Charity registration number 1191067 ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Sir W Bodmer Ichairmanl DrA Petrié Ms M Fisher Charlty numbèr 1191067 Principal address PO Box 42763 London N2 OYJ Independent examiner Gravita AH Limited 30 City Road London EC1Y2AB ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST CONTENTS Page Trustees. report Statement of trustees, responsibilities Independent examinerfs report Stslomenl of finan¢ial activities Statement of financial position Notes lo the financial slalerllenls 7-11 ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 The Iruslees present their annual report and financial statements for the year ended 31 October 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial ststements and comply with the charity's Igoveming documentl, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Oblectlve$ and actlvltles The object of the foundation is to advance research collaboration belween scholars in Britain and Israel by organising academic workshops and conferences in Israel and to educale the lay and academic public on innovations and new discoveries devised by Israeli researchers in the broad context of developments in Israel and the Arab Middle East. Achievements and performance The Trust concluded two stellar research meetings in the year - a meeting of neuroscientists focusing on Motor Neurone disease and a workshop bringing together British and Israeli defen￿ experts analysing the changing face of War- Ukraine being the principal focus of discussion. Both meetings revealed topics of mutual interest which will hopefully develop into joint research in the coming year. The Trust continued to actively explore potential new areas of collaboration with academics across the UK,. and the small lecture team completed dozens of presentations on the region to grass root audiences in England and Wales. Grant.Making Policy In pursuit of its principal goal of enlarging research co-operation between top centres of innovation in Britain and Israel, ASG awards personal granls to British academics developing new collaborative projects., and sponsors worf(shops in Israel which focus on cutting-edge themes in the Science and the Arts. Finan¢ial ￿VIeW During the period the TrLJSt re￿iVed donations of £102,690 and had charitable expenditure amounted to £37,705 and administrative expenses amounted to £2,375. Reserves Poll¢y The TrLJStees' policy is to generate funds to maintain a reserve sufficient lo meet the Costs of its charitable objectives for six months. Risk Factors The Trustees h8ve assessed the major risks lo which the Charity is exposed and are satisfied that Systems are in place to mitigate exposure to the major risks. However. the Trustees are mindful of the 18ck of ¢urrenlly 8v¥ilable funds and are taking sl&ps to rectify this. Notwilhs18nding the current economic climate they hope to be su￿￿$$fUl in raising funds. Structure. governance and management ASG was first regISte￿d as a Charity in the late 1970s. Its Mandate and Deeds needing lo be radically updated and hence a new charity was established by a Trust Deed dated 28 May 2020 and registered with the Charity Commission under Charity number 1191067 on 28 August 2020. The Iruslees who served during the year and up lo the dale of signature of the financial statements were.. Sir W Bodmér (Chairman) Dr A Petrie Ms M Fisher ACADEMIC STUDY GROUP ON ISRAEL AND THE MIDDLE EAST TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 OCTOBER 2021 Risk Factors Thg Trust&6s have assèssgd Ihg major rlsks to whlch Ihe Char41y is exposed and are salSsfied that system8 are in pkce lo miligale exposure lo the major risks. However, the Trustees ar8 illindful of the lack of ¢urrenlly available funds and are taking steps lo redify this. Nolwlthstanding tho Current economic climate they hope lo be su¢¢&sslul in raising funds. SITUCture, governance and management ASG was first registered as a Charity in the latè 19708. Its Mandate and Deeds needing lo be radically updated and hence a new chaiily was established by a Tru81 Deed dated 28 May 2020 and registered with the Charlly Commlsslon under Charlty number 1191067 on 28 August 2020. Tho trustees who sgNed durlng tho pertod and up lo the dale of signalLre of the financial slalements were.. Sir W Bodmer ICh21Tman) Dr A Petrie Ms M Fisher Recrultment and traln5ng of Trustees Thè Charlty maintains a $mall ¢or8 numb8r of Trustees. When recruiting Trusloes, they are considered based on academic standing, general probity. sound good sense and all-round gwdwill. Trusl89s arè r￿ularlY updalgd wlth yèl8vanl1Sterature and Charity Commlssion updatss. Organlsatlon Structure The Trust's day-lo-day actlvllles aro admlnS$18red by Ils academic Board of Trustees who in addition are responsible for th& ¢onsideration and authorisalion ol the charitable expenditure incurred. Mr J D A Lev5p Is the Charitls main adrninistralor and that position is not ￿MUnerated. He has indicated his willingnèss lo remain in office for th8 ènsuing year. No Trustee had any benefi¢l81 Intèrest In any contract with the Charity. The Charity does not have any employees. Ckn behalf of h bcKrd of Iruslees Ms M Fisher Dale.. ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2023 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pIed Accounting Practicel. The law applicatile to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial slalements, the trustees are required lo.. select suitable accounting policies and then apply them consislenlly- observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable 8¢¢ounting standards have been followed, subject to any materi81 departures disclosed and explained in the financi81 statements", and prepare the financial ststernenls on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient 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 Charities Act 2011, the Charity (Accounts and Reports) Regulats'ons 2Q08 and the provisions of the trust deed. 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. ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ACADEMIC STUDY GROUP ON ISRAEL AND THE MIDDLE EAST It is my responsibility to.. R8spgctlv8 rasponslbllltlos of trustsès and •xamln8r The charity's trustees are responsible for the preparation of the financial statements. The charity's Iruslees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 Ilhe 2011 Acti and that an independent examination is needed. It is my responsibility to.. examine the financial statements under section 145 of the 2011 Act., lill to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act., and lili} to state whether pa￿c￿lar matters have come to my attention. Ba515 of independent examinerfs report My examination was carried OLJt in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disdosures in the financial statements, and seeking explanations from you as trustees concerning any such rnatters. The prO￿dureS undertaken do not provide all the evidence that would be required in an audit and consequenlly no opinion is given as to whether the financial statements present a 'trLJe and fair view, and the report is limited to those matters set out in the next statement. Independent examln¢r's statement In connection with my examination, no matter has come to my attention.. lal which gives me reasonable cause lo tielieve that in any material respect the requirements.. lil to keep accounting records in accordance with section 130 of the 2011 Act,. and lill to prepare financial statements which accord with the accounting records and comply wilh the accounting requirements of the 2011 Act., have not been met or Ibl to which, in my opinion, attention should be drawn in order lo enable a proper understanding of the financial slalements lo be reached. The financial statements have been prepared lo give a 'lrue and fail view and have departed from the Charities IA¢¢oLJnts and Reports) R&gulalion$ 2008 only lo the extent required to provide a 'lrue and fair view,. This dèpartLJrg has involvèd following the rèlevant version of thè Statamant of Rècommènded Practice applicable to charities preparing their accounts in accordance with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn. Shona Munday Gravita AH Limtted 30 Cty R08d London EC1Y 2AB Dated.. 29 Apr 2024 ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023 Unrestricted Unrestricted funds funds 2023 2022 Notes Income from- Donations and legacies 102,690 69,7S7 Ex enditure on: Ch8rit8ble 8¢tivities Governance costs 37,705 2,375 37,367 3,635 Totsl resources expended 40,080 41,002 Net income for the yearl Net movement In funds 62,610 28,755 Fund balances al 1 November 2022 61,453 32,698 Fund balances at 31 October 2023 124,063 61,453 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from Continuing aclivilies. ACADEMIC STUDY GROUP ON ISRAEL AND THE MIDDLE EAST STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2021 2021 Notes Current a$$ets Debtors Cash at bank and in hand 6,876 32.087 38,963 16,2651 Credltors: amounts fa115ng due wlthSn one year Nèt currènt assets 32.698 Income funds Unrestricted funds 32.698 32,698 The acGounis erè 8pprov8d by th8 Trust88s on ......................... Iq, hL- Fisher ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies Charlty Infomiatlon Academic Study Group on Israel and The Middle East is a unincorporated charity registered in England and Wales. The registered office is PO Box 42763 London N2 OYJ. 1.1 Aecountlng convèntlon The financial statements have been prepared in accordance with the charitls Ideedl, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" l FRS 102.1 and the Charities SORP 'Accounling and Reporting by Charities.. Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. 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 not lo prepare a Slalemenl of Cash Flows. The financial slalemenls have been prepared lo give a 'lrue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required lo provide a 'lrue and fair view,. This departure has involved following the relevant version of the Statement of Recommended Practice applicable lo charities preparing their a￿￿unt$ in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting by Chaiities.. St8temenl of Recommended Pra¢lice effe¢live from 1 April 2005 which h8s been withdrawn. The financial ststements are prepared in sterling, which is the functional currency of the charity. Monetary arnounls in these financial statements are rounded lo the nearest £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng ¢on¢ern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitsble obj6cliv8S. Unrestricted funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the Charty's objectives. 1.4 Incoming resources Income is recognised when the charity is legally enlilled to it after any performance conditions have been mel. the amounts can be measured reliably, and il 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 deferr81 of the amount. Income tsx re¢over8ble in relation to donations received under Gift Aid or deeds of coven8nl is rec￿niSed al the time of the donation. 1.5 R•sour¢es oxpended ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policie5 {Continued) Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, 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 dassified by activity. The costs of each activity are made up of the lolal of direct wsts and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not allribulable lo a single adivity are apportioned between those adivities on a basis consistent with the use of resources. Centr81 staff Costs are allocated on the basis of time spent, and depreciation Charges are allocated on the portion of the asset's use. Resour￿$ expended are recognised in the period in which they are incurred and accounted for on an 8￿r￿al$ basis. Grants payable are in¢luded when approved and when the intended recipient has either re￿iVed the funds or been informed of decision to make the grant and has satisfied all conditions. Grants approved but not paid at year end are accrLJed for. Granis where the beneficiary has not been informed or has nDt met certain conditions before the granl is released are not accrued bul noted as a financial commitmenl at year end. Governan￿ costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements. 1.6 Cash and cash equivalents Cash and cash equivalents include Cash in hand, deposits held al call with banks, other 5hort-term liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in Current liabilities. 1.7 Financial instruments The charity has ele¢tsd lo apply the provisions of Sedion 11 'Basic Financial Insttumenls, and Section 12 'Olhor Financial Instrum8nls Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the charitls balance sheet when the Charity becomes party to the ¢ontra¢tual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial ststements, when there is a legally enforceable right to set off the re¢ognised amounts and there is an intention to settle on a net basis or to realise Ihe asset and settle the liability simultsneously. Basic financial assets Basic financial assets, which inclLJde debtors and cash and bank balances, are initially measured at transaction price inclLJding transaction costs and are subsequently carried at amortised cost using the effective inlerest method unless the arrangement constilutes 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. Basi¢ finan¢ial liabilities Basic financial liabilities, including creditors are initially recognised at transaction pri￿ unless the arrangemenl conslitutes a financing transaclion, 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. ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policie5 {Continued) Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or ¢8ncelled. 1.8 Accumulated funds Unrestricted funds represent those monies which are freely available for 8pplic8tion towards achieving the ¢h8ritsble purpose that falls within the Ch8rty's obje¢lives. Donations and legacies Unrastrictad Unrestricted funds funds 2023 2022 Donations and gifts 102,690 69,757 Charltablo actlvltlas Charitable Charitable Expenditure Expenditure -Travel and -Travel and Workshop Workshop Costs Costs 2023 2022 Travel and Workshops Subscriptions Consultsn¢y and lecturing costs Telephone Printing, postage & stationary Computer Running Costs Sundry expenses 21,126 540 12,799 1,347 1,211 344 338 19,342 598 14,195 1,260 1,194 428 350 37,705 37,367 37,705 37,367 ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Support costs Support Governance costs Costs 2023 2022 Accountancy fees Bank charges Legal fees 2,340 35 2,340 35 3,600 35 2,375 2,375 3,635 Trusteas None of the trustees lor any persons ¢onne¢ted with Iheml received any remuneration during the ye8r. Employees There were no employees during the year. Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to ils charitable objects. Debtors 2023 2022 Amounts falling due within one year: Other debtors 2.388 8,926 Crgdltors: amounts falllng due wlthln ono yoar 2023 2022 Accruals and deferred income 3,000 3,300 10 Analysis of net assets between funds Unrestricted Unrestricted funds funds 2023 2022 Fund balances al 31 October 2023 are represented by.. Current assetsllliabilitiesl 124,063 61,453 124,063 61,453 10- ACADEMIC STUDY GROUP ON ISRAELAND THE MIDDLE EAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 11 Related party transactions There were no disclosable related paty transactions during the period. 11