REGISTERED CHARrrY NUMBER: 1172236 Report of the Trustees and Unaudited Financial Statements FOR THE YEAR ENDED 31 Dember 2023 BRMSH FRIENDS OF THE OPEN UNIVERsrrY OF ISRAEL {BFOUI) Melinek Fine LLP Chartered AccoLJntants First Floor, Winston House 349 Regents Park Road London N3 IDH
BRrrIsH FRIENDSOF THE OPEN UNIVERSITY OF ISRAEL (BFOUI) Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees I to 2 statement of Financial Activities Balance Sheet Notes to the Financial Statements 5 to 6 Detailed Statement of Financial Activities
BRrrIsH FRIENDSOF THE OPEN UNIVERSITY OF ISRAEL (BFOUI) Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023 The trLJStees present their repc>rt with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions Df Accounting and Reporting by arItieS= Statement of Recommended Practice ap1£able to charities prerIng their accounts in accordance with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeecNe l January 2019). OBJECtIVES AND ACtIvrrIES Objectives and aims The objert of the tharity is to promote, advan or assist in the adVanrnent of education in general and the educational aims, objects and artivities of the open university of Israd {"OUI") in particular, and through or in association with the OUI, to promote or assist in promoting such chartsble purpose or purposes connected with the advancement of education whether in the United Kingdom, the Stste of Israel, or elsewhere and in such proporknon and manner as the trustees shall in their absolute discretion from time to time determine. Publi¢ beneflt The Trustees confirm that they have referred to the guidance contained in the Charity COMMI10n,S general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future artivities and setting the grantmaking policy. Volunteers The charity has no UK volunteers. ACHIEVEMENT AND PERFORMANCE Charitable activities The results for the period at the year end were considered satisfactory by the trustees. A summary of the charity's transactions and of it's financial position are shown in the financial statements together wfch the accotnpanying notes. FINANCIAL REVIEW Financial position During the year year the charity raised funds of £50 (2022: £255,919) and had expens of £833 (2022.. £1,903). The charity rnade no grants to OUI {2022'. £256,135) and as at the balance sheet date had unrestritted funds in defiot of £54512022.. £238 surplus) Reserves policy The trustees do not consider it necessary for the charty to h(Ad rerves bause it Is a granknaking charity 9) ivs expenditure is comrnensurnte with S income. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity Is controlled by goveming d(turnent, a deed of trust and consb"tutes an uninctsrty)rated charity. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1172236 Principal address C H Hausmann & Co Suite 5 De Walden Court 85 New Cavendish Street London WIW 6XD Trustee5 Mr A Trager-Lewis Prof. M Ajzenstadt MrG Hausmann Page I
BRrrIsH FRIENDSOF THE OPEN UNIVERSITY OF ISRAEL (BFOUI) Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023 Approved by order of the board of trustees on 31 October 2024 and signed on its behalf by.. Mr A Trager-Lewis- Trustee Page 2
BRrrIsH FRIENDS OF THE OPEN UNIVERSITY OF ISRAEL (BFOUI) statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Unrestrirted fund 2022 Total funds Notes INCOME AND ENDOWMENTS FROM LNatiOnS and legacies 50 255 919 EXpENDuRE ON Charitsble activities Grants tr> Open University of Israel Other charitable activities 256,135 833 Total 833 258 038 NET INCOMEI{EXPENDrruRE) (7831 12,1191 RECONCILIATION OF FUNDS Total funds brought forward 238 2,357 TOTAL FUNDS CARRIED FORWARD 238 The notes form part of these financial statements Page 3
BRrrIsH FRIENDSOF THE OPEN UNIVERSITY OF ISRAEL (BFOUI) Balan Sheet 31 DECEMBER 2023 2023 Unrestrirted fund 2022 Total funds Notes CURRENT ASSETS Cash at bank 25 1,438 CREDThORS Amounts falling due wthin one year (5701 11,2001 NET CURRENT ASSETSI(LIABIUTIES) 5451 238 TOTAL ASSETS LESS CURRENT LIABILMES (5451 238 NET ASss 5451 238 FUNDS Unrestricted funds 238 TOTAL FUNDS 238 The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2024 and were signed on its behalf by- Mr A Trager-Lewis- Trust The notes form part of these financial statements Page 4
BRrrIsH FRIENDSOF THE OPEN UNIVERSITY OF ISRAEL (BFOUI) Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entty under FRS 102, have been prepared in accordance wh the Charitie5 SORP IF 1021 Accounting and Reporting by charles.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effecbve l January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Art 2011. The financial statements have been prepared under the historical cost convention. Income All incorne is recognised in the Statement of Financial ACtivleS On the charity has entrtlement to the funds, rfc is probable that the income will be received and the amount can be measured reliably. Expenditure abilities are recognised as expenditLJre as scM)n as there is a legal or constrLJCtive oNigation 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 direL attributed to rtiCUlar headings they have been allocated to aCtivleS on a basis consistent with the use of resources. Grants offered subjett to COndlOnS 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 activfcies. Fund accounting Unsl¢ted funds can be used in accordan wvith the charitsble objectives at the discretion of the trustees. Restricted funds can only be used for particular restrirted purposes within the objects of the charty. Restrictions arise when speofied by the donor or when funds are raised for tkrticular restritted purposes. Further explanation of the nature and purwse of each fund is induded in the notes to the financial staternents. TRusfEES' REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustee5' expenses The were no trustees, expenses paid for the year ended 31 December2023 nor for the year ended 31 Dember 2022. Page 5 continued...
BRrrIsH FRIENDSOF THE OPEN UNIVERSITY OF ISRAEL (BFOUI) Notes to the Financial Statements- continued FOR THE YEAR ENDED 31 DECEMBER 2023 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 other creditors 570 RELATED PARfi DISCLOSURES There were no related party transactions for the year ended 31 December 2023. Page 6
BRrrIsH FRIENDSOF THE OPEN UNIVERSITY OF ISRAEL (BFOUI) Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS Donation5 and legacie5 Donations 50 255 919 Total incoming resour5 50 255,919 EXPENDrruRE Charitsble activities Legal and professional fees Grants to institutions 390 256 135 256,525 Support costs Finan Bank charges Forex lossl(gain) 241 22 319 6) 263 313 Governance costs AccoulltarKy and legal fees 570 Total soUrS expended 833 258 038 Net expenditure This page does not forrn part of the StatOry financial st3ternents Page 7