**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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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