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2023-09-30-accounts

Charity registration number 263003

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr A Rogoff M.Com, FCMI I E Woolf-Elbaum

(Appointed 12 September 2023)

Charity number 263003

Principal address

JCT UK Gallery House 28 Arcadia Avenue London N3 2TN

Independent examiner

Sam Rogoff & Co Ltd 3rd Floor Great Titchfield House 14-18 Great Titchfield Street London W1W 8BD

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

CONTENTS

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Page
Trustees' report 1 - 2
Independent examiner's report 3 - 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 14
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THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

The trustees present their annual report and financial statements for the year ended 30 September 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The trust's objects are to raise funds to support the activities of the Jerusalem College of Technology – Lev Academic Center (JCT) and increase public awareness about the college. Funds are raised for general operational expenses, scholarships and capital projects such as the building of the Tal Campus. The policies adopted in furtherance of these objects are direct and indirect solicitations from grant- making foundations and private individuals and there has been no change in these during the year.

Success is measured by the amount of funds raised during the reporting period, the number of new donors and returning donors, the number of public events.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Achievements and performance

Rosalind Elbaum made 3 visits to London and 1 to Manchester on behalf of the charity. The charity intends to continue its activities in the coming year by personal solicitations, fundraising events and a publicity campaign in the UK to promote the charity.

Financial review

During the year, funds were raised for the general objectives of the charity. The net movements in funds for the year amounted to -£13,880.

Due to the current low monthly expenses, the charity has adequate resources to continue through 2023 and 2024. They have concluded that the charity can continue as a going concern for the foreseeable future.

Here follow the principal funding sources of the charity which were used to support our key objectives of supporting the activities of the college and increasing public awareness. Schreiber Charitable £200,000 for Schreiber LevTech Entrepreneurship Center Joe & Rosa Frenkel Charitable £25,000 for entrepreneurship activities Grahame Charitable £12,500 for general purposes Grahame Charitable £12,500 for general purposes Ermasa CT £13,036 for general purposes Denholme Charitable £2,000 for general purposes

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised.

A total of £286,000 was transferred to the Jerusalem College of technology in Israel for support of entrepreneurship activities and other JCT projects. There were total expenses of £19,121.

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The trust is an unincorporated charitable trust.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr A Rogoff M.Com, FCMI

B Feldman (Resigned 12 September 2023) I E Woolf-Elbaum (Appointed 12 September 2023)

To appoint new trustees recommendations are received from the community. The trustees then make enquiries as to the background and other factors. The potential trustee is then asked to send his/her current cv and other information for consideration by the trustees. A meeting is held with the candidate and a decision is made by a majority of the trustees

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Reference and Administrative Details

Charity name : The British Friends of Jerusalem College of Technology

Charity number: 263003

Address: JCT UK, Gallery House, 28 Arcadia Avenue, Finchley, London, N3 2TN

Phone: 020 3889 5678 Email: elbaum@jct.ac.il Website: www.jctuk.org

The trustees' report was approved by the Board of Trustees.

Mr A Rogoff M.Com, FCMI Trustee

24 June 2024

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

I report to the trustees on my examination of the financial statements of The British Friends of Jerusalem College of Technology (the trust) for the year ended 30 September 2023, which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

As permitted by Direction 2, issued by the Charity Commission the firm for which I work has provided the Company with bookkeeping services during the year ended 30[th] September 2023. As a consequence I have followed the requirement of the FRC’s Ethical Standard when undertaking this assignment.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

Since the trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mrs Emily Brown BSC (Hons) FCA Sam Rogoff & Co Ltd

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

INDEPENDENT EXAMINER'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

3rd Floor Great Titchfield House 14-18 Great Titchfield Street London W1W 8BD

Dated:

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
2
41,342
250,000
Total income
41,342
250,000
Expenditure on:
Raising funds
3
3,044
-
Charitable activities
4
77,128
225,050
Total expenditure
80,172
225,050
Net income/(expenditure) and
movement in funds
(38,830)
24,950
Reconciliation of funds:
Fund balances at 1 October
2022
48,986
1,982
Fund balances at 30
September 2023
10,156
26,932
Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
291,342
43,521
42,300
291,342
43,521
42,300
3,044
1,750
-
302,178
30,141
75,136
305,222
31,891
75,136
(13,880)
11,630
(32,836)
50,968
37,356
34,818
37,088
48,986
1,982
Total
2022
£
85,821
85,821
1,750
105,277
107,027
(21,206)
72,174
50,968

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

BALANCE SHEET

AS AT 30 SEPTEMBER 2023

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the trust
Restricted income funds
13
Unrestricted funds
2023
£
333
40,027
40,360
(3,600)
£
328
36,760
37,088
37,088
26,932
10,156
37,088
2022
£
303
53,472
53,775
(3,300)
£
493
50,475
50,968
50,968
1,982
48,986
50,968

The financial statements were approved by the trustees on 24 June 2024

Mr A Rogoff M.Com, FCMI

Trustee

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

Charity information

The British Friends of Jerusalem College of Technology is a Charitable Trust.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have considered a period of 12 months, and have a reasonable expectation that the trust has adequate resources to continue in operational existence for at least this period. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.6 Impairment of fixed assets

At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.9 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
41,342
250,000
For the year ended 30 September 2022
43,521
42,300
Total
2023
£
291,342
Total
2022
£
85,821
85,821

3 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Advertising 3,044 1,750

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

4 Charitable activities

Donations Donations
2023 2022
£ £
Donations to Jerusalem College of Technology Israel 286,100 90,136
Share of support costs (see note 5) 4,403 4,065
Share of governance costs (see note 5) 11,675 11,076
302,178 105,277
Analysis by fund
Unrestricted funds 77,128 30,141
Restricted funds 225,050 75,136
302,178 105,277
For the year ended 30 September 2022
Unrestricted funds 30,141
Restricted funds 75,136
105,277

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

5
Support costs
Support
costs
Governance
costs
£
£
Depreciation
165
-
Insurance
872
(2)
Consultancy and
administration services
7,773
-
Postage, Printing and
Stationery
-
-
Telephone, Fax and
Internet
554
-
Travelling and Parking
expenses
2,917
-
Sundry costs
35
-
Bank Charges
25
-
Foreign Exchange
Differences
(165)
-
Audit fees
-
3,900
12,178
3,898
Analysed between
Charitable activities
4,403
11,675
2023Support costs Governance
costs
£
£
£
165
165
-
870
756
-
7,773
7,776
-
-
50
-
554
392
-
2,917
2,645
-
35
35
-
25
22
-
(165)
-
-
3,900
-
3,300
16,076
11,841
3,300
16,078
4,065
11,076
2022
£
165
756
7,776
50
392
2,645
35
22
-
3,300
15,141
15,141

Governance costs includes payments to the accountants of £3,600 for Independent Examination fees.

6 Net movement in funds

Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 3,900 3,300
Depreciation of owned tangible fixed assets 165 165

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

8 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

8 Employees

(Continued)

There were no employees in the year.

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10 Tangible fixed assets

Cost
At 1 October 2022
At 30 September 2023
Depreciation and impairment
At 1 October 2022
Depreciation charged in the year
At 30 September 2023
Carrying amount
At 30 September 2023
At 30 September 2022
11
Debtors
Amounts falling due within one year:
Prepayments and accrued income
12
Creditors: amounts falling due within one year
Accruals and deferred income
Fixtures and
fittings
£
658
658
165
165
330
328
493
2023
2022
£
£
333
303
2023
2022
£
£
3,600
3,300
Fixtures and
fittings
£
658
658
165
165
330
328
493
2023
2022
£
£
333
303
2023
2022
£
£
3,600
3,300
658
165
165
330
328
493
2022
£
303
2022
£
3,300

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

13 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Previous year:
At 1
October
2022
Incoming
resources
Resources
expended
At 30
September
2023
£
£
£
£
1,982
250,000
(225,050)
26,932
October
2021
Incoming
resources
Resources
expended
At 30
September
2022
£
£
£
£
34,818
42,300
(75,136)
1,982

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
Donations to JCT
General funds
Previous year:
At 1
Donations to JCT
General funds
October
2022
Incoming
resources
Resources
expended
At 30
September
2023
£
£
£
£
15,000
-
(10,000)
5,000
33,986
41,342
(70,172)
5,156
48,986
41,342
(80,172)
10,156
October
2021
Incoming
resources
Resources
expended
At 30
September
2022
£
£
£
£
25,000
-
(15,000)
10,000
12,356
43,521
(16,891)
38,986
37,356
43,521
(31,891)
48,986

15 Related party transactions

Transactions with related parties

During the year the trust entered into the following transactions with related parties:

THE BRITISH FRIENDS OF JERUSALEM COLLEGE OF TECHNOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

15 Related party transactions

(Continued)

Insurance purchased in the year from Ashley Page Insurance Brokers Ltd (a related party) totalling £666.

Ashley Rogoff (Trustee) has indirect control of Ashley Page Insurance Brokers.

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