REGISTERED CHARITY NUMBER: 1163876
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 April 2023
for
Brain Circle UK
Grant Harrod Lerman Davis LLP Chartered Accountants 1st Floor Healthaid House Marlborough Hill Harrow Middlesex HA1 1UD
Brain Circle UK
Contents of the Financial Statements for the year ended 30 April 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Cash Flow Statement | 6 | ||
| Notes to the Cash Flow Statement | 7 | ||
| Notes to the Financial Statements | 8 | to | 11 |
Brain Circle UK
Report of the Trustees for the year ended 30 April 2023
The trustees present their report with the financial statements of the charity for the year ended 30 April 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To advance education for the public benefit in brain sciences in particular by:
(1) providing financial and material assistance and support to and for the carrying on of the brain and neuroscience research at the Edmond and Lily Safra Centre for Brain Sciences at the Hebrew University of Jerusalem (ELSC) (including facilities, equipment for students and scientists engaged in such research and also the provision of scholarships for students) and at any non-profit making educational institution of academic standing with which the ELSC shall at any time be amalgamated or associated and at any other such institution anywhere in the world; and
(2) developing scientific collaboration between ELSC and other scientific institutions in Britain or elsewhere in the world conducting brain and neuroscience research.
Public benefit
The principal aims of the Brain Circle UK are to undertake and promote, for the public benefit, research into the development of the neurosciences at the Edmond & Lily Safra Centre for brain Sciences at the Hebrew University of Jerusalem.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
Brain Circle UK organise annual fundraising dinners and galas to support PhD students at ELSC. These evenings involve speakers from ELSC and entertainment. In 2022, Brain Circle UK were the hosts of a travelling European Conference on the topic of Emotions. Following the conference, BCUK organised a fundraising dinner at the Royal Academy of Art for 200 guests. Prof Adi Mizrahi from ELSC was the principal speaker.
FUTURE PLANS
We aim to achieve more collaborations with UK institutions such as Gatsby program (Part of the Sainbury foundation and our partner in UK). We also wish to go on fundraising for the Neurosciences PhD Program and funds in general for ELSC 26 laboratories.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes a Charitable Incorporated Organisation.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1163876
Principal address
213 Albany Street London NW1 4AB
Trustees
D Rothenberg M Salem I Hotimsky (deceased 2.9.2022)
Page 1
Brain Circle UK
Report of the Trustees for the year ended 30 April 2023
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Grant Harrod Lerman Davis LLP Chartered Accountants 1st Floor Healthaid House Marlborough Hill Harrow Middlesex HA1 1UD
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ M Salem - Trustee
Page 2
Independent Examiner's Report to the Trustees of Brain Circle UK
Independent examiner's report to the trustees of Brain Circle UK
I report to the charity trustees on my examination of the accounts of Brain Circle UK (the Trust) for the year ended 30 April 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the ERROR - relevant professional body must be completed, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jeremy Harrod FCCA
Grant Harrod Lerman Davis LLP Chartered Accountants 1st Floor Healthaid House Marlborough Hill Harrow Middlesex HA1 1UD
Date: .............................................
Page 3
Brain Circle UK
Statement of Financial Activities for the year ended 30 April 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 418,736 EXPENDITURE ON Raising funds 3 1,560 Charitable activities 4 Charitable activities 386,753 Total 388,313 NET INCOME/(EXPENDITURE) 30,423 RECONCILIATION OF FUNDS Total funds brought forward 180,311 TOTAL FUNDS CARRIED FORWARD 210,734 |
2022 Total funds £ 83,027 - 84,341 84,341 (1,314) 181,625 180,311 |
|---|---|
The notes form part of these financial statements
Page 4
Brain Circle UK
Balance Sheet 30 April 2023
| 2023 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 210,734 CREDITORS Amounts falling due within one year 9 - NET CURRENT ASSETS 210,734 TOTAL ASSETS LESS CURRENT LIABILITIES 210,734 NET ASSETS 210,734 FUNDS 10 Unrestricted funds 210,734 TOTAL FUNDS 210,734 |
2022 Total funds £ 181,871 (1,560) 180,311 180,311 180,311 180,311 180,311 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. M Salem - Trustee
The notes form part of these financial statements
Page 5
Brain Circle UK
Cash Flow Statement for the year ended 30 April 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2023 £ 28,863 28,863 28,863 181,871 210,734 |
2022 £ (2,154) (2,154) (2,154) 184,025 181,871 |
|---|---|---|
The notes form part of these financial statements
Page 6
Brain Circle UK
Notes to the Cash Flow Statement for the year ended 30 April 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Decrease in creditors Net cash provided by/(used in) operations |
2023 £ 30,423 (1,560) 28,863 |
2022 £ (1,314) (840) (2,154) |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash | At 1.5.22 £ |
Cash flow £ |
At 30.4.23 £ |
|---|---|---|---|
| Cash at bank | 181,871 | 28,863 | 210,734 |
| 181,871 | 28,863 | 210,734 | |
| Total | 181,871 | 28,863 | 210,734 |
The notes form part of these financial statements
Page 7
Brain Circle UK
Notes to the Financial Statements for the year ended 30 April 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Donations and gala tickets | 418,736 | 83,027 |
continued...
Page 8
Brain Circle UK
Notes to the Financial Statements - continued for the year ended 30 April 2023
3. RAISING FUNDS
Raising donations and legacies
| Support costs 4. CHARITABLE ACTIVITIES COSTS Charitable activities 5. GRANTS PAYABLE Charitable activities 6. SUPPORT COSTS Raising donations and legacies |
Direct Costs £ 61,537 |
2023 2022 £ £ 1,560 - Grant funding of activities (see note 5) Totals £ £ 325,216 386,753 2023 2022 £ £ 325,216 72,743 Governance costs £ 1,560 |
|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2023 nor for the year ended 30 April 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2023 nor for the year ended 30 April 2022.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
|
|---|---|---|
| Donations and legacies | 83,027 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Charitable activities | 84,341 | |
| NET INCOME/(EXPENDITURE) | (1,314) | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 181,625 | |
| Page 9 | continued... |
Page 9
Brain Circle UK
Notes to the Financial Statements - continued for the year ended 30 April 2023
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 1.5.22 £ Unrestricted funds General fund 180,311 TOTAL FUNDS 180,311 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 418,736 TOTAL FUNDS 418,736 Comparatives for movement in funds At 1.5.21 £ Unrestricted funds General fund 181,625 TOTAL FUNDS 181,625 |
Unrestricted fund £ 180,311 2023 2022 £ £ - 1,560 Net movement At in funds 30.4.23 £ £ 30,423 210,734 30,423 210,734 Resources Movement expended in funds £ £ (388,313) 30,423 (388,313) 30,423 Net movement At in funds 30.4.22 £ £ (1,314) 180,311 (1,314) 180,311 |
|---|---|
continued...
Page 10
Brain Circle UK
Notes to the Financial Statements - continued for the year ended 30 April 2023
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 83,027 | (84,341) | (1,314) | |
| TOTAL FUNDS | 83,027 | (84,341) | (1,314) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.5.21 £ 181,625 181,625 |
Net movement in funds £ 29,109 29,109 |
At 30.4.23 £ 210,734 210,734 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 501,763 501,763 |
Resources Movement expended in funds £ £ (472,654) 29,109 (472,654) 29,109 |
|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2023.
Page 11