**REGISTERED CHARITY NUMBER: 292886** 

**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **FOR** 

## **JEWISH LEARNING EXCHANGE -  JLE** 

Fusion Audit Ltd Registered Auditors Marlborough House 298 Regents Park Road London N3 2SZ 



**JEWISH LEARNING EXCHANGE -  JLE** 

**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025** 

|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|5|
|**Report of the Independent Auditors**|6|to|9|
|**Statement of Financial Activities**||10||
|**Statement of Financial Position**||11||
|**Statement of Cash Flows**||12||
|**Notes to the Statement of Cash Flows**||13||
|**Notes to the Financial Statements**|14|to|24|





**JEWISH LEARNING EXCHANGE -  JLE** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2025** 

The trustees present their report with the financial statements of the charity for the year ended 31st August 2025. 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 Jewish Learning Exchange (JLE) exists to inspire, educate and empower young Jews to explore the relevance, wisdom and richness of Judaism in today's world. 

Through innovative educational programmes, leadership development, mentoring, community building and world-class educators, JLE provides a gateway for thousands of young Jews to connect more deeply with their identity, heritage, values and future. 

Our mission is to ensure that every young Jew has the opportunity to engage meaningfully with Jewish life and to develop the knowledge, confidence and sense of belonging necessary to flourish as proud and committed members of  the Jewish community. We are committed to creating welcoming environments in which young people can explore Judaism, form lasting friendships, develop leadership skills and contribute positively to society. 

The Trustees continue to guide the organisation's activities in pursuit of these objectives, investing strategically in people, programmes, infrastructure and partnerships that will strengthen Jewish continuity and communal engagement for future generations. 

## **ACHIEVEMENTS AND PERFORMANCE** 

## **Operational activities** 

This past year marked one of the most significant periods of growth and development in the history of the JLE. 

With the challenges of the Covid era now firmly behind us, our focus has shifted fully towards growth, innovation and long-term impact. Against a backdrop of increasing uncertainty for Jewish communities around the world, the demand for meaningful Jewish education, connection and belonging has never been greater. 

The events of recent years have highlighted the importance of strong Jewish identity, resilient communities and inspiring leadership. In response, JLE has continued to expand its reach and deepen its impact across a broad spectrum of young Jewish life. 

One of the most exciting developments during the year was the continued expansion of our Central London presence. Designed to engage students and young professionals where they live and work, this initiative has enabled us to broaden our reach and create new opportunities for learning, networking, mentorship and community engagement in the heart of the capital. 

Alongside this growth, our mentorship and internship programmes have continued to flourish. These initiatives connect young adults with experienced professionals, entrepreneurs and community leaders, providing practical guidance, career opportunities and meaningful role models. Through these programmes we are helping to develop not only successful professionals, but future communal leaders. 

Throughout the year, thousands of young Jews participated in JLE programmes including educational courses, Friday night dinners, social events, mentoring initiatives, leadership programmes, campus activities, trips and community-building experiences. Increasingly, we are seeing participants move beyond attendance and become active contributors to Jewish life themselves, creating communities, hosting others and taking ownership of their Jewish journeys. 

Our vision is not simply to run programmes. It is to build a generation of confident, knowledgeable and connected young Jews who will shape the future of Jewish life in the United Kingdom and beyond. 

Page 1 



**JEWISH LEARNING EXCHANGE -  JLE** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **ACHIEVEMENTS AND PERFORMANCE FUNDRAISING AND COMMUNITY SUPPORT** 

JLE remains entirely dependent upon the generosity of its supporters and receives no ongoing government funding. 

The Trustees are deeply grateful to our longstanding donors, community partners and friends whose support continues to make our work possible. During the year, fundraising activities, community campaigns and donor engagement initiatives helped strengthen the charity's financial base while also introducing new supporters to our mission. 

We have also continued to develop relationships with philanthropic partners in the United Kingdom, Israel, North America and elsewhere, reflecting the growing recognition that the challenges and opportunities facing young Jews today are increasingly global in nature. 

The Trustees would like to place on record their sincere appreciation to all those who support the work of the JLE through their financial contributions, professional expertise, volunteering and advocacy. 

## **LOOKING AHEAD** 

The Trustees believe that the coming year presents significant opportunities for growth, innovation and impact. 

Plans are already in place to: 

1. Further strengthen our Central London presence. 

2. Expand our mentorship, internship and career development initiatives. 

3. Increase opportunities for grassroots and peer-led Jewish engagement. 

4. Develop new educational programmes and leadership training initiatives. 

5. Launch a new cohort of future rabbinic and community leaders through our Leadership Training Academy. 

At the same time, we recognise that the world in which our students live is becoming increasingly interconnected, mobile and complex. Young Jews today frequently study, work and build their lives across multiple cities and countries throughout their personal and professional journeys. 

In response to this changing reality, JLE has begun exploring strategic partnerships with leading Jewish organisations and global networks around the world. Our ambition is to create a more seamless and connected experience for our participants, ensuring that the sense of learning, growth, community and belonging they discover through JLE can continue wherever life takes them. 

We believe the future of Jewish engagement lies not only in building strong local communities, but also in creating a global ecosystem of belonging that enables young Jews to remain connected to their heritage, values, mentors and community across borders and throughout every stage of life. 

As antisemitism rises in many parts of the world and questions of identity become increasingly complex, fostering meaningful Jewish connection has never been more important. We are excited by the opportunities these conversations present and look forward to exploring how strategic international partnerships can strengthen Jewish continuity, leadership and community for generations to come. 

The Trustees remain optimistic about the future. We believe that the Jewish future is not something to be predicted; it  is something that must be built. Together with our students, supporters, partners and wider community, we look forward to continuing that work in the year ahead. 

## **FINANCIAL REVIEW** 

## **Financial position** 

The Statement of Financial Activities shows a deficit for the year of £846,094 (2024 - deficit - £309,338). This will be netted off / added against/to the surplus brought forward. As at the year end, our total reserves stand at a deficit of £102,423  (2024- surplus -  £743,671). 

In light of the deficit for the year and also taking into account the current economic and geopolitical climate and the uncertainties that this brings, the trustees have put into place a multi-year plan which will ensure the continuing financial viability of the JLE. 

Page 2 



**JEWISH LEARNING EXCHANGE -  JLE** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **FINANCIAL REVIEW** 

## **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 £95,415   would be sufficient to meet three months basic operating costs. 

## **Going concern** 

At the year ended 31st August 2025 , the Charity has liabilities that exceed its assets. The trustees have reviewed the charity's financial position, cash flow forecasts and funding arrangements for a period of at least twelve months from the date of approval of these financial statements. 

The charity's ability to continue as a going concern is dependent upon achieving forecast levels of income and securing ongoing funding sufficient to meet its operational commitments. While the trustees have prepared forecasts which indicate that the charity will be able to meet its obligations as they fall due, these forecasts are dependent on assumptions regarding future income that are not wholly within the charity's control. 

The forecasts indicate that the charity will be able to meet its liabilities as they fall due through a combination of existing cash resources, anticipated income from grants, donations and fundraising activities, and ongoing management of expenditure. The trustees have also considered the actions available to them should income levels differ from those forecast. 

Accordingly, the trustees consider it appropriate to prepare the financial statements on a going concern basis. 

## **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. 

Page 3 



**JEWISH LEARNING EXCHANGE -  JLE** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **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. 

## **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 (resigned 15.7.2025) S A Melnick I Carno (appointed 1.3.2025) 

## **Auditors** 

Fusion Audit Ltd Registered Auditors Marlborough House 298 Regents Park Road London N3 2SZ 

## **Bankers** 

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

Page 4 



**JEWISH LEARNING EXCHANGE -  JLE** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **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". 

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 

Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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 

- 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; 

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

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 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by order of the board of trustees on 30th June 2026 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 2025 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: 

- give a true and fair view of the state of the charity's affairs as at 31st August 2025 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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. 

## **Emphasis of matter - Net Liabilities** 

We draw attention to Note 2, to the financial statements, which explains that as at 31st August 2025 the charity's liabilities exceeded its assets by £251,039, resulting in net liabilities of £102,423. 

Our opinion is not modified in respect of this matter. 

## **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. 

Page 6 



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

## **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: 

- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **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. 

Page 7 



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

## **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: 

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and  Charity Law. 

- Those laws and regulations for which non - compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitable  objectives, public benefit, fundraising regulations, safeguarding and health and safety legislation. 

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 8 



## **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. 

Fusion Audit Ltd Registered Auditors Marlborough House 298 Regents Park Road London N3 2SZ 

30th June 2026 

Page 9 



**JEWISH LEARNING EXCHANGE -  JLE** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2025** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>3<br>**Charitable activities**<br>5<br>Event Contributions<br>Fundraising activities<br>4<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>6<br>**Charitable activities**<br>7<br>Event Contributions<br>Audit fees<br>Auditor' remuneration - non - audit<br>Staff costs<br>Education & programmes  costs<br>Repairs & renewals<br>IT/Computer costs<br>Premises costs<br>Administrative costs<br>Advertsing costs<br>Security costs<br>Finance costs<br>Depreciation and amortisation costs<br>**Total**<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>£<br>1,892,619<br>203,873<br>1,030,822<br>3,127,314<br>138,512<br>(318)<br>15,600<br>3,600<br>1,021,750<br>1,488,243<br>19,406<br>60,940<br>533,485<br>530,479<br>4,589<br>132,564<br>8,964<br>15,594<br>3,973,408<br>(846,094)<br>743,671<br>(102,423)|Restricted<br>fund<br>£<br>51,000<br>-<br>-<br>51,000<br>-<br>-<br>-<br>-<br>-<br>17,740<br>-<br>-<br>33,260<br>-<br>-<br>-<br>-<br>-<br>51,000<br>-<br>-<br>-|2025<br>Total<br>funds<br>£<br>1,943,619<br>203,873<br>1,030,822<br>3,178,314<br>138,512<br>(318)<br>15,600<br>3,600<br>1,021,750<br>1,505,983<br>19,406<br>60,940<br>566,745<br>530,479<br>4,589<br>132,564<br>8,964<br>15,594<br>4,024,408<br>(846,094)<br>743,671<br>(102,423)|2024<br>Total<br>funds<br>£<br>2,293,170<br>92,877<br>1,366,351<br>3,752,398<br>151,865<br>-<br>14,400<br>2,500<br>1,119,675<br>1,322,465<br>25,461<br>36,662<br>531,622<br>667,290<br>24,680<br>128,849<br>19,792<br>16,475<br>4,061,736<br>(309,338)<br>1,053,009<br>743,671|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 10 



## **JEWISH LEARNING EXCHANGE -  JLE** 

## **STATEMENT OF FINANCIAL POSITION 31ST AUGUST 2025** 

|Notes<br>**FIXED ASSETS**<br>Intangible assets<br>12<br>Tangible assets<br>13<br>Heritage assets<br>14<br>**CURRENT ASSETS**<br>Debtors<br>15<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>16<br>**NET CURRENT ASSETS/(LIABILITIES)**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS/(LIABILITIES)**<br>**FUNDS**<br>18<br>Unrestricted funds<br>**TOTAL FUNDS**|Unrestricted<br>funds<br>£<br>78,256<br>7,927<br>62,433<br>148,616<br>856,095<br>95,415<br>951,510<br>(1,202,549 )<br>(251,039)<br>(102,423)<br>(102,423)|Restricted<br>fund<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|2025<br>Total<br>funds<br>£<br>78,256<br>7,927<br>62,433<br>148,616<br>856,095<br>95,415<br>951,510<br>(1,202,549 )<br>(251,039)<br>(102,423)<br>(102,423)<br>(102,423)<br>(102,423)|2024<br>Total<br>funds<br>£<br>91,208<br>10,569<br>62,433<br>164,210<br>838,272<br>166,646<br>1,004,918<br>(425,457)<br>579,461<br>743,671<br>743,671<br>743,671<br>743,671|
|---|---|---|---|---|



The financial statements were approved by the Board of Trustees and authorised for issue on 30th June 2026 and were signed on its behalf by: 

A Cohen - Trustee 

The notes form part of these financial statements 

Page 11 



## **JEWISH LEARNING EXCHANGE -  JLE** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST AUGUST 2025** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Purchase of intangible fixed assets<br>Net cash provided by/(used in) investing activities<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end of**<br>**the reporting period**|2025<br>£<br>(71,231)<br>(71,231)<br>-<br>-<br>(71,231)<br>166,646<br>95,415|2024<br>£<br>(167,531)<br>(167,531)<br>(4,959)<br>(4,959)<br>(172,490)<br>339,136<br>166,646|
|---|---|---|



The notes form part of these financial statements 

Page 12 



**JEWISH LEARNING EXCHANGE -  JLE** 

## **NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

|**RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM**<br>**ACTIVITIES**|**OPERATING**||
|---|---|---|
|**Net expenditure for the reporting period (as per the Statement of**<br>**Financial Activities)**<br>**Adjustments for:**<br>Depreciation charges<br>(Increase)/decrease in debtors<br>Increase in creditors<br>**Net cash used in operations**|2025<br>£<br>(846,094)<br>15,594<br>(17,823)<br>777,092<br>(71,231)|2024<br>£<br>(309,338)<br>16,475<br>9,109<br>116,223|
|||(167,531)|



## **2. ANALYSIS OF CHANGES IN NET FUNDS** 

||At 1/9/24|Cash flow|At 31/8/25|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank|166,646|(71,231)|95,415|
||166,646|(71,231)|95,415|
|**Total**|166,646|(71,231)|95,415|



The notes form part of these financial statements 

Page 13 



**JEWISH LEARNING EXCHANGE -  JLE** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **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. 

## **Going concern** 

The Charity currently has liabilities that exceed its assets. 

The Trustees are expecting to generate a surplus for the year ended 31 August 2026 reflecting continuing control and support from donors. 

Having reviewed the financial position of the Charity, the Trustees consider that, with current cash resources, general reserves and the potential appeal for fundraising, there are no material uncertainties about the Charity's ability to continue as a going concern and have reasonable expectations that the Charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

## **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. 

Website Development costs are being amortised evenly over their useful life of ten years. 

Page 14 



**JEWISH LEARNING EXCHANGE -  JLE** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **2. ACCOUNTING POLICIES - continued** 

## **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. 

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: 

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 15 



**JEWISH LEARNING EXCHANGE -  JLE** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **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 16 



**JEWISH LEARNING EXCHANGE -  JLE** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **3. DONATIONS AND LEGACIES** 

|General donations<br>Gift Aid<br>Legacies<br>Grant received<br>**4.**<br>**FUNDRAISING ACTIVITIES**<br>Fundraising Income<br>**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>Activity<br>Charitable Income<br>Event Contributions<br>**6.**<br>**RAISING FUNDS**<br>**Raising donations and legacies**<br>Staff costs<br>**7.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Event Contributions<br>Audit fees<br>Auditor' remuneration - non - audit<br>Staff costs<br>Education & programmes  costs<br>Repairs & renewals<br>IT/Computer costs<br>Premises costs<br>Administrative costs<br>Advertsing costs<br>Security costs<br>Finance costs<br>Depreciation and amortisation costs|Direct<br>Costs<br>£<br>(318)<br>-<br>-<br>923,409<br>1,505,983<br>19,406<br>60,940<br>566,745<br>530,479<br>4,589<br>132,564<br>8,964<br>15,594<br>3,768,355|2025<br>£<br>1,648,750<br>38,389<br>148,500<br>107,980<br>1,943,619<br>2025<br>£<br>1,030,822<br>2025<br>£<br>203,873<br>2025<br>£<br>138,512<br>Support<br>costs (see<br>note 8)<br>£<br>-<br>15,600<br>3,600<br>98,341<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>117,541|2024<br>£<br>2,190,677<br>47,839<br>-<br>54,654<br>2,293,170<br>2024<br>£<br>1,366,351<br>2024<br>£<br>92,877<br>2024<br>£<br>151,865<br>Totals<br>£<br>(318)<br>15,600<br>3,600<br>1,021,750<br>1,505,983<br>19,406<br>60,940<br>566,745<br>530,479<br>4,589<br>132,564<br>8,964<br>15,594<br>3,885,896|
|---|---|---|---|
|||||
|||||



Page 17 



**JEWISH LEARNING EXCHANGE -  JLE** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **8. SUPPORT COSTS** 

|Audit fees<br>Auditor' remuneration - non - audit<br>Staff costs|Governance<br>costs<br>£<br>15,600<br>3,600<br>98,341<br>117,541|
|---|---|



## **9. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31st August 2025 nor for the year ended 31st August 2024. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 31st August 2025 nor for the year ended 31st August 2024. 

## **10. STAFF COSTS** 

||2025|2024|
|---|---|---|
||£|£|
|Wages and salaries|1,054,322|1,150,556|
|Social security costs|80,290|93,533|
|Other pension costs|25,650|23,391|
||||
|Total|1,160,263|1,271,539|
||||



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

|The average monthly number of employees during the year was as follows:|||
|---|---|---|
||2025|2024|
|Administrative|16|15|
|Educational|23|27|
|Total|39|42|



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

||2025|2024|
|---|---|---|
|£60,001-£70,000|2|1|
|£80,001 -£90,000|||
|£140,001 -£150,000||1|
|£230,001 -£240,000|||



The key management personnel of the charity received employee benefits totalling £147,197   (2024 :£212,636) 

Page 18 



**JEWISH LEARNING EXCHANGE -  JLE** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

|**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>**Charitable activities**<br>Event Contributions<br>Fundraising activities<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>**Charitable activities**<br>Audit fees<br>Auditor' remuneration - non - audit<br>Staff costs<br>Education & programmes  costs<br>Repairs & renewals<br>IT/Computer costs<br>Premises costs<br>Administrative costs<br>Advertsing costs<br>Security costs<br>Finance costs<br>Depreciation and amortisation costs<br>**Total**<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>£<br>2,243,170<br>92,877<br>1,366,351<br>3,702,398<br>151,865<br>14,400<br>2,500<br>1,069,675<br>1,322,465<br>25,461<br>36,662<br>531,622<br>667,290<br>24,680<br>128,849<br>19,792<br>16,475<br>4,011,736<br>(309,338)<br>1,053,009<br>743,671|Restricted<br>fund<br>£<br>50,000<br>-<br>-<br>50,000<br>-<br>-<br>-<br>50,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>50,000<br>-<br>-<br>-|Total<br>funds<br>£<br>2,293,170<br>92,877<br>1,366,351<br>3,752,398<br>151,865<br>14,400<br>2,500<br>1,119,675<br>1,322,465<br>25,461<br>36,662<br>531,622<br>667,290<br>24,680<br>128,849<br>19,792<br>16,475<br>4,061,736<br>(309,338)<br>1,053,009<br>743,671|
|---|---|---|---|



Page 19 



**JEWISH LEARNING EXCHANGE -  JLE** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **12. INTANGIBLE FIXED ASSETS** 

|**COST**<br>At 1st September 2024 and<br>31st August 2025<br>**AMORTISATION**<br>At 1st September 2024<br>Charge for year<br>At 31st August 2025<br>**NET BOOK VALUE**<br>At 31st August 2025<br>At 31st August 2024<br>**TANGIBLE FIXED ASSETS**<br>**COST**<br>At 1st September 2024 and<br>31st August 2025<br>**DEPRECIATION**<br>At 1st September 2024<br>Charge for year<br>At 31st August 2025<br>**NET BOOK VALUE**<br>At 31st August 2025<br>At 31st August 2024|Website<br>Development<br>costs<br>£<br>134,627<br>43,419<br>12,952<br>56,371<br>78,256<br>91,208<br>Fitting<br>out<br>Furniture,<br>building<br>fixtures<br>costs<br>& equipment<br>Totals<br>£<br>£<br>£<br>282,026<br>212,574<br>494,600<br>282,026<br>202,005<br>484,031<br>-<br>2,642<br>2,642<br>282,026<br>204,647<br>486,673<br>-<br>7,927<br>7,927<br>-<br>10,569<br>10,569|
|---|---|



## **13. TANGIBLE FIXED ASSETS** 

Page 20 



**JEWISH LEARNING EXCHANGE -  JLE** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **14. HERITAGE ASSETS** 

|**MARKET VALUE**<br>At 1st September 2024 and<br>31st August 2025<br>**NET BOOK VALUE**<br>At 31st August 2025<br>At 31st August 2024<br>**15.**<br>**DEBTORS**<br>Amounts falling due within one year:<br>Loan debtors<br>Other debtors<br>Rent Deposit<br>Prepayments<br>Amounts falling due after more than one year:<br>Loan to JLE Building Exchange<br>Limited<br>Aggregate amounts<br>**16.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade creditors<br>Social security and other taxes<br>Other creditors<br>Accrued expenses||
|---|---|



Page 21 



**JEWISH LEARNING EXCHANGE -  JLE** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **17. LEASING AGREEMENTS** 

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

|Within one year<br>Between one and five years|2025<br>£<br>269,488<br>287,220<br>556,708|2024<br>£<br>283,588<br>425,380|
|---|---|---|
|||708,968|



## **18. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are as follows:<br>**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Restricted<br>**TOTAL FUNDS**<br>**Comparatives for movement in funds**<br>**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At 1/9/24<br>£<br>743,671<br>743,671<br>Incoming<br>resources<br>£<br>3,127,314<br>51,000<br>3,178,314<br>At 1/9/23<br>£<br>1,053,009<br>1,053,009|Net<br>movement<br>in funds<br>£<br>(846,094)<br>(846,094)<br>Resources<br>expended<br>£<br>(3,973,408 )<br>(51,000)<br>(4,024,408 )<br>Net<br>movement<br>in funds<br>£<br>(309,338)<br>(309,338)|At<br>31/8/25<br>£<br>(102,423)<br>(102,423)<br>Movement<br>in funds<br>£<br>(846,094)<br>-|At<br>31/8/25<br>£<br>(102,423)|
|---|---|---|---|---|
|||||(102,423)|
||||(846,094)||
||||At<br>31/8/24<br>£<br>743,671||
||||743,671||



Page 22 



**JEWISH LEARNING EXCHANGE -  JLE** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **18. MOVEMENT IN FUNDS - continued** 

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

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Restricted<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>3,702,398<br>50,000<br>3,752,398|Resources<br>expended<br>£<br>(4,011,736 )<br>(50,000)<br>(4,061,736 )|Movement<br>in funds<br>£<br>(309,338)<br>-<br>(309,338)|
|---|---|---|---|



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

|Net<br>movement<br>At 1/9/23<br>in funds<br>£<br>£<br>**Unrestricted funds**<br>General fund<br>1,053,009<br>(1,155,432 )<br>**TOTAL FUNDS**<br>1,053,009<br>(1,155,432 )|At<br>31/8/25<br>£<br>(102,423)<br>(102,423)|
|---|---|



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

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Restricted<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>6,829,712<br>101,000<br>6,930,712|Resources<br>expended<br>£<br>(7,985,144 )<br>(101,000)<br>(8,086,144 )|Movement<br>in funds<br>£<br>(1,155,432 )<br>-<br>(1,155,432 )|
|---|---|---|---|



Page 23 



**JEWISH LEARNING EXCHANGE -  JLE** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2025** 

## **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 £25,650  (2024- £27,451). 

The outstanding amount included in creditors for pension contributions amounted to £2,845  (2024- £3,,770). 

## **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 (2024 : £160,000) for the use of the office premises. 

The Charity occupied 115 Princes Avenue London NW11 0JS, 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 £42,000 (2024 : £42,000) for the use of the residential premises. 

The Charity occupied Flat 2, , 66 Drive London NW11 9TL 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 £9,100 (2024 : £9,100 ) for the use of the residential premises. 

At the year end , the balance due from Jewish Learning Exchange Building Limited was £634,823 (2024 :£635,507). 

The balance due to Sean Melnick a trustee was £Nil (2024: £220,000 ) being short term loan facility to the charity. 

Page 24