Charity registration number 270733 THE UNIVERSITY OF HAIFA UK ANNUAL REPORT AND FINANCIAL STATEMEiYTS FOR THE YEAR ENDED 5 APRIL2024
THE UNIVERSITY OF HAIFA UK LEGAL AIYD ADMINISTIL4TIVE INFORMATION Trustees Sir Prof. Walter Bodmer Mr Peter Kadas Sir Prof. Simon Baron-coheii Dr Erfrat Sopher Mr RusscII Jacobs Mr Richard Hatter Charity number 270733 Auditor Rachel Chim FCCA UHY Ha¢k¢r Youiig Quadrant House 4 Thomas More Square London EIWIYW Bankers Metro Bank Oiie Southatnpton Row London WCIB5HA
THE UNIVERSITY OF HAIFA UK CONTENTS Page Trustees, report Independent auditor's report Stat¢m¢nl of financial a¢tiviii¢s 9-10 Balance shcct Statement of cash flows 12 Notes lo the financial statements
THE UNIVERSITY OF HAIFA UK TRUSTEES, REPORT FOR THE YEAR ENDED S APRIL 2024 The trustees preseni iheir annual report and financial 51atement5 for the year ended 5 April 2024. The aecounls have been prepared in accordance with the accounting policies set out iii note I to the ac¢ount% aiid ¢omply '1th the charity's Ti'ust Deed, the charities A¢[ 2011 and 'Accounting and Reporting by Chariiies.. Statement of Recommended Pi'actice applicable to charities preparing their accounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" Charity Registration Number: 270733 Registered Office: Uiiiversity of Haifa UK, PO Box 75919, London, NW3 9YP Objectives and activities The object of The University ot Haifa UK is to raise funds for the advancetnent of education in association with and relating to the charitable educational aclivities of The University of Haifa. The tunds raised are to proiiiote and assist building developincnl ot classrooms, lecture rooms, laboratories. library. halls of students residcnLe- to proinotc and assist the ¢ndowment and provision of scholarships, biirsaries. prizes, ex¢hanges, travel fellowship, research. explorations, or other educational awards. for th¢ establishment and promotion of r¢search ¢entr¢s and in£titut¢s; to provid¢ fund8 and join in the admini£tr&tive proviqions for the establishment of felloi¥ships, professorial chairs and lectureships and generally promote or assist in the training of academic leaching staff; to assist in or promote research into the diverse charitable fields of learning and assist in the publication of educational material. The truslees have paid due regard to guidance issued by the Charity Cotntnission in deciding what activities tlie charity should undcrtake. Grant making policy Donations and transfer of funds to the Universit of Haifa All earmarked tunds raised in the UK for specific objects and projects at the University are transferred in full to the University normally within less than one Inonlh frotn receipt by the Charitv. Sundry non- car]narkcd donations arc carinarkcd b), the charity according lo priorities sct by ihc Charity and the UniTr¢rsity, and transferred to the University as w¢ll. The administrative costs are covered by the University and working Capital is transferred from th¢ University lo 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 Cominission's guidance on public benetit when reviewing ihe trust's aims and objectives, when setting the grant making policy and in tnaking awards. Trustees, Insiirance The trustees hav¢ de¢id¢d to r¢n¢w the Trustees Indemnily Insurance as part of the Charit)'s risk management strategy. Insurance cover is in force up to a limit of Indemnity of £500,000 for any one claim.
THE UNIVERSITY OF HAIFA UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Aehievements and performance Tlie second full year under the Executive Director saw a further increase in activity and income. The war with Hamas obviously made a significant impact to the philanthropic landscape of charities linked to Israel and the Jewish cotnmunity. The war rccalibrated many prospective donors. giving slrategics, with several explainin¥ they would instead now give to causes more directly supporting Israel's war effort, while others recognised the imwrtanl role the Universils, will pla), in the so¢ial healing of Ihe Counlry and pledged their support lo causes related to peaceful coexistence. The campaign lo support the University's student reservists wilh ps)'chological support and bursaries led to a couple ot large gifts. New rclatlOT15hips establish¢d in the prcvious vcar, and the cultivation event of that year, bcgan to yicld new suppo[1, iniliiding gifts from very prc)minent philanthropists and lapsed donors ivho had not given for many years. Highlights include a significant pledge from a donor for support of research into a rare genetic disease, a large gift to the Department of Mathematics. applj'ing for a £1 OM medical research award, and the soft launch of the University's School ot Medicine, which will tnark a very significant tnilestone in the University's hislory. With the University's Presideiil Professor Ron Robin s second term endiiig in October 2024, preparations ar¢ in place for tlie Charity's Truslees lo work ¢los¢ly with his su¢cessor. The charity remains on solid financial grounds. The IT infrastructure completed last year is now aiding efficient operations. Financial revieiv Incoming resources of the charity for the year amounted to £3,557,576 (2023 - £3,665,642). Total resources expended for the year increased to £3,581,455 (2023 £3,710,651) which includes charitable donations paid to the University of Haifa of £3,430.360 (2023 - £3.536,787). Of the charity's reserv¢s the unrestricted fiinds have a balance of £l)8,464 {2023 - £119,344) and can be us¢d in ac¢ordan¢e with th¢ ¢harilable objec(iv¢s al the discretioii of the Trustees. Resee$ Policy Reserve funds The ]x)licy of The University of Haifa UK is to retain in the Charity's bank in London a sum equivalent to I tk l ? months, adtnii)istrative costs. Struetiire* governanee and mxnxgement The Charity has been esiabliqhed aq a Charitable Trust under a Trust Deed dated 31 st December 1975 as amended on l October 2017. As per the Trust Deed and the Trustees, Resoluiion dated 20 September 2018, the number of trustees shall be no less than three and no Inore than l O at anv given time. Induction and training ot. trustees are at the discretion and judgeinent of the trustees themselves on changing needs, and under no set policy.
THE UNIVERSITY OF HAIFA UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 The trustees who served during the year and up to the date of signature of the financial statetnents were.. Sir Prof. Walter Bodmer Mr Peter Kadas Sir Prof. Simon Baroii-Coh¢n Dr Erfrai Sopher Mr Russell Jacobs Mr Richard Hatter Statemellt of trustees, resp0115ibilitie5 The trustees are respoiisible for preparing the Trustees, Report and the financial statements in accordance with applicable la. and Uiiitcd Kingdom Accounting Standards (United Kiiigdom Gcncrally Acccpted A¢¢ouiiting Pra¢ti¢e). The lai¥ applicable to charities in England and Wales requires the tnistees 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 incotning resources and application ot resources ot the charity for that year. Iii preparing these financial statements, the trustees are required to.. select suitable ac¢ouniiiig poli¢i¢s aiid theii apply Ih¢m ¢onsisl¢ntly; observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent,. state wh¢iher applicable accounting standards havc been followcd. subjcct to any iiiaterial 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 su1clent accounting records that disclose with reasonable accuracy at any titne the tinancial position of the charity and enable thetn to ensure that Ilie financial statcm¢nts comply with the Charities Act 2011. Ihc Charity (ALcounts and Reports} R¢¥ulations 2008 and the provisions of the trust deed. Tliey are also responsible for safeguarding the assets of the vharily and h¢n¢¢ for taking r¢asonabl¢ sleps for th¢ pr¢v¢ntion and d¢t¢¢tion of fraud and other irregularities. Diselosure of informiition to auditor Each of the trustees has confinned that there is no information of which ihev are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriale steps lo identify such relevant information and io eslablish thal the auditor is aware of such information. The trust¢cs' rcport was approved by th¢ Board of Trustees and signed on its bchalf by:
THE UNIVERSITY OF HAIFA UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Mr Russell Jacobs Cowcbair of the Board of Trllstees Date.. 0210112025
UHY UHY H*¢k•rYoum¥ LLP Quadrant House Thomas Moro Square London ElWIYW INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE UNIVERSITY OF HAIFA UK Opinion We have audited th¢ financial statements of The University of Haifa UK (the 'charity') for the year ¢nded 5 April 2024 i¥hich comprise the staiement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, inclliding a summary of significant accounting policies. The financial reporting frame'0rk that has been applied in iheir preparation is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Siandard applicable in lhe UK andRepNblic ofIiEland (United Kingdom Generally Accepted Accountin¥ Practice}. In our opinion, the financial statcincnt5'. give a true and fair view of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources. for the year tl)en ended- have been properly prepared in ae¢ordan¢e with United Kingdom Generally Accepted Accounting Practic¢; and have been prepared in accordance with the requireinents of the Charities Act 2011. Basi5 for opinioll We conducted our audit in accordance iiith International Standards on Auditing (UK) {ISAs (UK)) and applicable laTr¥. Our responsibilities under those standards are further described in the Audilor s respoK6ibilities for the audil of thefinanL ial stalenienls section of our report. We are independent of the charity in accordance 'iih the cthical rcquircmenls Ilial are relevant to our audit of the fiiiaiicial statcinenls in the UK, includiiig the FRC'S Ethical Standard, and I.¢ have fulfilled our othcr cthical r¢5pon5ibilitiC5 in accordancc with these requirements. We beliei'e that the audit evideiice we l)ave obtaiiied is sulTieient and appropriate lo provide a basis for our opinion. Conclusions relating to going eoncern In auditing the financial statetnents. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statetnents is appropriate. Based on the work we have perfornied, we have not identified any Inaterial uncertainties relating to events or ¢ondilions that, individually or ¢olle¢tively. Inay casi signifi¢ant doubt on the ¢harily's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibililies of the trustees with respect to going concern are described in the relevant sectioiis of this report.
UHY UHY H*¢k•rYoum¥ LLP Quadrant House Thomas Moro Square London ElWIYW INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE UNIVERSITY OF HAIFA UK Other inforniation The trustees are responsible for th¢ oiher inforination. Th¢ oth¢r information compris¢s the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statetnents, our re5pon5ibility is lo read the other information and, iii doing so, Lonsider whether the other infoniiation is materially inLonsist¢nt with th¢ fillanLial stalctllents or our kiioivledge obtained in the audit or otherwise appears to be nialerially misstated. If we identify such material inconsiqtenci¢s or apparent mat¢rial misstatements, we are required to det¢rmin¢ wheih¢r th¢re is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work ive have performed, we conclude that there is a material misstatement of this other inforn]ation, we are required to report that fact. We have nothin¥ to report in this regard. Matters on iTr'hich we are required to report by exception Wc havc nothing to rcport in rcspcct of the following Inattcrs in relation to which thc Charitics Act 2011 require us lo report lo )'ou if: in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, rert. or sulficient accounting records have not been kept; or the financial statements are not in agreement ivith the accounting records. or wc havc not reccivcd all thc infortllation and cxplanations we require for our audit. Responsibilities oftrustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the tinancial statements and for being satistied that they give a true and fair viem". and for such internal control as the trustees delermine is necessary lo enable the preparatioii of financial Slatements that are fre¢ from material Inisstat¢m¢nt. whether due to fraud or crror. In preparing th¢ finaiicial stateiiicnls, thc trustees are respoi)sible for assessing the eharit) s ability lo coiitinue as a going concern, disclosing, as appli¢able, mariers relared lo going concern and using Ili¢ going ¢onc¢rn basis of ac¢ounling unless the trustees either intend to cease operations, or have no realistic alternative but to do so. Allditor's responsibilities for the audit of the fin3ineial statements We liave been appointed as auditor uiider section 144 of tlie Cliarilies Act 2011 and report in accordance with the Aet and relevant regulations made or having effect thereunder. Our objeciives are to obtain reasonable assurance about whether the financial statemenrs as a whole are free from Inaierial Inisstalement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an aiidit conducted in accordance w'ith JSAS (UK) will alwa)'s detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. tliey could reasonably be expected to influence the econotnic decisions of users taken on the basis of these financial statemenls.
UHY UHY H*¢k•rYoum¥ LLP Quadrant House Thomas Moro Square London ElWIYW INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE UNIVERSITY OF HAIFA UK Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above, to detect tllateTial misstateinents in respecl of irrcgularities. including fraud. The extcnl to which our procedure5 are capable of dctccling irre¥ularitie5, including fraud, is detailcd bclow. Our approach lo identifving and ass¢s%ing the risk% of material mis8tat¢m¢nl in r¢spe¢t of irr¢gularili¢s, including frllud and non-compliance with laivs and regulations, was as follows= the engagement partner ensured that the engagement team collectively had the appropriate competei)ce, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; Ive identified the laws and regulations applicable to the Charity through discussions with managcinent, and froill our commercial knowlcd¥e aiid cxpcricnce of thc scclor; and we focused ort speiific laws and regulalions .hi¢1) m.e considered may liave a direct material effect oli (he fiiiaii¢ial statements or (he op¢ralions of the ¢harity, in¢luding th¢ Charities A¢t 2011, data protection, anti-bribery, employment, environmental and health and safety legislation. We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of hoi¥ fraud might occur. by Inaking enquiries of manageinent as to where they considered there was susceptibility to fraud, their knowledge of'actual, suspected and alleged fraud. To address the risk ot traud through management bias and override of controls, we.. pcrfortlled anal)'tical proccdures to identify any unusual or unexpected relationship5. and tested journal ¢ntrics to idciilify unusual Iransaclions. In response to the risk of irregularities and non-cotnpliancc with la.8 and regulations, we designed procedures which included, but M'ere not limited 10: agr¢¢ing financial statement dis¢losiir¢s to iind¢rlying supporting documentation; reading the minutes of meetings of those Charged with governance; and enquiring of management as to actual and potential litigation and claims. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http.'Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our audilor's report. Use of our report This report is made solely to the Charity"s trustees, as a body. in accordance with the Charities Act 201 l. Our audit work has been undertaken so that we might state to the Charity's trustees those matters lie are reqiiired to state to tl)em in an auditor s report and for no other purpose. To the tullest extent pern)itted by laii: we do not accept or assume responsibility to anyone other thali the Charity s trustees as a body. for OUT audit w'ork, for this rcport, or for thc opinions we hav¢ fortncd.
UHY UHY Haek•rYoun9 LLP Qu•drant P+ouso 4Thorn3* Mnrg Squar• Lgndon EIWIYW INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE UNIVERSITY OF HAIFA UK UHY Hacker Young Chartered Accountants Statutory Auditor UHY Hacker Young is eligible for appointment as auditor of the charity by virtue of its eligibility for appoinlm¢nt as auditor of a ¢ompany und¢r se¢lion 1212 of the Companies A¢t 2006.
THE UNIVERSITY OF HAIFA UK STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED S APRIL 2024 Cllrrent finaneial year Unrestricted Restricted funds funds 2024 2024 Total To¢>)I 2024 2023 Notes Income and endowments from: Donations and legacies unding re¢eiv¢d from th¢ University of Haifa 3,427.361 3.427,361 3,500,826 130,216 164,818 130,216 TotAI income 130,216 3,427,361 3,557,577 3,66i,fv14 enditurc on: Raising funds 151,095 151,095 173,864 Charitable activities 3,430,360 3,430,360 3,536,787 Total resources expended 151,095 3,430,360 3,581,455 3,710,651 Net expenditure for the yearl Net movement in funds (20,879) (2,999) (23,878) (45,007) Fund balances at 6 April 2023 119,343 2,999 122,342 167,350 Fund balanees at 5 April 2024 98,464 98,464 122,343 The statemeiii of financial activities includes all gains aiid losses recognised in the year. The slalement of finan¢ial a¢tivities iii¢ludes all gains aiid losses re¢ognised in the year. All iii¢ome and expenditure deriv¢ from continuing activiiies.
THE UNIVERSITY OF HAIFA UK STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED S APRIL 2024 Prior financial year Unrestricted Restricted funds funds 2023 2023 To¢>)I 2023 P4otes Income and endowments from: Donations and legacies unding re¢eiv¢d from th¢ University of Haifa 19.014 3.481,812 3,500,826 164,818 164,818 TotAI income 183,832 3,481,812 3,66i,fv14 enditurc on: Raising funds 173,8fv1 173,864 Charitable activities 3,536,787 3,536,787 Total resources expended 173,864 3,536,787 3,710,651 Net expenditure for the yearl Net movement in funds 9.968 (54,975) (45,007) Fund balances at 6 April 2022 109.376 57.974 167,350 Fund balances at 5 April 2023 119.344 2.999 122,343 10-
THE UNIVERSITY OF HAIFA UK BALANCE SHEET AS AT S APRIL2024 2024 2023 Note5 Current assets Debtors Cash at bank and in hand io 912 111,449 750 135,591 112,361 136,341 Creditors: amounts falling due within one year li (13,897) (13.998) Net current as5e¢s 98,464 122,343 Net assets exeluding pension liability 98,464 122,343 The funds of the charity Restricted income funds Unrestricted funds 13 2,999 119,344 98,464 98,464 122,343 The financial statements were approved by the trustees on 2 January 2025 and approved on its behalf by.. Mr Rus5cII Jacobs Trustee
THE UNIVERSITY OF HAIFA UK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED S APRIL 2024 2024 2023 Notes Cash flows from operating activities Cash (absorbed by)/generaled from operations 17 {24,142) 12,255 Net cash used in investing activities Net cash used in financing activities r+let {decrease)linerea5e in cash #nd cash equivalents (24,142) 12,255 Cash and ¢ash equivalents at beginniiig of year 135,591 12J,336 Cash and Cash equivalents at end of year 111,449 135,591 12-
THE UNIVERSITY OF HAIFA UK NOTES TO THE FIIYAIYCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Aceounting polieies Charity information The University of Haifa UK is a Charitable Trust established under a Tnjsl Deed dated 31 December 1975 as amended oli l O¢tober 2017. 1.1 Ae¢ounting convention The finan¢ial statements have be¢n prepared in a¢cordanc¢ M'.ith tlie charity's Irust deed, th¢ Chariti¢s A¢t 2011 and "Accounting and Rewrting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in aecordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" The cl)arity is a Public Benefit Enlity as defined by FRS 102. Tl)e financial stalements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these fiiiaiicial statetnents are rounded to the nearest £. The financial statements have been prepared under the historical cost convcntion. The principal accountirtg policies adc)pted are sel out below. 1.2 Going concern The University of Haifa will continue to support the charity to meet its liabilities as the). fall due for the foreseeable future. At the titnc of approving tlic financial 51atcm¢nts, the trusteC5 tlicrcforc have a reasoiiable expectation that the charity has adcquale resources to continue in operational existeiice for the foreseeable future. Thus th¢ trusiees Conrinue lo adopt the going con¢ern basis of a¢counting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in fi]rtheranee of their charitable objectives. Restricted funds are subject lo specific conditions by donors or grantors as to ho they may be used. The purposes and uses ot'the restricted funds are set out in ihe notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any perfomiance conditions have been met, the ainounts 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 donalions received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacics rcco¥niscd on rcccipt or otherwi5c if the charity has been notified of an itnpcnding distribution, the amoiint is known, and receipt is expceted. If tlie amount is not known, the lega¢v is treared as a contingent asset. Ass¢ts for dislribiilion are re¢ognis¢d only when distributed. Ass¢ls given for use by the ¢hariry are recognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purposes. 13
THE UNIVERSITY OF HAIFA UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 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 accoiinted for an accruals basis and has been classified under headings that aggregate all costs related to the category. Governance and support costs cotnprise all eosls involving the public accountability of the Charity and its compliance with regulation and good practice, including all maiiagement and administrative costs. All governance and siipport eosis are incurred in connection wilh raising fiinds and have been allocated a¢¢ordingly. 1.6 Cash and eash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tern] liquid investmei)ts with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown Trvithin borroivings in current liabilities. 1.7 Finaneial instruments The charii!, haq elected to apply the provisions of Se¢tion I I 'Basic Finan¢i&l Instriim¢nts' and Se¢tion 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when ihe 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 enfor¢eable right lo ser off th¢ reeognised amounts and there is an inl¢nrion lo s¢ttl¢ on a n¢t basis or to realise the ass¢t and s¢ttl¢ the liability simultan¢ously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction pric¢ including traiisa¢tion costs and ar¢ subsequently ¢arri¢d ar amorlis¢d cost using the effectiv¢ interest method unl¢ss the arrangement constiiut¢s a financing transaction: M.'her¢ 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. Basicfinancial liabilities Basi¢ financial liabilities, including ¢redilors and bank loans are initialls, re¢ogiiised ar transa¢tioii pri¢e unless the arrangement consiitutes a financing transaction, Ivhere the debt instrument is measured at the preseni value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not arllortised. Debt instruments arc Subsequently carTied at amortised cost, using the effectiv¢ interest rate Inethod. Trade ¢redirors are obligations lo pa), for goods or services (hal have beeii acquired in tlie ordinary cours¢ of operations from suppli¢rs. Amoiints paswable ar¢ ¢lassified as ¢urrent liabilities if payinent 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 Inethod. 14-
THE UNIVERSITY OF HAIFA UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Accounting policies (Continued) DereeognitioH offindncidl li(4h41itie.s Financial liabilities are derecognised when ihe charity's contractual obligations expire or are discharged or cancelled. 1.8 Employee benefits The cost of any unused holiday entitletnent is recognised in the period in which the employee's services are received. Termiiiation ben¢fits are recognised iinmcdiately as an expcnse wlien the charity is demonstrably ¢ommilled to lerminale the employinent of &n emploj'ee or lo provide termination benefits. 1.9 Retirement benefits Paytllents to defiiied contribution retirement benefit 5cheme5 are charged as an expense as they fall due. Don3itions and legacies Unrestrieted Restrieted funds funds 2V24 2V24 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts 3,427,361 3,427,361 19,014 3,481,812 3,500.826 Donations and gifts Donations Donalcd ¥ifts and scrvices 3,377,483 3,377,483 3,467,785 3,467,785 19,014 19,014 14,027 Gift aid 49,878 49,878 14,027 3,427,361 3,427,361 19,014 3,481,812 3,500,8?6 Funding received from tbe University of Haifa 2024 2023 Fundii)g received from ihe University of Haifa 130,216 164,818 15
THE UNIVERSITY OF HAIFA UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 R31ising funds Unrestricted Unrestricted funds fui)ds 2024 2023 Advertising Support and governance costs (see note 6) 19,014 154,850 151,095 151,095 173,864 Expenditure on eharitable activities Restricted Restricted funds fllnds 2024 2023 Direct costs Payments made by donors directlv to the University of Haifa Payments from the Charity lo the Universiiy of Haifa 2.612,548 817,812 805,987 2,730,800 3,430,360 3,536,787 Analysis by fund Restrictcd tund5 3,430,360 3.536,787 16-
THE UNIVERSITY OF HAIFA UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Support eosts Support Governance Costs Costs 2024 Support Goveriiance costs costs 2023 Staff costs Offi¢¢ ¢xpens¢s Bank charges & interest Travel Sundry expenses Computer expenses Insuraiicc Loss on foreign exchange Consuliaiic), fees Audit fees Ac¢ouiilan¢y 121,269 2.290 501 10,122 411 3,540 1,346 121.269 2,290 501 10,122 411 3,540 1,346 121,253 352 121,253 352 252 9,330 516 7,562 1,146 9,330 516 7,562 1,146 103 103 1,386 9.000 1,127 99 99 4,046 6,000 4,294 1,386 9,000 1,127 4,046 6,000 4,294 139,582 11,513 151,095 140,510 14.340 154,850 Anal)'s¢d between Fundraising 139,582 11,513 151.095 140,510 14,340 154,850 All ¥ov¢rnancc and support cost5 incurred in connection with raising funds and have becn allocated accordingly. The remuneration to auditors constituted audit fees £9,000 (2023.. £6,000), Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from Ihe charity during the year. 17
THE UNIVERSITY OF HAIFA UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Employees Employment costs 2024 2023 Wages and salaries So¢ial s¢¢urity ¢osts Other pension costs 91,667 5,139 24,463 91,185 5,605 24,463 121.269 121,253 Ollc cmploycc (2023.. 1 cmployce) had ctnolutllcnts in excess of £60,000. The average numbcr of full liinc ¢quivalent staff in tlie )'ear was 2 (2023.. 2). Taxation Th¢ Charity is exempt from tax on income and gains falling '1th1n section 505 of the Taxes Act 1988 or s¢¢tion 256 of the Taxation of Chargeable Gains A¢t 1992 to the ¢xt¢n( that Ih¢s¢ are applied to ils charitable objects. 10 Debtors 2024 2023 Amounts falling due within one year: Prepayments and a¢crued in¢om¢ 912 750 11 Creditors: amounts falling due within one year 2024 2023 Othcr taxation and social security Other creditors Accruals and d¢f¢rred incotne 2,578 2,090 9,229 2,679 2,090 9,229 13,897 13,998 12 Retirement benefit sebemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 24,463 24,463 18-
THE UNIVERSITY OF HAIFA UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 12 Retirement benefit schemes (Continued) Thc charity operates a defiiicd contribution pcnsion schcme for all qualifying cmplojecs. The assets of the scheme are held separately from those of the Charity iii an independently administered fund. J3 Restrieted funds The restricted funds of. Ihe charity comprise the unexpended balances of. donations and grants held on Irust subject lo specific conditions by donors as to how they tnay be used. At 6 April 2023 Incoming resources Resources expende Trnnsfers Gains and losses At 5April 2024 Restricted funds 2,999 3,427,361 {3,430:360) 2,999 3,427,361 {3,430:360) Previous year: Al 6 April 2022 Ineomin% resources Resources expende Tr#nsfers Gains and losses At5April 2023 Restricted fiinds 57,974 3,481,812 (3,536,787) 14 Ullrestrieted fullds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are noi subje¢t lo sp¢cific ¢ondilions by donors and grantors as lo ho.. Ili¢y may be used. These include designated fiinds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 6April 2023 Incoming resources Resources expended At 5 April 2024 General funds 119,343 130,216 {151,095) 98,464 Previous year: At 6April 2022 Incoming resources Resources expended At 5April 2023 General funds 109.376 183,832 (173,864) 119,344 19-
THE UNIVERSITY OF HAIFA UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 IS Allal)'sis of net assets between funds Unrestricted Restricted funds funds 2024 2024 Total 2024 At 5 April 2024: Current assetsl{liabilities) 98.464 98,464 98.464 98,464 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At S April 2023: Current assets/(liabilities) 119,344 2,999 122,343 119,344 2,999 122,343 20-
THE UNIVERSITY OF HAIFA UK NOTES TO THE FIIYAIYCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 16 Related party transactions During the year the charity received funding of £130,216 (2023.. £164,818) from the University of Haifa (see noie 3) and transferred doiialioiis of £817,812 (2023: £2,730,800) to ihe University (see iiole 5). The charity and the University of Haifa have trus(ees in cominon. During the year, the trustees made donations to the charity totalling £2,659,166 (2023.. £2,854,094)- 17 Cash generated from operations 2024 2023 Deficit for the year (23,878) (45,007) Movements in working capital.. (Increase)/decrease iii debtors (Decrease)lincrease in creditors (162) (102) 53,444 3,818 Cash (absorbed by)Igener3ited from operations (24,142) 12,255 J8 Analysis of changes in net funds The charity had no material debt during the year. 21
1o•DigiSigner Audit Trail Digisigner Document ID.. 81373d7d-7f5148dO-9529-c7ac12f1b3ab Signer Signature Email.. russell.l.jacobs@outlook.com IP Addrgss.. 62.228.55.44 Email.. russell.l.jawbs@ouuook.corn IP Address." 62.228.55.44 Event User Time rachel@haif3-univ.org.uk 112125 9..55..26AM EST raehel@haifa-univ.org.uk 112125 9.'55."53AM EST rachel@haifa-univ.org.uk 112125 9.'56.'53AM EST raehel@haifa-univ.org.uk 112125 9.'59."13AM EST rachel@haifa-univ.org.uk 112125 10.'07..12AM EST rachel@haifa-univ.org.uk 112125 10..12..36AM EST russell.l.jacobs@outlcok.com 112125 10.'15'.52AM EST IU5sell.l.j8cobs@outl(k.cOM 112125 10..18..32AM EST russell.l.jacobs@outlook.com 112125 10.'18'.32AM EST rachel@haifa-univ.org.uk 112125 11..18..41AM EST IP Address 217.44.167.245 217.44.167.245 217.44.167.245 217.44.167.245 217.44.167.245 217.44.167.245 Upload document Open document Create document bundle Open document Close document Send for signing Open document Sign document Close document Open docurnenl 62.228.55.44 62.228.55.44 62.228.55.44 217.44.167.245