Charlty registration number 328228 Company registration number 2387749 (England and Wales) JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) LEGALAND ADMINISTRATIVE INFORMATION Charity number 328228 Company number 2387749 Governing Document Articles ofAssociation Trustees JenniferAnne Jankel (Chairper50n) Jonathan Edward Lyons Rev Malcolm Weisman OBE Sluart HaNey Appleman (De￿ased) Dr Rabbi Norman Solomon lan Howard Braidman DrAlexander Victor Knapp Karen Gilbert Dr Vanessa Paloma Elbaz Chades Micheal Richardson Inbal Annabel Elad Leonard Lowy Presidents Lord Grade CBE Vice Presidents Rev. Malcolm Weisman OBE Lady Lipworth Wice Presidents {Ylddish) Zalmen Mlotek Presldent, ICSM Sir Simon Rattle Director, ICSM Michael Haas Chair of International Ernest Bloch Society Dr Alexander Victor Knapp Forum for Israeli Music Dr Malcolm Miller Joe Loss Senior Lecturer in Jewish Music at SOAS University Dr Ilana Webster-Kogen Chairperson Jennifer Anne Jankel (Chairperson} Treasurer lan Howard Braidman Founding Director Geraldine Auerbach, MBE JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Registered office Room 464 SOAS University of London Thomhaugh Street, Russell Square London . United,Kingdom WCIH OXG Independent examiner Sobell Rhodes LLP The Kinetic Centre Theobald Street Elstree Borehamwood Hertfordshire United Kingdom WD6 4PJ Bankers The Royal Bank of Scotland 49 Charing Cross London SWIA 2DX JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Chairperson's statement Trustees report Independent examinels report Statement of financial aciivities Balance sheet Notes to the financial statements 10-20 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) CHAIRPERSON'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL CONTROL The financial control during the period was handed by Amanda Fenner-_Solomon to Samera Khan who joined.JMI,in., July 2023. The Truslees were given updales on the JMI budget and cash flow figures throughout the year. The financial year of JMI was extended by 3 months to 31st March 2023 to align with the Art Council financial year. The audited JMI financial reports for the year ending 31st March 2023 were signed on the 9th August 2023 and circulated to all the Trustees. FUNDRAISING AND CASH FLOW Jennifer Jankel continues to donate £2,500 a month which has been a muC￿eeded support to JMI during 2023-24. JMI received £38,600 of funding from the Rothschild Foundation in September 2023 for work to be carrsed out on the JMI archives. During the financial year only part of the archiving work was completed resuEting in only £3,898 being paid to the specialists. An amount of £34,702 is to be carried over to April 2024 to continue with the archiving work during the rest of 2024-25. The JMI Youth Big Band were delighted to receive support from multiple Sources during the year including Ail Aboard Shop with donations totalling £5.905 and the Children's Aid Committee Charitable Fund which donated £3,600. Project - Zingt! also had a successful application for funding for the year 2023-24 from Shoresh of £1.483 and Essex County Council of £3.400. A very special thanks must go to Shoresh Charitable Trust for their continued support by granting £9.983 for the JMI general funding. The Kirsch Foundation donated £3.500 and have pledged their support for 2023 and 2024 totalling £10,500 over three years. David Dangoor's Exilarch's Foundation have allocated £20,000 of funding over the next 5 years. The Second payment of 5.000 was received in December 2023 and allocated lo general fijnding. The JMI annual fundraising event on the 5th July 2023. which was "A celebration of 40 years of JMI. raised £36,605. A donation of £15.000 from Azrieli was paid directly to SOAS Unrversity and then shared 50150 with JMI on behalf of the Joe Loss Lectureship. This generous donation wll be continued for the years 2024-25. We would like to express our thanks to Katzen Ivan Legacy who generously donated £10,000. We also very generous donation was also received £2.000 from Joe and Rosa Frenkel Charitable Trust. SYM Music Company also donated £1,000 to whom we are very grateful. We also offer our thanks to the Sir Jack Lyons Family Trust for their annual donation of £7,500 to support our Studentships and attendees for summer school programmes. We are deeply grateful for their continued support. As JMI has been accepted into the Arts Council National Portfolio, we were granted funding we were granted funding for three years tolalling £384,999, of which £128,333 is included in teg accounts for 2023- 24. JMI was also awarded a grant of £28.000 in February 2024 from VoguelCAF. whith was truly remarkable and unexpected. JEWISH MUSIC INSTITUTE {A COMPANY LIMITED BY GUARANTEE) CHAIRPERSON'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 PROGRAMMES AND EVENTS In February 2023, JMI partnered with Jerusalem Orchestra East West for their London debut at Barbican. In April 2023, we supported a successful Mimouna event at JVV3 by sharing the musician support and the marketing of the music pro9ramme. JMI Summer Schools retumed to their pre-covid student numbers, enjoying great financial success. The immersive week in Yiddish. Yiddish Song and Klezmer featured two sold out concerts and the addition of a Klezmer Youth Module in August 2023. Following this event JMI also partnered with The Wiener Holocaust Library, the Yale Fortunoff Video Archive for Holocaust Teslimonies, The Holocaust Research Instilute at Royal Holloway, Universily of London, World ORT Music and the Holocaust. the Sir Martin Gilbert Leaming Centre and the UCL Department of Hebrew and Jewish Studies to host musical perfomiances by Yiddish Glory and Songs from Testimonies at Conway Hall on 6th September 2023. In October 2023. we paid tribute to the memory of Rev Malcolm Weisman with support of a memorial and book launch event. We also partnered to support the Azrieli Music Prizes with their London Debut at Cadogan Hall and the judging panel in the days that followed. JMI'S online programmes continued to run on a partnership basis where opportunities arose. These have included a very successful partnership with Bnai Brith and Jewish Renaissance on Music and Memory, chaired by Malcolm Singer and featuring the Joe Loss Reader in Jewish Music Dr Ilana Webster-Kogen in November 2023. Jerusalem Orchestra East Wesl returned to JMI screens with a co-hosted online series of concerts lo large online audiences. which continued from October until December 2023. November 2023 had JMI continue ils ongoing support of the ECA Cantors Convention and partnered with the UK Jewish Film Festival in a screening and performance of"Egypt= A Love Song" at JW3. In January 2024. JMI partnered with the HET and the HDMT for the London Mayoral Assembly Holocaust Memorial Day, with a performance by Josh Middleton and Rachel Weston. which was performed at City Hall and streamed online. February 2024 saw the return of JMI'S flagship Judeo-Arabic music conference. Yallah. This day featured a selection of academic papers. presentab.ons and workshops which culminated in a Parisian-Algerian DJ Sharouh {Sarah Perez) hosting a club night which overall attracted 100 people. JMI YOUTH BIG BAND Throughout 2023 and Ihe early part of 2024 the JMI YBB had its most successful period of expansion and recognition to date Sin￿ first forming more than 7 years ago. Notable achievements include= Doubling the band's membership from 12 to 24 musicians at the Summer W0￿shoP in August 2023 Performing a headline set at Pizza Express Jazz Club. Soho in September 2023 Being invited to perfomi at the London Jazz Festival at Southbank for the first time in November 2023 Developing a new and exciting collaboration with renowned jazz saxophonist Jason Yarde who performed with the band at the London Jazz Festsval and at the Vortex Jazz Club in De￿mber 2023 Developing links with music education organisations outside of London and taking the band on lour to Lewes in February 2024 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) CHAIRPERSON'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 ZINGTI PRIMARY SCHOOL YIDDISH SONG PROJECT BASILDON ZINGT! 2024 saw JMI and Essex Music Education Hub continue their excellent relationship by collaborating in bringing this fantastic Yiddish Song Project to five local primary schools in Basildon during February and March 2024. A series of 4 weekly workshops look place al five local schools who are all part of the Lee Chapel Acaderny Trust. The schools involved were Lee Chapel Primary. Northlands Primary, The Phoenix Primary, Ryedene Primary and Greensted Junior School. Project leader Joseph Finlay introduced Year 5 pupils to themes around Jewish culture and music through learning songs in Yiddish and English. Each school was given one unique song to learn as well as 3 songs which were taught to all the schools. Joseph was accompanied by accordionist Josh Middleton during all of the workshop sessions. JMI commissioned Joseph to arrange a song with Yiddish lyrics for this project, and he chose traditional English Folk song 'The Manchester Rarnblerf for this purpose. The song was chosen as it has a strong message about caring for the land. A final perfomiance took place at Lee Chapel Primary School on Wednesday 27 March 2024, in their 300-sealer purpose-built theatre. Pupils from all the parbcipaling schools had the fantastic opportunity to perform the songs they had learned in front of a large audience of parents and family members. The children were accompanied by klezmer musicians Josh Middleton (accordion). Dan Gouly (clarinet), Anna Lowenstein (violin}, Simon Roth (drums) and Oliver Presman (tuba). The concert was filmed by videographer Pedro Velasco. ARCHIVING In 2023 JMI was awarded a further grant from Hanadiv Rothschild Europe to fully catalogue and digitize the JMI archive. JMI has hired Jewish music experts Edoardo Marcarini and Jim Hickson lo cary out the cataloguing work of archival items at the storage facility in Weybridge and in the JMI office at SOAS University. The cataloguing phase of the project began in January 2024 and is due to be completed in Autumn 2024. Wob developer Susanna Kleeman designed and built a new website.- jmiarchive.org lo house the digital archive. The website had a soft launch in December 2023 and is scheduled lo be fully accessible to the public by the end of 2024. THE FUTURE The JM l Team works exlremely well together and is particulady excited with the positive news of the success of the application to Arts Council to be included in their National Portfolio funding fr)r 2023-2026. It is important to note that the JMI Vision and Mission Statement has been reviewed. JMI is delighted lo welcome its new CEO Na'ama Zisser. She commenced employment on 6th March 2024, probationary period of 4 months. We look forward to the fresh perspectives, innovats've strategies and strong leadership to JMI. We would like lo Ihank members of the Sobell Rhodes team for their detailed support for JMI. Jennifer Jankel Chairperson Dated.. 8 Novgmber 2024 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their Annual Report together with the Financial Statements for the year erided 31 March 2024. The Jewish Music Institute IJMII is a charitable company limited by guarantee under registration number 2387749 and is registered by the Charity Commission under registration number 328228. The registered address is Jewish Music Institute. 464 SOAS University of London. Thomhaugh Street, Russel Square, London, WC1 H OXG. The Charity constitutes a public benefit entity as defined by FRS 102. The financial ststements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Praclice 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 activlties The Institute's aims and objectives as set out in its governing document are as follows.. JMI'S objectives and activities give clearly identifiable benefits to the public and continue to be Charitable. JMI is committed to re-discovering and communicating Jewish heritage and identity through rnusic*ducational and activity programmes for the public of all ages. and backgrounds: encouraging Jews lo explore their cultural roots and non-Jews to understand and app￿ciate Jewish culture. This leads to a greater diversity as JMI'S educational programmes expand. Th6 activities now incorporated in the Jewish Music Institute began on 22nd May 1984 when JMI was constituted as a committee presenting a Jewish Music Festival. Enjoying prestigious patronage, the Jewish Music Institute has over the years, made an important contribution to the cultural life of Britain. The Jewish Music Institutes mission is dedicated to the celebration, preservation and development of the living heritage of Jewish music, for the benefil of all. To setve this mission, JMI'S work is conducted in six different genres of Jewish music ranging from ancient prayer chants through the Ashkenazi and Sephardi Jewish experi8nces to classical music, the music of Israel and music suppressed by the Third Reich. In each genre therg are programrnes of education. practical training, inforniation and performance. To discharge this mission JMI maintains a small but highly expert core staff and works closely with the Department of Music at SOAS. Public Benefit The Jewish Music Iristitute {JMI) is an independent arts organisation wsth charitable status based at the School of Oriental and African Studies, University of London. It is dedicated to the 'celebration, preservation and development of the living heritage of Jewish music for the benefrt of people of all ages and all backgrounds., Plans for the Future JMI has a clear mission to preserve and develop the Jewish musical heritage for the benefit of present and future generations. JMI will continue lo work to obtain core funding to secure its long-lemi future. Risk Assessment Risk management is reviewed regularly by staff. The TNstees have identified the main risks to which the charity is exposed and have taken steps to mitigate them. Mission Statement To bring Jewish music to the mainstream British and International cultural arena for people of all ages, faiths backgrounds, and cultures. Wision Statement Transforming lives through Jewish Music JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Power of Investment All monies of the Institute not immediately required ft)r any payment may be invested by the Trustees in SLtch investments as the Trustees from time to time think proper or may be placed on deposlt with any banks. Tre Trustees regularly review its cash reSoU￿eS and endeavours to maximise any interest from funds not required in th& short term. Reserves Policy The Trustees have adopted a policy that the tharity's reserves shall cover necessary costs and commitments during an unforeseen period of difficulty- The Truslees aim to maintain or hold thè level of reseNes equivalent to three months of expenditure. This report has been prepared having taken advantage of the small company's exemption in the Companies Act 2006. The report was approved by the Board on and is signed by order of the Trustees. Achievement5 and perft)rniance JMI played a signtFicant part in Ihe cultural lrfe both artistically and educationally in Great Britain in the year ending 31st March 2024. JMI is Oxtremely honoured to be accepted into the Arts Council National for the nexl three years. JMI supports and co funds The Joe Loss Lectureship in Jewlsh Muslc at SOAS. The Loss family are fflajor donors. JMI has continued to benefit from the generous support for post graduate students through the Sir Jack and Lady Lyons Charitable Trust. JMI is an international resource centre for Jewish Music. The JMI archive of records, CDS and books continue lo help in an advisory capacity on music of all genres. JMI is fortunate to maintain contacl with many experts in the different fields of music listed on our website. The JMI'S archive is being upgraded and the contents will be digitised with its own website. Sincere thanks are due to individual donors and family charitsble trusts who support our mission to Iransmit the music of the Jewish people from generation to generation. We hope that we will have their continued support as attendees al our evenls and remain donors. This generosity helps the JMI hardworking team of staff and voluntéers to achleve the exciting futura that we all foresee in Ihe coffling years. Financlal revlow The results for the year are shown in the Statement of Financial Activitses on page 8. Funding came from generous trusts and indrvidual donations including the invaluable ongoing support of the Jankel family. The smooth running of JMI'S financial control using the Xero accounting package has made an enormous difference to members of the staff who are now able to access budgets and cash flow by conlacting our Financial Controller. Over the past 2 years, JMI has substantially increased its cash rese￿e$ allowing the Trustees to feel increasingly confident about the future. JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 structure, governance and management JMI is governed by its Memorandum and Articles of Association and by the regulations of the Charity Commission and Company Law. These were checked and agreed during the current year before presentation lo potential new Tnjslees. JMI governance structure consists of Ihe Board of Trustees. The Trustees may also from time to time appoint sub committees. The Board of Trustees direct the affairs of JMI. provide leadership. fulfil their fiduciary duty, and are involved in the endorsement of policy and in monitoring ils implementstion. The Board meets quarterly. The Trustees may appoint a person who is willing to act to be a Trustee either to fill a vacancy or as an additional Iruslee provided that the appointment does not cause the number of trustees to exceed any number fixed by or in accordance with the articles as Ihe maximum number of trustees. A trustee so appointed shall hold office only until the next following annual general meeting and shall not be considered in determining the trustees who are to retire by rotstion at the meeting. If not reappointed at such annual general meeting. they shall vacate office at the conclusion thereof. No person olher than a trustee retiring by rotation may be appointed or re-appointed as a trustee at any general meeting unless: (1 } he or she is recommended by the Trustees; or {2) no fewer than fourteen114} nor more than thirty-five (35) days before the date of the meeting, the charity is given a notice Ihat.. (a) is signed by a member entilled to vote at the meeting Ib) slates the member's intention to propose the appointment of a person as a Tnjslee {c) contains the details that, if the person were to be appointed, the charity would have to file at Companies House,. and Id) is signed by the person who is to be proposed to show his or her willingness to be appointed. On appointment to the board the trustees receive the JMI Memorandum & Articles document which outlines the structure and responsibilities of the Trustees and the Mission and Policy Slalement. The Board comprises eleven members as of 31st March 2024. all of whom are formally appointed as Directors of the Instilule. The trustees. who are also the directors for the purpose of company law. who setved during the year were as follows= Jennifer Jankel Chaimian Jonathan Edward Lyons Rev Malcolm Weisman OBE Stuart Ha￿eY Appleman (Deceased) Rabbi Dr Norman Solomon lan Howard Braidman Treasurer DrAlexanderVictor Knapp Leonard Lowy Dr Vanessa Paloma Elbaz Karen Gilbert Charles Richardson Annabel Elad This report has been prepared having taken advantage of the small company's exemplion in th6 Companies Act 2006. The report was approved by the Board on and is signed by order of the trustees on Leonard Lowry Dated: 8 November 2024 Jennifer Jankel lan Howard Braidman Dated: 8 November 2024 Dated 17 December 2024 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JEWISH MUSIC INSTITUTE I report lo the Trustees on my examination of the financial statements of Jewish Music Institute for the year ended 31 March 2024. Responsibilities aThd basis_of report. As the Trustees of the charity {and also its directors for the purposes of company law) you are responsible for the preparalion of the financial statements in accordance with the requirements of the Companies Act 2006 {the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Acl and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charilies Acl 2011 {the 2011 Act). In carrying out my exarnination I have followed all the applicable Direclions given by the Charity Commisslon under section 145{5){b) of the 2011 Act. Independent examinerfs statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualrfied to undertake the examination because l am a member ofACCA, which is one of the listed bodies. I have compleled my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- 8ccounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial statements do not accord with Ihose records., or the financial statements do nol comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance bwth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Michael Brown Sobell Rhodes LLP The Kinetic Centre Theobald Street Elstree Borehamwood Hertfordshire WD6 4PJ Dated.. 17 December 2024 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestri¢ted Restrlcted funds funds . 2024 Total Unrestrtcted funds Restricte(J funds Total 2024 . 2023 Notes Income from: Donations Charitable activities Charitable Income Investments 294.147 38,600 332.747 171.323 74,819 246.142 35,591 990 35.591 990 15,069 461 15,069 461 Total income 330.728 38,600 369,328 186.853 74,819 261.672 Ex enditure on: Raising funds 26,962 26,962 23.632 23,632 Charitable activities 239.568 16,887 256,455 182,030 50,696 232,726 Other 323 323 Total resour¢es expended 266,853 16.887 283,740 205.662 50,696 256,358 Net incoming resources before transfers 63.875 21.713 85,588 (18,8091 24.123 5,314 Gross transfers between funds 17,950 (17,950) (400) 400 Net movernent in funds 81,825 3,763 85,588 (19.209) 24,523 5,314 Fund balances at 1 April 2023 33.918 36,852 70.770 53,127 12.329 65,456 Fund balances at 31 March 2024 115.743 40.615 156.358 33.918 36,852 70,770 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activilies includes all gains and losses recognised in the year. All income and expenditure derive from conlinuing activities. The statement of financial activities also ¢omplies v￿th the requirements for an income and expenditure account under the Companies Act 2006. JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets --1 Current assets Debtors Cash at bank and in hand 12 1,079 162,552 1,508 83,279 163,631 84.787 Creditors: amounts falling due wlthln one year 13 7,273 14,340 Net current assets 156.358 70,447 Total assets less current liablllties 156.358 70,770 The funds of the charity Restricted income funds Unrestricted funds 14 40,615 115,743 36,852 33,918 156,358 70,770 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The direclors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources. including its income and expenditure. for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the reqijirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The members have not required the company to obtain an audit of Fts financial statements for the year in question in accordance with section 476. These financial statements have been prepared in arLordance with the provisions applicable lo companies subject lo the small companies regime. The financial statements were approved by the Trustees lan Howard Braidman Trustee Dated: 17 Decèmber 2024 Leonard Lowy Trustee Dated: 8 November 2024 Company registration number 2387749 (England and Wales) JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information ,The legal information.and reglslered0ffic￿. of.Jewish MusiG..Institute.ar.e.noted. in the.Legal. and Administrative.." pages. In the event of the Charity being wound up. the liability in respect of the guarantee is limited to £1 per member of the Charity. The nature of the Charity's operalions and pnncipal activities are noted in Ihe Trustee's reports in page 2 to 3. 1.1 Accounting convention The financial statements are prepared on a going concem basis under the historical cost convention. modified to include certain items at fair value. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have be8n prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland IFRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016) .the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charilies Act 2011, the Companies Acl 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. The Charity has taken the small charity exemption not to prepare cash flow statements. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to als years presented unless otherwise stated. 1.2 Going concern The financial slalements have been p￿pared on a going concern basis as the trustees believe that no material uncertainlies exist. The Injstees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorÉsing these financial statements. Certain trustees have committed to give financial support to ensure that Ihere are sufficient reserves for the Charity to be able to continue as going concem. 1.3 ChaTitable funds Unrestricted fvnds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charily and which have not been designated for other purposes. 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 cost of raising and administering such funds are charged against the specific fund. The airn and use of each restricted fund is set out in the notes to the financial statements. 1.4 Income All incoming resources are included in the Statement of Financial Activities (SoFA} when the Charily is legally entitled to the income after any performance conditions have been met, the amount can be measured r81iably and it is probable that the income will be received. 10- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Contlnued) For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level ¢!f performance before enlitlemenl can be obtained then income is deferred until those conditions are fully met or the fijlfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Donated facilities and donated professional services are recognised in income at their fair value when th8ir economic benefit is probable, it can be measured reliably and the Charity has control over the item. Fair value is determined on the basis of the value of the gift to Ihe Charity- For example the amount the Charity would be willin9 to pay in the open market for such facilities and services. A CO￿eSpOndIng amount is recognised in expenditure. Income from grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable thal the income will be received and the amount can be measured reliably. If entitiement is not met then these amounts are deferred. Investment income {bank interest) is eamed through holding deposits accounts. Interest income is recognised when the Charity's right lo receive the interest is established. 1.5 Expenditure Expenditure is recognised On￿ there is a legal or constructive obligation lo Iransfer economic benefit to a third party, 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 classified by aclivity. The costs of each activity are made up of Ihe total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly lo Ihat activity. Shared costs which contribute to more than one activity and support costs which are not attribulable to a single activity are apportioned be￿een those aclivilies on a basis consistent with the use of resources. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation lo make payments to third parties. it is probable that the Sett￿Ment will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings.- i) Raising funds - fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activtties. ii) Charitable activities- all expendwiure relating to the objectives of the Charity. iii) Governan￿ costs - include independent examiner fees. and legal advice for the Iruslees, and any other costs associated with constitutional and statutory ￿quIrements. iv) Support costs allocation Support costs are those that assist the work of the Charity but do not directly represent charitable activities and indude office costs, govemance costs, administrative payroll costs. They are incurred directly in support of expendilure on the objecls of the Charity. Where support costs cannot be directly attributed lo particular headings they have been allocated to cosl of raising funds and expenditure on charitable activities on a basis consistent wth use of the resources. The support cosls have been allocated to each of the Charity's activities according to its purposes. The analysis of these costs is included in the notes to the accounts. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 11 JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢ies {Continued) 1.7 Financial instruments The charity has elected to apply the provisions of Section .11 ':Basic Financia! Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity balan￿ sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, wilh the net amounts presented in the financial statements, when there is a legally enforceable righl to set off the recognised amounts and Ihere is an intention to sewe on a nat basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtor5 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cosÈ using the effaclive inter8st method unless the arrangement constitutes a financing transaction. where the transaction is measured at Ihe present value of the future receipls discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the presenl value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially 8t transaction price and subsequently measured at amortised cost using the effective interest method. 1.8 Taxation The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefor8 it meets the definition of a charitable company for UK corporation lax purposes. 1.9 Employee benefits When employees have rende￿d SeThi￿ to the Charity, short-temi employee benefits to which the employees are enlilled are recognised at the undiscounted amount expected to be paid in exchange for that seNica. The Charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. 1.10 Provisions Provisions are recognised when the Charity has an obligation at the balance sheet date as a result of a pasl event. it is probable that an oufflow of economic benefits will be required in settlement and the amount can be reliably estimated. 12- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations Unrestricted Restricted funds funds general 2024 Total Unrestricled funds general 2023 Restricted funds Total 2024 2024 2023 2023 Donations and gifts Grants 165.814 128.333 38,600 204.414 128,333 171,323 74.819 246,142 294.147 38.600 332.747 171.323 74,819 246,142 Donations and gifts Donations and sponsorship Gift aid income tax repayment 153,603 38.600 192,203 159,425 74,819 234,244 12,211 12,211 11.898 11,898 165,814 38.600 204.414 171.323 74.819 246,142 Grants recelvable for core activities Grant- Art Council 128,333 128,333 128.333 128,333 Charitable activities Charltable Charitable Income Income 2023 2024 Perfomance and events programmes Education programme 400 35,191 2,627 12,442 35,591 15,069 13- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrestricted Unrestrlcted funds funds 2024 2023 Interest receivable 990 461 Expenditure on raising funds Unrestricted Unrestrlcted funds funds 2024 2023 Fundraising and publicity Support costs 26,962 23,632 14- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities Cost dlrectly Support allocated to costs activltles allocated to activities Total Cost directly Support allocated to costs activities allocated to actlvities 2023 Total 2024 2024 2024 2023 2023 Direct costs Staff costs Depreciation and impairment Pefomance and Event programmes Grants Klezmer in th8 park Education programmes Lectureship and stud8ntship Information and communication Governance cost Office expense European Cantors Association 134,517 134,517 37,546 37,546 147 147 15.361 15.361 25.507 25.507 274 1.794 274 36,130 825 1,637 825 15,325 34.336 13,688 36,771 820 37,591 62,878 1.099 63,977 20.491 6.150 20,491 6,406 66,386 66,386 5,020 3,600 256 5,020 3.600 1.000 1,333 2,333 113.109 137,661 250,770 169,459 51,207 220,666 Share of support and government costs Governance 5,685 5.685 12,060 12,060 113,109 143.346 256.455 169,459 63,267 232,726 Analysis by fund Unrestricted funds Reslricted fvnds 96.222 16.887 143,346 239,568 16,887 118,763 50,696 63.267 182,030 50,696 113.109 143,346 256,455 169,459 63.267 232,726 Independent examiners remuneration 2024 2023 Independent examinels fees 5,685 12.060 15- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees and key management personal remuneration and expenses None of the trustees received remuneration for their ServI￿S or received reimbursed expenses during the The key management personnel comprise of the trustees. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Administrative, event and marketing Creative staff Managernent slaff Total Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 124,868 5,751 3,898 77,194 5,808 2,062 134,517 85,064 There were no employees whose annual remuneration was £60.000 or more. 10 Taxation The chartty is exempt from taxation on its activities because all its income is applied for charitable purposes. 16- JEWISH MUSIC INSTITUTE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tangible fixed assets Flxtures and equlpment At 1 April 2023 Disposals 25,937 (25,937) Depreciation and impalmient At 1 April 2023 Eliminated in respect of disposals 25.614 (25,614) Carrying amount At 31 March 2024 At 31 March 2023 323 12 Debtors 2024 2023 Amounts falling due wlthln one year: Trade debtors Other debtors Prepayments and aGGrued income 68 777 234 1,424 84 1.079 1,508 13 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Trade creditors Other creditors Accrnals and deferred income 883 198 354 12,905 2.248 5,025 7.273 14,340 17- 000 OLnO O¢Cp Jooo OOLno ¢5) o ** o 1s)¢J)vOOOO CDf)Ots¢O) iooc ¢J) N o (N Lr)00￿0 W)￿01￿0 O¢DO ¢JvOOO (DnOtsO LV) in o >LU ¥to CT5 xo > Ci to J (V c) D a)QLuCJ￿￿