Charity Registration No. 1169041
UKLFI CHARITABLE TRUST CIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
UKLFI CHARITABLE TRUST CIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
H Rose A Levin A Melkman M Polonsky S Storring
(Appointed 10 May 2020)
Charity number 1169041 Principal address Suite 2S, Queens Chambers 5 John Dalton Street Manchester M2 6ET
Independent examiner
Arram Berlyn Gardner LLP 30 City Road London EC1Y 2AB
UKLFI CHARITABLE TRUST CIO
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 13 |
UKLFI CHARITABLE TRUST CIO
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
Legal and administrative information set out at the front of these financial statements form part of this report.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document dated 5 September 2016, the Charities Act 2011 and "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
The charity's objects are:
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to advance legal education in national and international political, social and economic policy regarding:
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(i) the State of Israel and;
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(ii) the causes and effects of antisemitism, particularly antisemitism which manifests itself with regard to the State of Israel,
for the public benefit including, without limitation, through
- Organising legal training
- The staging of legal lectures and
- The promotion of legal research and the publication of its useful results
-
to promote racial harmony for the public benefit by the elimination of anti-semitism, particularly anti-semitism which manifests itself with regard to the State of Israel by
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(i) providing legal support to victims of antisemitism;
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(ii) helping such victims by providing advice, advocacy, care, relief and assistance and; (iii) fostering relations among lawyers for the purpose of providing such legal support and help.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
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UKLFI CHARITABLE TRUST CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance
A major area of the charity’s work during 2020 has been assisting students facing antisemitism, particularly antisemitism manifesting itself with regard to Israel. Activities included advising, assisting and representing individual students and student societies, working with Universities to prevent antisemitism, and providing educational materials on our website, relevant to addressing antisemitism.
The charity has also helped other victims of antisemitism by providing legal support, advice, advocacy and assistance to victims of antisemitism.
Many of these actions have been made possible through fostering relations among lawyers, in particular through regular communications with lawyers interested in addressing these issues and through educational events.
Educational events included lectures on a variety of subjects relating to legal issues regarding the State of Israel and / or antisemitism. As a result of Covid, we switched from seminars to webinars after the March 2020 lockdown. The subjects included: The Legal Effects and Opportunities of the Abraham Accords; Ensuring Fair Treatment of Israel in International Tribunals; To Whom was the Promised Land Promised?; Finding the balance: free speech and hate speech on the Internet; The Application of Israeli Law in the United City of Jerusalem; The Battle over BDS - Trends, Lessons and Future Trajectories; The Trials of Palestine; Israel, Territory and International Law; Propaganda In Schools - What can be Done?; The War of Return - whether Palestinians have a legal and moral Right to Return; Stopping Boycotts against Israel in Sports; Combatting Antisemitism at the Aalst Carnival and The International Criminal Court and its Threat to Prosecute Israelis.
The webinars attracted significant audiences from all over the UK and elsewhere in the world. Videos of these webinars have been posted on the charity’s YouTube channel, where they have continued to attract many further viewings.
The charity continued to add to its website educational resources, including a new section on the San Remo conference marking its centenary.
The charity continued to share resources with UKLFI Limited, a non-profit company limited by guarantee. The Trustees consider that the charity benefited significantly from its relationship with UKLFI Limited and are satisfied that the arrangements between the charity and UKLFI Limited properly address any conflicts of interest.
Financial review
The charity’s income of £54,517 (2019 £75,042) was made up of donations received and some sponsorship and advertising and entrance fees at the events held prior to the lockdown in March 2020. The charity did not charge for its webinars, so no entrance fees were generated from events, although some donations were received.
The annual expenditure amounted to £62,401 (2019 £75,723).
As at 31 December 2020 UKLFI Charitable Trust carried forward unrestricted general funds of £13,530 (2019: £17,060).
In line with the recommendations of the Charity Commission, the trustees have formally adopted a reserves policy. This recognises that the income of the Trust does not arise evenly year on year and so to enable the Trust to plan its activities it is prudent to hold reserves.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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UKLFI CHARITABLE TRUST CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees has 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.
Taxation
The fund is a charity and is recognised as such by the Inland Revenue for taxation purposes. As a result there is no liability to taxation on any of its income.
Structure, governance and management
The charity was established by a governing document dated 5 September 2016 and registered with the Charity Commission under charity number 1169041.
The current trustees and trustees who served during the year were: H Rose H Pines Richman (Resigned 30 October 2020) A Levin A Melkman M Polonsky (Appointed 10 May 2020) S Storring C Kendal (Resigned 23 January 2020) P Isaacs (Appointed 30 October 2020 and resigned 5 February 2021)
The existing trustees are responsible for appointing further trustees.
The minimum number of trustees is three and there is no maximum number that may be appointed.
The trustees' report was approved by the Board of Trustees.
..............................
A Levin
Trustee Dated: .........................
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UKLFI CHARITABLE TRUST CIO
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF UKLFI CHARITABLE TRUST CIO
I report to the trustees on my examination of the financial statements of UKLFI Charitable Trust CIO (the charity) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice Issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Sarah Wilson FCA
for and behalf of Arram Berlyn Gardner LLP
Chartered Accountants
30 City Road London EC1Y 2AB 17/6/2021 Dated: .........................
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UKLFI CHARITABLE TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted Restricted funds funds 2020 2020 Notes £ £ Income from: Donations and legacies 3 53,273 - Other trading activities 4 1,244 - Total income 54,517 - Expenditure on: Charitable activities 5 58,047 4,354 Net expenditure for the year/ Net movement in funds (3,530) (4,354) Fund balances at 1 January 2020 17,060 4,900 Fund balances at 31 December 2020 13,530 546 |
Total Unrestricted Restricted funds funds 2020 2019 2019 £ £ £ 53,273 53,046 17,500 1,244 4,496 - 54,517 57,542 17,500 62,401 63,123 12,600 (7,884) (5,581) 4,900 21,960 22,641 - 14,076 17,060 4,900 |
Total 2019 £ 70,546 4,496 75,042 75,723 (681) 22,641 21,960 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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UKLFI CHARITABLE TRUST CIO
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
| 2020 Notes £ £ Fixed assets Tangible assets 8 - Current assets Cash at bank and in hand 27,107 Creditors: amounts falling due within one year 9 (13,031) Net current assets 14,076 Total assets less current liabilities 14,076 Income funds Restricted funds 546 Unrestricted funds - general 13,530 14,076 The financial statements were approved by the Trustees on ......................... 14TONE2021 |
2019 £ 26,608 (5,012) |
£ 364 21,596 |
|---|---|---|
| 21,960 | ||
| 4,900 17,060 |
||
| 21,960 | ||
.............................. A Levin Trustee
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UKLFI CHARITABLE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
UKLFI Charitable Trust CIO is a Charitable Incorporated Organisation, registered in England. The Charity Registration number is 1169041.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are available for antisemitism research.
1.3 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that 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 tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.4 Resources expended
Expenditure is accounted for on an accruals basis and includes any VAT that cannot be recovered. Where possible costs are allocated directly to the activities to which they relate.
Governance costs are those that relate to the general running of the charity and its infrastructure.
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UKLFI CHARITABLE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.5 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33.33% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
1.6 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7 Cash and cash equivalents
Cash and cash equivalents includes cash in hand.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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UKLFI CHARITABLE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.8 Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 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.
3 Donations and legacies
| Unrestricted | Unrestricted | Restricted | Total | |
|---|---|---|---|---|
| funds | funds | funds | ||
| general | general | |||
| 2020 | 2019 | 2019 | 2019 | |
| £ | £ | £ | £ | |
| Donations and gifts | 53,273 | 53,046 | 17,500 | 70,546 |
4 Other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2020 | 2019 | |
| £ | £ | |
| Fundraising events | 1,244 | 4,496 |
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| Total | 2019 | £ | 364 | 1,336 | 3,066 | 812 | 178 | 721 | 24 | 58,499 | 3,300 | 58 | 7,365 | - | 75,723 | - | - | 75,723 | 63,123 | 12,600 | 75,723 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | 2020 | £ | 364 | 1,105 | 235 | 191 | 252 | 1,425 | 36 | 46,846 | 4,200 | 262 | 7,088 | 397 | 62,401 | - | - | 62,401 | 58,047 | 4,354 | 62,401 | |||||
| Antisemitism | Research | 2020 | £ | - | - | - | - | - | - | - | 16,667 | - | - | - | - | 16,667 | 3,532 | 3,229 | 23,428 | 19,074 | 4,354 | 23,428 | ||||
| Support | costs | 2020 | £ | - | - | - | - | - | - | - | 9,407 | - | - | - | - | 9,407 | (9,407) | - | - | - | - | - | ||||
| Cost of generating Educational Legal Governance |
funds program support costs |
2020 2020 2020 2020 |
£ £ £ £ |
364 - - - |
- 1,105 - - |
235 - - - |
- 183 - 8 |
252 - - - |
1,425 - - - |
36 - - - |
2,960 7,519 5,901 4,392 |
- - - 4,200 |
- 262 - - |
7,088 - - - |
397 - - - |
12,757 9,069 5,901 8,600 |
2,703 1,922 1,250 - |
2,471 1,757 1,143 (8,600) |
17,931 12,748 8,294 - |
17,931 12,748 8,294 - |
- - - - |
17,931 12,748 8,294 - |
||||
| Charitable activities | Depreciation and impairment | Venue hire, catering and related costs | Advertising, promotional, printing, postage | and stationary | Travel and volunteers expenses | Website costs | Insurance and general | Bank charges | Consultancy and assistance | Accountancy fees | Sundry | Rent | Loss on foreign exchange | Share of support costs | Share of governance costs | Analysis by fund | Unrestricted funds - general | Restricted funds | ||||||||
| 5 |
| (Continued) | Total | 2019 | £ | 364 | 1,336 | 3,066 | 812 | 178 | 721 | 24 | 58,499 | 3,300 | 58 | 7,365 | 75,723 | - | - | 75,723 | 63,123 | 12,600 | 75,723 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Support Antisemitis |
costs m Research |
£ £ |
- - |
200 6 |
944 2,005 |
- 18 |
178 - |
721 - |
24 - |
6,025 24,994 |
- - |
- 35 |
7,365 - |
15,457 27,058 |
(15,457) 7,930 |
- 3,885 |
- 38,873 |
- 26,273 |
- 12,600 |
- 38,873 |
||||
| Cost of Educational Legal Governance |
generating program support costs |
funds £ £ £ £ |
364 - - - |
- 1,130 - - |
- 117 - - |
6 788 - - |
- - - - |
- - - - |
- - - - |
6,063 16,460 684 4,273 |
- - - 3,300 |
- 23 - - |
- - - - |
6,433 18,518 684 7,573 |
1,900 5,427 200 - |
931 2,659 98 (7,573) |
9,264 26,604 982 - |
9,264 26,604 982 - |
- - - - |
9,264 26,604 982 - |
||||
| Charitable activities | For the year ended 31 December 2019 | Depreciation and impairment | Venue hire, catering and related costs | Advertising, promotional, printing, postage and stationary | Travel and volunteers expenses | Website costs | Insurance and general | Bank charges | Consultancy and assistance | Accountancy fees | Sundry | Rent | Share of support costs | Share of governance costs | Analysis by fund | Unrestricted funds - general | Restricted funds | |||||||
| 5 |
UKLFI CHARITABLE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year. Certain members of the Council are reimbursed for reasonable expenses incurred by them in carrying out their duties for the Trust.
The total amount of donations received without conditions from trustees amounted to £5,040 (2019: £10,000).
7 Employees
There were no employees in the current or previous year.
8 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Plant and equipment | |
| £ | |
| Cost | |
| At 1 January 2020 | 1,092 |
| At 31 December 2020 | 1,092 |
| Depreciation and impairment | |
| At 1 January 2020 | 728 |
| Depreciation charged in the year | 364 |
| At 31 December 2020 | 1,092 |
| Carrying amount | |
| At 31 December 2019 | 364 |
9 Creditors: amounts falling due within one year
| Other creditors Accruals and deferred income |
2020 £ 8,531 4,500 13,031 |
2019 £ 2,012 3,000 |
|---|---|---|
| 5,012 |
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UKLFI CHARITABLE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 10 Analysis of net assets between funds Unrestricted funds Restricted funds 2020 2020 £ £ Fund balances at 31 December 2020 are represented by: Tangible assets - - Current assets/ (liabilities) 13,530 546 13,530 546 |
Total Unrestricted funds Restricted funds 2020 2019 2019 £ £ £ - 364 - 14,076 16,696 4,900 14,076 17,060 4,900 |
Total 2019 £ 364 21,596 |
|---|---|---|
| 21,960 |
11 Operating lease commitments
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| Within one year Between two and five years |
2020 £ 2,994 - 2,994 |
2019 £ 11,682 2,921 |
|---|---|---|
| 14,603 |
12 Related party transactions
Transactions with related parties
During the year, UKLFI Limited, a company with common key personnel charged £53,560 (2019: £45,595) to the charity in connection with secondment of staff and other support costs.
The following amounts were outstanding at the reporting end date:
| Amounts owed to | related | |
|---|---|---|
| parties | ||
| 2020 | 2019 | |
| £ | £ | |
| Other related parties | 8,531 | 2,012 |
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