LONDON ACADEMY OF JEWISH STUDIES
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
LONDON ACADEMY OF JEWISH STUDIES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| INDEX Trustees’ Report Independent Examiner’s Report Income and Expenditure Account Balance Sheet Statement of cash flow Accounting Policies |
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LONDON ACADEMY OF JEWISH STUDIES
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report and annual accounts for the year ended 31 December 2022.
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 (FRS102- effective 1 January 2015- (Charities SORP FRS 102) and the Charities Act 2011.
Charity Registration Number
270680
Principal Address
2 Highfield Avenue London NW11 9ET
Trustees
Rabbi G Hager Mr A A Guttentag Rabbi A M Markovic Rabbi J Hager
Objects
The Governing Document is a constitution dated 31 December 1975. The objects of the charity are to advance education by the establishment of an academy for the learning of higher Rabbinical studies and Jewish learning and particularly for the education of young men from the UK.
Activities
The charity achieved its objects during the year by obtaining donations. Funds so obtained are used to pay charitable grants to the students in the academy so as to satisfy the charitable criteria established in the objects.
Public Benefit
The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 17 Charities Act 2011. The trustees believe that the charity achieves a public benefit by providing these services as detailed earlier in this report.
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LONDON ACADEMY OF JEWISH STUDIES
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Reserves policy
The charity currently operates with an adequate level of reserves representing approximately 3 to 6 months expenditure. The trustees review this policy on a regular basis.
Achievements and performance
The charity had a successful year raising monies to be able to make grants payable to its beneficiaries. These grants enable the beneficiaries to progress in their educational studies.
Finance review
The charity received income this year of £618,970 (2021: £507,980) and incurred expenditure of £564,587 (2021: £424,635). Reserves carried forward are £443,918 (2021: £389,535).
Trustees’ responsibilities
Charity law requires the trustees to prepare accounts 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 year. In preparing those accounts, the trustees are required to:-
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the Accounts on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011. 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.
Approved by the Board of Trustees on 12 October 2023 and signed on its behalf by:
Rabbi G Hager Trustee
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LONDON ACADEMY OF JEWISH STUDIES
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF LONDON ACADEMY OF JEWISH STUDIES
I report to the trustees on my examination of the accounts of the London Academy of Jewish Studies for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
Since the Trust’s gross income exceeded £250,000 I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Anthony Epton BA FCA CTA FCIE Goldwins
Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
12 October 2023
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LONDON ACADEMY OF JEWISH STUDIES
STATEMENT OF FINANCIAL ACTIVITIES AND
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Income from: | ||
| Donations Received | 618,380 | 507,530 |
| Interest Received | 590 | 450 |
| _ | _ | |
| 618,970 | 507,980 | |
| _ | _ | |
| Expenditure on: | ||
| Cost of Generating Funds |
2,225 | 1,211 |
| Advancement of Jewish learning | ||
| Accountancy Fee | 1,247 | 2,276 |
| Printing, Postage, Stationery and Advertising | 601 | 496 |
| Charitable Grants (to individuals for educational purposes) | 544,228 | 396,489 |
| Bank Charges and Interest | 2,715 | 2,336 |
| Wages and Salaries | 13,571 | 21,827 |
| Travel Expenses | - | - |
| _ | _ | |
| 564,587 | 424,635 | |
| _ | _ | |
| Net income/(expenditure) for the year | 54,383 | 83,345 |
| Balance brought forward as at 1 January 2022 | 389,535 | 306,190 |
| _ | _ | |
| Balance carried forward as at 31 December 2022 | 443,918 | 389,535 |
| ====== | ====== |
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LONDON ACADEMY OF JEWISH STUDIES
BALANCE SHEET AS AT 31 DECEMBER 2022
----- Start of picture text -----
2022 2021
£ £
CURRENT ASSETS
Balance at bank 445,173 390,677
CURRENT LIABILITIES
Accruals 1,255 1,142
__ _
1,255 1,142
NET ASSETS 443,918 389,535
===== =====
FUNDS
___
Unrestricted 443,918 389,535
===== =====
----- End of picture text -----
Approved on behalf of the board of trustees by
Rabbi G Hager Trustee
12 October 2023
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LONDON ACADEMY OF JEWISH STUDIES
CASH FLOW STATEMENT
AS AT 31 DECEMBER 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ £ |
£ |
|
| Cash flows from operating activities: | ||||
| Net cash provided by / (used in) | ||||
| operating activities | 2 | 54,496 | 83,397 | |
| Cash flows from investing activities: | ||||
| Sale/ (purchase) of fixed assets | - | - | ||
| Sale/ (purchase) of investments | - | - | ||
| _ _ | ||||
| Cash provided by / (used in) investing | activities | - | - | |
| _ | _ | |||
| Change in cash and cash equivalents | ||||
| in the year | 54,496 | 83,397 | ||
| Cash and cash equivalents | ||||
| at the beginning of the year | 390,677 | 307,280 | ||
| _ | _ | |||
| Cash and cash equivalents at | 3 | 445,173 |
390,677 | |
| the end of the year | ======= | ======= |
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LONDON ACADEMY OF JEWISH STUDIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
a) Basis of preparation
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 - effective 1 January 2015) - (Charities SORP FRS 102) and the Charities Act 2011.
The charity 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 or note.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
b) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
c) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
d) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Grants payable are accounted for in the year in which they are paid to the beneficiaries.
Grants are awarded to individuals to enable them to continue their religious studies, which helps the charity meet its charitable objectives.
e) Cash at bank and in hand
Cash at bank and cash 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.
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LONDON ACADEMY OF JEWISH STUDIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2. Reconciliation of net income /(expenditure) to net cash flow from operating activities
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Net (expenditure)/ income for the reporting period | ||||
| (as per the statement of financial activities) | 54,383 | 83,345 | ||
| Increase/ (decrease) in creditors |
113 | 52 | ||
| --------- | --------- | |||
| Net cash provided by / (used in) | ||||
| operating activities |
54,496 | 83,397 | ||
| ====== | ====== | |||
| 3. | Analysis of cash and cash equivalent | |||
| At 31 | ||||
| 1 Jan 2022 | Cash flow | Dec 2022 | ||
| £ | £ | £ | ||
| Cash at bank and in hand | 390,677 | 54,496 | 445,173 | |
| _ | _ | ______ | ||
| Total cash and cash equivalent | 390,677 | 54,496 | 445,173 | |
| ====== | ====== | ====== |
4. Related party transactions
There were no related party transactions in the year (2021: none).
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