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2021-09-30-accounts

Trustees’ Annual Report for the year ended 30[th] September 2021

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

CONTENTS

Legal and Administrative Information ................................................................................ 1 Board of Governors, ......................................................................................................... 2 Trustees and Directors ..................................................................................................... 2 Board Student Representatives ........................................................................................ 2 Board Staff Representatives ............................................................................................. 2 Senior Staff ....................................................................................................................... 2 Report of the Board of Governors ..................................................................................... 3 Nature of Governing Document ................................................................................... 3 Governance and Organisation .................................................................................... 3 Auditors ...................................................................................................................... 3 Activities, Achievements and Future Plans.................................................................. 4 Results for the Year .................................................................................................... 9 Governor Responsibilities Statement ........................................................................ 13 Statement of Financial Activities ..................................................................................... 14 Statement of Financial Position....................................................................................... 15 Statement of Cash Flow.................................................................................................. 16 Notes to the Accounts ..................................................................................................... 17 Independent Auditor’s Report ......................................................................................... 27 Our Class of 2021 ........................................................................................................... 31

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Legal and Administrative Information

Registered Office and Operational Addresses

Leo Baeck College

The Sternberg Centre for Judaism 80 East End Road London N3 2SY Tel: +44(0)20 8349 5600 Email: info@lbc.ac.uk Website: www.lbc.ac.uk UK Company Registration No: 626693 Registered Charity No: 209777 (England & Wales)

American Friends of Leo Baeck College

C/o Klamp & Associates P.C. 2000 P Street NW Suite 708 Washington DC 20036 USA 501 (c)(3) non-profit organisation EIN: 26-3108411

Independent Auditors Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE

Principal Bankers National Westminster Bank 48 Ballards Lane London N3 2QZ

Principal Investment Advisors Investec Wealth & Investment Ltd 2 Gresham Street London EC2V 7QN

Solicitors OGR Stock Denton LLP Winston House 349 Regents Park Road London N3 1DH

1

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Board of Governors, Trustees and Directors

Chair Vice-Chair Honorary Secretary Honorary Treasurer

Dr Stephen Herman Mimi Konigsberg Appointed 29[th] January 2020 Hannah Jacobs Yeshi Abay Appointed 26[th] May 2021 Mike Frankl Resigned 26[th] May 2021 Rabbi Aaron Goldstein Dr David Bernstein Anton Fishman Professor Brad Blitz Jane Carpenter Appointed 8[th] February 2021

Rabbinic Conference Rep Rabbi Aaron Goldstein Assembly of Reform Rabbis Rep Rabbi Dr Michael Hilton

Board Student Representatives

2020/21 Academic Year Lev Taylor 2020/21 Academic Year Eleanor Davis

Board Staff Representatives

Dean Director of Jewish Education Head of Academic Studies

Rabbi Dr Charles Middleburgh Dr Jo-Ann Myers Gabriela Ruppin MSc

Senior Staff

Principal Dean Director of Jewish Education Head of Academic Services Senior Executive Officer Librarian

Rabbi Dr Deborah Kahn-Harris Rabbi Dr Charles Middleburgh Dr Jo-Ann Myers Gabriela Ruppin MSc Bill Varon Cassy Sachar MA

2

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Report of the Board of Governors

Nature of Governing Document

Leo Baeck College (LBC) is a charitable company limited by guarantee. The Trustees and Directors are the members of the Board of Governors named on page 2. The original Memorandum and Articles were dated 24[th] April 1959, and have been amended by special resolutions since then, the latest being 14[th] July 2021.

The Memorandum and Articles of Association allow the charity (Reg Number 209777) to undertake any activity covered by its objects with no specific restrictions and limit the liability of the Members in the event of the company being wound up to a sum not exceeding £1 each.

Governance and Organisation

The Governors are the Directors of the company, and are also the Trustees of the charity. The Governors have overall responsibility for the management and control of the organisation with the day-to-day operations being delegated to the professional staff. The work of implementing the policy and strategy is carried out by the Board of Governors in partnership with the Senior Management Team (SMT).

Rabbi Dr Deborah Kahn-Harris was appointed as Principal in September 2011. The Principal is the senior academic and administrative officer of LBC and is supported in her role by the Senior Management Team (SMT). The Principal regularly reports to the Honorary Officers and Board of Governors.

Governors serve for a period of four years and those retiring by rotation may be eligible for re-election. The Governors are required to meet no less than three times per year. While some Governors are appointed ex officio, others are appointed on the basis of their standing, experience and skills to provide a balanced board with the ability to govern effectively.

Governors are recruited through networks in the communities LBC serves by identifying any skill shortage created by the departing Governors and targeting suitably qualified individuals to approach. Induction is provided to new Governors. Governors are provided with a pack comprising the governing documents, financial information, organisational charts, recent minutes and given a tour of the campus including an introduction to key staff, students and faculty members. In July 2021, the Memorandum and Articles were updated to reflect the membership and structure of the board.

Occasional training for Governors takes place in the form of a development session to examine particular areas of LBC’s activity or more generally to review future strategy. These sessions are typically facilitated externally.

Auditors

Saffery Champness LLP were appointed auditors at the Annual General Meeting.

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Activities, Achievements and Future Plans

LBC is a pre-eminent institution of Jewish scholarship and learning that is the heart of the intellectual and spiritual life of the Progressive Jewish community. LBC combines inspirational, high calibre teaching with a commitment to developing rabbis, other professionals and lay leaders who will build sustainable, accessible and thriving Progressive Jewish communities.

Each year the Governors review the aims and activities of LBC to ensure that they continue to reflect our objectives. In carrying out this review the Governors have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for public benefit. The Governors believe that the activities, achievements and future plans described here, demonstrate the public benefit that LBC brings to the wider community.

The objectives of LBC are the promotion and furtherance of Jewish religious and educational instruction and fostering and advancing the study of the classical texts of the Jewish tradition (Bible and rabbinic literature in the original languages), the study of Jewish liturgy, history, literature, theology, philosophy, education and culture, both religious and secular.

The Objectives of LBC are supported by:

Contd …

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

4 Activities, Achievements and Future Plans Continued

Highlights of 2020/21 Academic Year

The 2020/21 academic year has been conducted against the backdrop of the pandemic

The Autumn and Spring semesters remained online and all classes, meetings and other related activities were on Zoom. Much had been learned from the experience of going online in March 2020 and we were able to make best use of the available technologies. Nevertheless, as the months passed the isolation of faculty, staff and students from each other began to affect everyone and the lack of opportunity to physically meet in person was acutely felt.

The five years of rabbinic training at Leo Baeck College is a transformative programme that relies on human interaction and engagement and as the months passed we resolved that if it was possible for us to reopen and teach in person in the Autumn semester of the 2021-22 academic year we would do so.

One of the big challenges was continuing to keep abreast with the changing regulatory landscape and applying it to the College. Directives, regulations and guidance from the Department of Education, the QAA (Quality Assurance Agency), the OIA (Office of Independent Adjudicator for Higher Education), Public Health England, Middlesex University and other bodies were digested. This impacted on all aspects of work: addressing the physical environment by conducting risk assessments; collecting information about practical issues relating to internet connections and equipment; ensuring the College was complying with consumer rights law; modifying regulations to support students; writing guidance for faculty on online teaching and more besides. The goal was to ensure continuity of learning and to enable students to graduate. This was done while balancing the need to maintain academic standards with the safety and wellbeing of students and staff.

The Admissions Board was held completely online and at the end of the process places were offered to, and accepted by, two students.

Contd …

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Continued Highlights of 2020/21 Academic Year

Following the success of the LJS Ordination in 2020, with the Principal, Chair of Governors, ordinands and ordaining rabbis alone being present, we resolved that if it were possible there would be an Ordination with a congregation in 2021. As the graduates were an international quartet, one UK Israeli, one Dutch, and two French we decided that we would again do something groundbreaking and have the ordination online but in four congregations: Beth Shalom in Cambridge, Der Joodse Liberaal Gemeinde in Amsterdam, Congregation Juif Libérale and Kehillat Gesher both in Paris. Led from Beth Shalom, all present rose to the occasion magnificently. Dr Tali Artman was ordained in Cambridge by Rabbi Professor Marc Saperstein, Peter Luijendijk in Amsterdam by Rabbi Albert Ringer, and in Paris Iris Ferreira by Rabbi Tom Cohen and Etienne Kerber by Rabbi Pauline Bebe. Due to its online location we were able to draw an international audience and received enthusiastic responses.

Simultaneous Ordination July 4th 2021

In the spring semester we discussed teaching in the 2021-22 academic year and decided that, with all necessary protocols, we would return to person-person teaching.

During the year we appointed Rabbi Tanya Sakhnovich as the Rabbinic Placement Coordinator, Bill Varon as Senior Executive Officer, and Simon Rothstein and Anna Delphy as PR and social media consultants.

Contd …

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Continued Highlights of 2020/21 Academic Year

The College underwent an Institutional Review by Middlesex University and was approved as a collaborative partner of Middlesex University for another six years. A contract to that effect was signed with the University. This is the first step in getting the College’s degrees revalidated.

The pandemic has brought many challenges for rabbis and they have been shared by rabbinic students. Work in congregations has become work with congregations online. Although this has made experiences different it has also honed skills, such as in crisis and time management, leading virtual services, teaching adults and children and doing pastoral work at a distance. With their creativity, IT savviness and enthusiasm they have risen magnificently to the challenges. Our students also have had to deal with a range of issues impacting their personal lives, maintaining their attendance at classes and keeping up to date with their studies. We are proud of the way they have responded and the resilience and initiative they have shown.

The College operates in many different spheres and these also had to be adjusted to make the best of the new situation. Putting weekly shiurim online was reasonably straightforward, but the daily shacharit service was slightly more complicated. Nevertheless, thanks principally to the student body, we kept shacharit online until the end of the spring semester. It has continued to be a lifeline for some, a source of comfort and consolation, and the place to collectively mark the deaths of friends, colleagues and family members.

If Leo Baeck College is the heart of Progressive Judaism, the heart of Leo Baeck College is the library.

Contd …

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Continued Highlights of 2020/21 Academic Year

During the first half of 2019/20 the librarian and library team continued to work with the Board and stakeholders to develop plans for the redevelopment of our spaces to benefit all our users and preserve our collections for the future. With the advent of Covid-19 we had to refocus radically on supporting students and faculty teaching and learning remotely, without access to the library during the first lockdown. We provided additional services, support and digital resources as well as developing our online presence with the Explore the Collections series.

Four graduates of the Masters in Jewish Educational Leadership were formally awarded their degrees together with a special tallit and kippah in the LBC secondary colour pallet.

The graduates with Rabbi Richard Jacobi, Rabbi Dr Deborah Kahn-Harris, Dr Leslie Bash, Dr JoAnn Myers

Contd …

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Continued Highlights of 2020/21 Academic Year

So much that has happened since the March lockdown has been very difficult, but there have been many positives too; the Lehrhaus adult learning programme, which started seven years ago with a handful of students, has greatly increased its roll. Although some courses were already being taught virtually before lockdown, the pandemic created an opportunity to seize the moment and take advantage of the situation. This resulted in more courses being offered and for the first time, courses continued throughout the summer. This significantly affected the number of students enrolling on courses. The Lehrhaus saw its biggest growth with the number of participants more than doubling over the spring and summer period of 2020. At its height 22 courses were offered and 138 discrete students enrolled, many of whom enrolled for more than one course, totalling 183 places filled. One–off masterclasses were also held with the LBC Principal and Librarian. Working with individual communities also continued during this period, with more bespoke courses being offered to suit the interests and needs of different synagogues.

The Lehrhaus has reached many different parts of the world apart from the UK, with students hailing from Montenegro, Australia, Germany, Italy, USA, Poland, Italy, Norway, France and the Netherlands.

The pandemic has revealed the College’s ability to adapt quickly and creatively to a unique set of challenges in a way that has retained its internal harmony, academic integrity and outreach and support to communities both in the UK and elsewhere.

Plans for the Coming Year 2021-22

  1. Two new programmes will be developed and presented to Middlesex University for initial approval as the first stage of the validation process. The programmes are an MA in Jewish Studies: Biblical and Rabbinic Literature and Languages (in antiquity). This degree is not aimed at rabbinic students but rather at a wider audience of potential students and learners. The other programme is the conversion of the existing MA in Jewish Educational Leadership from a programme delivered through blended methods to one which is wholly online.

  2. The current four awards that students take as part of the Rabbinic Programme will be revised and updated in preparation for their revalidation in the 2021-22 academic year.

  3. The Eizeh Kef Modern Hebrew reading programme continues to be used in a number of chadarim and schools. It is hoped and expected that uptake will increase as face to face teaching in all contexts resumes.

  4. The College will host a ‘viva’ day to celebrate the research undertaken by the MA in Applied Rabbinic Theology students to which faculty, alumni and Patrons will be invited.

Contd …

9

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

  1. We will build on the success of the Lehrhaus to enhance both its provision and global reach.

  2. The library will continue to respond to the changing Pandemic landscape, to best support students and faculty, including the safe opening of the library space. The librarian will seek to enhance online resource provision and develop online programming to connect with new and existing audiences while access to the physical library is limited, and to support the development of new courses.

  3. The library will reposition its strategic development plans for the post pandemic landscape, focusing especially on its spatial needs.

  4. Plans for new infrastructure include a new database and the possibility of investing in a Virtual Learning Environment.

  5. Build on the success of the October 2020 Rabbi Lionel Blue Lecture.

  6. Revitalise overseas support, particularly through American Friends of Leo Baeck College.

  7. Focus on retention of existing supporters through online events and establish new activities and appeals to attract new audiences.

  8. Improve the quality, branding and communications to different audiences.

Results for the Year

The Financial Statements have been prepared in accordance with the second edition of the Statement of Recommended Practice (SORP), ‘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 (FRS102).

LBC showed an overall surplus of £61,321 in the year to 30 September 2021 before realised and unrealised gains and losses are included. There was a deficit of £45,170 in the previous year.

After allowing for unrealised and realised losses on investments and the transfer of funds from the Endowment Fund, the overall movement in funds for the year shows an increase of £296,106 compared to a decrease of £157,998 in the previous year.

The effect of the Covid pandemic has caused significant fluctuations on investment valuation over the past two years. The markets saw a substantial rebound since the end of the 2020 financial year.

The Board of Governors and Senior Management Team (SMT) continue to closely monitor expenditure and overhead costs in an on-going commitment to achieving a manageable budget.

Contd …

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Results for the Year Continued

Plan for 2021-22

The Budget for the year has been set and shows a deficit as the College reflects increased commitment to refreshing administrative systems and exploring new target markets.

Investment Policy

The College’s investment manager is Investec Wealth & Investment Limited. The Finance Report on page 22 deals with the performance of the investment portfolio.

Investec Wealth & Investment Limited manages a UK portfolio representing our endowment fund on behalf of the Board of Governors on a discretionary basis. The fund is managed in accordance with the investment policy that the portfolio should operate with no initial investment exceeding 10% of the total value of the funds under management and the total sum of all equity holdings in excess of 5% must not be equal to or exceed 40% of the fund’s value at any time. There is a target ‘balanced’ return between income and capital with a ‘medium’ risk criterion.

Following professional advice, the Trustees resolved to adopt a Total Return Accounting policy for the Suminden Fund from 1[st] October 2018. The Finance and Resources Committee (FRC) comprises up to five members and is chaired by the Honorary Treasurer or Honorary Secretary of the Board of Governors. In addition to overseeing the resources of LBC, it formulates and monitors the investment strategy and appoints fund managers to implement their recommendations. It meets at least three times a year.

Pay Policy for Senior Staff

The pay of senior staff is reviewed annually and the Governors benchmark against pay levels in other similar organisations.

Designated Funds

Designated funds totalling £100,000 were allocated to specific projects with £39,004 remaining to facilitate setting up a new fundraising database and £60,000 earmarked to significantly develop and improve the online teaching platform with an aim to target new markets.

Restricted and Endowment Funds

Restricted and endowment funds totalled £846,122 at year end (2020: £764,942). The main purpose of the endowment funds of £821,789 are to support the education of rabbinic students. The Trustees are working to ensure that the remaining balances on restricted funds are used up for the purposes for which they were given.

Reserves

The Trustees have agreed that they will adopt a policy of maintaining the General Reserves at a level in excess of 100% of the annual operating expenditure of the College. On this basis, the Reserves currently stand at 135%.

Contd …

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Results for the Year Continued

Risk Management

The Governors are responsible for the management of risks faced by the College. Detailed considerations of risk are delegated to the Finance and Resources Committee (FRC), assisted by senior members of staff. Risks are identified and assessed as part of the management process and controls are established to manage the risks. A formal review of LBC’s risk management processes is undertaken periodically.

The key controls used by LBC are:

Through the risk management processes established for LBC, the members of the Governors, are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately identified and so mitigated. Attention has been focused on non-financial risks arising from fire, health and disaster recovery. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place and providing regular awareness training for staff working in these operational areas.

The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organisation as a “Global Pandemic” on the 11th March 2020, has impacted global financial markets. This was followed by initiation of lockdown in the UK. In response to these changes the College managed a smooth transition to an on-line teaching platform in response to the social distancing restrictions imposed at the end of March 2020.

The students will complete this year’s programmes and examinations using the online platform and online teaching. However, we acknowledge that risks remain, as the impact of the global pandemic unfolds. Based on the information we have now and the College’s cash flow position, the College will remain a going concern for the foreseeable future.

Fundraising Statement

To date Leo Baeck College does not voluntarily subscribe to any fundraising standards body or scheme for fundraising regulation, although we are firmly committed to following good practices. We have a policy of not selling or transferring supporters’ personal data and we do not buy any information from a third party. We are reviewing future membership to the scheme for fundraising regulation with the aim of joining.

All fundraising is controlled by a senior team member. Our fundraising involves encouraging donations and gift through direct appeals, events, trusts and foundations, patrons and friends and claiming of gift aid.

We do not work with any Professional Fundraising Organisation or Commercial Participator to solicit funds.

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Governor Responsibilities Statement

Company and charity law requires the Governors 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 surplus or deficit of the charity for that period. In preparing those financial statements, the Governors have:

The Governors have overall responsibility for ensuring that the charity has appropriate systems of controls, financial and otherwise. They are also responsible for keeping proper accounting records which 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.

Disclosure of Information to Auditors

In accordance with company law, as the company's Directors, we certify that:

On behalf of the Board of Governors, I would like to thank Rabbi Dr Deborah Kahn-Harris, the professional and dedicated staff team, as well as the outstanding faculty, for their continued commitment to the College and its students.

The Board of Governors continues to focus on ensuring the sustainability of the institution and provides managerial and strategic support to the professional team. I would like to thank each member for their support and guidance this past year.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.

The report was approved by the Board of Governors on 23[rd] March 2022 and signed on its behalf by:

Yeshi Abay, Treasurer 23[rd] March 2022

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Statement of Financial Activities

(Incorporating Income and Expenditure Account) For the year ended 30[th ] September 2021

Notes
Income and Expenditure Account:
INCOME FROM:
Income from Sponsors
2
Voluntary Income
3
Income from Investments
4
Other Charitable Activities
4a
Total Income and Endowments
EXPENDITURE ON:
Raising Funds
5
Charitable Activities
6
Total
Net Income/(Expenditure)
Gains/(Losses) on Investments		 General Designated
Restricted
Endowment Total Funds Total Funds
Funds
Funds
Funds
Funds
2020/21
2019/20
£
£
£
£
£
£
512,236
-
-
-
512,236
562,288
471,117
-
18,850
-
489,967
276,523
24,898
-
-
17,426
42,324
44,852
189,107
-
-
-
189,107
216,801
Unrestricted
1,197,358
-
18,850
17,426
1,233,634
1,100,464
42,186
-
-
-
42,186
58,273
1,086,263
996
35,879
6,989
1,130,127
1,087,361
1,128,449
996
35,879
6,989
1,172,313
1,145,634
68,909
(996)
(17,029)
10,437
61,321
(45,170)
113,698
-
-
121,087
234,785
(112,828)
113,698
-
-
121,087
234,785
(112,828)
Realised
and Unrealised Gains/(Losses)		 182,607
(996)
(17,029)
131,524
296,106
(157,998)
Transfers
Net Movement in Funds
Total Funds Brought Forward at
1st October 2020
Total Funds Carried Forward
30th September 2021		 33,315
-
-
(33,315)
-
-
215,922
(996)
(17,029)
98,209
296,106
(157,998)
1,264,756
100,000
41,362
723,580
2,129,698
2,287,696
1,480,678
99,004
24,333
821,789
2,425,804
2,129,698

The Notes on pages 17 to 26 form part of these Financial Statements.

14

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Statement of Financial Position As at 30th September 2021 Registered Number: 626693

Notes
Fixed Assets
Tangible Fixed Assets
8
Investments
9
Current Assets
Debtors
10
Cash at Bank and in Hand
Creditors
Amounts Falling Due Within One Year
11
Net Current Assets
Net Assets
Funds
General Funds
12
Designated Funds
12
Total Unrestricted Funds
Restricted Funds
12
Endowment Funds
12		 2021
2020
£
£
252,220
259,896
1,785,224
1,584,299
2,037,444
1,844,195
86,001
98,641
401,087
243,362
487,088
342,003
98,728
56,500
388,360
285,503
2,425,804
2,129,698
1,480,678
1,264,756
99,004
100,000
1,579,682
1,364,756
24,333
41,362
821,789
723,580
846,122
764,942
2,425,804
2,129,698

The Notes on pages 17 to 26 form part of these Financial Statements.

These accounts were approved by the voting members of the Board of Governors (the Trustees of the Charity and the Directors of the Company) on 23[rd] March 2022 and signed on their behalf by:

Yeshi Abay, Treasurer

15

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Statement of Cash Flow

2021 2020
£ £
Cash Flow from Operating Activities
Net Movement in Funds 296,106 (157,998)
Adjustments For:
Depreciation of Tangible Assets 8,264 8,068
(Increase)/Decrease in Debtors 12,640 25,416
Increase/(Decrease) in Creditors 42,228 (7,015)
(Gains)/Losses on Investments (234,785) 112,828
Unrealised Gain on Property Revaluation - -
Net Cash Absorbed By Operating Activities 124,453
(18,701)
Cash Flows From Investing Activities
Purchase of Tangible Assets (588) (3,143)
Proceeds on Sale of Investment Property - -
Transfer to Investments - -
Net Proceeds From Investments 33,860 38,160
Net Cash From Investing Activities 33,272
35,017
Net Increase in Cash and Cash Equivalents in the Year 157,725 16,316
Cash and Cash Equivalents at the Beginning of the Year 243,362 227,046
Cash and Cash Equivalents at the End of the Year £ 401,087
£ 243,362

The Notes on pages 17 to 26 form part of these Financial Statements.

16

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Notes to the Accounts

  1. Accounting Policies and Details of Estimates 1.1 Statement of Compliance The financial statements have been prepared in accordance with 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Leo Baeck College meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Company Information

Leo Baeck College is a private company limited by guarantee and incorporated in England. The address of its registered office and principal place of business is The Sternberg Centre for Judaism, 80 East End Road, Finchley, London, N3 2SY.

1.3 Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment Funds are used in accordance with the specific restrictions imposed.

Transfer between funds occur for a number of reasons including when funds are closed on completion of a project, when fixed assets are purchased or when Trustees decide to release funds from a designated fund.

1.4 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

1.5 Expenditure

Expenditure is charged to the Statement of Financial Activities on an accruals basis as a liability is incurred and is classified as follows:

1.6 Going Concern

The Trustees have reviewed the current financial position of Leo Baeck College. Trustees consider that the charity has adequate financial resources. The College received a substantial legacy in 2021, which further enhances its financial position. The Trustees are therefore satisfied that it is correct to prepare the accounts on a going concern basis.

Contd …

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LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Notes to the Accounts Continued

1.7 Tangible Fixed Assets and Depreciation Building Development: Improvements are for the charity's share of a major site development project that was completed in 2012. The improvements are stated at cost less accumulated depreciation.

Furniture and Equipment: Furniture and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation and Residual Values: Tangible assets are stated at cost less depreciation. Depreciations provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Tangible Fixed Assets: Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Computer equipment - 33% straight line

Building development - 2% straight line

Capitalisation Policy: Assets costing less than £1,000 are written off in the year of acquisition. All other assets are capitalised.

1.8 Investments and Investment Property Investments are measured at fair value using the closing quoted market price at reporting date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.

1.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Creditors

Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12 Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Contd …

18

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Notes to the Accounts Continued

Accruals

The company makes an estimate of accruals at the year-end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.

Tangible Assets

Tangible assets are depreciated over their useful lies taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets’ lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

2. Income from Sponsors
Movement For Reform Judaism
Liberal Judaism
JJBS Grant
European Union for Reform Judaism		 Unrestricted
Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
2021
2020
£
£
£
£
£
307,961 - -
307,961
333,172
156,275 - -
156,275
181,116
18,000 - -
18,000
18,000
30,000 - -
30,000
30,000
512,236 - -
512,236
562,288

The income from sponsors is £512,236 (2020: £562,288) and represents student sponsorship and a contribution to the running costs of the college. All income from Sponsors in 2020 was unrestricted.

3. Voluntary Income
Donations and Legacies		 Unrestricted Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
2021
2020
£
£
£
£
£
471,117
18,850
-
489,967
276,523
471,117
18,850 -
489,967
276,523

The income from donations and legacies is £489,967, (2020: £276,523) of which £471,117, was unrestricted (2020: £263,273) and £18,850 was restricted (2020: £13,250). The restricted income includes funds from grants and trusts in support of the academic future of the college and its students.

4. Income from Investments
Interest on Cash Deposits
Dividends from Investments
Total		 Unrestricted Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
2021
2020
£
£
£
£
£
5
-
-
5
110
24,893
-
17,426
42,319
44,742
24,898 -
17,426
42,324
44,852

Income from Investments and Interest is £42,324 (2020: £44,852) of which £0 is restricted (2020: £0) and £17,426 is allocated to Endowment Funds (2020: £21,835). This income has been apportioned in line with the split of Unrestricted Investments and the Endowment Fund.

Contd …

19

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Notes to the Accounts Continued

4a. Other Charitable Activities
Government Grants
Other		 Unrestricted Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
2021
2020
£
£
£
£
£
4,669
-
-
4,669
28,355
184,438
-
-
184,438
188,446
Total
189,107 - -
189,107
216,801

Other Charitable Activities included income of £4,669 in Government Grants in 2021 as a result of the Coronavirus Job Retention Scheme (2020 - £28,355). In 2020 all Other Charitable Activities income was unrestricted.

5. Raising Funds
Staff Costs
Publicity, Advertising and
Rabbinic Recruitment
Total		 Unrestricted Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
2021
2020
£
£
£
£
£
29,723 - -
29,723
54,472
12,463 - -
12,463
3,801
42,186
-
-
42,186
58,273

Expenditure on raising funds was £42,186 (2020:£58,273). This expenditure includes the cost of fundraising events and publicity. In 2020 all costs of Raising Funds were unrestricted.

6. Charitable Activities
Tuition
Student Welfare & Accommodation
Programmes, Jewish Lifelong Learning and Interfaith
Library and Sundries
Total
Comparatives
Tuition
Student Welfare & Accommodation
Programmes, Jewish Lifelong Learning and Interfaith
Library and Sundries
Total		 Unrestricted
Restricted
Endowment
Total Funds
Funds
Funds
Funds
2021
£
£
£
£
661,402
16,146
5,242
682,790
16,148
14,352 -
30,500
262,296 - -
262,296
147,413
5,381
1,747
154,541
1,087,259
35,879
6,989
1,130,127
Unrestricted
Restricted Endowment
Total Funds
Funds
Funds
Funds
2020
£
£
£
£
626,255
32,038
4,335
662,628
9,733
18,689 -
28,422
250,159 - -
250,159
140,592
2,670
2,890
146,152
1,026,739
53,397
7,225
1,087,361

Expenditure on charitable activities was £1,130,127 (2020: £1,087,361) of which the Unrestricted Fund costs were £1,026,739 (2020: £1,026,740), Restricted Fund costs were £35,879 (2020: £53,397) and Endowment Fund costs were £6,989 (2020: £7,225).

Note Charitable Activities include the following allocation of support costs

Analysis of Support Costs
Support Staff Costs
Rent
Insurance
Printing, Postage, Stationery
Telephone
Computer Costs
Travelling
Depreciation
Accountancy, Legal and Audit Fees
Other Costs
Total		 2021
2020
£
£
97,997
131,591
34,285
29,659
12,641
12,099
5,167
6,872
1,705
1,179
18,324
20,908
363
4,625
8,264
8,068
51,487
56,486
18,952
8,040
249,185
279,527

The support costs are allocated across the Charitable Activities and Governance Costs. Auditors remuneration for the year totalled £11,580 (2020: £11,500). Contd …

20

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

LEO BAECK COLLEGE

Notes to the Accounts Continued

7. Analysis of Total Staff Costs
Staff Costs:
Wages and Salaries incl Visiting Lecturers
Social Security Costs
Pension costs
Total
Average Monthly Number of Employees		 2021
2020
£
£
538,937
512,465
46,221
45,461
40,666
39,676
625,824
597,602
17
15
Average Full Time Equivalents 13
12
The emoluments of higher paid employees fell within the following range:
2021
2020
£60,000 - £70,000
-
-
£70,000 - £80,000
1
1
Key Management Compensation
Key management compensation include Trustees and members of senior management.

The compensation paid and payable to key management for employee services is shown below;
Salaries and Other Short Term Benefits
Pension Costs		 Total
Total
2021
2020
£
£
234,050
210,383
21,471
20,593
255,521
230,976

During the year no Trustees received any remuneration or benefits (2020 - £Nil). During the year the Charity received donations from Trustees and Charities (or Trusts) they control of £5,176 (2020: £5,253).

8. Fixed Assets
Cost
Cost at 1st October 2020
Additions
Cost at 30th September 2021
Depreciation
At 1st October 2020
Charge for the year
At 30th September 2021
Net Book Value at 30th September 2021
Net Book Value at 30th September 2020		 Leasehold
Property and
Improvements
Computer
Equipment Total
£
£
£
351,104
14,939
366,043
-
588
588
351,104
15,527
366,631
93,304
12,843
106,147
7,020
1,244
8,264
100,324
14,087
114,411
250,780
1,440
252,220
257,800
2,096
259,896

All Tangible Fixed Assets are used in the furtherance of the Charity's objectives.

Contd …

21

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

LEO BAECK COLLEGE

Notes to the Accounts Continued

9. Investments
Market value
UK Fixed Interest
Overseas Fixed interest
UK Equities
Overseas Equities
Emerging Economies
Property
Alternatives
UK Cash		 Total
Total
2021
2020
£
£
232,776
211,255
67,988
25,101.00
697,095
650,427
557,190
390,408
24,118
21,742
40,945
43,374
144,687
131,164
20,425
110,828
Listed investments dealt with on a recognised stock exchange:
Quoted Investments
Market Value at 1st October 2020
Transfer from Sale of Investment Property
Net Realised Investment Gains
Net Unrealised Investment Gains/(Losses)
Transfer to Cash at Bank
Income Reinvested
Interest Income Reinvested
Investment Managers Charges		 1,785,224
1,584,299
£
£
1,584,299
1,735,286
-
-
42,753
-
192,032
(112,828)
(60,868)
(67,907)
42,320
44,737
-
6
(15,312)
(14,995)
1,785,224
1,584,299
Historical Cost as at 30th September 2021
Total Return (Applied to Suminden Fund)
Brought Forward at 1st October 2020
Movements
Investment Returns (Divis and Interest)
Investment Returns (Gains/Losses)
Less Investment Management Costs
Unapplied Total Return Allocated to Income in the Reporting Period
Net Movements in Reporting Period
Carried Forward 30th September 2021		 1,483,990
1,474,583
Endowment
Unapplied
Total Return
Total
Endowment
£
£
£
601,145
13,664
614,809
-
14,850
14,850
-
102,924
102,924
-
(5,940)
(5,940)
601,145
125,498
726,643
-
(30,740)
(30,740)
601,145
94,758
695,903
601,145
94,758
695,903

Accounting policy

The Fund is invested as shown in Note 9.

Following professional advice, the Trustees resolved to adopt a Total Return Policy for the Managed Portfolio from 1st October 2018. Prior to the resolution all capital returns were credited to the Endowment Fund and all income returns to the Unrestricted Fund.

The Trustees have decided to transfer 5% of the asset value to Unrestricted Funds for application, based on the expected return included within the investment managers' mandate. This will be reviewed periodically.

10. Debtors
Trade Debtors
Other Debtors		 2021
2020
£
£
62,169
60,441
23,832
38,200
86,001
98,641

Contd …

22

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

LEO BAECK COLLEGE

Notes to the Accounts Continued

11. Creditors : Amounts falling due within
Trade Creditors
Other Creditors
Accruals
Deferred Income		 one year
2021
2020
£
£
8,961
8,831
23,478
17,424
23,559
13,520
42,730
16,725
98,728
56,500		 one year
2021
2020
£
£
8,961
8,831
23,478
17,424
23,559
13,520
42,730
16,725
98,728
56,500
12. Statement of Funds
General Reserve
Designated Funds
Fundraising Database Project
Online Teaching Project
Total Designated Funds
Total Unrestricted Funds		 Moveme nt in Funds:
Balance at
1st Oct 2020
Income Expenditure
Gains/
(losses)
Transfers
Balance at
30th Sep 2021
£
£
£
£
£
£
1,264,756
1,197,358
(1,128,449)
113,698
33,315
1,480,678
40,000
-
(996)
-
-
39,004
60,000
-
-
-
-
60,000
100,000
-
(996)
-
-
99,004
1,364,756
1,197,358
(1,129,445)
113,698
33,315
1,579,682

Purposes of Designated Funds

The Fundraising Database Project Fund and Online Teaching Project Fund have been set aside by the Governors to implement a new fundraising database and to significantly develop and improve the online teaching platform respectively over the next two years.

Movement in Funds:
Balance at
1st Oct 2020
Income Expenditure
Gains/
(losses)
Transfers
Balance at
30th Sep 2021
£
£
£
£
£
£
Restricted Funds		 Movement in Funds:
Balance at
1st Oct 2020
Income Expenditure
Gains/
(losses)
Transfers
Balance at
30th Sep 2021
£
£
£
£
£
£
Restricted Funds
East European Fund
372
-
-
-
-
372
Interfaith Fund
-
-
-
-
-
-
Pamela and Anthony Littman Book Fund
491
-
(491)
-
-
-
Progressive Judaism Library Fund
1,233
5,000
(6,233)
-
-
-
Rabinnic Students Support Fund
-
5,800
(5,120)
-
-
680
Library Judaica Fund
7,706
-
-
-
-
7,706
Lectureship in Jewish Thought and Ethics Fund
14,604
-
(14,604)
-
-
-
Michael Gouldston Education Foundation
-
-
-
-
-
-
Gertrud Stein Liberal Jewish Synagogue Teaching Fund
8,679
-
(4,178)
-
-
4,501
Professor Ludwick Finkelstein Student Prize
100
50
(150)
-
-
-
RIF Italiener Conference Fund
417
-
-
-
-
417
JJBS Fund - Pardes
-
3,000
(3,000)
-
-
-
Shoresh Fund
-
5,000
(1,103)
-
-
3,897
Kol Chai - 3rd Year Students Vocational Classes Fund
351
-
-
-
-
351
European Judaism 7,409
-
(1,000)
-
-
6,409
Total Restricted Funds
Endowment Funds
Arthur and Sybil Simon Bursary Fund
Bechler Charitable Turst
Suminden Bursary Fund
Lionel Blue Lecture Fund
Sheila Shulman Chair Fund
Total Endowment Funds
Total Funds		 41,362
18,850
(35,879)
-
-
24,333
Movement in Funds:
Balance at
1st Oct 2020
Income Expenditure
Gains/
(losses)
Transfers
Balance at
30 Sep 2021
£
£
£
£
£
£
15,574
376
(140)
2,422
(376)
17,856
91,032
2,199
(909)
15,741
(2,199)
105,864
614,809
14,851
(5,940)
102,924
(30,740)
695,904
1,165
-
-
-
-
1,165
1,000
-
-
-
-
1,000
723,580
17,426
(6,989)
121,087
(33,315)
821,789
2,129,698
1,233,634
(1,172,313)
234,785
0
2,425,804

Allocation of Arthur and Sybil Simon Bursary Fund and Bechler Charitable Trust Income

The income from these funds has been transferred to unrestricted income in support of overseas students for the financial year and has been fully spent.

Contd …

23

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Notes to the Accounts Continued

Comparatives: Movement in Funds:
Balance at Income Expenditure Gains/ Transfers Balance at
1 Oct 2019 (losses) 30 Sep 2020
£ £ £ £ £ £
General Reserve 1,399,492 1,065,379 (1,085,013) (52,465) (62,637) 1,264,756
-
Designated Funds -
Fundraising Database Project - - - - 40,000 40,000
Online Teaching Project - - - - 60,000 60,000
Total Designated Funds - - 0 - 100,000 100,000
Total Unrestricted Funds 1,399,492 1,065,379 (1,085,013) (52,465) 37,363 1,364,756
Movement in Funds:
Balance at Income Expenditure Gains/ Transfers Balance at
1 Oct 2019 (losses) 30 Sep 2020
£ £ £ £ £ £
Restricted Funds
East European Fund 372 - 0 - - 372
Interfaith Fund 4,432 - (4,432) - - -
Pamela & Anthony Littman Book Fund 7,024 - (6,533) - - 491
Progressive Judaism Library Fund 2,453 1,000 (2,220) - - 1,233
Rabinnic Students Support Fund - 4,250 (4,250) - - -
Windermere Avenue Appeal Fund - - - - - -
Library Judaica Fund 7,706 - - - - 7,706
Lectureship in Jewish Thought and Ethics Fund 34,391 - (19,787) - - 14,604
Michael Gouldston Education Foundation 1,597 - (1,800) - 203 -
Gertrud Stein Liberal Jewish Synagogue Teaching Fund 13,698 - (5,019) - - 8,679
Professor Ludwick Finkelstein Student Prize 100 - - - - 100
Lech Lecha Fund - - - - - -
RIF Italiener Conference Fund 417 - - - - 417
JJBS Fund - Pardes - 3,000 (3,000) - - -
Shoresh Fund 14 5,000 (5,014) - - -
Koi Chai - 3rd Year Students Vocational Classes Fund 351 - - - - 351
Didymus Fund - - - - - -
European Judaism 8,750 - (1,341) - - 7,409
Total Restricted Funds 81,305 13,250 (53,396) - 203 41,362
Movement in Funds:
Balance at Income Expenditure Gains/ Transfers Balance at
1 Oct 2019 (losses) 30 Sep 2020
£ £ £ £ £ £
Endowment Funds
Arthur and Sybil Simon Bursary Fund 16,926 459 (145) (1,207) (459) 15,574
Bechler Charitable Turst 99,819 2,708 (939) (7,847) (2,708) 91,033
The Suminden Bursary Fund 687,989 18,668 (6,141) (51,309) (34,399) 614,808
Lionel Blue Lectrure Fund 1,165 - - - - 1,165
Sheila Shulman Chair Fund 1,000 - - - - 1,000
Total Endowment Funds 806,899 21,835 (7,225) (60,363) (37,566) 723,580
Total Funds 2,287,696 1,100,464 (1,145,634) (112,828) - 2,129,698
13. Analysis of Net Assets Between Funds
Unrestricted Funds
Restricted Funds
Endowment Funds		 Tangible Fixed
Assets
Investments Net Current
Assets
Total
2021
£
£
£
£
252,220
972,976
351,911
1,577,107
-
-
24,333
24,333
-
812,248
12,116
824,364
252,220
1,785,224
388,360
2,425,804
Comparatives:
Unrestricted Funds
Restricted Funds
Endowment Funds		 Tangible Fixed
Assets
Investments Net Current
Assets
Total
2020
£
£
£
259,896
868,153
236,707
1,364,756
-
-
41,362
41,362
-
716,146
7,434
723,580
259,896
1,584,299
285,503
2,129,698

Contd …

24

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Notes to the Accounts Continued

Purposes of Restricted Funds

Purposes of Endowment Funds

Contd …

25

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Notes to the Accounts Continued

14. Connected Charities

Leo Baeck College has some Governors in common with Reform Judaism, Liberal Judaism (grants have been received from both these organisations as shown in the SOFA) and the Manor House Trust (to whom service charge payments were made during the year).

15 Analysis of At Start of Cash- **Foreign ** Other Non- At End of
Changes in Net Debt Year Flows Exchange Cash Year
Movements Changes
£ £ £ £ £
Cash 243,362 157,725 - - 401,087
Cash Equivalents - - - - -
Overdraft FacilityRepayable on Demand - - - - -
Loans FallingDue within One Year - - - - -
Loans FallingDue after More Than One Year -
 - - - -
Finance Lease Obligations - - - - -
Total **243,362 ** 157,725 - - **401,087 **

26

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Independent Auditor’s Report to the Members

Opinion

We have audited the financial statements of Leo Baeck College for the year ended 30th September 2021 which comprise the statement of financial activities, statement of financial position, statement of cash flows and 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 Financial Reporting Standard 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 charitable company 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 charitable company'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 Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Contd ….

27

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Independent Auditor’s Report to the Members Continued

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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Governor Responsibilities Statement set out on page 13, the Governors (who are also Trustees of the charitable company for the purposes of charity law and Directors of the charitable company for the purposes 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.

Contd …

28

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Independent Auditor’s Report to the Members Continued

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’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 to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with that Act.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Contd …

29

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Independent Auditor’s Report to the Members Continued

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: 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 and the Trustees, 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, the charitable company’s members and Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

71 Queen Victoria Street, Chartered Accountants London, EC4V 4BE Statutory Auditors Date: 8 April 2022

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Our Class of 2021

Rabbi Tali Artman

My experience at the college has been somewhat unusual, coming to it first as a lecturer in rabbinic literature and only then as a student rabbi. It was my encounter with the student body, and through it with the diverse and shining faces of British Jewry that I decided to cross the line. The students’ passion to make the ancient text come alive to inspire a community, to examine themselves in light of them, and to study Torah for the sake of Torah at the same time both pulled me in and carried me through. It was also the wonderful opportunity to learn from inspirational teacher-colleagues at the college that I cherished. From explorations to the musical heaven, to

psychanalysis of prayer and the human divine relations, and lessons in compassion, my years at the college made me not only a better scholar of Jewish studies, but hopefully also a better person. I know not of many institutions which can claim to do that.

Rabbi Iris Ferreira

Five years of learning at LBC enabled me to deepen and develop my knowledge of biblical and rabbinical texts, and also my skills to approach them in a variety of ways, but it has also been a very rich human experience. Coming from France, I also discovered another culture and other ways of living a Jewish life than in my home country, which has been another source of learning and

inspiration to me. I am very grateful for the encounter with the UK Jewish communities I had the opportunity to visit, for the outstanding level of learning at LBC and the support of all the staff.

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2021

Our Class of 2021 (continued)

Rabbi Etienne Kerber

When I wrote my cover letter in order to join the college, I thought I had a rather clear understanding of my skills. I knew I had some experience in Pastoral care and Torah, and I was also aware that what I needed to develop the most was my knowledge in rabbinic literature. Objectively, I was rather right. However, five years later, I can tell that my experience at the college dramatically improved my abilities in all three areas, to an extent I did not expect. I could not be happier about the strength and confidence the college gave me by providing such an amazing and rich education. I could not be more thankful towards the teachers, staff and student

cohort. And moreover, even if I am now back in Paris, I know they are people I will keep in my heart and be in touch with for the rest of my life.

Rabbi Peter Luijendijk

I came into the college not knowing what to expect of the program itself. I was told it would be a transformative experience – I didn’t even know what that should entail. As a Dutch national, I enrolled into the program thinking I knew what Judaism was all about. After five years I realise that I couldn’t have been more wrong. Leo Baeck College has widened my views and my understanding

of Judaism across the globe. If you can’t call that transformative, than what should you call it? Leo Baeck College has strengthened my interest and indeed love for Judaism, and I wish to inspire others (young and old) to experience the same.

I am lucky that after graduation, I am serving two wonderful communities. From here we go from strength to strength for everyone and for every Jew.

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Sternberg Centre for Judaism, 80 East End Road, London, N3 2SY Tel: +44 (0)20 8349 5600 Email: info@lbc.ac.uk

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