2022-04-05-accounts

Charity Registration No. 270733

THE UNIVERSITY OF HAIFA UK

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

THE UNIVERSITY OF HAIFA UK

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Sir Walter Bodmer FRC Path, FRS
	Mr Peter Kadas
	Sir Prof. Simon Baron-Cohen
	Dr Efrat Sopher
	Mr Russell Jacobs
	Mr Richard Hatter	(Appointed 3 August 2022)
Charity number	270733
Independent examiner	Julie Mellowes FCCA
	UHY Hacker Young
	Quadrant House
	4 Thomas More Square
	London
	E1W 1YW
Bankers	Metro Bank
	One Southampton Row
	London
	WC1B 5HA

THE UNIVERSITY OF HAIFA UK

CONTENTS

	Page
Trustees' report	1 - 3
Independent examiner's report	4
Statement of financial activities	5 - 6
Balance sheet	7
Notes to the financial statements	8 - 16

THE UNIVERSITY OF HAIFA UK

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2022

The trustees present their annual report and financial statements for the year ended 5 April 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Trust 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)".

Charity Registration Number: 270733

Registered Office: University of Haifa UK, PO Box 75919, London, NW3 9YP

Objectives and activities

The object of The University of Haifa UK is to raise funds for the advancement of education in association with and relating to the charitable educational activities of The University of Haifa. The funds raised are to promote and assist building development of classrooms, lecture rooms, laboratories, library, halls of students residence; to promote and assist the endowment and provision of scholarships, bursaries, prizes, exchanges, travel fellowship, research, explorations, or other educational awards; for the establishment and promotion of research centres and institutes; to provide funds and join in the administrative provisions for the establishment of fellowships, professorial chairs and lectureships and generally promote or assist in the training of academic teaching staff; to assist in or promote research into the diverse charitable fields of learning and assist in the publication of educational material.

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

Grant making policy

Donations and transfer of funds to the University of Haifa

All earmarked funds raised in the UK for specific objects and projects at the University are transferred in full to the University normally within less than one month from receipt by the Charity. Sundry nonearmarked donations are earmarked by the charity according to priorities set by the Charity and the University, and transferred to the University as well. The administrative costs are covered by the University and working capital is transferred from the University to the Charity on a quarterly basis.

Public benefit

The trustees have complied with section 17(5) of the 2011 Charities Act, having due regard for the Charity Commission’s guidance on public benefit when reviewing the trust’s aims and objectives, when setting the grant making policy and in making awards.

Trustees' Insurance

The trustees have decided to renew the Trustees Indemnity Insurance as part of the Charity’s risk management strategy. Insurance cover is in force up to a limit of Indemnity of £500,000 for any one claim.

• 1 -

THE UNIVERSITY OF HAIFA UK

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

Achievements and performance

The effects of the pandemic caused the charity’s activity to reduce to a minimal level, so our fundraisers were made redundant and our physical office was closed down. Our new Executive Director took post in mid-November 2021.

Activities in the first half of the year were therefore minimal, although the University’s President and a key academic worked on UHUK’s largest ever gift during this period.

The second half of the year saw an increase in activity as the new Executive Director began, with changes to IT infrastructure made. The first in-person meetings with prospects and donors were made during the visits of the University President in the second half of the year, as conversations with stakeholders were kick-started.

Income over the year was primarily from payments from previous commitments, and a few single smaller gifts.

Lady Irene Hatter announced her retirement from the Board of Trustees and stepped down as Co-Chair after more than three decades of involvement. Peter Kadas also stepped down as Co-Chair and remains on the Board as a Trustee. Russell Jacobs and Dr. Efrat Sopher stepped up to become Co-Chairs. Hana Smouha also retired as a Trustee.

Financial review

Incoming resources of the charity for the year amounted to £971,836 (2021 - £274,474).

Total resources expended for the year increased to £936,937 (2021 - £210,826) which includes charitable donations paid to the University of Haifa of £854,006 (2021 - £104,867).

Of the charity's reserves the unrestricted funds have a balance of £109,376 (2021 - £121,604) and can be used in accordance with the charitable objectives at the discretion of the Trustees.

Reserves Policy

Reserve funds

The policy of The University of Haifa UK is to retain in the Charity’s bank in London a sum equivalent to 10-12 months’ administrative costs.

Structure, governance and management

The Charity has been established as a Charitable Trust under a Trust Deed dated 31st December 1975 as amended on 1 October 2017. As per the Trust Deed and the Trustees' Resolution dated 20 September 2018, the number of trustees shall be no less than three and no more than 10 at any given time. Induction and training of trustees are at the discretion and judgement of the trustees themselves on changing needs, and under no set policy.

• 2 -

THE UNIVERSITY OF HAIFA UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

The trustees who served during the year and up to the date of signature of the financial statements were:

Sir Walter Bodmer FRC Path, FRS Mr Peter Kadas Sir Prof. Simon Baron-Cohen Dr Efrat Sopher Mr Russell Jacobs Mr Richard Hatter (Appointed 3 August 2022) Mrs Hana Smouha (Resigned 7 January 2022) Lady Irene Hatter (Resigned 3 August 2022)

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

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

Mr Russell Jacobs Co-Chair of the Board of Trustees

Date: ����������

• 3 -

VHY Hacker Young LLP Quadrèni House 4 Th(xTh75 More Square L(x)tbn E1W IYW Hacker Young Chartered kcouniants THE UNIVERSITY OF HAIFA UK INDEPENDENf EXAMINER'S REPORT TO THE TRUSTEES OF THE UNIVERSITY OF HAIFA UK I report to the trustees on my examination of the financial statements of The University of Haifa UK (the charityl for the year ended 5 April ?022. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 A¢i}. I report in respect of my ¢xamination of the charity's financial sthtements carried out under section 145 of the 2011 Act. In carrying out my examinalion I have followed all the applicable Directions given by the Charity Commission ut)der section 145(5Xb) of the 2011 Act. IDdependellt examiDer's st*teTn¢Dt Since the charity's gross income exceeded £250.000 YOUT examiner musi be a member of a bcxly listcd in section 145 of the 2011 Act. I confirni that l am quaIified to undertake the examination becallse l am a member of the Associatffton of Chartered C¢rtified Accountants. which is one of the listed brwJi¢s. I have completed my examiDatiOD. I confimi that t)0 tnatters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respecl of the charity as required by section 130 of the 2011 Act. or the financial statements do nol accord with th(bse record5. or the financial statements do not ¢omply with the applicable requirements concerning the foTrn and content of accounts set out in the Chariiies (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a Tnatter corLsidered as part of an independent examination. I have no concer￿8 and have come a¢ross no other matters in ¢onnection with the c￿￿nInatiOn to which attention should be drdwn in this r¢porf in order to enable a proper understanding of the financial ststements to be reached. Julie Mellowes FCCA UHY Hacker Young Quadrant Holtse 4 Thomas Mote Square London Elw IYW Dated: 2 February 2023

THE UNIVERSITY OF HAIFA UK

STATEMENT OF FINANCIAL ACTIVITIES !INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2022

Current financial year	Current financial year
				Unrestricted	Restricted		Total	Total
				funds		funds
				2022		2022	2022	2021
			Notes	£		£	£	£
Income and endowments from:
Donations and legacies			2	700		900,433	901,133	130,749
Funding received from the University of Haifa			3	70,703		-	70,703	143,725
Total income				71,403		900,433	971,836	274,474
Expenditure on:
Raising funds			4	82,931		-	82,931	105,959
Charitable activities			5	700		853,306	854,006	104,867
Total resources expended				83,631		853,306	936,937	210,826
Net (expenditure)/income for the year/
Net movement in	funds			(12,228)		47,127	34,899	63,648
Fund balances at 6 April 2021				121,604		10,847	132,451	68,803
Fund balances at	5 April 2022			109,376		57,974	167,350	132,451

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 5 -

THE UNIVERSITY OF HAIFA UK

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) !INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2022

Prior financial year	Prior financial year
				Unrestricted	Restricted	Total
				funds	funds
				2021	2021	2021
			Notes	£	£	£
Income and endowments from:
Donations and legacies			2	29,802	100,947	130,749
Funding received from the University of Haifa			3	143,725	-	143,725
Total income				173,527	100,947	274,474
Expenditure on:
Raising funds			4	105,959	-	105,959
Charitable activities			5	415	104,452	104,867
Total resources expended				106,374	104,452	210,826
Net (expenditure)/income for the year/
Net movement in	funds			67,153	(3,505)	63,648
Fund balances at 6 April 2020				54,451	14,352	68,803
Fund balances at	5 April 2021			121,604	10,847	132,451

• 6 -

THE UNIVERSITY OF HAIFA UK

BALANCE SHEET

AS AT 5 APRIL 2022

		2022			2021
	Notes	£	£	£		£
Current assets
Debtors	9	54,194		754
Cash at bank and in hand		123,336		136,920
		177,530		137,674
Creditors: amounts falling due within
one year	10	(10,180)		(5,223)
Net current assets			167,350			132,451
Income funds
Restricted funds	12		57,974			10,847
Unrestricted funds			109,376			121,604
			167,350			132,451

The financial statements were approved by the Trustees on 2 February 2023

Mr Russell Jacobs

Trustee

• 7 -

THE UNIVERSITY OF HAIFA UK

FOR THE YEAR ENDED 5 APRIL 2022

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Charity information

The University of Haifa UK is a Charitable Trust established under a Trust Deed dated 31 December 1975 as amended on 1 October 2017.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust 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)". The charity is a Public Benefit Entity as defined by FRS 102.

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 £.

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

1.2 Going concern

The University of Haifa will continue to support the charity to meet its liabilities as they fall due for the foreseeable future. At the time of approving the financial statements, the trustees therefore have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. 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 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 Income

Income is recognised when the charity 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 charity 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 charity 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.

Assets for distribution are recognised only when distributed. Assets given for use by the charity are recognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purposes.

• 8 -

THE UNIVERSITY OF HAIFA UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for an accruals basis and has been classified under headings that aggregate all costs related to the category.

Governance and support costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice, including all management and administrative costs.

All governance and support costs are incurred in connection with raising funds and have been allocated accordingly.

1.6 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.

1.7 Financial instruments

The charity 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 charity's balance sheet when the charity 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.

• 9 -

THE UNIVERSITY OF HAIFA UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

Derecognition of financial liabilities

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

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Donations and legacies

	Unrestricted	Unrestricted	Restricted	Restricted		Total	Unrestricted	Unrestricted	Restricted	Restricted		Total
		funds		funds				funds		funds
		2022		2022		2022		2021		2021		2021
		£		£		£		£		£		£
Donations and gifts		700		900,433		901,133		415		100,947		101,362
Coronavirus Job
Retention Scheme
grants		-		-		-		29,387		-		29,387
		700		900,433		901,133		29,802		100,947		130,749
Donations and gifts
Donations		700		847,058		847,758		415		99,393		99,808
Gift aid		-		53,375		53,375		-		1,554		1,554
		700		900,433		901,133		415		100,947		101,362

3 Funding received from the University of Haifa

	2022	2021
	£	£
Funding received from the University of Haifa	70,703	143,725

• 10 -

THE UNIVERSITY OF HAIFA UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

4 Raising funds

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
	£	£
Advertising	667	1,099
Support and governance costs (see note 6)	82,264	104,860
	82,931	105,959

5 Charitable activities

	2022		2021
	£		£
Payments made by donors directly to the University of Haifa	603,959		-
Payments from the charity to the University of Haifa	250,047		104,867
	854,006		104,867
Analysis by fund
Unrestricted funds	700		415
Restricted funds	853,306		104,452
	854,006		104,867

• 11 -

THE UNIVERSITY OF HAIFA UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

6	Support costs
		Support		Governance			2022		Support	Governance			2021
			costs		costs				costs		costs
			£		£		£		£		£		£
	Staff costs		49,359		-		49,359		84,300		-		84,300
	Recruitment fees		18,062		-		18,062		-		-		-
	Rent & rates		-		-		-		2,997		-		2,997
	Office expenses		917		-		917		522		-		522
	Bank charges & interest		151		-		151		120		-		120
	Travel		3,661		-		3,661		31		-		31
	Sundry expenses		760		-		760		1,046		-		1,046
	Computer expenses		2,498		-		2,498		1,919		-		1,919
	Independent examiner's
	fees		-		3,000		3,000		-		1,800		1,800
	Accountancy		-		3,856		3,856		-		4,007		4,007
	Legal fees		-		-		-		-		8,118		8,118
			75,408		6,856		82,264		90,935		13,925		104,860
	Analysed between
	Fundraising		75,408		6,856		82,264		90,935		13,925		104,860

All governance and support costs are incurred in connection with raising funds and have been allocated accordingly.

7 Trustees

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

• 12 -

THE UNIVERSITY OF HAIFA UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

8 Employees

Employment costs	2022	2021
	£	£
Wages and salaries	39,098	82,338
Social security costs	-	1,268
Other pension costs	10,261	694
	49,359	84,300

No employees had emoluments in excess of £60,000. The average number of full time equivalent staff in the year was 1 (2021: 2).

9 Debtors

Debtors
	2022	2021
Amounts falling due within one year:	£	£
Other debtors	53,375	-
Prepayments and accrued income	819	754
	54,194	754

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2022	2021
	£	£
Other taxation and social security	1,895	171
Other creditors	2,090	-
Accruals and deferred income	6,195	5,052
	10,180	5,223

11 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £10,261 (2021: £694).

• 13 -

THE UNIVERSITY OF HAIFA UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

12 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

			Movement in funds	Movement in funds	Movement in funds					Movement in funds	Movement in funds	Movement in funds
		Balance at		Incoming	Resources			Balance at			Incoming	Resources			Balance at
6		April 2020		resources	expended		6 April 2021				resources	expended		5 April 2022
		£		£	£			£			£	£			£
Restricted
funds		14,352		100,947	(104,452)			10,847			900,433	(853,306)			57,974
Analysis of net assets between funds
		Unrestricted			Restricted			Total	Unrestricted			Restricted			Total
				funds	funds						funds	funds
				2022	2022			2022			2021	2021			2021
				£	£			£			£	£			£
Fund balances at 5
April 2022 are
represented by:
Current
assets/(liabilities)			109,376		57,974		167,350			121,604		10,847			132,451
			109,376		57,974		167,350			121,604		10,847			132,451

13 Analysis of net assets between funds

• 14 -

THE UNIVERSITY OF HAIFA UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

14 Related party transactions

During the year the charity received funding of £70,703 (2021: £143,725) from the University of Haifa (see note 3) and transferred donations of £250,047 (2021: £104,867) to the University (see note 5). The charity and the University of Haifa have trustees in common.

15	Cash generated from operations	2022	2021
		£	£
	Surplus for the year	34,899	63,648
	Movements in working capital:
	(Increase)/decrease in debtors	(53,440)	21,711
	Increase/(decrease) in creditors	4,957	(5,451)
	Cash (absorbed by)/generated from operations	(13,584)	79,908

16 Analysis of changes in net funds

The charity had no debt during the year.

• 15 -

THE UNIVERSITY OF HAIFA UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

17	Donations made to the University during the year ended 5 April 2022
	2022	2021
	£	£
	Donations of £5,000 or above
	The Hatter Department of Marine Technologies 308,495	-
	Ofer Observation Gallery renovation 295,464	-
	Wild Cereal Gene Bank - Storage rooms 177,500	48,500
	Scholarships in Marine Geosciences 40,500	9,000
	Medieval Arabic Medical Library (Genizah Research
	Centre) 20,500	15,000
	Etgar scholarships 5,000	5,000
	Scholarships for Ethiopian students -	7,727
	Neuroscience project -	5,450
	847,459	90,677
	Donations of less than £5,000
	Student scholarships 4,000	8,000
	Ezri Center for Iran and Persian Gulf Studies 1,500	5,000
	General budget 700	415
	Prof. Yvonne Kozlovsky Golan 250	-
	Holocaust studies 97	525
	Prof. Edy Kaufman's anthem project -	250
	6,547	14,190
	Total of all donations 854,006	104,867

• 16 -