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 Secr￿ary 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 M￿k 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
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LEO BAECK INSTITUTE LIMITED
Statement of Financlal Actlvitles for the year ended 31 December 2025
Sumrnary Income and Expendlture Account
2015
Des*naied
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 ￿$0Yrt*S exp•nded
375,911
17mO
401.922
329,917
358.078
N•t In¢orn•l(•xp•ndbt￿Y*
16J,lJ31
133.9311
133,93JJ
other re¢¢Jgn15ed g•lM •n¥
36,472
36,472
74,767
Y4,767
Tr•n¥lerfrom deslin•ted lundi
li
N•1 fflov•m¢ni In lundj
116.661)
116.6611
4V36
Total funds brtsulht for￿T0
350.479
483.686
834.165
309.643
483,686
793,319
TDt•l funds urd•d foA¥ird
323.818
4BI,586
807,504
350,479
483,686
834,165
ThE notes on pa8e5 12 to 17 forffl part ol these accounts
The Statement of Flnanclal Ad1vIl￿$ 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 Ass￿1 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 De￿mber 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.
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LEO BAECK INSTITUTE LIMITED
Notes forming part of the financial statements for the year ending 31 De￿mber 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
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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.
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LEO BAECK INSTITUTE LIMITED
Notes forming part of the financial statements for the year ending 31 D￿mber 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
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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 aCtivi￿e$
ol the Charity.
Endowment fund
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LEO BAECK INSTITUTE LIMITED
Notes forming part of the financial statements for the year ending 31 De￿mber 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