THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY FINANCIAL STATEMENTS 30 SEPTEMBER 2024 Charity Number 314139 JPL Chartered Accountants 110 Chandos Avenue Whetstone London N20 9DZ
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 CONTENTS PAGE Members of the board and professional advisers Trustees annual report Independent examiner's report Statement of financial activities Balan sheet 10 Statement of cash flows 11 Notes to the financial statements 12-16
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY REFERENCE AND ADMINISTRATION DETAILS YEAR ENDED 30 SEPTEMBER 2024 Cbair Mr Romie Tager KC PhD (Hon.) Executive Direetor Max Dunbar Trustees Mr Romie Tager KC PhD (Hon.) Mr Dal'id Gradel PhD (Hon.) Mr Andrew Singer KC (appointed on 21* May 2024) Associate The Rt. Hon. Sir Bernard Rix (Hon. Vice President) Address 110 Chandos Avenue Whetstone London N209DZ Charity RegistratlOD Number 314139 Independent ExamiDer Jon Lishak FCA JPL Accountancy Services Ltd 110 Chandos Avenue Whetstone London N20 9DZ Principal Bankers Barclays Bank Churchill Place London E14iHP
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY TRUSTEES REPORT YEAR ENDED 30 SEPTEMBER 2024 Trustee's Report The trustees haN'e pleasure in presenting their reFK)rt and the financial statements of the charity for the year ended 30 September ?024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply '1th the charity s governing document. the Charities Act 201 l and "Accounting and Reporting b). 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)". Structure, Governance and Management Nature ofgoiperning dc)c'umenl The full name of the Charity. is The British Friends of Bar-llan University. The Charity is governed by the Board of Trustees and managed by the Charity's Executive Director. Supported by the University's Global Development team, the Executive Director is responsible for the day-to-day management of the Charity. Recruitmenl and appoinlmenl of trSteeS Trustees are appointed by invitation from the existing Trustees and by majority vote of the Trustees of the Charity. Arrangemenlsfor sefting key managementpersonnel remuneration The Irustees and Exe¢utii'e Director comprise the ke), management personnel of the charity who oversee directingi and controlling, running and operating the Charitv on a daJ'_to-day basis. The pay of the Executive Director is reviewed annuallv by the Trustees. Organisalional slruc¢ure Trustees meet quarterly at which time the Executive Director. who is appointed by them and is responsible for the day to day running of the Charity, reports on all matters of policy and strategy. Trustees are informed of strategies to raise funds for. and increase the profile of, Bar-l lan University. These meetings also include the presentation of management accounts and cash flow. Any changes in strategy are discussed, ainended and when agreed, adopted as written policy by trustees and implemented by the EXecutie Director. The British Friends of Bar-Ilan University was established in 1957 by supporters of the University's ethos. namely to assist the development of teaching and Tesearch in all areas of study with full academic freedom whilst incorporating an awareness and knowledge of Jewish identity and cultural heritage. The British Friends have Worked in conjunction with the Anglo-Jewish community, as well as other organisations with similar educational aims. to promote the University. Under a Deed of Amendment dated 14th October 2004, the Trustees replaced the original Trust Deed to conforni with modern day practices. In addition, to reflect and identify their activities, the name of the charity was changed to The British Friends at that time.
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY TRUSTEES REPORT YEAR ENDED 30 SEPTEMBER 2024 Remuneralion A salary is paid to the professional staff of the Charity. Professional fees are paid to outside professionals such as the accountants. None of the trustees receives any palent or reimbursement of expenses and they all serve in a voluntary capacity. Risk Management The trustees have examined the major risks which the charity faces and confirnis that systems have been established to mitigate these risks. The major operational risk is the extent lo which the University applies the funds raised in accordance with the underl)iing fundraising campaign. The trustees manage this risk by ensuring, through regular dialogue and meeting 'Ith the University personnel, that the funds are correctly applied. Objeclives and Aelivilie5 The British Friends of Bar-Ilan University is one of a number of organisations around the world, which exisl to publicise the aims of this major Israeli institution: to promote its research in all faculties: to establish and maintain scholarships for the education of students at Bar-llan University and for that purpose to build up scholarship funds; to proN'ide funds for and towards the erection, equipment and maintenance of lecture rooms, libraries, laboratories and other buildings and facilities as may from time to tÉme b¢ necessary for the purposes of the University, its staff and students, or any of them. to pay all or part of any costs or expenses incUrd or to be incurred by the University in operating and maintaining the UniN'ersitN in a proper and cffictent manner and in repairing, renewing, creating and improving buildings. equipment and conN'eniences in the grounds thereof: the promotion and advancement of religious and secular education and instruction by and at the University. Public benefil The tTUSt¢es haNe complied with section 17(5) of the 2011 Charities ACL having due regard for the Charity. Commission's guidance on public benefit Vwhen VIeWing the trust's aims and objectives, when setting the grant making polic) and in making grants. Achievements and Performance In 2023124 the Charitv has continued to raise its profile, attracting new community partners, supporters and university alumni. In the immediate afterniath of Th October: emergency campaigns were launched to raise funds for university medical equipment and scholarships for serving students. Webinars were held with university representatives, updating supwrters about the war's impact on the university. Working in partnership with JW3, a series of online war briefings were also given by Bar-llan faculty. Alongside emergencv causes. other campaigns raised 5UPPOrt for legal aid clinics. advancing women's rights in Israel and the establishment of a ne. Jonathan Sacks Institute. To connect UK audiences closer to Bar-Ilan s work. new marketing materials were produced helping promote the latest scientific neivs. community initialives and university campaigns. BaT-Ilan stories wer¢ regularly posted on our website and social media platfornis, and monthly e-bulletins were sent to all our supporters. Our work with UK Jewish schools continued. 'Bar-Ilan Awards, were presented to high achieving Jewish students across the UK. StalTand trustees allended award ceremonics, meeting students, parents and teachers. Similarll, Law students at Bar-llan were presented in June with the UK sponsored Tager Award for Outstanding Articles in j¢'15h Law.
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY TRUSTEES REPORT YEAR ENDED 30 SEPTEMBER 2024 During Bar-llan's Board of Trustees week, stsff, trustees and donors joined the university's global network of supporters to meet with researchers, faculty and students. including those working on a new mental health clinic to support those sufyering from trauma and loss. Funders for this clinic are now being sought in the UK. In September, the Charity organised an event in Parliament with Prof. Ruth Halperin-Kaddari briefing MPS and p¢ers on her work to seek juslice and recognition for the victims of Hamas sexual violence. Further UK events with Prof. Halperin-Kaddari are being planned next year. The Charity also w'elcomed the neil's that UK Chief Rabbi Ephraim Mirvis had been appointed to the university s Council of Founders. Composed of fourteen members, half living in Israel and half overseas. the Council's role is to provide spiritual direction to the university. The Chief Rabbi met with the Charitv, s staff and trustees to learn more about its work in the UK and explore opportunities to help raise awareness. The Charitv's staff and trustees plan to build on the achievements of this year by recruiting new trustees and launching further campaigns to support social justice. medical research and advancing technology and innovation. Financial Review Incoming resources of the charity. for the year tolalled £986.750 (2023: £708,831). Total resources expended for the vear totalled £1,016,142 (2023: £761,910), including donations transferred to the University of £899,260 (2023: £600,360). Annual budgets are approved and monitored by trustees with variances highlighted and discussed at Board meetings. In the opinion of the Trustees, the Charity's assets are sufficient to fulfil the obligations of the Charity. Reserves Policy Statement The Charity's policy is that unrestricted funds which have not been designated for specific use should be maintained al a le.c1 equivalent to six months, expenditure. The Trustees consider reserves at this level will ensure that, in the ei'ent of a significant drop in funding, they will be able to continue the Charit) s current activities whilst consideration is given to raising additional funds. STATEMENT OF TRUSTEE'S RESPONSIBILITIES The charttj s trustees are responsible for preparing ihe Trustees Annual Report and the financial statements in accordance with applicabl¢ law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are reqUId to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP. make judgements and estimates that ar¢ reasonable and prudent" state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY TRUSTEES REPORT YEAR ENDED 30 SEPTEMBER 2024 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity. will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at anN' time the financial position of the charit), and enable them to ensure that the financial statements comply with the Charities Aci 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust Deed. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integritN' of the charitv and financial inforniation included on the charity's website. Legislation in the United KRngdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Signed on behalf of the trustees. Romie Tager KC Chairman Date: 26" February 20?5
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY YEAR ENDED 30 SEPTEMBER 2024 I report to the trustees on m>, examination of the accounts of The British Friends of Bar Ilan University for the year ended 30 September 2024. ResponsibilAties and basis of report As the trustees of the charitN' )'ou ar¢ resw)nsible for the preparation of accounts in accordance with the requirements of the Charities Act 2011 ('the Act ). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act. In carying oul m). examination I have followed all applicable Directions given by the Charity Commission under section 145{5Kb) of the 2011 Act. Independent examiner's slatement Since the charitN s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the ?0 I l Act. I confirni that l am qualifRed to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe: l ) Accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act: or 2) The accounts do not accord with those records: or 3) The accounts do not comply with the accounting requirements concerning the forni and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requir¢ment that the accounts give a "true and fair view, which is a matter not considered as part of an independent examination. I have no concerns and come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Jon Lishak FCA JPL Accountancy Services Ltd I l O Chandos Avenue Whetstone London N20 9DZ Date: 26, February 2025
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 SEPTEMBER 2024 Unrestricted Funds 2024 Total Funds 2023 Note INCOMING RESOURCES Incoming resources from generating funds: Voluntary income 986,750 708,831 TOTAL INCOMING RESOURCES 986,750 708,831 RESOURCES EXPENDED Costs ot"generating funds.. Costs of generating voluntary income Charitable activities Support and governance costs TOTAL RESOURCES EXPENDED (5,759) (899260) {111,123) (7,399) (600,360) (154,151) (761,910) 415 (1,016,142) NET INCOMING/(OiiTGOING) RESOURCES FOR THE YEAR RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD (29J92) (53,079) 187J63 240,642 158.171 187,563 The Statement of Financial Activilies includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The notes on pages 12 to 16 fonn part of these financial statements.
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY BALANCE SHEET 30 SEPTEMBER 2024 2024 2023 Note FIXED ASSETS Tangible assets 734 979 CURRENT ASSETS Debtors Cash at bank 162,057 193,094 162,057 193,094 CREDITORS: Amounts falling due within one year {4,620) (6,510) NET CURRENT ASSETS 157,437 186,584 TOTAL ASSETS LESS CURRENT LIABILITIES 158,171 187,563 NET ASSETS 158,171 187,563 FUNDS Unrestricted income funds 10 158,171 187,563 TOTAL FUNDS 158,171 187,563 These financial statements were approved by the trustees on 26 February 2025 Romie Tager KC Chairnian The notes on pages 12 to 16 forni part of these financial statements. 10
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY STATEMENT OF CASH FLOWS 30 SEPTEMBER 2024 2024 2023 Note CASH FLOWS FROM OPERATING ACTIVITES Net Cash used in operating actii'ities 12 (3J,037) (118,597) CASH FLOWS FROM tNVESTING ACTIVITIES Purchase of fixed assets CHANGE IN CASH & CASH EQUIVALENTS IN THE YEAR (31,037) (118.597) Cash & cash equivalents brought forward 193,094 311,691 CASH & CASH EQUWALENTS CARIUED FORWARD 162,057 193,094 li-
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES Basis of accounting Th¢ financial statements have been prepared under the historical Cost convention with items recognised at Cost or transaction value unless otherwise slatcd in the notes to the accounts. The financial statements have been prepared in accordance with the charity's trust deed, the Charities Aci 2011 and "Accounting and Reporting by Charlties". Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRSI 02)" The charity constitutes a Public Benefit EntitN as defined by FRS 102. Going concern At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continu¢ in operational existence for the foreseeable future. The trnstees therefore continue to adopt the going concern basis of accounting in preparing the accounts. Funds Structure Restricted funds are funds which are to be used in accordance with specific restrictions imposed . b). the donor. Unrestricted funds are funds which are used in accordance with the charitable objects at the discretion of the trustees. Income recognition Donation income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with asOnable certainty. Expenditure recognitlOD Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggate all costs related to the category. Grants paid consist of amounts paid to Bar Ilan University in line with the objects of the charity. Fixed assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated so as to write off ihe cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows- Equipment 250/0 on reducing balance 12
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 VOLUNTARY INCOME Unrestricted Funds 2024 Totsl Funds 2023 Donations Donations received 986,750 708,831 986,750 708,831 COSTS OF GENERATING VOLuwfARY INCOME Unrestricted Total Funds Total Funds Funds 2024 2023 Mailshots and fundraising events 5,759 5,759 7,399 COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Total Funds Total Funds Funds 2024 2023 Distributions to Bar Ilan University 899260 899360 600,360 899260 899260 600,360 COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE Ujjrestricted Total Funds Total Funds Funds 2024 2023 Distributions to Bar Ilan University 899360 899360 600,360 899260 899260 600,360 13
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 SUPPORT AND GOVERNAIYCE COSTS UDrestricted Funds 2024 Total Funds 2023 ort costs Staff costs Premtses costs Office administrative expenses Sundry support costs 86,957 121,233 630 24,684 570 18,103 427 105,487 147,117 Governance costs Payroll bureau Accountancy fees Independent examiner's fees 1,016 2,770 IW50 2,534 2,700 1,800 5,636 7,034 Total support and governance costs 111,123 154,151 STAFF COSTS AND EMOLUMENTS Total staff costs were as follows: 2024 2023 Wages and salaries Social security costs Staff pension costs 80,000 4,976 1,981 112,288 6,964 1,981 86.957 121,233 Particulars of emplo)'ees: The average number of employees during the >ear, calculated on the basis of full-time equivalents, was as follows: 2024 No. 2023 No. Number of administrative staff Number of management staff 14
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 The number of employees whose remuneration for the year fell within the following bands, were: 2024 2023 No. £80.000 to £89,999 TANGIBLE FIXED ASSETS Equipment COST At l October 2023 Additions 31,122 At 30 September 2024 31,122 DEPRECIATION At l October 2093 Charge for the year At 30 September 2024 30,143 245 30J88 NET BOOK VALUE ' At 30 September 2024 At 30 September 2023 734 979 CREDITORS: Amounts falling due within one year 2024 2023 Other Taxation and Social Security Other Creditors and Accruals 4,620 6,510 4,620 6,510 10. UNRESTRICTED INCOME FUNDS Balance at l Oct 2023 Outgoing resources Balance at 30 Sep 2024 General Funds 187J63 (29J92} 158,171 15
THE BRITISH FRIENDS OF BAR ILAN UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 11. RETIREMENT BENEFIT SCHEME Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to income and expenditure in respect of defined pension schemes was £1,981 (2023- £1.981). 12. CASH GENERATED FROM OPERATIONS 2024 2023 (Deficit) for the year (29J92) (53,079) Add back depreciation charge 327 Movements in workin l Decrease in debtors (Decrease)lincrease in creditors ca ital 154 (65,999) (1,890) Cash (absorbed by)/generated from operations 31,037 118,597 16