Lai LEO BAECII INSTITUTE LONDON foi tlie Study of Geiiiiaii-Jewis11 History and Culture LEO BAECK INSTITUTE LIMITED (Limited by Guarantee) Company no: 766699 Reglstered Charlty no: 235163 Report and Flnanclal Statements for the year ended 31 December 2025
LEO BAECK INSTITUTE LIMITED Contents Page Legal and Adminlstrative Information Report of the Trustee5 Independent Examiner's Report Statement of Flnancial Activities Balance Sheet Notes forming part of the Financial Statements io li 12-17
LEO BAECK INSTITUTE LIMITED Legal and Admlnlstrative Information Constltirtlon Leo Baeck Institute Limited Is a company limited by guarantee (Company number.. 7666991 a registered charity (Charity number.. 23516318overned by its memorandum and articles of association. Dlrectors and Trustees The dirertors of the charitable tompany I'the Charity or L81 London") are its trustees for the purpose of charity law and throughout thls report are tollectively referred to as the "Tru5tee5" The Trustees are eletted annually by the members of the Charity attending the Annual General Meeting and serve for a period of one year. The Trustees seNing during the year and ssn the year end were as follows.. Prof. D Rechter- Chalrman Or. S. Adler Prof. C Gelbln S Myers -Treasurer Rabbi Baroness l Neuberger DBE Prof. Dr S Schuler.Springorurn Company Secrary and Instbtute Olrector Dr. I Cronin Operatlonal ènd reglstered office address Rooms 252-253 Meizanlne Thlrd Floor Senate House Malet Street London WCIE 7HU Independent Examlner Harold Lipman FCCA 35, Oak Lodge Close Stanmore Mid(Ilesex HA7 4QB Bankers Coutts & Co 440 Strand London WC2R OQS Page I
LEO BAECK INSTITUTE LIMITED Report of the Trustees for the year ended 31 December 2025 The Trustees who are a150 directors of the Charity for the purposes of the Companies Act, present their report together with the independently examined accounts for the year ended 31 December 2025. The Trustee5 have adopted the provisions of ihe Statement of Recommended Practice ISORPI 'Accounting and Reporting by Charities, IFRSSEI in preparing the annual report and financial statements of the Charitv. Strurture. 8overnance and management The Charity is constituted as a company limited by guarantee and is therefore governed by its memorandvm and articles of association. A 8oard of Trustees of up to seven members, who meet periodically, governs the charity. An Institute Director and a Treasurer are appointed by the Trustees to manage ihe day-to-day operations of the Charity. All the directors of the company are also Trustees of the Charity and there are no other trustees. All of the Trustees named on page I seNed throughout the year. Rlsk management The Trustees actively review the major risks which the Charity faces on a re8ular basi5 and belleve that maint3inln8 reserves at current levels, combined with an annual review of the controls over key financial 5VStems, will provide sufficlent resources in the event of adverse conditions. The Trustees have also examined other operational and busine55 risks faced by the Charity and conflrm that they have established 5yStem5 to mitlgate the significant ri5k5. Any reductlon in short-term investment valuation fluctuations will have no Impact on the operatlons of the on80ing actSvitles of the Charitv. Objectives and activitSe5 The objects of the Charity are to advance the education of the public in all asperts of the history of German speaking jews and to undertake and promote research into this subject. The principal activities continue to relate to the publication of the Leo Baeck Institute Year Book. conducting and supporting research in the field of German-jewish history and culture, fostering upcoming generations of academics Sn thls field and organisln8 conferences, seminars and lecture5 as well as publicislng web-based academic content. The Leo Baetk Institute Year Book is an academic publication conslsting of origlnal research artlcles. Page 2
LEO BAECK INSTITUTE LIMITED Report of the Trustees for the year ended 31 December 2025 (continued) Publlc benefit In setting objectives and planning activities the Trustees have given careful consideration to the Charltv Commission's general guldance on public benefit. The strategies employed to achieve the Charity's aim5 and objective5 are to: Conduct and support research In our field of study and foster and support new generations of academits in our area of research Promote and organise a series of lectures, seminars and work5hop5 Publish web-based academic content throughout the year furthering the understanding of the history of German speaking Jew5 throughout the world Open these activitles to members of the publlc and other interested parties Participate actively with universitie5 and other research organi5ations to provide enhanced education opportunitles In the study of German Jewish and European history Publish the Leo Baeck Institute Year Book. A¢hlevements and performance The followin8 work was undertaken by the members of the LBI London in support of (És academic aims and mis$50n'. Leo Baeck InstStute Year Book 2025 LBI London has successfully published another volume of its Year Book (Oxford Universlty Press) In thls hi8hly acclalmed serles, which began in 1956. The journal continues to presenl orlginal research In the fleld of Germ8n-lewi5h history and culture. It remains the m05t dlstlngulshed publlcation in ils fleld, enjoying ever increasing approval and subscription rates. Schrlftenrelhe des Leo Bae¢k Instltuts Two new volumes in th15 book series publlshed by Mohr & Slebeck In collaboration wlth the LBI London were prepared in 2025 and are due to appear durin8 the course of 2026. German-jewlsh Culture Book Serles In this 5erles the title.. Animol, Vegetal, Morgint71.' The German Literory Grotesque from Ponlzzu to Kafk by Joela Jactsbs wa5 published by Indiana Unlver51ty Press in early 2025. The L61 London Lecture Serles 2025 In collaboration with the German Historical Institute London, LBI London offered it5 usual 5eiies of well- attended public lectures. The iheme of the 2025 series was 'Belonging and Exclusion,. It comprised four lectures exploring thi5 universal question through the lens of the German-jewish experience. Spanning key moment5 in modern history, these talk5 examined German-lewi5h thinker5, responses to the dominant 'Protestant ethic,, debates over nationalism in interwar Germany and Austria, the warped ideology of Adolf Hitler and ihe long struggle of German Jews to reclaim citizenship after the Holocaust. The lectures were aimed at academics and students from various scholarly backgrounds and interested members of the public in an effort to reach out. inform, educate and stimulate discu55ion. Three of these talks were held in person and all four were live streamed online, via Zoom. Page 3
LEO BAECK INSTITUTE LIMITED Report of the Trustees forthe year ended 31 December 2025 {continued) The Leo Baeck Fellowship Programme Two Leo Baeck Fellowship workshops for international doctoral candidate5 in our field of research were held, as Usual, in collaboration with the StudienstiftunE des deutschen Volkes. The programme, which is run tO6ether with the Studienstiftun8 and is financed by the German Government, offers an opportunity for young scholars to present their work, exchange knowledge and strengthen and promote a network of thè next generation of researchers and academics. Summer seminars rettsrned to the UK in June 2025 while seminars in November and December 2025 were held online. Both exchanges provided the Fellows with a much-welcomed opportunlly to showcase and discuss their projects and proved to be fruitful. Further Publ1¢ Events A book-launch event organlsed online in collaboration with The Wlener Holocaust Library and the British German Assoclation in February 2025 introduced Prof. Hermann Beck's latest publication 'Before the Holocaust: Ant15emitlc Violence and the Reaction of Gelman Elites and Institutions during the Nazi Takeovel. tracing the escalatlon of Nazi violence and German responses to these developments from 1933 onwards. Thls event met with widespread audience interest and was extremely well attended. In the context of the LBI'S 70th annThiersary celebrallons, the flrst In the newly established 5erle5 Of annual 'Eva Reichman Memorihl Lectures, in collaboration with the wider LBI network and 5UPPOrted by the Flnkelsteln Foundation in Germany was staged at the Wiener Holocaust Librèry. This panel discussion under the tille 'Witne55, Historian, Legacy, with Dr. Bea Lewkowicz, Prof. Natalia Aleksiun and Dr. Christine Schmidt took place in November 2025 and was a festive and extremely well received event. The LBI Blennlal Lerture 'Wrltln8 ori the Wall.. The Unfolding Persecution of Jews 1933 to 1939, by Prof. Frank McDonough was held in collaboration wlth Birkbeck Unlver5Ity of London In November 2025. The lecture examined how jewish people responded to increasing persecution in Nazi Germany between 1933 and the outbreak of World War 11, placing these developments withln their broader historical context. The event enjoyed popularity among a broad audience and was fully booked out in person and extremely well attended online. A recording is available on the LBI website. Conferences and Workshop$ In july 202S, the Leo Baeck Institute h05ted a high-level academit workshop on a forthcoming monograph by Prof. Abigail Green. Under the working title 'Children of 1848, the book traces an internalional history of Jewish liberal activism. told through the experiences of individual families. Page 4
LEO BAECK INSTITUTE LIMITED Report of the Trustees for the year ended 31 December 2025 (continued) Soclal Medla Projects L81 London and LBI Jerusalem have been collaborating on a highly innovative onllne exhibition and citizen science project which seeks to educate the public about the 'Hochschule fur die Wissenschaft des Judentums,. It is dedicated lo the International search for the10st book5 from the Hochschule's library that were subject to theft and destruction by the Nails. The project runs in a hybrid format including online and physical exhibitions and installaiions worldwide. An interactive website and online exhibition, together with a research portal, wa5 created for this purpose and launch events and search days for this multi-faceted project were sta8ed in the UK, Germany, the Czech Republic and the USA throu8houl 2024 and 2025. The web-based 'Snapshots of German-jewish Hlstory, based on materlal from the LBI'S collectlon of rare books, the historical LBI London Pamphlet Collection and other archival material continue to provlde, at regular intervals, highly visual introductSons to a variety of topics of German-lewi5h history and culture online. Topics in 2025 included 'Tracing Roots, Preserving Stories: Archives of German-jewish Family Histories, and 'The Life and Death Mk of Gershom Scho5em'. The L81 Film Club, another online project offering LBI friends and members free access to selected thought-provoking films linked to the jewish and German-jewish experience, equally continued to thrive with offerin85 throughout the year. The production of a promotional film to m3rk the 70th anniversary of the Leo Baeck Institute and highli8ht the institute'5 mi5slon and actSvllie5 was completed and released to the publit on the Institute's YouTube channel in 2025. 'Scholars Sn Intervie was another project coordinated by the LBI network to celebrate the 70th anniversary of the institute's founding. SIX Intervlews feoturing emlnent UK stholars In the field of German-jewish studies were recorded by the LBI london In 2024 and edited, transtribed and translated in 2025 for publication on the network's international platforms in time for the jubilee. These projects, together with the now habitual live-streaming and recording of all of LBI'S public events, have enabled LBI London to expand its public reach slgnificantly and wlll remaln part of our future programming. LBI London Pamphlet Collection- Dlgltlsatlon Pro8ramme LBI'S long-term efforts to preserve and digitise its historical london-based pamphlet collection were completed in 2023 and the process of Inge5tin8 the digitised material onto 'Digi8aeck', the online archive of LBI New York, began in 2024. The work was completed in 2025 and the collection is now accessible online for research purposes and to the general public. The project has succeeded in conserving fragile items and enhancing access to this unique collection of historic81 sources. Page 5
LEO BAECK INSTITUTE LIMITED Report of the Trustees for the year ended 31 December 2025 (continued) Bachelorfs Module German-jewlsh History at Birbeck Universlty Dr. joseph Cronin, LBI London's Institute Dlrector, designed and taught a bachelor's module on German- jewish history at Birkbeck University of London in the spring term of 2025. The course, entitled 'The Holocaust's Shadow.. Germany and the Jews from 1871 to the Present,, was well attended and offered thematically and chronologically structured introdurtion to key aspects of German-lewish history from the 19th century to the post-war period. New Positions at the LBI London The IBI'S new Postdoctoral Research Fellowship was awarded for the duration of one year to Dr. Monla Stahlberger in February 2025 and a Pro8ramme & Developmenl Off icer was engaged in June 2025 to as5isI the Inslltute Director in effecting the academic and directional objectives of the Institute. LBI PhD StudentshSp Winner of the LBI PhD Sludentship, Rabbl Daniel lichman, began his doctoral studles at Birkbeck University of London in September 2025. Hi5 dissertation project Snvestlgates the influence of German- jewish refugee rabbis on the development of liberal judaism in Great Britain. This makes a direct contributlon lo the Institute's research focus examinin8 the German-lewish experiente in tran5natlonal and in particular in Brltlsh contexts. Flnanclal revlew Total incomlng resources for the year amounted to £339,789 12024 £324,147) which represent5 an increase of £ 15,642 over the prevlous year. Total resource5 expended Increased from £358,078 in 2024 to £402,922 In 2025. The increase was due to an Sncrease In staff costs and rent and off ice move costs, offset by savlngs elsewhere. In 2025, the Trusiees approved an allocatlon of a further £27.000 for the second year funding of the designated fund for a three year LBI PhD studenlship programme. These funds were fully utilised durin8 the year. The continued application of strict tontrols over spendin8 limits and budgeted expenditure has enabled other OUt80ing resources to be kept whhin reasonable bounds for the level of activity over the year. As a result the general fund decreased by £26,661 which is stated after an unrealised investment gain of £36,47212024- £74,767) on the Charity's investments. This gain was lowei than that achieved in earller years as a result of widespread geopolitical and economic global concerns, Including the conflitt5 In Ukraine and the M iddle East. This resulted in volatility in the investment markets affectin8 the value of investments held at the year end. The net result for the year was an overall net fall in funds of £26,66112024- an increase of £40,836). Investment pollcy and performance Under the memorandum and articles of association, the Chèrity has the power to make èny investment which the Trustees see fit. The investment stralegy has been reviewed and the bulk of cash re5eNe5 are invested on deposit with Coutts Bank and in Bond Funds and Equity Funds, which are both held through Sarasin & Partne. Page 6
LEO BAECK INSTITUTE LIMITED Report of the Trustees for the year ended 31 December 2025 (continued) Reserves pollcv The major source of fundlng received by the Charity is from the Leo Baeck Institute Central Fund, a foundation based in Germany, which is funded as part of Jewish Restitution payments from the German Central Government. The Trustees believe that this source of fundin8 will continue for the foreseeable near future. With regard to thls, the Trustees operate a policy to maintaln unrestricted funds, which are the Charity's free reseryes, at a level which equates to at least six months expenditure in the unrestricted fund bearin8 In mind movements in unreali5ed inve51ments. This will allow the Charity to 5UStain its operation in the event of funding from the leo Baeck Institute Central Fund being curtailed temporarily. The present level of funding Is adequate to support the continuation of operations for the rnedium term, and the Trustees consider the Charity'5 financial position to be satlsfactory. Further Oevelopment5 at LBI London In November 2025, the Leo Baeck Institute London relocated from Its temporary home at 44 Russell Square to its new long-term premises in Senate House, University of London. Fulfilling this long-held ambitlon not only formali5e5 and strengthens the posltion of the Leo Baeck Institute within the academic network in the UK but a150 brings the Institute even c105er to several key partner institutions and allows for greater collaboration and engagement. The relocation of the LBI'S Arnold Paucker Library from Queen Mary University's Mile End Main Library, where il was held on temporary loan since 2017. to Senate House Library in Bloomsbury was agreed In 2025. Preparations for this transfer were made throu8hout the year and a temporary staff membef was hlred for three months toward5 the end of the year to assist with addltional library administration and re-barcoding tasks. The library moved to its new home In the sprlng of 2026. Terms of use for the book collection of the Institute will remain unchanged. Plans for future perlods Preparations for the multidisclplinary international conference 'Beyond Camps and Forced Labourf in collaboration with Birkbeck University of London and the Wiener Holocaust Library were underway in 2025 and the conference took place in january 2026. A very popular online roundtable discussion organised in collaboration with the German British Associatlon on the topic 'KindertransPOrt in British Mernory and Culture, was staged in March 2026. Panellsts were Dr. Monja Stahlberger, Dr. Amy Williams and Howard Falksohn and ihe discussion was open to the publlc. A conference on the subject of 'Crosslng Borders-. Transnatlonal Perspectwes on Life-Writin8 and Ego- Docijments, organlsed by the LBI'S Research Fellow Dr. Monja Stahlberger and others at the University of Southampton was supported by the institute and took place in April 2026. It featured a keynote lecture by Prof. Eva KoVa. In 2026 LBI London will continue to offer the LBI Ledure Series to the public free of charge. Ils latest Series 'Afterlive5 of the German Past, will explore the diverse ways in which the German past shape5 the present. The series is again organised in cooperation with the German Historical Institute London. Pa8e 7
LEO BAECK INSTITUTE LIMITED Report of the Trustees forthe year ended 31 December 2025 (contlnued} l81 London will continue to offer its web-based projects, the 'LBI Film Club, and the 'Snapshots of German-jewish History and Culture, during 2026. These online projects provide popular and much praised content for Its members and friends, for academia and the general public. They are also available via the LBI'S varSous social media channels IFacebook, X, Instagram and YouTubel. Further online content will be provided by a filmed series of mlnl-interviews with young scholars. LBI'S publishin8 programme will continue with further volumes of the 'LBI Year Book,, 'Schriftenreihe Wi5senschaftllcher Abhandlungen des Leo 8aeck Instituts, and our 'German-Jewlsh Cultures, book series. A new generation of young scholars will once more be selected for the LBI Fellowship Programme 2026127 and the Charity is continulng Its support of exceptional doctoral candidates in the field with ils PhD StLtdentship in collaboration with Birkbeck, Llniversity of London which started in September 2025. A new Postdoctoral Research Fellow will be recruited by the Institute on an annual basls to broaden research Scope and scholarship. Trustees, responslbllltles In relatlon to the flnanclal statements The Trustee5 are responsible for preparlng the Ann(t31 Report and the financial statements In accordance wlth appllcable law and regulatlons. The Trustees are requlred to prepare flnanclal statements for each fSnanclal year In accordance wlth Unlted Kingdom Generally Accepted Accounting Practice Iunlled Klngdom Accountlng Standards and appllcable lawl. The financial statements are required by law to glve a true and fair view of the state of affairs of the Charlly and of Its incomlng resources and applicatlon of resources for that period. In preparlng those fSnancial statements the Trustees are requi¥ed to.. Select suitable a¢countin8 policies and then apply them consistently Make judgements and estimate5 that are reasonable and prudent State whether applicable UK Accountin8 Standards have been followed, subject to any materlal departures disclosed and explained in the financial statements and Prepare the financial statement5 on the going concern basis unless it is Inapproprlate to presume that the charily will continue in operatlon. The Trustees are responsible for maintainSn8 adequate accountin8 records, which dlsclose with reasonable accuracy at any time, the finaneial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities Approved by the Board of Trustees on 16 June 2026 and signed on its behalf by: O g e JLf-(r Prof. D Rechter Chairman Page 8
LEO BAECK INSTITUTE LIMITED Independent Examinerfs Report to the Trustees of Leo Baeck Institute Limited I report to the Charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2025, which are set out on pa8e5 10 to 17. Responslbllltles and Basis of Report As the Charity's Trustees Iwho are also the directors of the Company for the purposes of company lawl, vou are responsible for the preparation of the accounts Sn accordance with the requirements of the Companie5 Art 20061.the 2006 Act"). Having satisfied myself that the ateounts of the Company are not required to be audiled for this year under Part 16 of the 2(K)6 Act and are eligible for independent examination, I report in respect of my examlnation of your Charity's accounts as carried out under section 145 of the Charities Act 2011 (the 2011 Attl. In carrying out my examination, I have followed the directions glven by the Charity Commission (under section 14515llbll of the 2011 Act. Independent Examlnerfs statement I have completed my examlnation. I confirm that no material matters have come to my 8ttentlon which 8ives me cause to believe that: Accountin8 records were not kept in accordance wlth section 386 of the Companies Act 2006 or The accounts do not accord with such retord5 or The accounts do not comply with the relevant accountlng requlrements under section 396 of the Companles Act other than any requirement that the accounts glve a 'true and falrf vlew whlch Is not a matter considered as part of an independent examination or The account5 have not been prepared in accordance with the Charltle5 SORP IFRS1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thi5 report in order to enable a proper understandlng of the accounts to be reached. Harold Llpman Chartered CertifSed Accountant 35 Oak Lodge Close Stanmore Mlddlesex HA7 4QB 16 JLbne 2026 Page 9
LEO BAECK INSTITUTE LIMITED Statement of Financlal Actlvitles for the year ended 31 December 2025 Sumrnary Income and Expendlture Account 2015 Desnaied Pvnd$ 1024 Des19nOted Funds Uniestrlcted Total Funds UJ>restrfcted Funds Totoj Funds Not• Income Irom.. OonatK)nS and1e8acles 2&11 2BI,794 30,639 356 27.(X)O 308,794 30.639 356 266,293 28.497 J,196 28,161 294,4Sd 18.497 I,J96 Inve5tmenlS DthÈr Tor•1 Incom1& 1¢50urces 311.789 27,ri)o 339.789 295.986 28,J6J 324.147 Exp•rdltur• rm.. 6&11 37S,922 27,000 402.922 329.9J7 28,161 358,078 Tot•1 $0YrtS exp•nded 375,911 17mO 401.922 329,917 358.078 N•t In¢orn•l(•xp•ndbtY* 16J,lJ31 133.9311 133,93JJ other re¢¢Jgn15ed g•lM •n¥ 36,472 36,472 74,767 Y4,767 Tr•n¥lerfrom deslin•ted lundi li N•1 fflov•m¢ni In lundj 116.661) 116.6611 4V36 Total funds brtsulht forT0 350.479 483.686 834.165 309.643 483,686 793,319 TDt•l funds urd•d foA¥ird 323.818 4BI,586 807,504 350,479 483,686 834,165 ThE notes on pa8e5 12 to 17 forffl part ol these accounts The Statement of Flnanclal Ad1vIl$ Intludes 31113in5 and10$5es reco8nised durinithe year. Page 10
LEO BAECK INSTITUTE LIMITED Balance Sheet as at 31 December 2025 (Registered Charity No: 235163) 2025 2024 Not• Flxed assit5-taNglble assets Offlce furniture & equlpment, at cost less depreciatlon Investments io 743,504 707,032 Current Assets Cash at bank and In hand Atcrued inccme Other debtors 76,325 17,240 5,362 98,927 99,J47 14.155 21,791 135,093 Current Llabllltles Amounts f3111*)8 due wlthln one yeor.. Accrua15 Credltors 29.000 3,130 4,830 7,960 34,927 Net Cyrrenl A$s•t$ 64.000 127,133 Tot•1 Ass1 1¢$$ Currqnt U•bllltle$ 807.504 834,165 Unrestrlcted Funds: General Fund Desl8naled Funds 323,818 483,686 350,479 483,686 807.504 834,165 Forthe flnanc181 year In questlon, the Company was entltled to exemptlon under sectlon 477 ¢1 the Cornpanles Art 2006 relatin8 to small companies. No mernbers have requlred the cornpany to obtaln In •udlt of its èc¢ounts fortht tr in questlon In accordan¢e wrth Sectlon 476 of the Companle5 Act 2006. The Dlreclor5 acknowled8e thelr re5pon5ibiiity forcomplylnl wlth the requirements of the Act wlth respect to accountln8 records and for the preparatlon of account5. These ac¢ounts ha¥e been prepared In atcDrd6n¢e with the provlslons appllcable to compènies subject tothe small compènles, re81rne. The accounts were approved by the Board of Trustees on 16 June 2026 and siBned on Sts behalf by: Prof. D Rechter Chairman Page 11
LEO BAECK INSTITUTE LIMITED Notes formlng part of the financial statements for the year ending 31 Dember 2025 Summary of 5ignlfi¢ant accounting policles 1.1 lal Basls of preparatlon The financial statement5 have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to charities preparin8 their accounts in accordance with the Financial Reporting Standard for Smaller Entilies leffectwe January 20151, the Charitie5 Act 2011 and the Companles Aci 2006, $0 far as It is applicable to the Company. The flnanclal statements are prepared on a goin8 concern basi5 under the hlstorical c05t convention with the exception of investments whlch are included at market value as modlfled to include the fevalualion of certain fixed asset5. The financial statements are prepared in sterling which 15 the functional turrency of the charlty and rounded to ihe nearest £1. Transartions In forel6n currencles are translated at the rate prevalling at the tSme of the transaction. Any balances held in foreign curTencSes are translated at the prevailing rate at the Balance Sheet date and any galn or 105s arising from a chan8e in rètes fiom the prevlous year is reported in the Statement of Financlal Activitles. In these financial slatementS, the Chorlty has applied the exemptions available under SORP IFRSSEI. The Cash Flow Statement is set out in Note 12. Ibl Fund$ Unrestricted funds are available for vse at the discretlon of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Oeslgnated funds are funds allocated by the Trustees for speciflc future purposes. 1.2 Incomln8 resources All Incomlng resourtes and donations are included In the Statement of Flnancial Actlvltles ISOFAI when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. 1.3 Resources expended All expenditure is accounted for on an accruals basss and has been classifled under headin85 that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments lo third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is calegorI5ed under the following headings.. Expendittjre on charitable artivitie5 includes production of the Year Book, costs of staginB lectures and workshops. bursaries and a proportion of salarie5 directly related to those activities. Irretoverable VAT is charged as an expense a83inst the activity for which the expenditure arose. Page 12
LEO BAECK INSTITUTE LIMITED Notes forming part of the financial statements for the year ending 31 Dember 2025 (continued Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs and adminislrative payroll Costs. They are incurred directly in support of expenditure on the objerts of the Charitv. Where support costs cannot be directly attributed to particular heading5 they have been allocated to the cost of raising funds and expenditure on charitable activities on a basis consistent with the use of resources. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. 1.4 T•nglble fixed a$sets All expendlture incurred during the year on equSpment and moveable furnishings, whether malntenance or Improvement, is written off as expenditure in the year in which it is incurred. 1.5 Investments FSxed asset Investments are stated at market value with changes recognlsed In 'net galns11105ses1 on investments, in the SOFA. 1.6 Golng concern The financial statements have been prepared on a goin8 concern basis as the Trustees belleve that no moterial uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for the 12 months from authorising these financial statement5. The budgeted income and expenditure is SLtfficient with the level of reseThes for the charity to be able to continue as a goin8 concern. Total 2025 Totol 2024 In¢ome from donatlons and le8acles Gifts and donations 308.794 294,454 Income from charltable actlvities Income directly attributable to Year Book5 30,639 28.497 Page 13
LEO BAECK INSTITUTE LIMITED Notes forming part of the financial statements for the year ending 31 December 2025 (continued) Total 2025 Totul 2024 2025 Other Incomln8 resources Other Income from Investments Bank Interest receivable 356 1,196 Analysls of expendliure on charltable actlvltles Year book costs Projects and seminars Bursaries and prlzes Fundraisin8 Support costs 12,245 51,041 14,556 50,912 Staff costs Office rental and overheads DeprecSatlon IT and computer equipment Bank char8es Exchange dlfferences Accountancv 198,411 90.765 1.949 9,370 1,297 1,155 7,150 180,877 55,350 9,890 1,359 6,551 7,002 261,029 1,420 2,000 310,097 Governance costs Expenses of meetin85 Independent examination fees 539 2,(M)O 2,539 375,922 329,917 Trustees None of the Trustees lor any person connected with them) reteived any remuneratlon during the year. Page 14
LEO BAECK INSTITUTE LIMITED Notes forming part of the financial statements for the year ending 31 Dmber 2025 (continued) Employees 2025 2024 Numberofemployees The average rnonthly number of employees during the year was.. Employment Costs Wages and salarles Social securitv Staff pension premiums 174,697 10,574 13,140 198,411 158,461 10,592 11,824 180.877 There were no employees whose annual remuneration was £60,000 or more. Flxed assets Flxtures and equlpment Cost at l January 2025 Additions Cost at 31 De¢ember 2025 18.369 1,949 20,318 Oepreclatlon at l January 2025 Provlded in the year Oepreclatlon at 31 December 2025 18,369 1,949 20.318 Written down value at l January 2024 and 31 December 2024 Page 15
LEO BAECK INSTITUTE LIMITED Notes forming part of the financlal statements for the year ending 31 December 2025 Icontinued} 10 Flxed agset investments Llsted Investments Market value at l January 2025 707.032 Addition5 at cost Proceeds of disposa Profit on disposal Change In value in the year 36,472 Market value at 31 December 2025 743,504 Hlstorlcal c05t at l January 2025 and 31 December 2025 483.686 11 Deslgnated funds The income funds of the Charity include desi8nated funds compri5in8 the followlng balances held for specific purpose5: Movement In fvnd5 Balance at 31 Oecèmbtr 2025 Balance at l January 2025 Incomkni resources Resources èxpended Transfers to 8eneral fvnd Ph0 5tudent5hlp fund Endowment fund 27,000 27.OCK) 483,686 483,686 483,686 27,000 27,000 483,686 PhD studentshlp fund Thi5 fund was allocated by the Tru5tee5 to finance a three year PhD studentship programme at Birkbeck University. London. During 2025, £27,00012024- £28,161) was allocated to fund the second year. This fund was allocated by the Trustees to finance the academic aCtivie$ ol the Charity. Endowment fund Page 16
LEO BAECK INSTITUTE LIMITED Notes forming part of the financial statements for the year ending 31 Dember 2025 (continued) 12 Cash Flow Statement for the year ended 31 December 2025 2025 2024 Net movement In funds las per page 101 126,6611 40,836 Adjustments,. Ilncreasel/Decreèse In value ol Investments Ilncrea5ellDecrease in debtors Increase/lDecreasel in creditors Cash Flow from Operatlng A£tlvltles 136.4721 13,344 26,967 122,8221 174,767) 115,3361 (1,038) 150,305J Bank account5 as at l January 2025 Bank accounts as at 31 December 2025 Nèt IncreasellDetrÈasèl In Cash and Bank 8alHnce5 99,147 76,325 122,8221 149,452 99,147 (50,305) Page 17