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2022-08-31-accounts

Charity Registration No. 1177435

Company Registration No. 10924797 (England and Wales)

EDUCATING FOR IMPACT

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

EDUCATING FOR IMPACT

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Joelle Aflalo Sally Anna Berkovic Kate Goldberg Prof. David Seymour Latchman Ronald Stephen Lauder Joshua Isaac Spinner Diego Ornique Ariel Zwang Charity number 1177435 Company number 10924797 Registered office Acre House 11-15 William Road London NW1 3ER United Kingdom Auditor HW Fisher LLP Acre House 11-15 William Road London NW1 3ER United Kingdom Bankers Metro Bank One Southampton Row London WC1B 5HA United Kingdom

EDUCATING FOR IMPACT

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 19

EDUCATING FOR IMPACT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 AUGUST 2022

The trustees present their report and financial statements for the year ended 31 August 2022.

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 Articles of Association, the Companies Act 2006 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 charitable purposes for EFI are:

EFI’s goal is to underwrite the continued, successful existence of active communities in Europe through education, among other facets of Jewish life.

To date, EFI has worked with 18 schools across Europe to develop and strengthen their delivery of Jewish education and thereby strengthen Jewish life. EFI has done this by improving the Jewish content being taught in the schools, as well as in- and afterschool programming. This has been achieved this through curriculum and program development, as well as through teacher training, coaching and professional development.

At the same time, EFI is expanding its intervention into certain European Jewish communities to help ensure their active, engaged and sustainable existence. Given the success of EFI's intervention in the schools, some communities approached it to apply the same process and methodology more broadly and deeply to the communities themselves.

Jewish day schools are seen as the critical starting point for each community journey. EFI has begun supporting certain communities by launching strategic and transformation projects with local lay leaders and professionals in cities where EFI already has successful interventions in the schools.

The trustees confirm that in setting the charity’s objectives and planning the activities, they have complied with their legal duty to have due regard to the Charity Commission’s guidance on public benefit.

Achievements and performance

As of the date of this report, EFI has completed its original scope of work in 14 cities and continues its original scope of work in 4 cities by assisting the school to implement sustainable change and to encode this in the culture of the school and community so that they can address both present and future challenges and build active Jewish communities.

Over the course of EFI’s intervention, EFI has seen significant success in its work, such as schools becoming more effective contributors to Jewish life, building a relationship of trust and shared knowledge with its communities, and these communities are beginning to use more strategic language and smarter thinking.

Specifically, some of the achievements of EFI’s work to date include: two new Jewish schools were founded, 18 strategic and mission-focused school board were transformed, 63 desired outcomes were defined, there was a twofold increase in teachers with ongoing professional development, growth rates in Jewish school and kindergarten enrollment reached between 18-46%, more than 50 new community leaders were identified and developed, and there was a clear step change in improvements in Jewish studies curricula.

EDUCATING FOR IMPACT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

Plans for the future

EFI will continue to help Jewish communities in Europe plan strategically for a vibrant and active Jewish future. Jewish day schools are seen as the critical starting point for each community journey.

EFI guides stakeholders to think and act in a strategic, outcome-driven manner. This approach has had transformative results when applied to schools. With certain communities that have demonstrated the capacity for change, EFI will look at deeper, broader and longer term strategic processes that can magnify the impact of every aspect of communal life at large.

This longer-term collaboration looks different in different communities, as appropriate for each community’s needs.

Financial review

Income for the year to 31 August 2022 totalled $2,666,811 (2021: $6,569,829) with payments made by Herzog College and The Center for Educational Technology in line with their respective service agreements, and grants made by The Ronald S. Lauder Foundation , Maurice and Vivienne Wohl Philanthropic Foundation, The Matanel Foundation , Joint Distribution Committee and Rothschild Foundation Hanadiv Europe.

Expenditure for the year ended 31 August 2022 totalled $4,590,225 (2021: $5,623,179) and was in line with EFI's budget for the period. Expenditure is very tightly controlled by the Trustees.

EFI therefore generated a deficit in the year of $1,923,414 (2021 surplus of: $946,650) and net assets at 31 August 2022 amounted to $1,307,821 (2021: $3,231,235). The Charity’s initial 5 year plan was predicated upon very broad and encompassing work in 20 communities and cities across Europe. As was envisioned from the start, the initial pilot part of the model would be less costly while the end years would build to an apex and then taper off as the first cohorts would graduate and exit the 1.0 part of the program. As such, the income and corresponding activity for the first few years was built to accommodate the build up of resources for purposes of maximum expenditure in the final years of the initial program.

Reserves policy

The reserves at 31 August 2022 were $1,307,821 (2021: $3,231,235), of which $nil (2021: $463,197) were restricted funds and $1,307,821 (2021: $2,768,038) were unrestricted funds. 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 current level of reserves is sufficient to cover anticipated expenditure for three to six months after the year end. For the first 3 months of 2023 the average expenditure has been lowered to an average of $150,000 USD per month and as such , coupled with the significant cash reserves that carry over from 2022 and the $1,500,000 in commitments and agreements going forward.

Risks

The Trustees assess on an annual basis the major risks to which EFI is exposed, in particular those related to operations and funding of the charity and are satisfied that adequate systems and procedures are in place to mitigate exposure to these major risks. The principal risks faced by the charity are related to funding and also operational risks related to ineffectively or failing to reach agreement with schools or communities which had initially been identified for support. A new risk faced by the Charity is that of the global Coronavirus pandemic, which previously led to a ban in most places on non-essential travel, and many countries closing their borders.

The funding risks are mitigated by multiyear contracts and agreements that include pledges and commitments to be paid by the consortium partners in advance of operations.

Comprehensive projections that allow for operational flexibility, depending upon funding received, are prepared and approved by the Trustees. This ensures that activities can be increased or decreased well in advance of the term of collaboration with new schools and communities.

The operational risk is mitigated by extensive research and due diligence performed by the vice chair and the recruitment subcommittee. Should the terms of the agreement and spirit of cooperation not be honoured by the grantee for a specific programme, they will be removed from the respective programme accordingly.

Additional risks include personnel issues and challenges, working with diminished financial resources on the school/community side and re-aligning with key personnel as they might now be focused on other issues.

EDUCATING FOR IMPACT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

Structure, governance and management

EFI is a charitable company limited by guarantee. It is governed by its Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Helen Abeles (Resigned 8 December 2022) Joelle Aflalo Sally Anna Berkovic Kate Goldberg Prof. David Seymour Latchman Ronald Stephen Lauder Joshua Isaac Spinner Diego Ornique Ariel Zwang

EFI was established by two foundations that are leaders in the field of Jewish Education in Europe, The Ronald S. Lauder Foundation and The Maurice and Vivienne Wohl Philanthropic Foundation. These two foundations are also the two company members of EFI ('Founding Members').

The Articles of Association provide that there shall be a minimum of four trustees of EFI and at least two trustees appointed by each of the Founding Members. Trustees are appointed for a three year term of office but may be reappointed. The quorum at meetings of Trustees requires at least one trustee appointed by each Founding Member to be present. The Chairman and Vice Chairman are selected from amongst the Trustees appointed by the Founding Members and serve for two years. During the year, Professor David Latchman served as Chairman of EFI.

New Trustees may be admitted by a majority resolution of the Trustees. At a board meeting on 25 July 2018, the Trustees resolved to appoint four additional Trustees of EFI. These Trustees were drawn from other philanthropic organisations who work across Europe and have a particular interest and knowledge in delivering programmes in Jewish education.

New Trustees are committed to seeing through the mission of EFI and identifying new communities where EFI can operate. A welcome pack is made available to the new Trustees that includes the Articles of Association of EFI, the previous year’s financial statements and a brief history of EFI's past and current activities. Any new Trustee also receives copies of EFI's governance policies including those on conflicts of interest and safeguarding. They are also expected to sign the Code of Good Practice and complete a Declaration of Conflicts of Interest form. The welcome pack will include a copy of the Charity Commission guidance “The Essential Trustee: What you need to know”, “Charities and Public Benefit” and the “Charity Governance Code for Large charities”.

Conflicts of interest and safeguarding

All Trustees give of their time freely and no trustee received any remuneration in the year.

All Trustees receive a copy of the Conflicts of Interest Policy and are required to disclose any additional interests that they may have during the year. All Trustees adhere to a Code of Good Practice. The Trustees and staff are required to disclose all relevant interests and withdraw from decisions where a conflict arises.

The Trustees have also approved an anti-bribery policy and a copy of this policy is sent to each new participating school.

EFI trustees have approved a safeguarding policy on 25 November 2020. This policy will be reviewed for approval at the next Trustees meeting. EFI notes that the charity itself does not work directly with children or vulnerable adults, but rather provides expertise and funding for schools and communities. While Trustees are mindful of the need for additional care so far as concerns overseas schools and communities which are not subject to the same legal obligations in their respective jurisdictions, EFI recognises the importance of safeguarding and its obligation to promote the welfare of all children.

EDUCATING FOR IMPACT

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

Decision making

The Trustees of EFI meet three times a year.

Delegation

During the year, the overall day to day management of EFI has been delegated to the Executive Leadership Team, which consists of the Chief Operating Officer, Melissa Eidelheit-Cukierman and the Chief Content Officer, Alex Sinclair.

The financial management of EFI is delegated to the Chief Financial Officer, Rafael Sait, who also performs the functions of company secretary of EFI.

Auditor

In accordance with the company's articles, a resolution proposing that HW Fisher LLP be reappointed as auditor of the charity will be put at a General Meeting.

Disclosure of information to auditor

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

The trustees' report was approved by the Board of Trustees.

D S Latchman

..............................

Prof. David Seymour Latchman

Trustee Dated: .........................23 May 2023

EDUCATING FOR IMPACT

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2022

The trustees, who are also the directors of Educating For Impact for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EDUCATING FOR IMPACT

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF EDUCATING FOR IMPACT

Opinion

We have audited the financial statements of Educating For Impact (the ‘Charity’) for the year ended 31 August 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 FRS 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 Charity 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 Charity’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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 course of 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.

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 the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

EDUCATING FOR IMPACT

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF EDUCATING FOR IMPACT

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Charity for the purpose 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 Charity’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

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.

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:

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

EDUCATING FOR IMPACT

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF EDUCATING FOR IMPACT

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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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. Our audit work has been undertaken so that we might state to the charitable company's members 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 and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Rich

Andrew Rich (Senior Statutory Auditor)

for and on behalf of HW Fisher LLP

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom

23 May 2023.........................

EDUCATING FOR IMPACT

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2022

Unrestricted Restricted Total Unrestricted Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
Notes $ $ $ $ $ $
Income from:
Donations and legacies 3 999,996 386,780 1,386,776 999,987 1,784,300 2,784,287
Charitable activities 4 1,280,035 - 1,280,035 3,785,542 - 3,785,542
Total income 2,280,031 386,780 2,666,811 4,785,529 1,784,300 6,569,829
Expenditure on:
Charitable activities 5 3,740,248 849,977 4,590,225 3,849,017 1,774,162 5,623,179
Net (expenditure)/income for the
year/
Net movement in funds (1,460,217) (463,197) (1,923,414) 936,512 10,138 946,650
Fund balances at 1
September 2021 2,768,038 463,197 3,231,235 1,831,526 453,059 2,284,585
Fund balances at 31 August
2022 1,307,821 - 1,307,821 2,768,038 463,197 3,231,235

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

EDUCATING FOR IMPACT

BALANCE SHEET

AS AT 31 AUGUST 2022

2022 2021
Notes $ $ $ $
Current assets
Debtors 10 20,299 498,209
Cash at bank and in hand 1,356,572 2,858,674
1,376,871 3,356,883
Creditors: amounts falling due within one year 11 (69,050) (125,648)
Net current assets 1,307,821 3,231,235
Income funds
Restricted funds 12 - 463,197
Unrestricted funds 1,307,821 2,768,038
1,307,821 3,231,235

23 May 2023 The financial statements were approved by the Trustees on .........................

..............................D S Latchman Prof. David Seymour Latchman

Trustee

Company Registration No. 10924797

EDUCATING FOR IMPACT

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2022

2022 2021
Notes $ $ $ $
Cash flows from operating activities
Cash (absorbed by)/generated from operations 15 (1,502,102) 748,142
Net cash used in investing activities - -
Net cash used in financing activities - -
Net (decrease)/increase in cash and cash equivalents (1,502,102) 748,142
Cash and cash equivalents at beginning of year 2,858,674 2,110,532
Cash and cash equivalents at end of year 1,356,572 2,858,674

EDUCATING FOR IMPACT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies

Charity information

Educating For Impact is a private company limited by guarantee incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Articles of Association, the Companies Act 2006 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 financial statements are prepared in US dollars, 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 and the principal accounting policies adopted are set out below.

1.2 Going concern

The charity also has commitments and agreements in place with its funding partners. As EFI moves into the second phase of the program (2.0) the activity will be far more focused on individual cities and the necessary income and expenditure will be far less. In 2023 we expect to work with 4 Cities in 2.0 and finish up activity with cohort 4 – comprised of 4 participating schools. As both the income and expenditure is adjusted accordingly , the charity will remain solvent with significant reserves which will ably accommodate and buttress both the lower income and lower projected expenditure.

The Trustees have a reasonable expectation that the charity can continue as a going concern for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Our path going forward is a more focused approach on and with a smaller number of cities , as such our income and cash reserves will comfortably accommodate the cash flow as we return to a surplus in the coming years.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 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.

1.5 Resources expended

Resources expended are recognised in the period to which they relate.

Direct charitable expenditure comprises all the expenditure relating to the activities carried out to achieve the charitable objective.

Support costs represent costs that cannot be directly attributed to activities. These costs have been allocated in full to the single charitable activity, 'Contract Activities'.

Governance costs include the costs of statutory audit and other costs related to the governance of the charity. These costs have been allocated in full to the single charitable activity.

EDUCATING FOR IMPACT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies

(Continued)

1.6 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.7 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

The trustees are satisfied that there are no material accounting estimates or judgements in the financial statements.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
$ $ $ $ $ $
Donations and gifts 999,996 386,780 1,386,776 999,987 - 999,987
Grants - - - - 1,784,300 1,784,300
999,996 386,780 1,386,776 999,987 1,784,300 2,784,287

4 Charitable activities

Contract Contract
activities activities
2022 2021
$ $
Income within charitable activities 1,280,035 3,785,542

EDUCATING FOR IMPACT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

5 Charitable activities

Contract Contract
activities activities
2022 2021
$ $
Staff costs 326,521 594,754
Programme costs 1,210,917 842,513
Conference costs - 7,000
Facilitators 1,401,376 1,603,135
Travel and subsistence - 21,536
Exchange rate losses/(gains) 103,364 4,011
Bad and doubtful debts - 1,782
3,042,178 3,074,731
Grant funding of activities (see note 6) 1,012,109 1,774,162
Share of support costs (see note 7) 496,322 754,823
Share of governance costs (see note 7) 39,616 19,463
4,590,225 5,623,179
Analysis by fund
Unrestricted funds 3,740,248 3,849,017
Restricted funds 849,977 1,774,162
4,590,225 5,623,179

EDUCATING FOR IMPACT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

6 Grants payable

Contract Contract
activities activities
2022 2021
$ $
Grants to institutions:
Zidovska obec v Praze 78,307 99,107
Ulus Ozel Musevi Okullari 168,749 161,410
Kahal Adass Jisroel e.V 54,164 140,270
Jewish Ed and Publishing Trust - 75,000
Helsingin Juutalainen Seurakunta 69,558 114,240
Jewish Community of Athens 11,513 89,750
Comunita' Ebraica Di Milano 200,454 296,175
Foundation Bet Shalom - 72,000
Fundacion Hatikva 154,393 173,456
Eesti Juudi Kogukond 17,500 64,560
Comunita Ebraica di Roma - 379,200
Det Jodiske Samfund Danmark - 35,000
Friends of Brodetsky 71,871 73,994
CJM-Colegio Ibn Gabirol 185,600 -
1,012,109 1,774,162

7 Support costs

Support costs
Support costs Governance 2022 Support costs Governance 2021
costs costs
$ $ $ $ $ $
Staff costs 259,170 - 259,170 412,526 - 412,526
Insurance 9,986 - 9,986 12,588 - 12,588
Office supplies 25,986 - 25,986 122,889 - 122,889
Staff training costs 532 - 532 4,940 - 4,940
Professional fees 178,542 - 178,542 146,230 - 146,230
Sundry expenses 5,993 - 5,993 44,707 - 44,707
Telephone and Internet 6,932 - 6,932 3,880 - 3,880
Bank charges 9,181 - 9,181 7,063 - 7,063
Audit fees - 29,167 29,167 - 18,374 18,374
Accountancy - 10,449 10,449 - 1,089 1,089
496,322 39,616 535,938 754,823 19,463 774,286
Analysed between
Charitable activities 496,322 39,616 535,938 754,823 19,463 774,286

8 Trustees

For the year ended 31 August 2022, travel and accommodation expenses of $4,824 was reimbursed to a total of 4 trustees (2021: $nil).

EDUCATING FOR IMPACT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

9 Employees

Number of employees

The average monthly number of employees during the year was:

2022 2021
Number Number
5 7
Employment costs 2022 2021
$ $
Wages and salaries 535,298 918,156
Social security costs 48,342 87,073
Other pension costs 2,051 2,051
585,691 1,007,280

Included in the above is $nil (2021: $76,752) relating to a termination payment payable to an employee under a settlement agreement.

The number of employees whose annual remuneration was $60,000 or more were:

The number of employees whose annual remuneration was $60,000 or more were:
2022 2021
Number Number
$60,000 - $70,000 - 1
$80,000 - $90,000 - 1
$130,000 - $140,000 - 1
$150,000 - $160,000 1 1
$160,000 - $170,000 1 1
$170,000 - $180,000 1 -

The key management personnel of the charity comprise the trustees and the Chief Executive Officer, Chief Financial Officer and the Chief Program Officer whose employee benefits in the year were $371,626 (2021: $351,059).

10 Debtors

Debtors
2022 2021
Amounts falling due within one year: $ $
Trade debtors 1,072 496,000
Other debtors 12,593 2,209
Prepayments and accrued income 6,634 -
20,299 498,209

EDUCATING FOR IMPACT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022 2021
$ $
Trade creditors 20,436 11,640
Accruals and deferred income 48,614 114,008
69,050 125,648

Balance at 31 August 2022 $ -
Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Balance at
Incoming
Resources		 1 September
resources
expended
1 September
resources
expended		 2020
2021		 $
$
$
$
$
$		 Crisis Fund
453,059
1,784,300
(1,774,162)
463,197
386,780
(849,977)
12

EDUCATING FOR IMPACT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

13 Analysis of net assets between funds Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
$ $ $ $ $ $
Fund balances at 31
August 2022 are
represented by:
Current assets/(liabilities) 1,307,821 - 1,307,821 2,768,038 463,197 3,231,235
1,307,821 - 1,307,821 2,768,038 463,197 3,231,235

14 Related party transactions

The Ronald S. Lauder Foundation, The Maurice and Vivienne Wohl Philanthropic Foundation and The Joint Distribution Committee all have representatives that sit on the trustees committee for the Charity. These organisations made donations of $1,499,971 (2021: $2,074,946) in aggregate for the year ended 31 August 2022.

Ronald Lauder and Kate Goldberg are trustees of Educating For Impact and also Board members of The Ronald S. Lauder Foundation. During the year, $nil (2021: $800,000) was received from The Ronald S. Lauder Foundation for the Crisis Fund.

Prof David Seymour Latchman is a trustee of Educating For Impact and also a trustee of The Maurice and Vivienne Wohl Philanthropic Foundation. During the year, $nil (2021: $250,000) was received from the foundation for the Crisis Fund.

15 Cash generated from operations 2022 2021
$ $
(Deficit)/surpus for the year (1,923,414) 946,650
Movements in working capital:
Decrease/(increase) in debtors 477,910 (161,251)
(Decrease) in creditors (56,598) (37,257)
Cash (absorbed by)/generated from operations (1,502,102) 748,142

16 Analysis of changes in net funds

The Charity had no debt during the year.