Anglo-lsrael Association Report and Financial Statements Year Ended 31 December 2023
Anglo-lsrael Association Annual report and financial statements for the year ended 31 December 2023 Contents Pages Charity Infomiation Report of the Trustee Report of the Auditor Statement of Financial Activities Balance Sheet 10 - 15 Notes Fomiing Part of the Financial Statements
Anglo-lsrael Association Annual report and financial statements for the year ended 31 December 2023 Trustee Anglo Israel Association Corporate Trustee (Company number 09898380) Directors and Members of Anglo Israel Association Corporate Trustee . Mr R. Bolchover Mr D. Kessler Mrs D. Beth (Honorary Treasurer) Professor D. Hochhauser Mr A. Reeve Reglstered Office of Corporate Trustee and Anglo Isrnel Assoclatlon Prlnclpal Office 28 Church Road. Stanmore. Middlesex. HA7 4XR Bankers Lloyds Bank Investment Advisers J M Finn & Co. 4 Coleman Street. London EC2R STA Charlty Reglstratlon Number 313523
Anglo-lsrael Association Report of the Trustee for the year ended 31 December 2023 The Trustee presents its report and the financial statements for the year ended 31 December 2023. Structure, Governance and Management The Association is a charitable unincorporated association and is managed and administered by Anglo Israel Association Corporate Trustee, as Corporate Trustee. pursuant to the Charity Commission Scheme dated 26 July 2016. Its Board currently has five directors, known as directors. all of whom are members. Aims, objectives and management The Association's primary purpose is to educate about Israel to promote a wider understanding of Israel in the UK and to encourage exchanges between both countries. The Association is an independent voluntary and non-political body which, since 1949, has enjoyed the active support of people of different faiths from across the political spectrum. Since its foundation in 1949, the Association continues to play an active and energetic role in promoting a better understanding of Israel throughout the UK. Thanks to some loyal and generous donors and energetic supporters, we make a disproportionate impact around the country through our activities which include organising high-level colloquia, symposia, lectures, and meetings, as well as awarding scholarships and grants to encourage deeper relationships between Israel and the UK. For seven decades, the Association has sought to portray the rich and dynamic development of Ihe State of Israel and the dramatic growih and diversification both of its democratic traditions and of its social, religious, economic and cultural life as a balance. if not an antidote, to the incessant focus on certain twists and turns of the politics of the Middle East and the slow progress of the peace process. As an independent. non-political, educational charity we draw support and membership from a wide cross section of British society whose different political and religious perspectives come together in a keen desire to promote a wider and better understanding of Israel in the UK, to encourage physical and intellectual exchanges between both countries at every level and generally to support activities which foster goodwill between the people of our two countries. Despite our gaining a substantial legacy in order for the Association's work to progress, it is vital that additional donations are received and, in addition that supporters consider including the Association in their wills.
Anglo-lsrael Association Report of the Trustee for the year ended 31 December 2023 Review of activities- What we do: The Trustee, with the involvement of the members of the Association's erstwhile advisory committee, continued its extensive evaluation of the Association's structure and delivery. In this assessment, the Association obtained input from two consultancy finns and specialist charity legal advisors. A firm consensus was reached, and the Association is implementing these changes, which hold the promise of greater effectiveness in the coming years. Your continued engagement with the Association is important to show the breadth of support that Israel has in the UK. We have resumed in-person events in addition to continuing with online, and look forward to the coming year.
Anglo4srael Association Report of the Trustee for the year ended 31 December 2023 Trusleo's responslbllltles Law applicable lo Charities in England and Wales require5 the Truslee to prepare financial statements for the financial year which give a true and fair view of the Association's financial activities during the year and of ils financial position at the end of Ihe year (unless the Association is entilled to prepare accounls on the alternative receipts and payment basis). In preparing financial slatements giving a true and fair view. Ihe Trustee should lollow best practice and: select sultsble accountlng pollcies and then apply them consistentty.- make judgements and estimates that are reasonable and prudent: state whether appSicable accounting standards statements of recommended practice have been followed. subject to any departures disck)sed and explained in the financial statements: and prepare the financial statsments on the going concern basis unless it is inappropriale to presume Ihat the Association will continue in operation. The Trustee is SponSible for keeping accounllng records which disclose with reasonable accuracy the financial posltion of the Association and which enable it to ascertain the finanGial position of the Association and which enable it to ensure that the financial statements comply with applicable law. It 15 also responsible for safeguarding the assets of the Association and hence for taking reason8bla steps for the prevention and deiectlon of fraud and olher irregularities Reserves pollcy The current level of free reserves. being Ihe UnreStled funds Is £Nil (2022: £Nil}. Having regarij lo fuiure development, the Trustee has set a iarget level of free reSe8S of approximately 6 months, expenditure. This will enable the Association to continue its current activlties and all¢JW it to respond quickly in Ihe evenl of an emergency. It intends to contlnue ils fundraising effort5 with a view to maintsining the target level so that the Association will be well placed to spOnd to ils futu needs. The reserves policy is reviewed annually. Publlc Beneflt The principal activitie5 of the Assoclalion during the year continued io be lo educate about Israel to promote 3 wider understanding of Israel in the UK and to encourage exchanges between both countrles. The Trustee is aware of the Charity Commission guidance on public benefrt reportlng as set out in section 17 of thg Charities Act 2011. The Trustee believes that Ihe Asso¢iation achieves a public benefit by providing these seNices as detailed elsewhere in this reporL Signed on behalf of the trustee, Anglo Israel Association Corporate Trustee. on ... Iql 8l.24J..... Rlchard Bolchover Dee Bath Dlractorn of Anglo Israel Assoclatlon Corporata Trust8•
Anglo-lsrael Association Independent Auditorfs Report to the Trustee of Anglo-lsrael Association for the year ended 31 December 2023 Opinion We have audited the financial statements of Anglo-lsrael Association (the 'Charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet 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, including Financial Reporting Standard 102= The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the Charity's affairs as at 31 December 2023 and of its income and expenditure for the year then ended. have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practi., have been prepared in accordance wth the requirements of the Charities Act 2011. Basls for oplnlon 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 auditor's 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 elhical responsibilities in accordan with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial stalements, we have concluded that the trustee's 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 conrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going conrn are described in the relevant sections of this report. Other inforniation The Trustee is responsible for the other infomiation. The other infomiation comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, 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 ofthe 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 malerial inconsistencies or apparent material tnisstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. 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.
Anglo-lsrael Association Independent Auditorfs Report to the Trustee of Anglo-lsrael Association for the year ended 31 December 2023 Matters on which we are required to report by exception In the light of the knowledge and understanding of the Charity and environment obtained in the course of the audit, we have not identified material misstatements in the Trustee's Annual Report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion.. •sufficient accounting records have not been kept. •the financial statements are not in agreement with the accounting records and returns. or •we have not obtained all the information and explanations neSSary for the purposes of our audit. Responsibilities of the trustee As explained more fully in the trustee's responsibilities statement. the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is Tressary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee is responsible for assessing the Charity's ability to continue as a going concem, disclosing, as applicable, matters related lo going concern and using Ihe going concern basis of accounling unless the trustee either intends to liquidate the Charity or lo cease operations, or has no realistic altemative but to do so. Our responsibilities for the audit of the financial ststements 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 an auditor's report 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. Misstalements 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. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-complian with laws and regulations, our procedures included the following: We enquired of management. which included obtaining and reviewing supporting documentation, conceming the Charity's policies and procedures relating to.. Identifying. evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance" Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected. or alleged fraud. The internal controls established to miligate risks related to fraud. We obtained an understanding of the environment that the Charity operates in, focusing on those laws and regulations that had a material effect on the financial statements. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable accounting standard. We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of fraud through management override of controls, we tested the appropriateness ofjournal entries and other adjustments, assessed whether the judgements made in making accounting estimates a indicative of a potential bias and tested significant
Anglo-lsrael Association Independent Auditorfs Report to the Trustee of Anglo-lsrael Association for the year ended 31 December 2023 Iransactions that are unusual or those outside the normal course of business. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description fonns part of our auditor's report. Use of our report This report is made solely to the Charity's trustee, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's trustee those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's trustee as a body, for our audit work. for this report, or for the opinions we have formed. Goldwins Limited Statutory Auditor 75 Maygrove Road West Hampstead London NW6 2EG Date 19 August 2024 Goldwins Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Anglo-lsrael Association Statement of Flnanclal Actlvltles for the Year Ended 31 December 2023 Note Unrestricted fund Plnto designated fund MCA general pernianent endowment fund Restricted fund Total 2023 Total 2022 Income: Donalions Legacy Subscriptions Other income Income from charllable activities: Magazine adverls Evenls HMRC JRS Grant Inveslment income 21,750 21,750 22,665 560 175 2,786 2.786 40,440 47,084 49,264 Total Incomo 25.096 40.440 72,180 72,104 Expenditure: Investment Management fees Annual Dinner AIA Colloquium Meetings, Briefings & Conferences Events AIA Magazine Promoting educalion about Israel Grant payable-sapir Academic Accountancy Bank charges Fees payable lo Auditors, remuneration Professional fees 7,713 7.713 9,126 111.902 111,902 67,917 1,000 710 1,000 710 1,000 778 3,348 153.251 3,720 81,682 153,251 Total èxpenditurn 270.211 7.713 277,924 164,223 Nel Ilossesll profit on inveslments Net (expenditure)lincome 20.407 53.134 20,407 299,357 {185,337) {391.476} (245.115) Transfers between funds 245.115 (252.539) (94.545) 101,969 Net mov•m•nt In funds 245.895 41,411 101.969 185,337 391.476 Total funds brought forward 1,066,788 655.780 4,139 1,726,707 2,118,183 Total funds carried forward 820,893 614.369 106.108 1,541,370 1,726,707 l income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. The notes fom part of these financial statements.
Anglo4srael Association Balance Sheet at 31 Dttemb•r 2023 2023 2023 2022 2022 Fixed assets Tangible assets Investments State of Israel Bond 1.295.262 140.000 1.382.568 340,000 1.435.262 1,722.568 Cuffent assets Debtors Cash at bank and in hand 8.997 105,288 9.958 3,486 114,285 Credltors: amounts falllng due wlthln one year 13,444 (8,177) {9,305) Net current assets 106,108 4.139 Total assets less current Ilabllltles 1.541.370 1,726.707 Funds MCA general permanent endowrnent fund Pinto designaled fund Restricted fund Unrestricted fund 614.369 820.893 106.108 655.780 1,066,788 4,139 10 1,$41.370 1.726,707 19 August 2024 The financial statements were approved and authorised for issue by the Trustee on ........-............. Signed on behalf of the trustee, Anglo Israel Asswiation Corwate Trustee chard Bolchovor De• Both Dlrectors of Anglo18rael Asso¢latlon Corporate Trustee The note5 fom part of these financial statements.
Anglo-lsrael Association Notes fomiing Part of the Financial Ststements for the Year Ended 31 December 2023 Accounting policies (a) General information and basis of preparation Anglo-lsrael Association is an unincorporated charity governed by its Constrtution and operating within the United Kingdom. The address of the principal office is given in the charity information on page 1 of the financial statements. The nature of the charity's operation and principal activities are to educate about Israel to promote a wider understanding of Israel in the UK and to encourage exchanges beiween both countries. The charity constitutes a public benefit entity as defined by FR 102. The financial statements have been prepared in accordan with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102, the Financial Reporling Standard applicable in the Uniled Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice. The financial statements have been prepared to give a-true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a -true and fair view" This departure has involved following the Accounting and Reporling by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- The financial ststements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated. (b) Donations and other charitable income These are included in the Statement of Financial Activities when re1vable together with any tax recoverable in respect thereof. Residuary legacies are recognised as receivable once probate has been granted, provided sufficient information has been received to enable valuation of the Charity's entitlement. Amounts receivable are included at the amounts received following the Balance Sheet date to reflect the uncertainty inherent in the administration of estates. (c) Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write- off the cost less estimated residual value of each asset over its expected useful life, as follows.. Computer equipment - 33.33 / Office equipment -20/ (d) Investments All fixed asset investments are recorded at market value. (e) Operating leases Annual rentals are charged to the profit and loss account on a straight-line basis over the term of the lease. 10
Anglo-lsrael Association Notes Fonning Part of the Financial Ststements for the Year Ended 31 December 2023 (Continued) (Q Restricted funds Donations received towards the costs of specific charitable programmes. (g) Debtors and creditors receivable/payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. (h) Foreign currency Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. (i) Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern. Investment income 2023 2022 MCA general permanent endowment fund (JM FINN Portfolio) Pinto designated fund (JM FINN Portfolio) Pinto designated fund (Other) 40.440 6,644 21.075 23,357 4,832 Total 47.084 49.264
Anglo-lsrael Association Notes Forniing Part of the Financial Statements for the Year Ended 31 December 2023 (Continued) Trustees No directors of the Trustee. who comprise the charity's key management personnel (or any persons connected with them) received any remuneration during the year. Employees 2023 2022 Staff costs consist of: Wages and salaries Social security costs Pension 60,083 786 1,803 33,994 2.525 510 The average monthly number of employees during the year was 1 (2022 - 2). The following number of employees reiVed employee benefits (excluding employer pension) during the year between.. 2023 No 2022 No £60,000 - £69,999 Key Management Personnel The employee benefrts of Key Managemenl Personnel are £62.672 (2022.. £37,029). Tangible red assets Computer equipment OITice equipment Total Cost At 1 January 2023 Additions 10,130 2.725 12,855 At 31 December 2023 10,130 2.725 12,855 Depreciation At 1 January 2023 Charge for the year 10,130 2,725 12,855 At 31 December 2023 10,130 2.725 12.855 Net book value At 31 December 2023 At 31 December 2022 The fixed assets are used for direct charitable expenditure. 12
Anglo-lsrael Association Notes Forniing Part of the Financial Statements for the Year Ended 31 December 2023 (Continued) Investments 2023 2022 Market value as at 1 January 2023 Realised (losses)Igains Unrealised profit on revaluation Portfolio management charge Cash injectionl (withdrawn) Transfer from Investment income 1,382.568 (8,661) 29.068 (7,713) {100,000) 1,731.027 (21,118) (278,239) (9,126) (39,976) Market value as at 31 December 2023 1,295.262 1,382.568 Debtors 2023 2022 Prepayments and accrued income Other debtors 5,604 3,393 4,565 5,393 8.997 9,958 crltors. amounts falling du• wilhin on• yéar 2023 2022 Accruals and deferred income other creditors 6,430 1,747 7,558 1,747 8,177 9,305 13
Anglo-lsrael Association Notes Forniing Part of the Financial Statements for the Year Ended 31 December 2023 (Continued) 10 Restrlcted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes- Movements Balance Balance 1 January 2023 Transfersl Income Expenditure 31 December 2023 Fund Colloquium 4,139 101,969 106.108 4,139 101,969 106,108 The Colloquium Fund comprises donations made to hold a Conferen relating to AngIlsraeli matters. Restricted funds (prior year) Movements Balance at 1 January 2022 Balance at Transfersl 31 December Expenditure 2022 Fund Income Colloquium 20,208 (16,069) 4,139 20,208 (16,069) 4,139 11 Analysis of net assèts tween funds Pinto designated fund MCA general pernianent endowment fund Unrestricted Restricted Total Fund balances at 31 December 2022 are represented by.. Tangible fixed assets Investments State of Israel Bond Current Assets Creditors- amounts falling due within one year 680,893 140,000 614.369 1.295,262 140,000 114,285 8.177 106.108 (8.177) (8,177) Total net assets 106,108 820,893 614,369 1,541,370 14
Anglo-lsrael Association Notes Forniing Part of the Financial Statements for the Year Ended 31 December 2023 (Continued) Analysis of net assets between funds (prior year) Plnto designated fund MCA general pernianent endowment fund Unrestricted Restricted Total Fund balances at 31 December 2021 are represented by.. Tangible fixed assets Investments State of Israel Bond Current Assets Creditors: amounts falling due within one year 726,788 340,000 655.780 1,382,568 340,000 13,444 9.305 4,139 (9.305) (9,305) Total net assets 4,139 1,066,788 655,780 1,726,707 12 Related Parties There were no related party transactions in Ihe year. 15