LONDON ACADEMY OF JEWISH STUDIES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 LONDON ACADEMY OF JEWISH STUDIES FINAN TATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 tNDEX Trustc¢s' R¢port Independent Examiner's Report Incoine and Expenditure Account Balancc Sheet Stateinent of casli flow Accounting Policies LONDON ACADEMY OF JEWISH STUDIES TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report and anniial accounts for the year ended 31 December 2023. The financial slaternents liave been prepared iii accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chariti¢s preparing theiraccounts in accordance witli the Financial Reporting Staiidard applicable in the UK and Republic of Ireland (FRS102- effective l January 2015- (Charities SORP FRS 102) and the Charities Act 2011. Charity Registration Niimber 270680 Principal Address 2 Highfield Avenue Londoii NWI19ET Trustees Rabbi G Hagcr Mr A A Gulteiitag Rabbi A M Markovic Rabbi J Hager Objects The Governing Doeuinenl is a ¢on5titution dated 31 Deceinber1975. Tlie objects of tlie cliarity are lo advance education by the establisliiment of an academy for the leaniiiig of liiglier Rabbinical studies and Jewish learning and particularly foi. the education of youiig meii froin the UK. Aetivitles The cliarity acliieved its objects during tlie year by obtaining donations. Funds so obtained are used to pay charitable grants to the students in tl)e academy so as to satisfy the cl)aritable criteria establislied in tlie objects. Public Benefit The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 17 Cliarities Act 2011. The trustees believe that the charity achieves a public benefit by providing these services as detailed earlier in ihis report. LONDON ACADEMY OF JEWISH STUDIES TR TEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Reserves policy The charity ciirrcntly operates with an adequate level of reserves representing approximately 3 to 6 montlis expenditure. The trustees review this policy on a regular basis. Achlevements And pei'formance The charity Iiad a successful year raising monies to be able to Inake grants i)ayable to its beneficiaries. These grants enable the beiieticiaries to pro¥rcss iii their cduLational Studies. Finance review Tlie charity received incoine this year of £346,436 (2022.. £618,970) and incurred expenditur¢ of £565,232 (2022.. £564,587). Rescrvcs carricd fui'ward are £225,122 (2022.. £443,918). Trustees, responslbllltles Cliarity law requires Ilie Irustccs to prcpai'c accounts for each financial year whicli give a true and fair vicw of tlie slate of affairs of tlie cliarily and of tlie siirpliis or deficit of the charity for tliat yLar. In pr¥paring tliosL accounts, Ility li'uslty¥b ai'¢ i'¥4uiI'¥a tv... select suitablc accoiinting policics and tlicn apply them consistently; Inakc jiidgeinents and estiinales tliat are reasonable and prudenl. prepare tlie Accouiits on a going concern basis uiiless it is inappropriate to presuine that tlic charity will coiitinue in operation. The ti'ustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at ajiy tinie the financial position of the charity and to enable thein to eiisure that tlie accounts coinply with the Charities Acl 201 l. They are also responsible for safeguarding tlie assets of tlie charity and11ence for taking reasonabl¢ st¢ps for the pr¢v¢ntion and detection of fraud and otlier irregularitie5. Approved by tlie Board of Trustees on and 5ign¢d on ils behalf by: 0710812024 Rabbi G Hager Trustee LONDON ACADEMY OF JEWISH STUDIES tNDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONDON ACADEMY OF JEWISH STUDIES I report to the trustees oil my examination of the accounts of tl)e London Acadeiny of Jewisli Stiidies for the year ended 31 Deceniber 2023. Responsibilities and basis of report As the charity trustees of the TTUSt you are responsible for the preparation of the accounts in accordance willi the ieqiiirements of the Charities Act 2011 {'the Act,). I report in rcspect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act aiid in carrying out my examination I liave followed all the applicable Directioiis given by tlie Cliarity Commission under section 145(5)(b) of the Act. Independent exomlner's statement Since tlie Trust's gross income excccded £250,000 I confirin that I am qualified lo undertake tlie exainination because I am a member of the ICAEW, wliicli is one of the listed bodies. I liav¢ complctcd Iny cxaininalion. I confiiTh tliat no iiiaterial matters liave coine to iny attention in connection with tlic examination giviiig Ine cause lo believe thal in any inaterial respect: accounting rccords wiere not kept in respect of th¢ Trust as required b), section 130 of the tlic accounts do not accurd witli Iliose records. or 3. tlie accolints do not coinply witli tlie applitiablc r¢qiiirerncnts concerning tlic fonTt and conteiit of accounts sel out in the Chai'ilies (Accounts and Reports) Regulations 2008 other I'han any reqiiircinent that the accouiits give a 'true and fair view wliich is not a matter considered as part of an independent exainination, I have no concenis and l)ave corne across no other matters in coiinection witli the examination to which attention shoiild be drawn in tliis report iii ordei. to enable a proper Linderstanding of tlie accounts to be reaclied. Stephen Goodwin MA FCA CTA Goldivins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG 0710812024 LONDON ACADEMY OF JEWISH STUDIES STATEMENT OF FINANCIAL ACTivrriES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2022 Income from: Donations Received Interest Received 346,005 431 618,380 590 346,436 618,970 endlture on: Cost of Generating Funds 2,809 2,225 Advunceipieni ofJÈwisli learning Accounl'aiicy Fee Printing, Postagc, Stationcry and AdveTtisin8 Cliaritable Gi'ants (lo individuals for educatioiial purposes) Bank Clidrg¢b and Int¢r¢st Wages aiid Salaries Travel Expenses 1,247 166 552,250 2,509 6,251 1,247 601 544.228 2.715 13.571 565,232 564,587 Net incoinel(expenditiire) for the y¢ar (218,796) 54,383 Balance brought fonvard as at l January 2023 443,918 389,535 Balance carried forward as at 31 December 2023 225,122 443,918 LONDON ACADEMY OF JEWISH STUDIES BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 CURRENT ASSETS Balance at bank 226,401 445,173 CURJiENT LIABILITIES Accruals 1,279 ,255 1.279 1.255 ET 225,122 443,918 Unrestricted 225,122 443,918 Approved on belialf of tlie board of trustees by Rabbi G Hager Trustee 0710812024 LONDON ACADEMY OF JEWISH STUDIES CASH FLOW STATEMENT AS AT 31 DECEMBER 2023 2023 2022 Note Cash floivs from operating activities: Net casli provided by l (used in) operating activities (218,773) 54,496 Cush flows from Investlng actlvltles: Salel (piiitliase) of fixed assets Salc/ (purcliase) of investments Cash provided by / (used In) inv¢sling activitles Chan&7e in cash and cash equivalents in the year {218,773) 54,496 Casli and casli eqiiivalcnls at tlie beginning of tl)e year 445,174 390,677 Casli and casli equivalents at the end of tlie year 226,401 445,173 LONDON ACADEMY OF JEWISH STUDIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 l Aceountlng pollcftes a) Basis of preparation The financial stateinents have been prepared in accordance with Accounting aiid Reporting by Charities.. Stateinent of Recoinjiiended Practice applicable to charities preparing their accounts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK aiid Republic of Ireland (FRS 102 - effective l January 2015}- (ChaTlties SORP FRS 102) and tlie Charities Act 2011. Tlie charity meets the definition of a public benefit entity under FRS 102. Assets aiid liabilities are initially recognised at liistorieal cost or transaction valu¢ unless oth¢rwis¢ stated in tlie irlevant accounting policy or note. The financial statein¢nts are pr¢pared in st¢rling, whicli is the fiinctional currency of tlic cliarity. Monetary amounts in tliese financial stateinents are roiinded to tlie nearest £. b) Ineome Incoine is recognised when Ilie cl)arity lias ¢ntitl¢inent lo tlie funds, any performance condition5 atlaclied to th¢ inconie have bcen inet, il is probable tliat tlie income will be received and tliat ihe ainolint can be Ineasured reliably. c) Fund accountlng Unrestricted funds are available to spend on activities that furtlier aiiy of tlie purposes of charity, d) Expcnditure Expeiiditure is recognised once there is a legal or constTllCtive obligatioti to inake a payineiit to a third party, it Is probable Iliat settleinent will be required aiid the ainount of the obligation Can be mcasiircd Tcliably, Grdnts payable are ae¢oiintcd for in tl)e year in which they ar¢ paid to tlie beneficiaries. Grants are awar&ed to individuals to enable tlieni to continue tlieir religious studies, which lielps tli¢ cliarity Ineet its cliaritable objectives. e) Cash at bank and in liand Casli at bank and casli iii liand includes casli and sljort teiin liighly liquid investments with a short maturity of tliree moiiihs oi. less from the date of acquisition or opening of the deposit or similar account. LONDON ACADEMY OF JEWISH STUDIES NOTES TO THE F￿ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 R￿0￿Cl118t10n of net income l(expendlture) to net cash flow from operatlng actlvltles 2023 2022 Net (expenditure)l income for the reporting perlod (as per the stAtement of lln&nclal Actffivitle5) (218,796) 54,383 liicrease/ {decrease) in creditori 23 113 Net eAsh provlded by / (used In) operating activities 218,773 54,496 Analysis of cash and cash equivalent At31 Dec 2023 l Jan 2023 Cash flow Cash at bank and in l)and 445,174 (218,773) 226.401 Total cAsl) ai)d cash equivalent 445,174 (218,773) 226.401 Relmted party transactlons There were no related party transactioiis in tlie year (2022., iione).