OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-08-31-accounts

REGISTERED CHARITY NUMBER: 292886

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022

FOR

JEWISH LEARNING EXCHANGE - JLE

Joseph Kahan Associates LLP Registered Auditors Chartered Accountants 923 Finchley Road London NW11 7PE

JEWISH LEARNING EXCHANGE - JLE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Statement of Financial Position 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13 to 23

JEWISH LEARNING EXCHANGE - JLE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2022

The trustees present their report with the financial statements of the charity for the year ended 31st August 2022. The trustees have adopted the provisions of 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 2019).

OBJECTIVES AND ACTIVITIES

The Objects of the Trust are to provide for such charities, charitable institutions or charitable purposes in any part of the world in such shares and in such manner as the trustees in their absolute discretion may from time to time determine.

The aim of the Jewish Learning Exchange (JLE) is to show the relevance and deeper meaning of Judaism to 21st century Jews and to enable them to make informed life decisions by providing the highest quality educational and social opportunities in a relevant and welcoming environment

The objectives for the year are shaped by these strategic aims. The policy of the charitable trust continues to be to seek additional finance and support to further its aims.

ACHIEVEMENT AND PERFORMANCE

Operational activities

The impact of Covid -19 was finally able to be disregarded educationally during this financial year, with activities and events taking place in person both within the JLE centre and across classrooms, university campuses and boardrooms across the UK.

As ever, our staff were able to bring cutting-edge 21st century material to the core fundamentals of JLE strategy and create bespoke projects for participants.

The community aspect of JLE's raison d'etre was enhanced by a focussed approach to weekend programming, which resulted in a strong uptake at the JLE centre on Shabbos and Sundays.

Nevertheless the uptake of online classes which resulted from Covid, was not entirely discontinued, since the benefits of certain online programmes became very apparent. This was particularly true of the online "Curious" Podcasts, which are reaching up to 10,000 people weekly.

All the above served to provide quality educational and social programming and provision thousands of students and participants, pursuant to the JLE's aims.

The charity continued to adapt its operations and programmes to respond to the needs identified by Senior Management and Trustees. The founder of JLE, Rabbi Daniel Kirsch, who has acted as Chairman for a number of years, in a strong vote of confidence in the Chief Executive and the Management Team has decided to move on to other outreach projects.

Page 1

JEWISH LEARNING EXCHANGE - JLE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2022

ACHIEVEMENT AND PERFORMANCE

Fundraising Strategy

Our fundraising strategy is designed to maximise the strengths of the organisation. Our income is derived entirely from voluntary donations.We have a relatively large base of donors.

In an effort to grow the donor base the charity held a successful Gala Dinner in September '21, followed by a Charity Extra campaign in October '21.

The Trustees and Management are continuing the effort to broaden the donor base. The reach of the charity has grown due to the success of (weekly) Podcasts (and other on line activities) and as well as reaching more participants the Trustees expect this to result in creating relationships with new supporters and donors.

The charity strengthened its relationship with its major US funder, a major Religious Jewish Educational Charity which supports Jewish Education globally, and continues to do so.

The Trust would not be able to provide such a wide service to our beneficiaries without the continued support of a large number of willing support staff.

It has been a year of returning to normality and expanding horizons, and the Trustees are pleased with the performance for the year.

PLANS FOR THE FUTURE

We plan on building on the young professional synagogue success with even more inclusion of young Jews in a peer led environment.

Having taken on new staff on both the campus and women's division we are excited to be expanding both of those programs to meet the post Covid demand of in person learning and social engagement.

We are also delighted to be expanding our partnerships with other organisations and charities to enable even further reach and impact.

FINANCIAL REVIEW

Financial position

The Statement of Financial Activities shows a surplus for the year of £23,692 (2021-Deficit (£1,639). This will be netted off / added against/to the surplus brought forward. As at the year end, our total reserves stand at a surplus of £1,248,973 (2021 - £1,225,281).

Included in Donations and legacies of £2,923,534 is an amount of £536,621 which has been categorised as a designated fund, as it has been earmarked by the grantor to be spent after the year end.

Reserves policy

The charity's reserves policy is to maintain sufficient cash reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. As all income is derived from voluntary donations, the trustees review this position on a regular basis.

In view of this the trustees aim to maintain a level of reserves sufficient to meet three months basic operating costs.

Having regard to the above the Trustees are of the opinion that the unrestricted cash reserves held as at the period end, being £600,328, would be sufficient to meet three months basic operating costs.

Page 2

JEWISH LEARNING EXCHANGE - JLE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2022

DECLARATION OF PUBLIC BENEFIT

The Trustees have considered the Charity Commission's general guidance on public benefit in deciding what activities the charity should undertake.

The 'Objectives and Activities' section explains the charity's activities which are open to anyone of the Orthodox Jewish faith.

As stated in 'Achievement and Performance' above, the charity provides education and training for Jewish people and provides funds for students in order to achieve its goals.

The Trustees consider that the activities explained above, adequately satisfy the public benefit requirements.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustees and Organisational Structure

The trust is an unincorporated trust, constituted under a trust deed dated 21st May 1985 and amended on 23rd October 2020. The trustees are appointed by the Board of Trustees who would normally appoint new trustees to fill vacancies arising through resignation or death of an existing Trustee. At the trustees' meeting, which is held every quarter, the trustees agree the broad strategy and areas of activity for the Trust, including consideration of reserves, risk management policies and performance.

Key management remuneration

Pay and remuneration of key management personnel is determined by variety of contributory factors, including the size of the charity, the pay scales for each role and the level of experience of the staff member. In addition to this, levels of pay may be affected by the ability to recruit key management personnel and retain them in post, which all coincides with the charity's appointment and pay policies. All amendments to key management personnel's pay and remuneration is discussed and agreed by the trustees.

Related parties

As part of its risk management policy the Charity has transferred a property it has held to Jewish Learning Exchange Building Fund Ltd, a Registered Charity with Common Trustees, during the year.

The property was transferred at Net Book Value as stated in the financial statements.

Risk management

The trustees have assessed the major risks to which the charity is exposed. All areas of work carried out by the charity are appropriately risk assessed and staff and volunteers are appropriately screened, trained and supervised. The charity contracts with outside specialist advisers whenever necessary, to provide expert advice when it is required. The Trustees take a prudent and careful approach to the management of the funds of the charity to ensure that an adequate strategy is in place to safeguard the income streams and to control the costs in both the short and long term.

As the charity relies entirely on voluntary income, and usually receives no government funding, trustees are aware that there are various risks to our financial stability in an uncertain economic climate.

The charity has been diversifying its fundraising efforts to mitigate those risks as far as possible by spreading the income streams more evenly. Risk management plans are in place to enable timely responses to any crisis designed to protect the core of the charity's work through difficult times. Systems are in place to ensure the appropriate management of all funds and suitable probity is exercised at all times in regard to the handling and recording of financial transactions.

In common with other similar charities, a significant part of the expenditure of the charity is made on salaries. The majority of these salaries are for those people engaged directly in the education and support of young jewish people.

The charity has also continued with "ring fencing" its property holdings by transferring the remaining property during the year, details of this transaction are disclosed under Related Parties.

Page 3

JEWISH LEARNING EXCHANGE - JLE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

292886

Principal address

152-154 Golders Green Road Golders Green London NW11 8HE

Trustees

A Cohen S Douer D P Lyons

Auditors

Joseph Kahan Associates LLP Registered Auditors Chartered Accountants 923 Finchley Road London NW11 7PE

Bankers Barclays Bank PLC 883- 885 Finchley Road London NW11 8RU

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

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 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.

Page 4

JEWISH LEARNING EXCHANGE - JLE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2022

Approved by order of the board of trustees on 26th June 2023 and signed on its behalf by:

A Cohen - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF JEWISH LEARNING EXCHANGE - JLE

Opinion

We have audited the financial statements of Jewish Learning Exchange - JLE (the 'charity') for the year ended 31st August 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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 responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF JEWISH LEARNING EXCHANGE - JLE

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquires of management and the Trustees were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF JEWISH LEARNING EXCHANGE - JLE

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Joseph Kahan Associates LLP Registered Auditors Chartered Accountants 923 Finchley Road London NW11 7PE

Date: ........ June 2023

Page 8

JEWISH LEARNING EXCHANGE - JLE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
Event Contributions
Fundraising activities
4
Other income
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Audit fees
Auditor' remuneration - non - audit
Staff costs
Education, programmes & trip costs
Repairs & renewals
IT/Computer costs
Premises costs
Administrative costs
Advertsing costs
Security costs
Finance costs
Depreciation and amortisation costs
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
18
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
2,923,534
72,881
585,705
87,736
3,669,856
155,266
14,400
2,500
1,138,616
1,075,118
31,969
24,194
442,137
639,090
73,048
17,854
3,084
28,888
3,646,164
23,692
161,354
185,046
1,063,927
1,248,973		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(161,354)
(161,354)
161,354
-		 2022
Total
funds
£
2,923,534
72,881
585,705
87,736
3,669,856
155,266
14,400
2,500
1,138,616
1,075,118
31,969
24,194
442,137
639,090
73,048
17,854
3,084
28,888
3,646,164
23,692
-
23,692
1,225,281
1,248,973		 2021
Total
funds
£
1,851,105
36,796
499,411
400,912
2,788,224
163,517
12,600
2,000
1,199,126
431,244
43,029
50,845
369,358
385,524
76,170
15,072
746
40,632
2,789,863
(1,639)
-
(1,639)
1,226,920
1,225,281

The notes form part of these financial statements

Page 9

JEWISH LEARNING EXCHANGE - JLE

STATEMENT OF FINANCIAL POSITION 31ST AUGUST 2022

Notes
FIXED ASSETS
Intangible assets
12
Tangible assets
13
Heritage assets
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
38,713
18,789
62,433
119,935
955,186
600,328
1,555,514
(426,476)
1,129,038
1,248,973
1,248,973		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
funds
£
38,713
18,789
62,433
119,935
955,186
600,328
1,555,514
(426,476)
1,129,038
1,248,973
1,248,973
1,248,973
-
1,248,973		 2021
Total
funds
£
-
1,485,428
62,433
1,547,861
210,130
576,629
786,759
(1,109,339 )
(322,580)
1,225,281
1,225,281
1,063,927
161,354
1,225,281

The financial statements were approved by the Board of Trustees and authorised for issue on 26th June 2023 and were signed on its behalf by:

A Cohen - Trustee

The notes form part of these financial statements

Page 10

JEWISH LEARNING EXCHANGE - JLE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST AUGUST 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Sale of tangible fixed assets
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2022
£
(1,375,339 )
(1,375,339 )
(51,617)
(6,298)
1,456,953
1,399,038
23,699
576,629
600,328		 2021
£
304,040
304,040
-
(456,077)
-
(456,077)
(152,037)
728,666
576,629

The notes form part of these financial statements

Page 11

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST AUGUST 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Increase in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 2022
£
23,692
28,888
(745,056)
(682,863)
(1,375,339 )		 2021
£
(1,639)
40,632
(116,632)
381,679
304,040

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1/9/21 Cash flow At 31/8/22
£ £ £
Net cash
Cash at bank and in hand 576,629 23,699 600,328
576,629 23,699 600,328
Total 576,629 23,699 600,328

The notes form part of these financial statements

Page 12

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022

1. LEGAL STATUS OF THE CHARITY

The Charity is established by a declaration of Trust dated 21st May 1985 amended on 23rd October 2020.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

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.

Income from gift aid and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fundraising activities

The charity has decided to show income from specific fund raising events, separately to general donations..

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets (other than freehold property) are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Freehold property is stated at fair value as at the year end, based on property professional valuation.

Page 13

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Freehold property - 2% p.a. on cost of building Fitting out building costs - Straight line over 25 years Furniture, fixtures & equipment - 25% p.a. on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Additions to tangible fixed assets of less than £2,000 are treated as an expense and are not capitalised.

Heritage assets

Heritage assets are included in the balance sheet at cost. This includes the library and religious scrolls. A review of the carrying amount takes place annually and is reduced where there is evidence of an impairment having taken place.

In accordance with FRS102, depreciation is not provided on heritage assets as they are considered to have indefinite lives.The cost of maintenance and repair of heritage assets is written off in the year incurred.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each material restricted fund is set out in the notes to the financial statements.

Key judgements and estimates

In the application of the charity's accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.The estimates and the underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and the underlying assumptions are reviewed on a on-going basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

Page 14

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.

Leasing commitments

Rentals under operating leases (where substantially all the benefits and risks of ownership remain with lessor) are charged to the Statement of Financial Activities on a straight line basis over the term of the lease.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 15

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022

3.
DONATIONS AND LEGACIES
General donations
Gift Aid
4.
FUNDRAISING ACTIVITIES
Fundraising Income
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Charitable Income
Event Contributions
6.
RAISING FUNDS
Raising donations and legacies
Staff costs
7.
CHARITABLE ACTIVITIES COSTS
Audit fees
Auditor' remuneration - non - audit
Staff costs
Education, programmes & trip costs
Repairs & renewals
IT/Computer costs
Premises costs
Administrative costs
Advertsing costs
Security costs
Finance costs
Depreciation and amortisation costs		 Direct
Costs
£
-
-
1,035,106
1,075,118
31,969
24,194
442,137
639,090
73,048
17,854
3,084
28,888
3,370,488		 2022
£
2,895,297
28,237
2,923,534
2022
£
585,705
2022
£
72,881
2022
£
155,266
Support
costs (see
note 8)
£
14,400
2,500
103,510
-
-
-
-
-
-
-
-
-
120,410		 2021
£
1,815,257
35,848		 2021
£
1,815,257
35,848		 2021
£
1,815,257
35,848
1,851,105
2021
£
499,411
2021
£
36,796
2021
£
163,517
Totals
£
14,400
2,500
1,138,616
1,075,118
31,969
24,194
442,137
639,090
73,048
17,854
3,084
28,888		 2021
£
499,411
2021
£
36,796
2021
£
163,517		 2021
£
36,796
3,490,898

Page 16

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022

8. SUPPORT COSTS

Audit fees
Auditor' remuneration - non - audit
Staff costs		 Governance
costs
£
14,400
2,500
103,510
120,410

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st August 2022 nor for the year ended 31st August 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st August 2022 nor for the year ended 31st August 2021.

10. STAFF COSTS

2022 2021
£ £
Wages and salaries 1,012,891 1,196,963
Social security costs 94,340 114,676
Other pension costs 186,651 51,003
Total 1,293,881 1,362,642

The average monthly number of employees during the year was as follows:

The average monthly number of employees during the year was as follows:
2022 2021
Administrative 13 25
Educational 24 18
Total 37 43

The number of employees whose total employee benefits excluding pension contributions earning over £60,000, classified within £10,000 bands was as follows:

2022 2021
£60,000-£69,999 1 2
£80,000 -£89,999 1
£110,000 -£119,999 1

The key management personnel of the charity received employee benefits totalling £320,781 (2021:£153,903)

Page 17

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Event Contributions
Fundraising activities
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Audit fees
Auditor' remuneration - non - audit
Staff costs
Education, programmes & trip costs
Repairs & renewals
IT/Computer costs
Premises costs
Administrative costs
Advertsing costs
Security costs
Finance costs
Depreciation and amortisation costs
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 ACTIVITIES
Unrestricted
funds
£
1,851,105
36,796
499,411
400,912
2,788,224
163,517
12,600
2,000
1,199,126
431,244
43,029
50,845
369,358
385,524
76,170
15,072
746
40,632
2,789,863
(1,639)
(161,262)
(162,901)
1,226,828
1,063,927		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
161,262
161,262
92
161,354		 Total
funds
£
1,851,105
36,796
499,411
400,912
2,788,224
163,517
12,600
2,000
1,199,126
431,244
43,029
50,845
369,358
385,524
76,170
15,072
746
40,632
2,789,863
(1,639)
-
(1,639)
1,226,920
1,225,281

Page 18

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022

12. INTANGIBLE FIXED ASSETS

INTANGIBLE FIXED ASSETS
Website
Development
costs
£
COST
At 1st September 2021 5,106
Additions 51,617
At 31st August 2022 56,723
AMORTISATION
At 1st September 2021 5,106
Charge for year 12,904
At 31st August 2022 18,010
NET BOOK VALUE
At 31st August 2022 38,713
At 31st August 2021 -

13. TANGIBLE FIXED ASSETS

COST
At 1st September 2021
Additions
Disposals
At 31st August 2022
DEPRECIATION
At 1st September 2021
Charge for year
Eliminated on disposal
At 31st August 2022
NET BOOK VALUE
At 31st August 2022
At 31st August 2021		 Freehold
property
£
1,556,077
-
(1,556,077 )
-
99,124
-
(99,124)
-
-
1,456,953		 Fitting
out
building
costs
£
282,026
-
-
282,026
272,305
9,721
-
282,026
-
9,721		 Furniture,
fixtures
& equipment
£
206,276
6,298
-
212,574
187,522
6,263
-
193,785
18,789
18,754		 Totals
£
2,044,379
6,298
(1,556,077 )
494,600
558,951
15,984
(99,124)
475,811
18,789
1,485,428

The Freehold property was transferred during the year to JLE Building Exchange Limited , a registered charity with common Trustees at Net Book Value as part of ring fencing the property management of the charity.

Page 19

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022

14. HERITAGE ASSETS

MARKET VALUE
At 1st September 2021 and
31st August 2022
NET BOOK VALUE
At 31st August 2022
At 31st August 2021
15.
DEBTORS
Amounts falling due within one year:
Tax refunds due
Loan debtors
Other debtors
Rent Deposit
Prepayments
Amounts falling due after more than one year:
Loan to JLE Building Exchange
Limited
Aggregate amounts
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accrued expenses		 2022
£
3,568
28,578
5,523
19,546
13,719
70,934
884,252
955,186
2022
£
30,554
39,896
2,126
353,900
426,476		 Total
£
62,433
62,433
62,433
2021
£
6,048
33,802
146,894
23,386
-		 Total
£
62,433
62,433
62,433
210,130
-
210,130
2021
£
169,657
21,530
739,552
178,600
1,109,339

Page 20

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2022
£
250,888
865,400
1,116,288		 2021
£
320,488
830,600
1,151,088

18. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Revaluation Reserve
Designated fund
Restricted funds
Restricted
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Designated fund
TOTAL FUNDS		 At 1/9/21
£
328,255
735,672
-
1,063,927
161,354
1,225,281
as follows:		 Net
movement
in funds
£
(512,929)
-
536,621
23,692
-
23,692
Incoming
resources
£
3,133,235
536,621
3,669,856
3,669,856		 Transfers
between
funds
£
897,026
(735,672)
-
161,354
(161,354)
-
Resources
expended
£
(3,646,164 )
-
(3,646,164 )
(3,646,164 )		 At
31/8/22
£
712,352
-
536,621
1,248,973
-
1,248,973
Movement
in funds
£
(512,929)
536,621
23,692
23,692

Page 21

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Revaluation Reserve
Restricted funds
Restricted
TOTAL FUNDS		 At 1/9/20
£
491,156
735,672
1,226,828
92
1,226,920		 Net
movement
in funds
£
(1,639)
-
(1,639)
-
(1,639)		 Transfers
between
funds
£
(161,262)
-
(161,262)
161,262
-		 At
31/8/21
£
328,255
735,672
1,063,927
161,354
1,225,281

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
2,788,224
2,788,224		 Resources
expended
£
(2,789,863 )
(2,789,863 )		 Movement
in funds
£
(1,639)
(1,639)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Revaluation Reserve
Designated fund
Restricted funds
Restricted
TOTAL FUNDS		 At 1/9/20
£
491,156
735,672
-
1,226,828
92
1,226,920		 Net
movement
in funds
£
(514,568)
-
536,621
22,053
-
22,053		 Transfers
between
funds
£
735,764
(735,672)
-
92
(92)
-		 At
31/8/22
£
712,352
-
536,621
1,248,973
-
1,248,973

Page 22

JEWISH LEARNING EXCHANGE - JLE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022

18. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated fund
TOTAL FUNDS		 Incoming
resources
£
5,921,459
536,621
6,458,080
6,458,080		 Resources
expended
£
(6,436,027 )
-
(6,436,027 )
(6,436,027 )		 Movement
in funds
£
(514,568)
536,621
22,053
22,053

19. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme on behalf of the employees. The assets of the scheme are held separately from that of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund. The annual commitment under this scheme amounted to £42,651 (2021- £51,000).

The outstanding amount included in creditors for pension contributions as at 31st August 2021 amounted to £2,201 (2021 - £3,854).

20. RELATED PARTY DISCLOSURES

The Charity occupied the first floor premises at 152-154 Golders Green Road, Golders Green, London, NW11 8HE. The building is owned by Jewish Learning Exchange Building Limited ( a company limited by guarantee and a registered charity in the UK), whose trustees are common to Jewish Learning Exchange. During the year , the charity was charged rent of £160,000 (2021 : £140,000) for the use of the office premises.

At the year end , the balance due from Jewish Learning Exchange Building Limited was £884,252 , (2021 due to Jewish Learning Exchange Building Limited £735,849) on an interest free loan basis.

Page 23