Charity règistration numb•r 328228 Company reglstratlon number 2387749 (England and Wales) JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Charlty number 328228 Company number 2387749 Governing Document rJ8s of Assou8tion Trustees nniferAnne Jankel Ichairpetsonl Jonathan Edward Lyons Rev Malcc4m Weisman 08E Stuart Harvey Appleman Dr Rabbi Nom)an Solomon lan Howard Braidman DrAlexander VKtor Knapp Karen Gilb8rt Dr Vanessa Paloma Elbaz Charfès Michèal Rithardson Inbal Annabel Elad L￿n81￿ Lowy Pr•$ld•nt$ Ltrd Gr8de C8E Vlce Pr••ldents Rev. Malcolm Weisrnan OBE Waller Goldsmith (Decoasedl Vl¢• Prosldont$ IYlddl$hl Zalm9n Mbt¢k Pr•sld•nt, ICSM &r Simon Ratll• Dlroclor, ICSM Michael Haas Chalr of Internallonal Em•st Bloch Soclety DrAlexander v￿tOr Knapp Forum for Israeli Musi¢ Dr M81(x)Im Miller Jo• Loss S•nior L•etur•r in Jèwish Musle at SOAS Unlv•rsity Dr Ilana Webster-Kogen Chairp•rnon Jènnrf6rknn$ Jankel IChairp6tsonl Tr8asur•r lan Howard Braidman Foundlng Dlrector Geraldine Auerbach. MBE JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Re9l$tgred offico SOAS University of London Thorrbhaugh Str8et, Russtrll Squar8 London United Kingdom WC1H OXG Indepgndent gxarniner Sob811 Rhod85 LLP The Kinetic Centre Th8obald Street Elstree Borehamwo¢ Hertfordshi United Kingdom WD64PJ Bankers The Roy81 B8nk of So)Uand 49 Charing Cross London SW1A20X JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Chairman's ststement Trustee5 report Independent ex8minerf8 rerK*t Slalemenl of finanu81 a¢tivitiO8 Balan¢& sh•el 10 Not9$ to the financial statements JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) CHAIRPERSON'S STATEMENT FOR THE PERIOD ENDED 31 MARCH 2023 FINANCIAL CONTROL The financial control during the P8ritxl was initialty har￿l￿d by Jo M8rk 8nd ih8n Amand8 F8nn8r-Solornon who joined JMI in May 2022. The Trustees We￿ given updaies on the JMI budget and eash flow figures through()ut the period. The JMI financial reports lor Ihe year ending 31￿ December 2021 were signed on the 16thd September 2022 and circulated to all the Trustees. Andrew Jankel, Chairman of the Jankel Group C￿lInUed to support the o)st of ernployng the JMI Financial Controller who work5 at the Weybridge head office until the end of December 2022. JMI comrnitted to reirnbvrsing the J8nkd Group for 50% of the stsff costs of the JMI Financial Controller from 1 January 2023 to 31¥1 March 2023 tfrw¢after JMI to pay th& fvll amount for th¢ Flnanclal Controller. We are incredibly grateful fcw Ihe suppcwt from the Jankel Group during Ihis time. FUNORAISINGAND CASH FLOW Jennifer J8nkel continues to donate £2,167 8 monlh which h85 been J much-needed support lo JMI during the period. JMI received £30.170 of funding Irom the Rothchil¢J Foundation in May 2022 for work to be carried out on the JMI archives. This amounl was added to the £2.000 received from the National Archives. During the financial year only part of the archiving work was completed resultsng in only £13.268 being paid lo the speaalists. An amount of £18,902 is to be carried over to April 2023 to continue with Ihe archiving work during Ihe rest 012023. The JMI Youtr Big Band were delighled lo receive support from mulliple sources during the year including. A11 Aboard Shop with donations totalling £5,860, the Childr&ns ￿ Committee Charitable Fund who don81ed £2,895, thè Jèwish Youth Fund £2.000 and th• SU￿SsIU1 application for funding for th• yèar 2023 from Shorash of £2,000 lor the JMI primary school project- Zingtl A very special thanks must go to Shoresh Charitab18 Trust for their r￿n￿nUed support by granling £9,983 for the JMI general funding. Feundats'en support grtrw wilh the Alan Rind Foundation donating £5,OCK) to the JMI Marth fundraiser 2022. The Kirsch Foundation donatÈd £3,500 and h8v8 p18(IgÈd thair support for 2023 and 2024 ttstalling £10,500 ov8r thr68 yèars. David Dangoor's, Exilarch's Foundation havè allocat8d £20,￿0 ovaf thè naxt 5 yaars. Tha first paymènt of £4,000 was received in October 2022 and allocated to ￿neral funding. The Rayne Foundats'on donated £S.000 whKh JMI have allocaled lo support Ihe music prograrnmes al Nightingale Hammerson residential homes. £2.CKJO was paid to Nightingale leaving an amounl of £3.000 to be paid out in May 2023. The JMI 8nnu81 knndr8sing 8v8nl on the March 2022, which w8s-A celebration of Jewsh Classic81 Musicians" to honour JMI past p￿Sidents raised over £69.000 of which lh& above £S,(N)O ￿11 be used to establish a new music therapy fund at Nightingale Hammerson. The amount of £15.000 from h2rieli was paid directly io SOAS Univer• and then shared 50150 with JMI on beha of the Joe Loss Lec¢ureship. This generous donation will be continued for the years 2023 and 2024. SOAS University Deed of Gtft to JMI was ren8wed on th8 23rf August 2022 which serAJf85 the 8gr88m8nt for th8 n8Xt fiv8 yea15. Th8 agre8rn8nt was supported unanimously by the JMI Ttusle8s. JMI successfully also renewed the tenancy agreement with SOAS Universty of London which was signed in October 2022 for six years. JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) CHAIRPERSON'S STATEMENT FOR THE PERIOD ENDED 31 MARCH 2023 We would lik8 to 8xpr8ss our thanks to The Simon Marks Charitable Trust who g8n8rousty supported th8 Joe Loss Leetureship in Jew1sh music for another year with a donatitin of £10,0(X). We also offef our tt)anks to the Sil Jack Lyons Family Trust lor their annual donation 01 £7.500 to support our Studentships and attendees for summer school programmes. We are deeply grateful for their o)ntinued suppcwt. Another special thank you goes to Neil Marcus whose invaluable support and guidance for the applicaty'on to Arts Council for funding, which was favourably announced at the end of 2022. JMI w8s grante(J funding of £128,333 from Apiil 202& 2024. Thè final agrèemènt d8tèd 7 February 2023 gr8nt8d JMI funding lor three years lolalling £384,999. The stringenl guidelines and conditions were circulated lo all the JMI Trustees on the 8th March 2023. TRUSTEES & DIRECTORATE 2022 has seen the death ol Vi¢* President, W81ter Goldsmith vtho was a valuabltr member Of the JMI Diwtorate lor many y88rs. Ha will bè sadly miss8d by all al JMI. His wis8 guidancè and 98nerosity hèlpèd thè charity to b8com& what it is today. JMI thanked Deborah Jacinta Jay lor her contribution lo JMI as sh& slepped down as a Trustee in 2022 and all the Trustees were delighted with the appoin¢ment ol the new Trvstee. Chady Richardson. who is CE of the Lewisham Music Hub. Charfy will be particularfy helplul with the edUCal￿n programmes organised by Raphael Knapp. All ￿mainIng trustees and dire¢t¢yships artr unaltered until M8rch 2023. Thtr JMI B08rd then appoinlttd Annabel Elad as a naw wèleomèd Trustèé. L8onard Lovry, solicitor and supportér of JMI ovèr many yèars kindly 8grèèd to attend the Mareh 2023 Trustee mtseling wlh the Intention of possibly becoming a nèw Truslaè. We are delighted to conllmi that the JMI Trust8os subs8qU8nlly support unanimousty his appointmant. PROGRAMMES AND EVENTS JMI'S online programmes (x)ntinuÈd to with suc￿$ and havè attracted a rapidly growng national and intarnalional viewership. Programmés Includ￿ a sériès ol d￿mèntar1tss. films, ￿ClUrès, rècitals 8nd èvènts from Intornational artssts, filmmakèrs and mu*cians. Highlights include our broadcast partnership wlh Allegro Films and Jewish Renaissance magazine series wilh Jaqueline Ou Pre, and the Elgar Cello Concerto. JMI'S Worfd ol Jewish Music was hosied by JMI'5 Jtrnny Jankd and Gil Karpas and was ￿Mrni$S1Oned by BT. This progr8mm8 featured the Joe Los5 Senior Leclurer in Jewish Music Dr Ilana W8bster-Ko98n, and th8 previous J08 Loss Lecturer in Jewish Mu51c and Trustee Dr ￿exander Knapp. Songs ol My Grandfathers, held in Seplemb&r 2022 was a pre-High Holyday online concert. JMI partnered again with Allegro Films, In associat￿n wth." AJR Associats"on ol Jewish Refugees, Holocaust Educational Trust Exilarte, Sir Martin Gilbert Leaming Cent￿. Centre lor Geman-Jewish studies University of Sussex and the Weiner Holctaust Library lo mark the ￿mernbran￿ of Kristallnacht. We Want the Light was screened by JMI wilh a filrn by Christopher Nupen & Allegro Films which investigates the fruilful but complex lalionship between Jews and Gemian Music. JMI partnered with The Jewsh Chronicle and Five Leaves Bookshop to bring iogether a successfvl evenl. Yahrzert 70 with word rnusic and film. This took Pla￿ al thg Brunei Gallery Theatre at SOAS. JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) CHAIRPERSON'S STATEMENT FOR THE PERIOD ENDED 31 MARCH 2023 SPRING SCHOOLS 2022 Isun 3rd April- Thurs 7th April) The mov8 of th8 Sumtner Sch(KAs to Spring proved to be ch8118nging. Cowd is still causing gr88t uncertainty and the applications were slow. JMI ptsslponed Golden Peacock untsl August 2023. Ot Aztsy and Klezfest Continued but the numbers were lower compared to previous years. It has been decided to keep the JMI summer schools al their regular point in Ihe (Xlendar to enaNe longstanding regular students to the courses to attend during the summer break. We express our heartfelt thanks to Gil Karpas, Marketing and Events Manager for the enomious effort that he has made in expanding the visibility and notoriety of the JMI programmes. JMI YOUTH BIG BAND JMI Youth Big Band had 8 hugely succe5sfvI year with highlights that induded 3 sold out concerts IPizz8 Express Soho - April, Vortex Jazz Club- Seplember, and JW3- Decernberl. JMI 8150 hoslgd 8 2-day S(Jmmer Workshop in August 8t SOAS where 5 new young musiryans joined the b8nd. Musi¢81 Dir¥clor S8m Eastm￿￿ inlrodu¢e(l a whole rang? of original and ¢hallgnging music l(> tho b8nd'$ repertoire, and th$ young mu$in, pra¢tieal training, information and p8rform8neè. To dischargè this rnission JMI maint8ins a sm811 but highly exp8rt Cof8 Staff and wths closèly ￿1th thè Dèpartment of Music at SOAS. Publle B•n•flt The Jewish Music Instttute IJMII is an Independent arts organlsation with charitable status based at the School ol Oriental and African Studies. University ol London. 11 is dedicated lo the 'celebration, preservation and developrnenl ol the liwng heritsge of Jewsh music for the benefil of people of all ages and all backgrounds. Plans for the Future JMI has a clear mi55ion to Preserve and develop Ihe Jwsh mtJsi¢al heri￿99 for the benefit of P￿Sent and fvturtr 98n8ration5. JMI will continue to work to obtain core funding to s8{￿re tts long-t8rm future. Rlsk Ass•ssm•nt Risk management is reviewed regulady by staff. The Trustees have identified the rnain risks to which the charity is exposed and have taken steps lo miligale Ihem. Mission Statement To bring J8wish music to th8 rn8instr8am British and lnt8fflall￿8I (￿ltural arena for people of all ag8s, faiths backgrounds, and cuKures. JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORTI {CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023 Power of Inv8Stm8nt All monies of the Institute not immediately requi￿ for any payment may be Tnvested by the Trustees in such investments as the Tmslees from tsme to lime think proper or may be placed on deposit with any banks. The Trustees review regularly its cash fesources and endeavours to maximise any Inte￿St from fvnds not required in the short temi. Reserves Policy The Trustees have adopt8d 8 policy that the tharity's reserves shall cover necessary costs and commilm8nts during an LJnfore5&8n period ol drfficulty. Th8 Trusteès aim to maintain hold thè level ol reserves èquivalènt tts three months ol expenditure. This report has been prepared having taken advantage ol Ihe small company's exemption in the Companies Act 2006. The report was approved by the Board on and is signed by order of Ihe Trustees. Achlevem•nts and performanc• JMI played a significant part in the cuftural Ille both artislically and educallonally In Great Brltain In the perSod ending 31st March 2023. JMI is extremely honoured to be accepted into the Arts Council National for the next three years. JMI supports and ¢0 fvnds th• Loso L•ciur•Bhlp In J•wl$h Muslc at SOAS. The Loss farnily are major donors. LoriJ Marks. who is a supporter of JMI continuas lo bs inl¢r*stèd in our eurrènt wort( and has supwrtg¢J the Jo8 Loss Lectureship agaln in 2022 with a Irusl donation of £10,000. JMI Is deeply grateful for this support. JMI has conlinued to benefit from the generous suppNt for posl graduale sbjdents through the Sir Jack and Lady Lyons Charitable Trusl. The ¢x)sl for the JMI, Fin8nci81 Controller conlinued lo be cA)ve￿d by The Jankel Group until December 2022, dueing thé ¢harity'S tsvèrh8ads Considerably. JMI are very gratgful lor this support. It was de¢id8d that 50% 01 this cost would ba paid by JMI for the pèriod 1st January 2023 10 3151 March 2023 and subsaquantly onè hundr¥d P8rc8nt to b• pald by JMI from 111 Apdl 2023 onwards. JMI is an intemational resource Cent￿ for Jewsh Music. The JMI archive of recnrds. CDS and books continue to help in an advisory capaci¢y on music of all genres. JMI is fortunate to maintain contact with many experts in the differenl fields ol music lisled on our websile. Sin¢gre thanks ars duè to individual donors and famity ¢haritabl$ trusts who support (wr mission to transmit the music of tha J8wish p￿p1a from generation to gèneratson. We hope that wè wll havè their continuèd support as attendees at our events and remain donors. This genemsrty helps the JMI hardworking team of staff and volunteers to achieve the exuting future that we all foresee in the coming years. Flnanclal revlew Thè r8sults for th6 yaar arè sh(Mn in Ihè St8t$mènt of Finanaal Aclwiliès on pag• 10. Funding came from generous Irusts and indiwdual donations indudiThJ the invaluable ongoing support of the Jankel family. The srnooth running of JMI'S finanrial Ixjntrol using the Xero a(wunling package has made an enormous difference to members of the slaff who are now atAe to ac(ws budgets and cash flow on a weekly and gven daily basi5. Over the past 2 years, JMI has substantially increased its cash ￿Seryes allowing the Trustees to feel increasingly confident about the future. JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORTI {CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023 Structure. governance and management JMI is governed by its Memorandum and thdes of Association and by the regulations of the Charity Commission and Company Law. JMI gov8rnance structur8 consists of lh8 Board of Tmst88s. Th8 Twst885 may also frorn tirn8 to tim8 appoint sub eomtniltees. The Board of Trustees direct the affairs ol JMI, prtsy￿e leadetship, fulfil their fiduciary duty and are involved in the endorsement of p￿ieY and in monitoring its implementation. The Board meets quarterfy. The trustees rnay appoint a person who is willing to act to be a Injstee either to fill a vacancy or as an additional trustee provided that the appointment does not cause the number of twstees to exceed any number fixed by or in accordance with the articles as the rn8ximum number of trustees. A twstee so appointed shall hold offi'ce only until the n8Xt fdlowng annu8198neral m8elin9 and sh811 nol be consid8r8d in determining the tru5t88s who 8rg to retire by rotation at the rneeting. 11 not reappoinled at such annual general meeting. he shall vacate office at thè conclusion thereof. No pers<)n other than a truslee felirin9 by rotation may be appointed or re-appointed as trustee at any general meeting unless.. 111 he or she is recommended by the tnjstees.. or 121 no fewer than fourteen 1141 nor more than thirty-five1351 days before the date of Ihe meeting. the charity is given a nots'ce Ih81'. lal Is signed by a mambèr entitl￿ to vote at Ihè m8eliThJ Ibl states the member's intention to propose the appointment of a person as a Tnjstee Icl contains the details Ihal, if the person were to be appointed. th8 charity would hav8 to file at Companies House,. and Idl is signed by ¢he person who is to be prcyosed lo show his or her willingness io be appointed. On appointment lo the board thtr re¢eive Ihtr JMI Memor8fKlum & Arbdes dlxumenl which outlinos the Structu￿ and r¢sponsibilitie$ of th& Tru$lge$ 8nd Ihe Mission and Pdi¢y Statem¥nt. Thè Board comprisès twelva mémbèrs as at 31st March 2023, all of whom ara fomally appointad as Diractors ol the Institute. The trustees, who are also the directors fcw th& wrpose of company law, who served during the year were as follows.. Jennifer Jankel Chairman Jonathan Edward Lyons Rev Malcolm Weisrn8n OBE Stuart Harv8yAppl6man Rabbi Dr Norman Solomon lan Howard Braidman Treasurer Dr Alexander Victor Knapp Dr Vanessa Paloma Elbaz Karen Gilbert Charles Richardson Annabel Elad Loonard Lowy This report has been prepared having taken advantsge of the small ¢x)mpany's exemption in the Cornpanies Act 2006. The r8POrt was approved by lh8 Board on arml is signed by order of the trust885. Stuart Harvey Appleman lan Howard Braldman Dated.. 9th August 2023 9th August 2023 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JEWISH MUSIC INSTITUTE I r8port to the Trust88s on my examination of th8 finan￿￿1 stst8m8nts of Jewish Music Institut8 for th8 pèriod ended 31 March 2023. Responslbllltles and basls of report A5 th8 Trust8es of the trUSt18r￿ also its dir8Ctors for th8 puFp058s of Ixjmpany lawl you are respon5ibl8 for th8 pr8paration of th8 financial statern8nts in accordanc8 with the r8quirem8nts ol th8 Companies Act 20061th8 2006 Aetl. Having satisfied myself that the financial ststemenls ol the Injsl are mt required to be au(Jiled under Part 16 01 the 2006 Act and are eligible for independent examination. I report in respect of rny exarnination ol the Irust's financial ststements carried out under section 145 of the Charibes Act 2011 lthe 2011 Acll. In carying out rny ex8minats.on I have followed all the applicatAe Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Ind•￿ndent èxamlnerf* #tatoment Since the trust's gross income exceeded £250.0￿ your examiner must be a member of a body listed in section 145 01 the 2011 Ac¢. I confirm thal l am qualified to undetske the exarnination because l am a member ol ACCA, which 15 one of the listed bodies. I havo completed my oxaminalion. l Confirm Ihal r*J mauers have ￿me to my attents'on in ¢onne¢lion wl¢h tho èxamlnalion giving mè causè to bèlievè that in any matèrial rèspèd". accounting records were not kept in respect of the Injsl as required by section 386 01 the 20C* Act,. or th8 financial statements do nol accord with lfv)se records", or the financial 5tstements do nol comply with Ihe acC￿nting requiremenls of section 396 of Ihe 2006 Act other than any requirement Ihal the accounts give a true and lair view which is nol a m8tler considered 85 part ol an inde￿Ndent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Slalernen¢ of Recommended Practice lor accounting and reporting by charities applicable to charities preparing their accounls in a¢¢ord8nce wilh the Financaal Rewting S￿n￿ard applicable in thè UK and Republic ol Irel8nd IFRS 1021. I have no eoncems and have come across no othèr matters In connethon wbth thè examlnatlon to whlch attention should be drawn in this report in ord&r to enab16 a proper understanding of the financial statements tts be reached. Michael Brown Sobell Rhodes LLP The Kinetic Cent Theobald Street Elstre8 B0￿hamwo0d Hertftsrdshire WD64PJ D8led'. JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH 2023 Unrestrlcted Re$tr5cted lund5 funds 2023 2023 Total Unrestricted funds 2021 Restricted funds 2021 Total 2023 2021 Notès Income from: Donations Charitable actiwtie Charitable Income Inve51rnents 171.323 74.819 248,142 208,096 850 208,946 15.069 15,(￿9 461 10.590 10,590 Total Incomg 186,853 74,819 261,672 218.fj94 850 219,544 ndlture Raising funds 23.632 23.632 42.744 42,744 Charitable activities 182.030 50.696 232,726 167.216 167,216 Total r•SOU￿•S expend•d 205.662 50.696 256,358 209.960 209,960 N•t outgolngvlncomlng resources before transfers Gross ITansfer5 between fund3 {18.8091 24.123 5.314 8.734 850 9,584 14C4JI {1.7701 11,7701 N•t mov¢m•nt In fund¥ {19,2091 24.523 5,314 8,734 19201 7,814 Fund balancas at 1 January 2022 53,127 12.329 65,456 44.393 13,249 57,642 Fund balanc68 al 31 March 2023 33,918 36.852 70,770 53.127 12,329 65,456 The statement of financial activities indudes all oains aThJ losses recognised in the peric*J. All income and expenditure derive from continuing adivities. The statement of financial activities also ojmplies wth the wuirements lor an ino)me and expenditure accoun¢ under the Companies Act 21JO6. JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2023 2023 2021 Fixed assets Tangible assets 10 323 470 Current assets Debtors Cash at bank and in hand 11 1,036 82.345 83.279 84,787 83,381 Cr•dltors: amounts falllng du• wlthln on• year 12 114.3401 118,3951 Net current assets 70.447 64.986 Total assets1088 current Ilabllltl•s 70.770 65,456 Incom• funds Restricted lunds Unrestricted funds- general 13 36.852 33,918 12,329 53,127 70.770 65,458 The company is 6ntbtled to th& exemption from lh& audrt rnqulrem8nt contalned In sadon 477 of the Companl8s Act 2006, lor the period ended 31 March 2023. The directors acknowledge their responsibiliiEs for ensuring thal the charity keeps accounting records which comply with section 386 of the Act and lor preparing financial ststements which give a true and lair view of the State of affairs of the cornpany a5 at Ihe end of Ihe financial year and ol its incoming resources and 8pplicalion ol resoLJfc85. including ils inwme and expenditure, lor the financial year in acwrdance with the requirements ol sections 394 and 395 and which otheThws6 comply with th¢ r￿Uirem￿nts of Compani¥$ A¢t 20Q6 rtrl8ts.ng to financial statemènts, so far as applicable to thè company. The members have not required Ihe company to obtain an audit of its finanaal statements for the period in question in accordance with section 476. These financial statements have been prepared in ac¥yJrdance with the provisions applicab￿ to companies subjecl to the small companies regirne. The financial statements were approved by Ihe Trustees on .... 315.t.July.2023 Stuart HarveyAppleman Trustee lan Hovrard BraKlman Trustee Company registration number 2387749 10- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 Accounting policies Charlty Informa￿0￿ The legal information and registered office of Jewish Music Institute are noted in the Leg81 and Administrative pages. In th8 8vent of th8 Charity being wound up. the liability in 18SP8Ct ot the gLJar8nt8e is lirnit8d to £1 per mernber of the Charity. Th8 nature ol th8 Charity's op8rations and principal activrt185 3r8 noted in the Trustee's ￿￿tS in page 2 to 3. 1.1 Accounting conventlon Th8 fin8nci81 stat8m8nls 8re pr8p8reil on 8 going c￿Cern basis under the hislorir81 cost convention, modifigd to indude certain items al fair value. Th8 Charity constitut8s a publlc ben&fil 8nlity as defined by FRS 102. Thè flnandal statèmènts have bèen prepared in accordance with Accountsng aThJ ReFW)tling 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 IFRS 1021 issued on 16 July 2014 las updated through Update Bulletin 1 published on 2 February 20161 ,the Financial Reporbng Standard applicable in the United Kingdom and Repijblic ol Ireland IFRS 1021, the Ch8ritses Acl 2011, lh8 Companies Act 2006 and UK Ggn8r8lly Accepte(J Pradice a5 It applies from l J8nu8ry 2015. The Chanty h8$ taken Ihe sm811 ¢harily exemption not lo preparè cash flow statemènts. The significant accountsng policies applied in the preparabon of these financial statements are set oul below. These policies have been cnnsislently applied to all years presented unless othewse stated. 1.2 Golng concern The financial statements have been prepared on a goirvJ C￿nCeM basis as the trustees b81ieva that no material uncertainties exist. The trustees have considered the level ol funds held and the expected level of income and expenditure for 12 months from aulhorising these financial statements. Certain Iruslees have committed lo give financial support lo ensure thal there are sufficAenl ￿SerVeS for the Charity to be able to continue as going Concem. 1.3 Charltabl• funds Unrèstnetad funds a￿ availablè for u$8 at th8 dlscrètion of the Injstèès in furth&ran¢e of thg ggneral oblectivès of thè Charity and which havè not baen dasignated for other purposès. Restricted funds are funds which are to be used in accordance with Specif￿ restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost ol raising and administering such funds are charged againsl Ihe specrfic fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. 1.4 Income All incorning resourc85 ar8 included in the Statetnerbt of Financial Activttses ISOFAI when th8 Charity is legally entitled to the income after any perfomiance conditions have been mel. the amount can be measured reliably and il is probable that the income will be received. 11 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023 Accountlng pollcles IContSnuedl For donations to be recognised the Charity will have been ￿tIfiel1 of the ar￿Unts and th8 settlement dale in writing. If there are Conditions attacheil to the donation and this requires a level of performance before entitl8rn8nt can be obtained th8n incx)m8 is deferred until thos8 conditions are lully rn8t or the fU￿lIMent of those condits.ons is within the control ol thè Chaiity and it is probable that they will be fulfilled. Donated facilities and donated professional services a￿ recognised in income at their lair value when their economic benefit is probable. it can be measured reliabty and the Charity has control c*ver the item. Fair value is determined on the basis ol Ihe value of the grft to the Charity. For example the amount the Charity would be willing to pay in the open markel for such facilitie5 and services. A cxyresFX)nding amount is recognised in expenditure. Income from grants arè raeognised at lair value vh)èn th• Charity has èntitlem•nt aft•r any p•rfom)aneè conditions have been mel. il is probable that the income will be received and the amount can be measured reliably. 11 entiU6menl is not met Ihen these anwjunts are deferred. Investrnenl income Ibank interest) is earned through holding deposits accounts. Interest income is recognised when the Ch8rily s right lo receive the interesl is eslablished. 1.5 Expondltur• Expenditure is r¢¢ognised on¢¢ Ih¢re is a legal or ¢onstru¢tive oblig8￿.on to tr8n$l$r ¥¢onomi¢ benefit to a thlrd party. it is probablè thal a transfer of 8conomic bènèffts will b8 requirad in sèttlèmant, and thè amount of the obligation can be mèasur8(J réliably. Expenditure is classified by adiwty. The cx)sts of each aclivity a￿ m8de up of the totsl of direct costs and shared costs. including support costs involved in undertaking each aclivily. Direct cosls attributable lo a single activity are allocaled directjy lo that aclivily. Shared costs which contribule lo rnore than one activity and support costs which are not attributsble lo a sin9le aclivity are apportioned belween those activities on 8 basis con$ist$nl with the ol ro$our¢es. Cgntral staff ¢osts ar¢ all¢Kai¥d ￿ th¥ ba$1$ of tim¢ spent, and dèprèciation chargès ara allocatad on Ihè portion of Ihè assèt's usè. All expendilvre is accounted for on an 8ccni8ls basis and has been classified under headings that 8ggregale 811 costs related to the category. Exponditvre Is recognised where there 1$ a legal or ￿nStructive obligation to m8ka paymènts to third parties, it is probable that thè s6rtlem6nt will bè rèquirèd and th* amount ol thè obligation can bè mèasur8d r81iably. It is catagoris8d undar tha follo￿n9 hèadings.. 11 Raising funds . fund-raising costs are those inCUr￿d in seeking voluntary cthilributions and do nol include the costs of disseminating inforrTration in support ol the charitable activities. ill Charitable activities- all expendilure relaling lo the objectives of ihe Charity. iii) Gov8rn8nc6 costs - includé ind6pèndènt examin•r feès. arm1 I￿al8dvICè for thè trust68S, and 8ny othèr costs associated with constitulKsnal and statutory requirements. iv) Support costs allocation - Support o)sts are those that assist the work of the Charity but do not directly represent charitable activities and incI￿￿e office costs. governance costs. adrninislralive payroll costs. They are incurred direclly in supwrt of expenditure on Ihe objects of Ihe Charity. Where support costs cannot be directly attributed to particular headings they have ￿en allocated to (x)st of raising funds and expenditur8 on charitable activities on a basis consist8nt wth use of the resources. The support costs have been allocated lo each of the Charitys activities according to rts putPOs8s. The analy&s of th&se costs Is inclL+ded in the notes to the accounts. 12 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023 Accountlng pollcles IContSnuedl 1.6 Tangible fixed assets Tangible fixed assets are stated at cost lor ¢Jeemed costl or valualion less accumulated depreciation and accumulated impairment losses. Cost indudes costs direcuy atln"butsble to making the asset capable of operating as intended. Depreaation has been provh1ed at Ihe fc4lowing rates in cwder to write off the asseis over their ests'mated useful lives. Flxturès and ￿￿1pM￿nt 25% reduang balance 1.7 Cash and cash equlval?rrts Cash and cash equivalents includ& cash in hand. deF¥)sits held at call with banks. other short-term liquid investments with original maturities of Ihre8 monlhs or less. and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities. 1.8 Flnancl81 Instrumgnt• The trust has elected to apply the provisions of Sect*)n 11 'Basic Financial Instruments. and S8CtSon 12 '01her Financial Instruments Issues, ol FRS 102 to all of its financial instnjments. Financial instruments are re¢ognise(l in Ihe trust balance sheet when the irvsl become5 Party to the contractual provisions ol Ihe instnjment. Flnancial 8SSéts ar￿ li8bilitlès are offset, the nèt 8munts p￿ented In the financial $tat$ments. whgn thère Is a legally ènforceable right to s61 off the fecognised amounts and thèra is an intèntion to s•ttlè on a nèt basis or to r•alisa th• assat and s&tU• tha liability *multanaousty. Baslc flnanclal ass•ts 88$i¢ finanoal assets. which iftdude debtfn and Cash and bank bal8n¢g$, are initially MeaSu￿d at transaetion pricè including Iransaclion costs and arè subwuènuy carri8d at amorti￿d cost using thè effective interest method unless the arrangement constitutes a finanang transaction, where the transaction is measured at the present value ol the future receipts discounted at a market rale of inleresl. Finanaal assets classified as receivable wilhin one year are not amortised. Baslc flnanclal Ilabllltles Basic finanual liabilities. induding creditors and bank loans are inib.ally recognised at transaction price unless the arrangement constitutes a finanang transaction. where the debl instrument is measured at the P￿sent value ol the future payments discounted at a markel rate ol interest. Financial liabilities dassified as payable within one year are nol amoriised. Debt instruments are subsequenlty c8rri8(18t arnorbse(I cost. using the effective interest r8t8 method. Trade creditors are obligations to pay for 9￿dS or services Ihat have been aequired In the ordinary course of operations from suppliers. Amounts payable are dassffied as current liabilities il payment is due within one year or less. If not, they a￿ presented as non-current liabilities. Trade creditors are recognised initially at transaction pri￿ and subsequenlly measured al amorlised cost using the effeclive interest method. 1.9 Taxation The Charity is an exempt Charity wrthin the meaning of schedule 3 of the charib.es Act 2011 and is considered to pass the tests sel out in Paragraph 1 Schedule 6 Finan￿ Act 2010 and therefore it meets the definition of a charitable company for UK corwration lax purposes. 13- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023 Accountlng pollcles IContSnuedl 1.10 Employee benefits When employees have rendered seNice to Ihe Charity, short-temi employee benefits to which the employees are entiued a￿ recognised at the undiscounled amount expected to be paid in exchange for that service. The Charity operates a defined conln'bution plan for the benefft of its employees. Contributions are expensed as they become payable. 1.11 Provisions Provisions are recognised when Ihe Charity has an oblHJation at the balance sheet date as a result of a past event, it is probable that an outllow of economic benefits will be required in setuement and the amount can be reliably estimated. Dgnotlons Unrèstrlct•d R•strlet•d funds funds gèn•ral 2023 Totsl Unrèstricted funds g8nèral 2021 Rastrictèd fvnds Total 2023 2023 2021 2021 Donations and gifts World T¢ur 171,323 74.819 246.142 119.479 88,617 850 120,329 88,617 171.323 74.819 246,142 208,096 850 208,946 Dgnatlons and glfts Donations and sponsorship Gift aid incomg tax r8paym•nt 159,425 74.819 234.244 100.261 850 101,111 11,898 11,898 19,218 19,218 171,323 74,819 246,142 119,479 850 120,329 Charitablè aetiviti•* CharMable Charltabbe Income In¢ome 2023 2021 Perfomiance and evenls programmes Education programme 2,627 12,442 10,002 15,069 10,590 14- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023 Investments Unrostrlct•d Unrestricted funds fund5 ganeral general 2023 2021 Interest r￿1Vable 461 Ralslng funds Unr•stricted Unrestricted funds funds general general 2023 2021 Support costs 23.632 42,744 23.632 42,744 15- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023 Charitable activities Cost dlr•etly Support allocated to costs activities allocated to activities 2023 Totalcost dlr•ctly Support 2023 allocated to costs activities allocated to activities 2021 Total 2021 2023 2021 Stsff costs Depreciation and impaimient Pèformance and Ev$nt programmes Grants Klezrner in the park Education programmes Leclure5hip and studentship Inforrnation and communication Gov•manc8 cost Office expense European Cantors Association Youth Big Band Archiving fund Summar schools Elyzabelh Oawe Zlngt 37,546 37,546 35,471 35,471 147 147 157 157 25,507 25,507 825 15.325 29.663 171 140 1,844 29,834 140 10,061 825 1.637 13.688 8.217 62.878 63.977 70.515 547 71,062 15,690 15.690 5.020 14.032 14,032 5.020 2,653 2,653 1.333 2.333 12,935 13.268 2,000 225 22,268 12,935 13.268 2,LYJO 225 22.268 169,459 51.207 220,666 122,427 41,189 163,616 Share ol governance costs (see note I 12,060 12.060 3,600 3,6QKJ 169.459 63,267 232.726 122.427 44,789 167,216 Analysls by fund Unrestricted funds- general R85tricted funds 118,763 50.696 63.267 182,030 50,696 122,427 44,789 167,216 169,459 63,267 232,726 122,427 44,789 167,216 Independent examiners remuneration 2023 2021 Independent ex8minerfs fees 12,060 3,6(X) 16- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023 Truste85 and key management par50nal remuneration and exp8n5es None of the tnJstees received remuneralM)n for their seNices or received reimbursed expenses during the year. The key management personnel comprise of the truslees. Employees Tho average monthly number of employees during tho period was= 2023 Numbor 2021 Number Adrninistrative. event 8rKI rn8rkeling ¢reative stsff Management staff Total Employm•nt costs 2023 2021 Wages and 8818ri$$ Social security costs Othar pansion eosts 92,602 1.013 1.856 77,194 5,808 2,062 95,471 85,064 There were no employees whose annual remuneration was £60.0￿ or nbye. 10 Tanolbl• ff x•d asstt8 Flxturns and •qulpmènt Cost At 1 January 2022 25,937 At 31 March 2023 25,937 Ooproclatlon and Impalmient At 1 January 2022 Depreoation charged in the period 25,467 147 At 31 March 2023 25,614 Carying amount At 31 March 2023 323 At 31 D￿mber 2021 470 17- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023 11 Debtors 2023 2021 Amounts falllng duè wlthln on• yèar- Trade debtors Prepayments and accrued income 1,424 754 282 1.508 1,036 12 CreditorB: amounts falling due within one ywr 2023 2021 Other taxation and social security Trade creditors Othèr crèditors A￿rual$ and deferred inc4Jme 883 198 354 12,905 860 358 267 16,910 14,340 18,395 18- 000 00￿0 Oqto m¢oo ¢J) ¢Y O 00￿0¢7} +1$ O) ¢Dm O>LDrOOOOO (n>LU Co) B vo (n>LU JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023 14 Analysis of net assets b8tW8en lund5 Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestricted funds 2021 Restricted nds 2021 Total 2023 2021 Fund balances at 31 March 2023 are represented by.. Tangible assets Current assetsllliabiliD'esl 323 33,595 323 70.447 470 52.657 470 64,986 36.852 12.329 33,918 36.852 70,770 53,127 12.329 65,456 15 Sharo eapStal The company is limit8d by guarantae and has rw) share capilal. The liability of its membèrs Is limit8d lo £10 per member. 16 Rolated party tran8a¢tlon8 Transactlonj wlth relat•d partl During the period the trust entered into th6 folh)wing transactions related parti6s'. Th$ Chairporson makes a regular m￿lhIY donation to th¢ ¢harty of £2167 to support tho ¢horitls key obJ'6ctivès. This amount is usad lor unrèstrictéd purrN)ses. A company, in which the Chairperson is also a director. funds the salary cost of financial staff members throughout the period via a donalion equivalent to their payroll cosl. The donated amount is considered unreslricled lo mirror ¢he payroll cost which is also classified as unrestricted. 21