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2022-09-30-accounts

Trustees’ Annual Report for the year ended 30[th] September 2022

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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 ........................................................................ 11 Statement of Financial Activities ..................................................................................... 13 Statement of Financial Position....................................................................................... 14 Statement of Cash Flow.................................................................................................. 15 Notes to the Accounts ................................................................................................ 16-25 Independent Auditor’s Report .................................................................................... 26-29 Our Class of 2022 ...................................................................................................... 30-31

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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 626693 UK Company Registration No: 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 786 High Road London N12 9QT

Principal Investment Advisors

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

1

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Board of Governors, Trustees and Directors

Chair

Dr Stephen Herman (deceased 23 June 2022) Mimi Konigsberg (acting Chair)

Vice-Chair Honorary Secretary

Anton Fishman

Hannah Jacobs (resigned 25 May 2022) Jane Carpenter

Honorary Treasurer

Yeshi Abay

Rabbinic Conference Rep

Rabbi Aaron Goldstein

Assembly of Reform Rabbis Rep

Rabbi Dr Michael Hilton (resigned 28 February 2022)

Rabbi Charlotte Baginsky (appointed 16 January 2022) Dr David Bernstein Professor Brad Blitz Ian Lancaster (appointed 23 March 2022) Karen Newman (appointed 16 January 2022) Prof David Simon (appointed 18 January 2023) Dr James Traeger (appointed 18 January 2023)

Board Student Representatives 2021/22 Academic Year Martina Loreggian 2021/22 Academic Year Eleanor Davis

Board Staff Representatives

Director of Jewish Education Head of Academic Studies

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 2022

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 shall hold office for one term of three years and may be re-elected or reappointed for a further term. Governors shall not be eligible to serve in that office again until three years have elapsed from the date of relinquishing that office. The Governors are required to meet no less than four 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.

3

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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 …

4

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

4 Activities, Achievements and Future Plans Continued

Highlights of 2021/22 Academic Year

In the first half of the academic year we suffered the grievous loss of our outstanding Chair of Governors, Dr Stephen Herman, z”l. Steve cared passionately about the College, its governance and independence, and worked tirelessly for it. His loss leaves a large hole that will never easily be filled. Mimi Konigsberg has taken over as Acting Chair until such time as a permanent Chair of Governors is in place.

At the beginning of 2022 we returned to in-person teaching. This posed a challenge to everyone, particularly those who had only lived their LBC student lives on-line. As is becoming more apparent from reports of universities and other HE centres, all students to whom this applies are struggling to connect with their institutions and the particular demands of in person student life. For LBC, as a faith-based organisation with daily worship, this has thrown up challenges with which we continue to wrestle and which will take time to overcome.

A highlight of the year was the successful revalidation of all the College’s degrees in Jewish Studies by Middlesex University. This was the culmination of the work headed by Gabriela Ruppin and undertaken by the Revalidation Team, which had laboured to review and improve all four programmes. The College received six commendations from Middlesex University:

:

The Admissions Board interviewed three applicants for the rabbinic programme and offered places to them all. One has taken up their place and two have deferred until the 2023-24 academic year.

Contd …

5

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Continued Highlights of 2021/22 Academic Year

Highlights of our annual Kol Bo programme were lectures by Professor Marc Michael Epstein, the pre-eminent scholar of illuminated Jewish manuscripts, a day of study on Aramaic and the history of the Assyrian Church with Turkey-based scholar Dr Nicholas al-Jeloo, a music session led by Cantor Tamara Wolfson, a viva day when the five graduating students led sessions on their MA dissertations, and a full day of study and encounter with students and faculty from the Ismaili Centre in London. This latter is something we will repeat annually.

In the spring semester Rabbi Dr Deborah Kahn-Harris and Dr Laliv Clenman took their sabbaticals.

In July we held our annual Ordination service at the LJS, where five new rabbis received s’micha, Rabbis David Yehuda Stern, Gabriel Kanter-Webber, Lev Taylor, Mathias Elasri and Anthony Lazarus-Magrill. The address on behalf of the College was delivered by Rabbi Dr Tali Artman.

Rabbis Lazarus-Magrill, Stern, Elasri, Kanter-Webber and Taylor

Kaddish de-Rabbanan Contd …

6

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Continued Highlights of 2021/22 Academic Year

In April, after Pesach, the College hosted an Open House for individuals and communities to visit LBC. The idea was to raise awareness of the College and for people to learn more about its history as well as learning more about the Sternberg Centre site. Visitors also had the opportunity to meet current rabbinic students, alumni and members of faculty. The day included tours of the College, including the library, the site, and an afternoon tea. The event, on the whole, was a great success and was for many people the first time they had ever visited the College. More Open Houses are planned for the future.

The LBC library, the jewel in the crown of the College, faced a number of changes. Cassy Sachar, the librarian went off on maternity leave in June, resulting in the birth of a beautiful baby boy. Julie Feiler, an experienced librarian, was appointed in June as maternity cover. One of the key areas Julie has been tasked with, was to receive and begin to catalogue the Victor Tunkel music collection. Victor Tunkel, who passed away in the summer of 2019, built this collection of printed and manuscript Jewish music, over more than half a century, creating one of the largest such collections in Europe. It consists of some 1,500 items divided broadly into music and musicology, and includes rare manuscripts, as well as Victor’s own special interest in biblical cantillation. It is a very great honour for the College to have been chosen to be the custodian of such an important collection. When the full collection has been housed in the library and cataloguing has been completed, a series of events to mark the occasion will take place to honour Victor and his family. The collection will be made fully accessible to the public, which was one of Victor’s wishes.

The first LBC Artist-in-Residence, Claire Reed, has been looking at some specific manuscripts and speaking to faculty for her interdenominational/multimedia research project on Jacob and Esau.

Lehrhaus, the adult learning programme of LBC continued to grow in size, develop its offerings and attract students from all over the world. Thanks to a grant from the Shoresh Foundation, the landing page of Lehrhaus on the LBC website was redeveloped, which included an online registration and payment process interfacing with the new LBC database. Lehrhaus was also able to develop three different free sections: Lehrhaus in Conversation – a series of film recordings of faculty in discussion, Lehrhaus in Podcast - teachers talking about their areas of expertise, and Lehrhaus in Writing – teachers writing about their subjects of interest. In terms of language courses, we introduced Yiddish and Targumic Aramaic and we also offered a number of free talks that saw people from different continents attend.

7

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Plans for the Coming Year 2022-23

  1. Continue preparations for the College’s registration with the Office for Students.

  2. First cohort of students to participate in the newly created Israel Summer Semester.

  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.

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

  6. The library will see Cassy Sachar return after her maternity leave. The cataloguing of the Victor Tunkel music collection will have been completed and preparations for a series of public events to mark the occasion will begin.

  7. Plans for new infrastructure include the rolling out of a new database and a Virtual Learning Environment (VLE) educational tool.

  8. The College will host an Open House event in March 2023.

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

8

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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 deficit of £335,695 in the year to 30 September 2022 before realised and unrealised gains and losses are included. There was a surplus of £61,321 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 a decrease of £532,407 compared to an increase of £296,106 in the previous year.

The effect of the war in Ukraine and ensuing global economic conditions following the Covid pandemic has caused significant fluctuations on investment valuation over the past three years.

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.

Plan for 2022-23

The Budget for the year was set and shows a deficit, as the College continues its commitment to refreshing administrative systems and exploring new target markets. A substantial legacy and donation received in the current year have enabled a projected surplus.

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.

Contd …

9

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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 are allocated to specific projects with £26,027 remaining to facilitate setting up a new fundraising database and £51,854 remaining 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 £736,776 at year end (2021: £846,122). The main purpose of the endowment funds of £721,597 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. The Reserves stood at 96% at the year-end but have increased back in excess of 100% in the current year.

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.

10

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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.

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.

11

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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 29[th] April 2023 and signed on its behalf by:

Yeshi Abay, Treasurer 19[th] April 2023

12

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Statement of Financial Activities

(Incorporating Income and Expenditure Account) For the year ended 30[th ] September 2022

Unrestricted

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
2021/22
2020/21
£
£
£
£
£
£
478,848
-
-
-
478,848
512,236
184,541
-
19,163
-
203,704
489,967
23,473
-
-
18,492
41,965
42,324
173,112
-
-
-
173,112
189,107
859,974
-
19,163
18,492
897,629
1,233,634
62,419
-
-
-
62,419
42,186
1,114,373
21,123
28,317
7,092
1,170,905
1,130,127
1,176,792
21,123
28,317
7,092
1,233,324
1,172,313
(316,818)
(21,123)
(9,154)
11,400
(335,695)
61,321
(122,706)
-
-
(74,006)
(196,712)
234,785
(122,706)
-
-
(74,006)
(196,712)
234,785
Net Income/(Expenditure) After Realised
and Unrealised Gains/(Losses)		 (439,524)
(21,123)
(9,154)
(62,606)
(532,407)
296,106
Transfers
Net Movement in Funds
Total Funds Brought Forward at
1st October 2021
Total Funds Carried Forward
30th September 2022		 37,586
-
-
(37,586)
-
-
(401,938)
(21,123)
(9,154)
(100,192)
(532,407)
296,106
1,480,678
99,004
24,333
821,789
2,425,804
2,129,698
1,078,740
77,881
15,179
721,597
1,893,397
2,425,804

The Notes on pages 16 to 25 form part of these Financial Statements.

13

LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Statement of Financial Position As at 30th September 2022 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		 2022
2021
£
£
243,956
252,220
1,547,110
1,785,224
1,791,066
2,037,444
100,979
86,001
81,259
401,087
182,238
487,088
79,907
98,728
102,331
388,360
1,893,397
2,425,804
1,078,740
1,480,678
77,881
99,004
1,156,621
1,579,682
15,179
24,333
721,597
821,789
736,776
846,122
1,893,397
2,425,804

The Notes on pages 16 to 25 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 19[th] April 2023 and signed on their behalf by:

Yeshi Abay, Treasurer

14

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

LEO BAECK COLLEGE

Statement of Cash Flow

2022 2021
£ £
Cash Flow from Operating Activities
Net Movement in Funds (532,407) 296,106
Adjustments For:
Depreciation of Tangible Assets 8,264 8,264
(Increase)/Decrease in Debtors (14,978) 12,640
Increase/(Decrease)in Creditors (18,822) 42,228
(Gains)/Losses on Investments 196,712 (234,785)
Net Cash Absorbed By Operating Activities
(361,231)
124,453
Cash Flows From Investing Activities
Purchase of Tangible Assets - (588)
Net Proceeds From Investments 41,403 33,860
Net Cash From Investing Activities 41,403
33,272
Net Increase in Cash and Cash Equivalents in the Year (319,828) 157,725
Cash and Cash Equivalents at the Beginningof the Year 401,087 243,362
Cash and Cash Equivalents at the End of the Year £ 81,259
£ 401,087

The Notes on pages 16 to 25 form part of these Financial Statements.

15

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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.

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 has received a substantial legacy in 2023, which enhances its financial position. The Trustees are therefore satisfied that it is correct to prepare the accounts on a going concern basis.

Contd …

16

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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 …

17

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

LEO BAECK COLLEGE

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
2022
2021
£
£
£
£
£
262,535 - -
262,535
307,961
168,313 - -
168,313
156,275
18,000 - -
18,000
18,000
30,000 - -
30,000
30,000
478,848 - -
478,848
512,236

The income from sponsors is £478,848 (2021: £512,236) and represents student sponsorship and a contribution to the running costs of the college. All income from Sponsors in 2021 was unrestricted.

3. Voluntary Income
Donations and Legacies		 Unrestricted Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
2022
2021
£
£
£
£
£
184,541
19,163
-
203,704
489,967
184,541
19,163 -
203,704
489,967

The income from donations and legacies is £203,704 (2021: £489,967) of which £184,541, was unrestricted (2021: £471,117) and £19,163 was restricted (2021: £18,850). 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
2022
2021
£
£
£
£
£
70
-
-
70
5
23,403
-
18,492
41,895
42,319
23,473 -
18,492
41,965
42,324

Income from Investments and Interest is £41,965 (2021: £42,324) of which £0 is restricted (2021: £0) and £18,492 is allocated to Endowment Funds (2021: £17,426). This income has been apportioned in line with the split of Unrestricted Investments and the Endowment Fund.

Contd …

18

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Notes to the Accounts Continued

Notes to the AccountsContinued
4a. Other Charitable Activities Unrestricte
d Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
2022
2021
£
£
£
£
£
Government Grants -
-
-
-
4,669
Other 173,112
-
-
173,112
184,438
Total 173,112 - -
173,112
189,107

Other Charitable Activities included no income from Government Grants in 2022 as a result of the Coronavirus Job Retention Scheme (2021 - £4,669). In 2021 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
2022
2021
£
£
£
£
£
23,632
-
-
23,632
29,723
38,787
-
-
38,787
12,463
62,419
-
-
62,419
42,186

Expenditure on raising funds was £62,419 (2021:£42,186). This expenditure includes the cost of fundraising events and publicity. In 2021 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
2022
£
£
£
£
693,369
15,974
5,674
715,017
22,741
5,430 -
28,171
263,900
-
-
263,900
155,486
6,913
1,418
163,817
1,135,496
28,317
7,092
1,170,905
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

Expenditure on charitable activities was £1,170,905 (2021: £1,130,127) of which the Unrestricted Fund costs were £1,135,496 (2021: £1,087,259), Restricted Fund costs were £28,317 (2021: £35,879) and Endowment Fund costs were £7,092 (2021: £6,989).

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		 2022
2021
£
£
93,142
97,997
38,403
34,285
17,410
12,641
7,471
5,167
2,057
1,705
19,037
18,324
1,616
363
8,264
8,264
54,357
51,487
15,238
18,952
256,995
249,185

The support costs are allocated across the Charitable Activities and Governance Costs. Auditors remuneration for the year totalled £12,000 (2021: £11,580). Contd …

Contd …

19

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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		 2022
2021
£
£
553,991
538,937
49,049
46,221
41,953
40,666
644,993
625,824
19
17
Average Full Time Equivalents 12
13
The emoluments of higher paid employees fell within the following range:
£60,000 - £70,000
£70,000 - £80,000
Key Management Compensation		 2022
2021
-
-
1
1

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
2022
2021
£
£
261,962
234,050
24,202
21,471
286,164
255,521

During the year no Trustees received any remuneration or benefits (2021 - £Nil). During the year the Charity received donations from Trustees and Charities (or Trusts) they control of £4,875 (2021: £5,176).

8. Fixed Assets
Cost
Cost at 1st October 2021
Additions
Cost at 30th September 2022
Depreciation
At 1st October 2021
Charge for the year
At 30th September 2022
Net Book Value at 30th September 2022
Net Book Value at 30th September 2021		 Leasehold
Property and
Improvements
Computer
Equipment Total
£
£
£
351,104
15,527
366,631
-
-
-
351,104
15,527
366,631
100,324
14,087
114,411
7,020
1,244
8,264
107,344
15,331
122,675
243,760
196
243,956
250,780
1,440
252,220

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

Contd …

20

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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
2022
2021
£
£
160,744
232,776
30,583
67,988
577,499
697,095
460,497
557,190
19,997
24,118
46,120
40,945
167,929
144,687
83,741
20,425
Listed investments dealt with on a recognised stock exchange:
Quoted Investments
Market Value at 1st October 2021
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
Historical Cost as at 30th September 2022
Total Return (Applied to Suminden Fund)
Brought Forward at 1st October 2021
Movements
Investment Returns (Divis and Interest)
Investment Returns (Gains/Losses)
Less Investment Management Costs		 1,547,110
1,785,224
£
£
1,785,224
1,584,299
-
-
19,317
42,753
(216,028)
192,032
(67,750)
(60,868)
41,795
42,320
100
-
(15,548)
(15,312)
1,547,110
1,785,224
1,467,541
1,483,990
Endowment
Unapplied
Total Return
Total
Endowment
£
£
£
601,145
94,758
695,903
-
15,701
15,701
-
(62,905)
(62,905)
-
(6,028)
(6,028)
601,145
41,526
642,671
Unapplied Total Return Allocated to Income in the Reporting Period -
(34,795)
(34,795)
Net Movements in Reporting Period
Carried Forward 30th September 2022
601,145
6,731
607,876
601,145
6,731
607,876

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		 2022
2021
£
£
67,714
62,169
33,265
23,832
100,979
86,001

Contd …

21

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Notes to the Accounts Continued

11. Creditors : Amounts falling due within one year

11. Creditors : Amounts falling due within
Trade Creditors
Other Creditors
Accruals
Deferred Income		 one year
2022
2021
£
£
10,598
8,961
19,922
23,478
16,176
23,559
33,211
42,730
79,907
98,728
12. Statement of Funds
General Reserve
Designated Funds
Fundraising Database Project
Online Teaching Project
Total Designated Funds
Total Unrestricted Funds		 Movement in Funds:
Balance at
1st Oct 2021
Income Expenditure
Gains/
(losses)
Transfers
Balance at
30th Sep
2022
£
£
£
£
£
£
1,480,678
859,974
(1,176,792)
(122,706)
37,586
1,078,740
39,004
-
(12,977)
-
-
26,027
60,000
-
(8,146)
-
-
51,854
99,004
-
(21,123)
-
-
77,881
1,579,682
859,974
(1,197,915)
(122,706)
37,586
1,156,621

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 2021
Income Expenditure
Gains/
(losses)
Transfers
Balance at
30th Sep
2022
£
£
£
£
£
£
Restricted Funds		 Movement in Funds:
Balance at
1st Oct 2021
Income Expenditure
Gains/
(losses)
Transfers
Balance at
30th Sep
2022
£
£
£
£
£
£
Restricted Funds
East European Fund
372
-
-
-
-
372
Pamela and Anthony Littman Book Fund
-
-
-
-
-
-
Progressive Judaism Library Fund
-
6,913
(6,913)
-
-
-
Rabinnic Students Support Fund
680
4,750
(5,430)
-
-
-
Library Judaica Fund
7,706
-
-
-
-
7,706
Lectureship in Jewish Thought and Ethics Fund
-
-
-
-
-
-
Gertrud Stein Liberal Jewish Synagogue Teaching Fund
4,501
-
(4,501)
-
-
-
Professor Ludwick Finkelstein Student Prize
-
-
-
-
-
-
RIF Italiener Conference Fund
417
-
-
-
-
417
JJBS Fund - Pardes
-
2,500
(2,500)
-
-
-
Shoresh Fund
3,897
5,000
(8,473)
-
-
424
Kol Chai - 3rd Year Students Vocational Classes Fund
351
-
-
-
-
351
European Judaism 6,409
-
(500)
-
-
5,909
Total Restricted Funds
Endowment Funds
Arthur and Sybil Simon Bursary Fund
Bechler Charitable Turst		 24,333
19,163
(28,317)
-
-
15,179
Movement in Funds:
Balance at
1st Oct 2021
Income Expenditure
Gains/
(losses)
Transfers
Balance at
30 Sep 2022
£
£
£
£
£
£
17,856
402
(142)
(1,480)
(402)
16,234
105,865
2,389
(922)
(9,621)
(2,389)
95,322
Suminden Bursary Fund 695,903
15,701
(6,028)
(62,905)
(34,795)
607,876
Lionel Blue Lecture Fund
Sheila Shulman Chair Fund
Total Endowment Funds
Total Funds		 1,165
-
-
-
-
1,165
1,000
-
-
-
-
1,000
821,789
18,492
(7,092)
(74,006)
(37,586)
721,597
2,425,804
897,629
(1,233,324)
(196,712)
0
1,893,397

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 …

22

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Notes to the Accounts Continued

Comparatives:
Movement in Funds:
Balance at
Income Expenditure
Gains/
Transfers
Balance at
1 Oct 2020
(losses)
30 Sep 2021
£
£
£
£
£
£
General Reserve
1,264,756
1,197,358
(1,128,449)
113,698
33,315
1,480,678
-
Designated Funds
-
Fundraising Database Project
40,000
-
996
-
-
-
39,004
Online Teaching Project
60,000
-
-
-
-
60,000
Total Designated Funds
100,000
-
(996)
-
-
99,004
Total Unrestricted Funds
1,364,756
1,197,358
(1,129,445)
113,698
33,315
1,579,682
Movement in Funds:
Balance at
Income Expenditure
Gains/
Transfers
Balance at
1 Oct 2020
(losses)
30 Sep 2021
£
£
£
£
£
£
Restricted Funds
East European Fund
372
-
-
-
-
372
Pamela & 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
Windermere Avenue Appeal Fund
-
-
-
-
-
-
Library Judaica Fund
7,706
-
-
-
-
7,706
Lectureship in Jewish Thought and Ethics Fund
14,604
-
(14,604)
-
-
-
Gertrud Stein Liberal Jewish Synagogue Teaching Fund
8,679
-
(4,178)
-
-
4,501
Professor Ludwick Finkelstein Student Prize
100
50
(150)
-
-
-
Lech Lecha Fund
-
-
-
-
-
-
RIF Italiener Conference Fund
417
-
-
-
417
JJBS Fund - Pardes
-
3,000
(3,000)
-
-
-
Shoresh Fund
-
5,000
(1,103)
-
-
3,897
Koi Chai - 3rd Year Students Vocational Classes Fund
351
-
-
-
-
351
Didymus Fund
-
-
-
-
-
-
European Judaism
7,409
-
(1,000)
-
-
6,409
Total Restricted Funds
41,362
18,850
(35,879)
-
0
24,333
Movement in Funds:
Balance at
Income Expenditure
Gains/
Transfers
Balance at
1 Oct 2020
(losses)
30 Sep 2021
£
£
£
£
£
£
Endowment Funds
Arthur and Sybil Simon Bursary Fund
15,574
376
(140)
2,422
(376)
17,856
Bechler Charitable Turst
91,033
2,199
(909)
15,741
(2,199)
105,865
The Suminden Bursary Fund
614,808
14,851
(5,940)
102,924
(30,740)
695,903
Lionel Blue Lectrure Fund
1,165
-
-
-
-
1,165
Sheila Shulman Chair Fund
1,000
-
-
-
-
1,000
Total Endowment Funds
723,580
17,426
(6,989)
121,087
(33,315)
821,789
Total Funds
2,129,698
1,233,634
(1,172,313)
234,785
-
2,425,804		 Movement in Funds:
Balance at
Income Expenditure
Gains/
Transfers
Balance at
1 Oct 2020
(losses)
30 Sep 2021
£
£
£
£
£
£		 Movement in Funds:
Balance at
Income Expenditure
Gains/
Transfers
Balance at
1 Oct 2020
(losses)
30 Sep 2021
£
£
£
£
£
£		 Movement in Funds:
Balance at
Income Expenditure
Gains/
Transfers
Balance at
1 Oct 2020
(losses)
30 Sep 2021
£
£
£
£
£
£		 Movement in Funds:
Balance at
Income Expenditure
Gains/
Transfers
Balance at
1 Oct 2020
(losses)
30 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
Movement in Funds:
Balance at
Income Expenditure
Gains/
Transfers
Balance at
1 Oct 2020
(losses)
30 Sep 2021
£
£
£
£
£
£
372
-
-
-
-
372
41,362
18,850
(35,879)
-
0
24,333
Movement in Funds:
Balance at
Income Expenditure
Gains/
Transfers
Balance at
1 Oct 2020
(losses)
30 Sep 2021
£
£
£
£
£
£
15,574
376
(140)
2,422
(376)
17,856
91,033
2,199
(909)
15,741
(2,199)
105,865
614,808
14,851
(5,940)
102,924
(30,740)
695,903
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
-
2,425,804
13. Analysis of Net Assets Between Funds
Unrestricted Funds
Restricted Funds
Endowment Funds		 Tangible Fixed
Assets
Investment
s
Net Current
Assets
Total
2022
£
£
£
£
243,956
842,467
70,198
1,156,621
-
-
15,179
15,179
-
704,643
16,954
721,597
Comparatives:
Unrestricted Funds
Restricted Funds
Endowment Funds		 243,956
1,547,110
102,331
1,893,397
Tangible Fixed
Assets
Investment
s
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

Contd …

23

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Notes to the Accounts Continued

Purposes of Restricted Funds

Purposes of Endowment Funds

Contd …

24

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

LEO BAECK COLLEGE

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 401,087 (319,828) - - 81,259
Cash Equivalents - - - - -
Overdraft FacilityRepayable on Demand - - - - -
Loans FallingDue within One Year - - - - -
Loans FallingDue after More Than One Year -
 - - - -
Finance Lease Obligations - - - - -
Total 401,087 (319,828) - - 81,259

16. Operating Leases

At 30th September 2022 the charity had total commitments under non-cancellable operating leases expiring within 2-5 years of £13,578.

25

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

Independent Auditor’s Report to the Members

Opinion

We have audited the financial statements of Leo Baeck College for the year ended 30th September 2022 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 ….

26

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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 11, 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 …

27

LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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 …

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LEO BAECK COLLEGE Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2022

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: 16 May 2023

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 2022

CLASS OF 2022

Mathias Elasri

These five years of training at Leo Baeck College have been truly life changing for me. In addition to the knowledge of the rabbinic biblical texts that I was able to develop, this time allowed me to deepen my knowledge of the diversity and vitality of UK Judaism. Coming from France, these years allowed me to broaden my horizons. The staff and professors at Leo Baeck College have also shown exceptional support throughout my studies and I am infinitely grateful to them. It was also a marvellous human adventure.

David Yehuda-Stern

As someone who did not grow up within a progressive Jewish community, the LBC has been a particularly special place. Here I have found new teachers, colleagues and friendships; relationships from across the Reform and Liberal Movements. I have discovered new ways to approach ancient texts and dilemmas, and learned about a history of progressive Judaism that is too often unknown by much of British Jewry. But the college is not just a British institution; it is a hub for British Jewry that links it with its progressive teachers and communities across the world. It holds what is best about our small island's contributions to Judaism whilst looking abroad to you, our colleagues and teachers, to help shape rabbis who can serve in a wide range of locations and contexts. I will treasure my time at the college, in particular the bonds I made with teachers, staff and fellow-students.

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LEO BAECK COLLEGE

Trustees’ Annual Report and Financial Statements for the year ended 30[th] September 2020

Gabriel Kanter-Webber

Lev Taylor

Anthony Lazarus

Leo Baeck College is an incomparably intense environment to spend five years being melded into a Rabbi. The extraordinary library, the deep academic dedication of many superb teachers, and the lively commitment of its small student body ensure that the long Rabbinic programme has a transformative impact on all those of us fortunate enough to pass through it. Many of my Rabbinic passions and interests endured throughout those five years - I picked up, though, many more. Above all that, I learned about how communities work - and about how the complicated authority which comes with the title ‘Rabbi’ might be put to best use. I was sent to work in communities where those theories and practices were tested

and refined. In the College, and in those communities, I learned about where my aspirations for the Jewish future were plausible, and where they were impossible or undesirable. My progress through the college was not easy, and nor should be, but whatever I have to offer the Jewish world is inseparable from what I was privileged to acquire during my time at the Sternberg centre.

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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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