Charity Registration No. 1092207
Company Registration No. 04412830 (England and Wales)
TECHNION UK
(A company limited by share capital)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Sobell Rhodes Audit Limited
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
TECHNION UK
LEGAL AND ADMINISTRATIVE INFORMATION
Director
Mr Alan Aziz
Trustees
Mr Alan Aziz
Mr Paul Charney
Mr Geoffrey Hartnell
Stephen Wiseman
Claire Rothman
Mr Howard Ross                                   (Appointed 1 March 2023)
Mr D Peltz                                            (Resigned July 2023)
Lady Morven Heller                               (Appointed July 2023)
Kevin Gothelf                                        (Appointed July 2023)
Jaques Fragis                                       (Appointed July 2023)
David Menashy                                    (Appointed July 2023)
Company number
04412830
Charity number
1092207
Principal address
62 Grosvenor Street
London
United Kingdom
W1K 3JF
Auditor
Sobell Rhodes Audit Limited
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
United Kingdom
WD6 4PJ
TECHNION UK
CONTENTS
Page
Trustees' report
1 - 4
Statement of Trustees' responsibilities
5
Independent auditor's report
6 - 9
Statement of financial activities
10
Balance sheet
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
TECHNION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2023.

 

The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity.

 

The trustees have throughout the year paid regard to the Charity Commission's guidance on public benefit with the aims and activities of the charity.

Objectives and activities

The objectives of the Charity are to promote interest in and to raise funds for the Technion - Israel Institute of Technology in Haifa, Israel.

 

From time to time, fundraising events are held. Material about the Technion is disseminated throughout the year and personal appointments are made to raise interest in the Technion and to obtain financial support. There is constant communication between Technion UK and the Technion.

Grantmaking

Apart from the normal grants paid over to Technion, specific grants were made in pursuance of the charitable activities outlined elsewhere in this report.

Volunteers

Members of the Committee provide invaluable support at our charitable and fund-raising activities. Other volunteers help during the year at provincial events.

Achievements and performance

Most of the events during the year were online but we managed to increase the number of individual donors through online fundraising. Whilst it was difficult to meet with people face-to-face, we managed to keep in contact with our network of donors.

Scitech Programme

This took place during the year and we are grateful to the Morven and Michael Heller Charitable Foundation for providing bursaries to each student that attends the scheme.

During the year there has been increasing media coverage of Technion technologies and also significant coverage of Israeli start-ups. Details of Technion activities are now extensively communicated to a wider audience .

Our objective is to encourage philanthropic support from the commercial contacts that are developed to provide scholarships, labs and other facilities at Technion.

 

 

TECHNION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Financial review

Results for the Year

Total income for the year was £1,355,169 compared with £416,577, the previous year, mainly due to large legacies received during the year.

 

Legacies

In recent years there has been a substantial increase in legacy income which we see as a major growth opportunity in the future. New legacy campaigns are launched each year with regular advertising in the Jewish Press, and the production of a new legacy brochure which raises awareness of the opportunity to leave a charitable gift and the provision of living legacies in a will to Technion. We thank our donors and supporters for their ongoing support. We are particularly grateful to the Wolfson Foundation and Wolfson Family Charitable Trust for their support.

Investment Policy and Objectives

Income derives from donations, bequests and fundraising and from some investments. The majority of funds are forwarded to Technion in Israel immediately on receipt and therefore monies are held on short-term deposit until they are transferred to Technion. The Trustees continue to review investment policy in order to maximise the returns from the legacy of Mrs Coleman Cohen which is invested by Technion UK for the purpose of providing sufficient funds for the student exchange programme as well as other projects.

Reserves Policy

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible assets (‘the free reserves’) held by the charity should be at a level to continue the current activities in the event of a significant drop in funding. At times when a major fundraising event is in preparation the reserves may be a little larger than is usual. It remains policy however to pass as much as possible over to the Technion as quickly as possible.

Alumni Group

Technion UK continues to reach out to Technion alumni currently living and working in the UK. The alumni are now invited to all Technion UK events and it continues to be our objective is to launch a modest fund-raising campaign aimed specifically at this group.

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The trustees have begun to discuss how to commemorate the 100th anniversary of the Technion and decided to launch the centenary year in August or September 2024. This will result in an increased level of activity and general marketing and publicity.

Structure, governance and management

Governing document

The Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Governance

The Hon. Laura Wolfson Townsley has continued to be our Honorary President   Laura has devoted many years of service to the Technion and her advice and guidance is always welcome.

Mr Paul Charney is the Chairman of Technion UK

The Scientific Advisory Board has continued to comprise of Professor Sir Michael Berry of Bristol University, Professor Sir Richard Friend at the University of Cambridge, Professor Victor Hoffbrand, Professor David Latchman CBE, Master of Birkbeck College and Lord Leslie Turnberg from the House of Lords.

Technion UK benefits from the leadership and advice which members of the Advisory Board bring to the organisation.

TECHNION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Organisational Structure

The structure of the organisation comprises of an Executive Committee run by a Chairman. An Executive Director runs the London office together with a small team. 

Director

Mr Alan Aziz

 

Trustees

Sir Michael Heller-deceased 30/01/2023

Mr Paul Charney (Chairman)

Mr Stephen Wiseman

Mr Geoffery Hartnell

Ms Claire Rothman

Mr Howard Ross-appointed 1 March 2023

David Menashy – appointed July 2023

Jaques Fragis – appointed July 2023

Kevin Gothelf – appointed July 2023

Lady Morven Heller – appointed July 2023

 

Recruitment and Training of New Trustees

Training and induction is provided for new trustees as and when new candidates are appointed. The present trustees are very mindful of the need to identify potential new trustees to ensure the long-term future of the charity. The trustees were very happy to recruit 4 new trustees in the year.

 

Wider Network

The Cambridge Branch is run by a number of dedicated volunteers who support the aims of the organisation. Individual volunteers in other parts of the UK also support the organisation.

Additionally, Technion UK maintains close ties with counterpart societies around the world including the American Technion Society and Canadian Society as well as the European Technion Societies and with the Technion in Israel.

Risk Management

Throughout the year the trustees and the Company Secretary monitored the major risks to which the organisation was exposed to and ensured that the appropriate controls were in place to provide reasonable assurance against fraud and error.

Related Parties

Other than referred to above, there are no related parties

Auditor

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The Trustees' report was approved by the Board of Trustees.

Mr Paul Charney
Trustee
TECHNION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Dated: 8 October 2024
TECHNION UK
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The Trustees, who are also the directors of Technion UK for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law 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, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- 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 adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

In so far as the trustees are aware:

 

• there is no relevant audit information of which the charitable company’s auditor is unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

 

Approved by the trustees of the charity on 08/10/2024 and signed on its behalf by:

 

 

Mr Paul Charney

Trustee

 

 

TECHNION UK
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF TECHNION UK
- 6 -

Opinion

We have audited the financial statements of Technion UK (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;

-

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

TECHNION UK
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF TECHNION UK
- 7 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

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

-

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

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 7), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

TECHNION UK
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF TECHNION UK
- 8 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We enquired of Management to obtain an understanding of the legal and regulatory frameworks that are applicable to the Entity. The most significant that are relevant to the Entity are United Kingdom Generally Accepted Accounting Practice, The Companies Act 2006, Charities Statement of Recommended Practice (SORP) and the tax legislation in respect of Corporation tax, VAT and PAYE. We understood how the Entity complies with these through enquiries of management and asked of any instances of non-compliance in these areas.

We assessed the susceptibility of the Entity’s financial statements to material misstatements, including how fraud might occur through enquiries of Management and to understand where they considered there was susceptibility to fraud. We obtained an understanding of the controls that the Entity has established to address the risk to prevent, deter, and detect fraud.

Based on this understanding we designed our audit procedures to detect irregularities including fraud which primarily consisted of the following:

  1. Identifying and testing of journal entries including large and unusual transactions to understand their rationale.

  2. Enquiries of management and those charged with governance on instances any known fraud and around actual and potential litigation claims.

  3. Enquiries of the tax engagement team that are independent of the audit team for instances of non-compliance.

The Senior Statutory Auditor reviewed the experience and expertise of the audit engagement team to ensure that they had the appropriate competence and capabilities to identify any instances of fraud and non-compliance with the relevant laws and regulations.

The objective of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risk of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

TECHNION UK
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF TECHNION UK
- 9 -

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

 

Adam Shelley BA FCCA (Senior Statutory Auditor)
for and on behalf of Sobell Rhodes Audit Limited
14 October 2024
Chartered Accountants
Statutory Auditor
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
United Kingdom
WD6 4PJ

Sobell Rhodes Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

TECHNION UK
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Unrestricted
Restricted
Endowment
Total
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
funds
funds
funds
2023
2023
2023
2023
2022
2022
2022
2022
Notes
£
£
£
£
£
£
£
£
Income from:
Donations and legacies
2
1,190,474
60,000
-
1,250,474
273,555
38,400
-
311,955
Charitable activities
3
26,530
-
-
26,530
25,523
-
-
25,523
Other trading activities
4
1,690
-
-
1,690
1,500
-
-
1,500

Investments

5
236
14,009
62,230
76,475
-
13,174
64,425
77,599
Total income and endowments
1,218,930
74,009
62,230
1,355,169
300,578
51,574
64,425
416,577
Expenditure on:

Raising funds

37,166
3,033
13,620
53,819
-
3,374
16,631
20,005
Charitable activities
6
453,957
10,000
-
463,957
500,795
-
-
500,795
Grants to Technion Institute
10
398,780
50,000
-
448,780
314,530
38,400
-
352,930
Total resources expended
889,903
63,033
13,620
966,556
815,325
41,774
16,631
873,730
Net gains/(losses) on investments
-
(7,569)
(34,189)
(41,758)
-
(97,842)
(461,220)
(559,062)
Net movement in funds
329,027
3,407
14,421
346,855
(514,747)
(88,042)
(413,426)
(1,016,215)
Net movement in funds
329,027
3,407
14,421
346,855
(514,747)
(88,042)
(413,426)
(1,016,215)
Fund balances at 1 January 2023
697,891
602,332
1,536,352
2,836,575
1,212,638
690,374
1,949,778
3,852,790
Fund balances at 31 December 2023
1,026,918
605,739
1,550,773
3,183,430
697,891
602,332
1,536,352
2,836,575

All of the charity's activities derive from continuing operations during the above two periods.

TECHNION UK
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,761
2,347
Investments
13
2,393,050
2,605,326
2,394,811
2,607,673
Current assets
Debtors
14
35,175
49,658
Cash at bank and in hand
779,444
214,613
814,619
264,271
Creditors: amounts falling due within one year
15
(26,000)
(35,369)
Net current assets
788,619
228,902
Total assets less current liabilities
3,183,430
2,836,575
Capital funds
Endowment funds - general
16
1,550,773
1,536,352
Income funds
Restricted funds
17
605,739
602,332
Unrestricted funds
1,026,918
697,891
3,183,430
2,836,575

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing the 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 requirements of the Companies Act 2006 relating to the financial statements, so far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 8 October 2024
Mr Paul Charney
Trustee
Company Registration No. 04412830
TECHNION UK
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
317,839
(495,138)
Investing activities
Other movements in investments
7,589
37,901
Purchase of investments
(542,750)
(222,975)
Proceeds from disposal of  investments
705,678
206,117
Investment income received
76,475
77,599
Net cash generated from investing activities
246,992
98,642
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
564,831
(396,496)
Cash and cash equivalents at beginning of year
214,613
611,109
Cash and cash equivalents at end of year
779,444
214,613
TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Charity information

The charity is limited by guarantee, incorporated in England and Wales.

The address of its registered office is:

62 Grosvenor Street

London

W1K 3JF

1.1
Accounting convention

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been 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 Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

General information and basis of preparation

Technion UK is a private company limited by guarantee. 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 address of the registered office is given in The Trustee's Report of these financial statements. The nature of the charity’s operations and principal activities are also reported in The Trustee's Report.

 

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

1.2
Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

The trustees have a reasonable expectation the charity will continue to have adequate resources to fund its working capital for the foreseeable future. The trustees have carried out a detailed assessment of the viability of the charity.

 

As a result of their review, the trustees have taken appropriate measures to enable them to have a reasonable expectation that the charity will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.

 

On the basis of the above, the trustees are of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial statements on a going concern basis.

1.3
Charitable funds

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -

The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent those assets which must be held permanently by the Charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

1.4
Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Donated facilities

Donated facilities are recognised in income at their fair value when their 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 the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer 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 activity. The costs of each activity are made up of the 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 to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

1.6
Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance basis
Office equipment
25% reducing balance basis
TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

1.10
Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

1.12

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

1.13

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
348,106
60,000
408,106
268,755
38,400
307,155
Legacies receivable
842,368
-
842,368
4,800
-
4,800
1,190,474
60,000
1,250,474
273,555
38,400
311,955
3
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Other income
26,530
25,523
4
Other trading activities
Unrestricted
Restricted
Total
Unrestricted
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
Advertising revenue
1,690
1,690
1,500
Other trading activities
1,690
-
1,690
1,500
TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
5

Investments

Unrestricted
Restricted
Endowment
Total
Restricted
Endowment
Total
funds
funds
funds
funds
funds
general
general
2023
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
£

Other investment income

-
14,009
62,230
76,239
13,174
64,425
77,599
Interest receivable
236
-
-
236
-
-
-
236
14,009
62,230
76,475
13,174
64,425
77,599
TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
6
Charitable activities
Unrestricted funds

General
Restricted funds
Total
2023
Unrestricted funds

General
2023
2023
2022
£
£
£
£
Depreciation and impairment
587
587
783
Grants to Technion Institute
448,780
-
448,780
352,930
-
Share of support costs
453,957
10,000
463,957
418,977
Share of governance costs
52,135
-
52,135
52,771
955,459
10,000
965,459
825,461
7
Auditor's remuneration
Fees payable to the charity's auditor and associates:
2023
2022
£
£
For audit services
Audit of the financial statements of the charity
12,000
14,400
For other services
All other non-audit services
13,287
9,374
8
Director remuneration and expense

During the year the charity made the following transactions with trustees:

Mr Alan Aziz

Alan Aziz is remunerated for his day to day management of the Charity. The director's remuneration is approved by the Trustees. Total payments are as follows:


Remuneration of £90,000 (2022- £86,667)

Pension contributions of £3,600 (2022- £3,467)

Medical health insurance of £2,334 (2022- £2,186)



No trustees were reimbursed for expenses during the year.

 

TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
9
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Average no. of employees
2
2
Employment costs
2023
2022
£
£
Wages and salaries
115,000
111,874
Social security costs
8,359
8,479
Other pension costs
4,600
4,428
127,959
124,781
The number of employees whose annual remuneration was £60,000 or more were:
2023
2022
Number
Number
£80,000-£90,000
1
1
10

Grants to institutions

Total
Total
£
£
2023
2022
Grants to Technion Institute
448,780
352,930
448,780
352,930
The above included within charitbale activites represents payments to The Technion Institute in Isreal in line with the charity's objectives
11
Taxation

The charity is a registered charity and is therefore exempt from taxation.

TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 January 2023
27,250
3,160
30,410
At 31 December 2023
27,250
3,160
30,410
Depreciation and impairment
At 1 January 2023
25,835
2,227
28,062
Depreciation charged in the year
354
233
587
At 31 December 2023
26,189
2,460
28,649
Carrying amount
At 31 December 2023
1,061
700
1,761
At 31 December 2022
1,414
933
2,347
13
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 January 2023
2,605,326
Additions
542,750
Valuation changes
(11,132)
Other movements
(7,589)
Disposals
(736,305)
At 31 December 2023
2,393,050
Carrying amount
At 31 December 2023
2,393,050
At 31 December 2022
2,605,326
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
35,175
49,658
TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
15
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
1,380
5,090
Other creditors
8,750
7,081
Accruals and deferred income
15,870
23,198
26,000
35,369
16
Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 January 2023
Incoming resources
Resources expended
Gains and losses
At 31 December 2023
£
£
£
£
£
Permanent endowments
1,536,352
62,230
(13,620)
(34,189)
1,550,773
Previous year:
At 1 January 2022
Incoming resources
Resources expended
Gains and losses
At 31 December 2022
£
£
£
£
£
Permanent endowments
1,949,778
64,425
(16,631)
(461,220)
1,536,352

Endowment funds are represented by:

 

(1) Coleman Cohen - The opening balance is £1,525,291 (2022 £1,938,716), incoming resources of £62,230 (2022: £64,425), resources expended of £13,620 (2022: £16,630), revaluation loss of £34,189 (2022: Loss £461,220) and closing balance of £1,539,712 (2022: £1,525,291). The fund is for the student exchange programme.

 

(2) Lipfriend endowment fund - The opening and closing balance 31 December 2022 & 2023 is £11,061. The fund is for an annual prize of excellence.

TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
17
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January 2023
Incoming resources
Resources expended
Gains and losses
At 31 December 2023
£
£
£
£
£
602,332
74,009
(63,033)
(7,569)
605,739
Previous year:
At 1 January 2022
Incoming resources
Resources expended
Gains and losses
At 31 December 2022
£
£
£
£
£
690,374
51,574
(41,774)
(97,842)
602,332

Restricted funds are represented by:

 

(I) Nassau - The opening balance is £9,074 (2022: £8,552), incoming resources of £245 (2022: £230), resources expended of £53 (2022: £59), revaluation loss of £132 (2022: £1,708) reclassification of nil (2022: £2,059) and closing balance at 31 December 2023 of £9,134 (2022: £9,074). The fund is for maintaining student dormitories at the Technion Haifa campus.

 

(2) Koebner Klein. The opening balance is £510,788 (2022: £481,388), incoming resources of £13,764 (2022: £12,944), resources expended of £2,980 (2022: £3,315), revaluation loss of £7,437 (2022: £96,134) reclassification of £nil (2022: £115,905) and closing balance at 31 December 2023 of £514,135 (2022: £510,788). The fund is for further research and development at the Technion Department of Chemistry.

 

(3) Craps Foundation- The opening balance is £nil(2022: £nil), incoming resources £50,000 (2022: £25,000) resources expended of £50,000 (2022:£25,000) and closing balance at £nil (2022: £nil). The fund is for Technion, Israel Institute of Technology.

 

(4) Trid Ent Trust - The opening and closing balance at 31 December 2022 and 2023 is £77,759.

 

(5) Sznajer - Incoming resources £nil (2022: £13,400) resources expended of £Nil (2022: £13,400) and closing balance at £nil (2021: £nil). The fund is for scholarships.

 

(6) Others Restricted fund movements - The opening balance is £4,711 (2022: £122,675), incoming resources of £nil (2022: £nil), resources expended of £nil (2022: £nil), reclassification of £nil (2022:(£117,964)) and closing balance at 31 December 2023 of £4,711 (2022: £4,711).

 

TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
18
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
General funds
697,891
1,218,930
(889,903)
1,026,918
Previous year:
At 1 January 2022
Incoming resources
Resources expended
At 31 December 2022
£
£
£
£
General funds
1,212,638
300,578
(815,325)
697,891
19
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Endowment funds
Total
Unrestricted funds
Restricted funds
Endowment funds
Total
2023
2023
2023
2023
2022
2022
2022
2022
£
£
£
£
£
£
£
£
Fund balances at 31 December 2023 are represented by:
Tangible assets
1,761
-
-
1,761
2,347
-
-
2,347
Investments
-
427,872
1,965,178
2,393,050
-
438,732
2,165,344
2,605,326
Current assets/(liabilities)
1,025,157
177,867
(414,405)
788,619
695,544
163,600
(628,992)
228,902
1,026,918
605,739
1,550,773
3,183,430
697,891
602,332
1,536,352
2,836,575
20
Operating lease commitments
Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
3,840
5,440
Between two and five years
9,280
13,120
13,120
18,560
TECHNION UK
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Operating lease commitments
(Continued)
- 26 -

Total lease payments recognised as an expense during the period was £11,520 (2022: £nil)

21
Related party transactions
Transactions with related parties

During the period, the charity received donations totalling £15,000 (2022: £47,995) from trustees, trusts or persons connected to trustees. Bar the requirement that the funds be wholly passed on to The Technion Institute, there were no conditions attached.

 

 

 

 

 

 

 

22
Cash generated from operations
2023
2022
£
£
Surplus/(deficit) for the year
346,855
(1,016,215)
Adjustments for:
Investment income recognised in statement of financial activities
(76,475)
(77,599)
Depreciation and impairment of tangible fixed assets
587
783
Losses on investments
41,758
559,062
Movements in working capital:
Decrease in debtors
14,483
15,732
(Decrease)/increase in creditors
(9,369)
23,099
Cash generated from/(absorbed by) operations
317,839
(495,138)
23
Analysis of changes in net funds
At 1 January 2023
Cash flows
At 31 December 2023
£
£
£
Cash at bank and in hand
214,613
564,831
779,444
214,613
564,831
779,444
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