet A8 at 31 De¢ember 2022 2022 2021 Flxed Assets- Tangible A88¢ts 37.429 28.41r2 Curren¢ A&8e¢g Debiors Cash at bank and in hand 12 599.555 721,336 883283 1,143,972 Credlton: Amounts fallin¥ due wiihin one ye&r 13 16 Net Currtn¢ A8ts 862,356 Tot1 1sgets ¢urr¢ni Illblllil CredliorJ: Amounts f8llin8 after one year 14 Totsl Net Amets 719,974 678.351 Fund$ Unrestri¢ied fimds 67 Tot•1 fundi 719.974 678,351 The fmancial statements were approved and &uihorised for issue by the trustees and were s1￿cd on its behalf on 6 December 2023 by E Misrnhl Trustee The notes oll p48es 15 to 27 forni part of these ac<ounts.

Page 14

Jewish Futures Trust Limited

Consolidated Statement of Cash flows

As at 31 December 2022

Note

Cash flows from operating activities:
Net incoming/(outgoing) resources from operations
Depreciation
Loss on disposal of tangible assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Movement of assets out of group 1 Jan 2022
following decoupling of subsidiary from the group
Bank balances
Other debtors
Creditors
22

Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used by investing activities
Cash flows from financing activities
Additional credit/(repayment) of short-term bank loans and
credit cards
Additional credit / (repayment) of long-term bank loan
advances
Net cash sourced / (used) by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year		 2022

£
505,792
27,537
-
(117,859)
638,474
1,053,944
(364,510)
(58,910)
36,385
(387,035)
(34,749)
(34,749)
(70,580)
(420,837)
(491,417)
140,743
3,558,744
3,699,487		 2021
£
602,185
53,293
2,115
(476,972)
525,546
706,167
-
-
-
-
-
(49,626)
(49,626)
87,235
420,837
508,072
1,164,613
2,394,131
3,558,744

Page 15

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

1 Company information

The principal activity of Jewish Futures Trust Limited is the advancement of Jewish education and culture. The company is registered as a charitable company limited by guarantee (company number: 07884678, charity number 1151066). It is incorporated and domiciled in the UK. The address of the registered office is 379 Hendon Way, London, NW4 3LP.

2 Accounting Policies

a. Basis of Accounting

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 (SORP 2015), applicable UK accounting standards including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006. The company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The principal accounting policies adopted in the preparation of the financial statements are as follows:

b. Basis of Consolidation

c. Going Concern

The Charitable group currently has assets that exceed its liabilities. In addition, the Trustees are expecting to generate a surplus for the year ended 31 December 2023 reflecting continuing control on expenditure and support from donors. Having reviewed the financial position of the Charity, the Trustees consider that, with current cash resources, general reserves and the potential appeal for fundraising, there are no material uncertainties about the Charity’s ability to continue as a going concern and have reasonable expectations that the Charity has adequate resources to continue its digital activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

d.

Income

All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

e. Expenditure

Cost of fundraising activities are those costs incurred in attracting voluntary income.

Charitable activities include expenditure associated with the delivery of its activities and include both the direct costs and support costs relating to these activities.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the independent examination fees and costs linked to the strategic management of the charity.

Support costs include related staff remuneration, premises costs, travel costs and core professional fees. These costs have been allocated to the expenditure categories based on the management’s estimate of the proportion of time and resources consumed by each of the key activities of the charity.

Page 16

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

2 Accounting Policies (continued)

f. Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure.

g. Tangible Fixed Assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the costs of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Improvements to leasehold property - Over the term of the lease Plant and equipment - 25% reducing balance Fixtures and fittings - 25% reducing balance/33% straight line Motor vehicles - 25% reducing balance

Assets greater than £1,000 are capitalised.

h. Heritage Assets

The subsidiary, Aish Hatorah UK Ltd, owns religious scrolls. These assets are untarnished and used to further the charity’s objectives. Heritage assets are included in the Balance Sheet at cost. Their carrying amounts are reviewed where evidence of impairment exists and reduced where an impairment is deemed to have incurred.

In accordance with FRS102, depreciation is not provided on heritage assets as they are considered to have indefinite lives. The cost of maintenance and repair of heritage assets is written off in the year incurred.

i. Translation of Foreign Currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

j. Operating Leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straightline basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Page 17

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

2 Accounting Policies (continued)

k. Financial Instruments

The Company holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at fair value. Note 21 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income and other taxation and social security.

l. Government Grants

Grants are accounted for under the performance model as permitted by the charity SORP. Coronavirus Job Retention Scheme grant income was therefore recognised on a straight-line basis over the furlough period for each relevant employee, as was Kick Start job creation income during the year.

3 Key Judgements and Estimates

In the application of the Company’s accounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

Page 18

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

4 Income

2022
£
Incoming resources from generated funds
Donations and gifts
7,317,649
Fundraising telethons
767,343
8,084,992
========
=
Incoming resources from charitable activities
Trip and event participant payments
3,069,048
Other Income
Job Retention Scheme Furlough Grants
Kick Start Job Creation Grants
Other income
========
-
1,882
-
1,882
=




5
Donor fundraising costs
2022
£


Donor relations
27,554
Travel and accommodation
12,815
Staff costs
162,617
Support and Other costs
151,881
Fundraising telethon costs
28,558
383,425
======
=		 2021
£
6,068,714
1,030,268
7,098,982
=======
725,214
=======
464,479
31,527
32,450
528,456
2021
£
8,326
7,972
192,042
151,678
74,358
434,376
=======

Donor fundraising costs represent 4.7% (2021: 6.1%) of total donations and fundraising income of the year.

6 Charitable activities

Basis of
allocation
Staff costs
Direct
Programme & trip expenditure
Direct
Educational Materials
Direct
General office
Direct
Governance costs
Direct
Support costs
Total charitable activity expenditure		 Charitable
activities
Support costs
£
£
1,974,154
972,344
5,848,045
-
68,282
-
-
1,184,862
-
25,344
7,890,481
2,182,550
2,182,550
(2,182,550)
10,073,031
-		 2022
Total
2021
Total
£
£
2,946,498
3,184,363
5,848,045
2,737,870
68,282
25,883
1,184,862
1,311,035
25,344
28,372
10,073,031
7,287,523
- -
10,073,031
7,287,523

Of the £10,073,031 expenditure in 2022 (2021: £7,287,523), £8,982,314 was charged to unrestricted funds (2021: £6,754,031) and £1,090,717 to restricted funds (2021: £533,492).

Page 19

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

7 Net incoming resources
2022 2021
This is stated after charging
£		 £
Depreciation of tangible fixed assets:
- owned by the Company 27,537 53,293
Auditors’ remuneration
- audit fees 23,096 22,264
- independent examinations 6,048 7,416
Foreign exchange (gains) / losses 11,673 24,286
===== =====

8 Trustees’ remuneration

During the year, one (2021: one) trustee received total remuneration of £127,615 (2021: £65,217) in their capacity as employees of companies within the Jewish Futures Trust Group. The Articles of Association permit the employment and remuneration of a director as an employee.

During the year, no Trustee in the Group received any benefits in kind for their role as trustee (2021: £Nil).

During the year, no Trustee in the Group received any reimbursement of expenses for their role as trustee (2021: £Nil).

9 Analysis of staff costs, trustee remuneration and expenses

2022 2021
Staff Costs: £ £
Wages and salaries 2,685,965 2,924,783
Social security costs 239,379 247,574
Pension costs 106,961 110,393
Other staff costs 76,842 15,215
3,109,147 3,297,965
__ __

Remuneration amounting to £148,963 was paid to key management personnel directly in Jewish Futures Trust (2021: £115,364). All trustees are included as key personnel.

The average number of employees during the year was: 2022 2021
Educational 52 56
Operational 18 17
Administrative 24 26
94 99
=== ===

Page 20

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

10 Employees (continued)

One employee (2021: one) received emoluments between £60,000 and £70,000. Two employees (2021: one) received emoluments between £70,000 and £80,000 Two employees (2021: three) received emoluments between £80,000 and £90,000. One employee (2021: nil) received emoluments between £110,000 and £115,000.

11 A) Fixed assets

Leasehold Plant and Furniture and Motor
improvement equipment fittings vehicles Total
s
Group £ £ £ £ £
Cost
At 1 January 2022 590,960 167,362 324,135 16,801 1,099,258
Disposals by scrapping (249,876) (147,520) (254,393) (11,301) (663,090)
Uncoupling of subsidiary
From the group (see note 22) (216,486) - (44,083) (5,500) (266,069)
Additions 34,749 - - - 34,749
At 31 December 2022 159,347 19,842 25,659 - 204,848
Depreciation
At 1 January 2022 465,921 163,762 294,966 11,645 936,294
Disposals by scrapping (249,876) (147,520) (254,393) (11,301) (663,090)
Reduction on uncoupling of
subsidiary from the group (116,365) - (21,786) (344) (138,495)
Charge for the Year 24,920 900 1,717 - 27,537
At 31 December 2022 124,600 17,142 20,504 - 162,246
Net Book Value
At 31 December 2022 34,747 2,700 5,155 - 42,602
====== ====== ====== ===== =======
At 31 December 2021 125,039 9,516 23,253 5,156 162,964
====== ====== ====== ===== =======
2022 2021
B) Heritage assets £ £
Group
At 1 January 52,260 52,260
Additions in year - -
Disposal - -
At 31 December 52,260 52,260

Aish Hatorah UK, a group charity, has control and owns 2 religious scrolls

Page 21

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

11 Fixed Assets (continued)

Leasehold
improvements
Plant and
equipment
Company
£
£
Cost
At 1 January 2022
124,600
11,294
Additions
34,749
-
At 31 December 2022
159,349
11,294
Depreciation
At 1 January 2022
99,680
7,722
Charge for the Year
24,920
892
At 31 December 2022
124,600
8,614
Net Book Value
At 31 December 2022
34,749
2,680
======
======
At 31 December 2021
24,920
3,572
======
======		 Total
£
135,894
34,749
170,643
107,402
25,812
133,214
37,429
======
28,492
======

12 Debtors

Trade debtors
Sister charity debtors
Other debtors
Prepayments and accrued income
13
Creditors:Amounts falling due within one-year

Bank loans and credit cards
Trade creditors
Social security and other taxation
Other creditors
Accruals and deferred income		 Group
2022
2021
£
£
290,218
33,883
-
-
483,626
901,693
584,536
304,945
1,358,380
1,240,521
2022 2021
£ £
35,890
106,470
244,121
255,290
91,435
78,890
173,349
104,587
1,181,739
603,803
1,726,534
1,149,040		 Company
2022
2021
£
£
7,687
840
50,218
10,524
322,483
611,685
219,167
98,287
599,555
721,336
2022
£
2021
£
12.492
45,936
30,703
48,149
58,254
39,422
80,993
85,473
18,296
62,636
200,738
281,616

Page 22

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

14
Creditors:Amounts falling due after one-year


Bank loans		 2022 2021
£ £
Group
-
420,837
-
420,837		 2022
£
2021
£
Company
-
212,497
-
212,497

In January 2021 Jewish Futures Trust and sister charity Jroots borrowed £250,000 each under the Corona Business Initiative Loans Scheme. The Loans were repayable in monthly instalments, from year 2 to 6 of the loan and carried interest at 2% over base rate. Following a review of the purpose for which the loans were taken and in light of the positive outlook for the 2 charities post Covid-19, the trustees approved the full repayment of the loans to the bank, which happened in August 2022

15
Deferred Income

Balance as at 1 January

Amount released to income in the year
Amount deferred in the year
Balance as at 31 December		 2022
£


346,618

(346,418)
1,071,058
1,071,058
=======
 2021
£
-
-
364,618
346,618
======

Deferred Income at the end of the year represents, in group charities, amounts received from participants for educational trips that will take place in the period after 31 December 2022. Income is released to the Profit and Loss account for the year in which the activity occurs.

16
Statement of Funds
Group
Restricted funds
Unrestricted funds
Restricted funds:
Memorial projects in Jroots
Ukraine Appeal in Jroots
Gifts in Kind in GIFT
Company
Restricted Funds
Unrestricted funds		 1 January
2022
£
97,852
3,337,160
3,435,012
61,424
-
36,428
-
97,852
-
678,351
_		 Income
£
1,246,215
9,915,618
11,161,833
84,300
390,836
771,079
-
1,246,215
-
3,001,694
__		 Expenditure Transfer
Of assets
£ with Chazak
1,217,610 -
9,438,431
514,609
10,656,041 514,609
94,717
321,705
801,188
-
1,217,610
-
2,960,071
__		 31 December
2022
£
126,457
3,299,738
3,426,195
51,007
69,131
6,319
-
126,457
719,974
_

Restricted Funds descriptions: -

Memorial Projects - funds collected to pay tribute and remember people who survived the Holocaust in Jroots. Gifts in Kind – food parcels collected and distributed to needy families around London and Manchester in GIFT Ukraine Appeal - funds collected to support refugees of the war in Ukraine from a public appeal to provide resource for Ukrainian families as refugees or in situ in Ukraine.

Page 23

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

17 Related Party Transactions

Jewish Futures Trust is the sole member of Aish Hatorah UK. During the year, Jewish Futures Trust made donations to Aish to the value of £301,931 (2021: £255,000). During the year Aish charged JFT £5,013 (2021: £1,009) for administrative services. At the year end, the Company was owed £13,305 by Aish (2021: £nil).

Jewish Futures Trust is the sole member of JRoots During the year, the Company made donations to JRoots to the value of £6,539 (2021: £38,500). At the year end the Company was owed £3,422 by JRoots Ltd (2021: £nil).

Jewish Futures Trust is the sole member of Give it Forward Today Ltd. During the year, the Company made donations to Gift to the value of £91,000 (2021: £105,000). At the end of the year Gift owed the Company £7,465 (2021: £10,339).

Jewish Futures Trust is the sole member of Forum for Jewish Leadership. At the year end, FJL owed the Company £23,568 (2021: £nil).

Jewish Futures Trust is the sole member of Klal Chazon. During the year, the company made donations to Klal Chazon to cover the costs of educational support services and overheads to the value of £71,000 (2021: £82,225). At the year end, Klal Chazon owed the Company £2,458 (2021: £125).

Jewish Futures Trust operates a central operational hub for various back office functions that supports itself and its group charities including running head office premises, finance, production, logistics, publicity and fundraising. It has recharged each of the charities, at cost, for an agreed share of the overhead expenses to reflect each charity’s use of the central services (which are reviewed each year). The amount charged to each charity during 2022 was as follows: -

Year ended 31 Dec 2022 Year ended 31 Dec 2021 £ £ J Roots 141,579 139,846 Klal Chazon 26,000 27,225 Forum for Jewish Leadership 23,568 19,809 Gift 179,568 152,587 Aish Hatorah 358,124 318,570

Page 24

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

18 Operating lease commitments

The following annual commitments existed in respect of non-cancellable operating leases:

2022 2021
£ £
Group
Leases expiring:
In less than one year 478,591 563,487
Between one and five years 146,678 343,778
Greater than five years - -
_ _
625,269 907,265
====== ======
2022 2021
Company: £ £
Leases expiring:
In less than one year 232,809 237,209
Between one and five years 146,678 291,278
Greater than five years -
-
_ ______
379,487 528,487
====== ======

19 Principal Subsidiaries

Percentage
Company name Country Control Description
Forum For Jewish Leadership Ltd UK 100 Jewish cultural education
(Company number 07485527, Charity
number 1142937)
Klal Chazon Ltd UK 100 Jewish cultural education
(Company Number 10832208,
Charity number 1177390)
JLink Ltd UK 100 Jewish cultural education
(Company Number 07968852)
Aish Hatorah UK Ltd UK 100 Jewish cultural education
(Company number 03413207,
Charity number 1069048)
Jroots Ltd UK 100 Heritage and cultural educatio
(Company Number 07114903,
Charity Number 1136532)
Give It Forward Today UK 100 Benevolence social action and
(Company number 08439369, Charity education
number 1153393)

Page 25

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

20 Subsidiary Information

A summary of the results of the financial position of the 100% owned subsidiaries is shown below. The unconsolidated net incoming resources for the parent entity (Jewish Futures Trust Limited) were £200,439 (2020: £51,165) for the financial year.

Aish
Hatorah UK
Ltd
Give it
Forward
Today Ltd
£
Income
Donations and legacies
2,747,984
2,530,104
Participant payments
245,721
-
Investment income
-
-
Other income
1,882
378
Total income
2,995,587
2,530,482
Expenditure
Donor fundraising costs
146,261
161,036
Charitable activities
2,835,478
2,138,379
Charitable donations out
-
-
Total expenditure
2,981,739
2,299,415
Net income/(expenditure) for the year
13,848
231,067
Total funds brought forward
640,979
1,190,379
Total funds carried forward
654,827
1,421,446
Total assets
760,859
1,555,629
Total liabilities
106,032
134,183
J Link ltd
Klal Chazon
Ltd
£
£
Income
Donations and legacies
-
393,814
Participant payments
-
120,824
Investment income
-
-
Other income
-
-
Total income
-
514,638
Expenditure
Donor fundraising costs
-
14,957
Charitable activities
-
538,691
Charitable donations out
-
-
Total expenditure
-
553,648
Net income/(expenditure) for the year
-
(39,010)
Total funds brought forward
-
42,747
Total funds carried forward
-
3,737
Total assets
-
29,669
Total liabilities
-
25,932		 Jroots
Ltd
£
505,070
2,569,934
5,533
-
3,080,537
1,836
2,680,292
126,893
2,809,021
271,516
339,232
610,748
1,877,842
1,267,094
Forum For
Jewish
Leadership
Ltd
£
306,625
157,415
-
-
464,040
3,288
474,004
-
477,292
(13,252)
28,715
15,463
72,587
57,124		 Jroots
Ltd
£
505,070
2,569,934
5,533
-
3,080,537
1,836
2,680,292
126,893
2,809,021
271,516
339,232
610,748
1,877,842
1,267,094
Forum For
Jewish
Leadership
Ltd
£
306,625
157,415
-
-
464,040
3,288
474,004
-
477,292
(13,252)
28,715
15,463
72,587
57,124		 Jroots
Ltd
£
505,070
2,569,934
5,533
-
3,080,537
1,836
2,680,292
126,893
2,809,021
271,516
339,232
610,748
1,877,842
1,267,094
Forum For
Jewish
Leadership
Ltd
£
306,625
157,415
-
-
464,040
3,288
474,004
-
477,292
(13,252)
28,715
15,463
72,587
57,124

(13,252)
28,715
15,463
72,587
57,124
15,463
72,587
57,124

Page 26

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

21 Financial instruments

21
Financial instruments
2022 2021
£ £
Group
Financial assets measured 4,465,768 4,532,367
at amortised cost
Financial liabilities 616,303 673,522
measured at amortised cost
====== ======
Company
Financial assets measured 664,116 1,045,685
at amortised cost
Financial liabilities 163,235 244,113
measured at amortised cost
====== ======

Financial assets measured at amortised cost include trade debtors, amount owed by group undertakings, other debtors and cash and cash equivalents.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals excluding deferred income.

22. Transfer of subsidiary from the group

On 1 January 2022 Chazak Ltd. left the Jewish Futures Trust group. Chazak now operates as an independent company and charity. As at 31 December 2021 the assets and liabilities of Chazak Ltd were as follows:

Tangible assets
Current assets (debtors and cash)
Less current liabilities
Total net assets		 £127,574
£423,420
(£36,385)

£514,609

For the purposes of the consolidated accounts of Jewish Futures Trust, this value has been deducted from the general reserves of the Group. As the uncoupling of Chazak was not a sale of a business nor did it involve the transfer of any assets and liabilities of Chazak by JFT, there were no sale proceeds or any realised or unrealised gains or losses.

Page 27

Jewish Futures Trust Limited

Notes to the Accounts – 31 December 2022

22 Comparative Statement of Financial Activities January to December 2021

Income from:
Donations and legacies
Fundraising Dinners
Charitable activities:
Participant payments
Investment income
Other income
Total income
Expenditure on:
Raising funds:
Donor fundraising costs
Charitable activities
Charitable donations
Total expenditure
Net income/(expenditure) for the year before
transfers
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
6,549,443
725,214
32
528,456
7,803,145
_

434,376
6,754,031
28,600
7,217,007
_

586,138
2,751,022
3,337,160
=======
 Restricted
Funds
549,539
-
-
-
549,539
_
-
533,492
-
533,492
_
16,047
81,805
97,852
=======		 2021
£
7,098,982
725,214
32
528,456
8,352,684
_
434,376
7,287,523
28,600
7,750,499
_
602,185
2,832,827
3,435,012
=======