REGISTERED CHARITY NUMBER: 1071797 Re ort of the Trustees and Audited Financial Statements for the Year Ended 31 March 2024 for BIALA SYNAGOGUE TRUST
BIALA SYNAGOGUE TRUST Contents of the Financial Statements for the Year Ended 31 March 2024 Page Reference and Administrative Details Reporr of the Trustees Report of the Independent Audiiors Statement of Financial Activities Statement of Financial Position Staiement of Cash Flows io Nores to the Statement of Cash Flows Notes ro the Financial Statements 12 to 22 Detailed Statement of Financial Activities 23 to 24
BIALA SYNAGOGUE TRUST Reference and Administrative Details for the Year Ended 31 March 2024 TRUSTEES Mr L Rabinowitz Mrs M Rabinowitz Mr M Freund PRINCIPAL ADDRESS 32 Leadale Road London N16 6DA REGISTERED CHARITY NUMBER 1071797 AUDITORS Khadka Accountancy Services Ltd Siatulory Auditors 220 The Vale London NWI18SR Page I
BIALA SYNAGOGUE TRUST Re ort of th¢ Trustees for the Year Ended 31 March 2024 The trusfres present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 10?) (effective l January 2019). OBJECTIVES AND ACTivrrIES Charitable objectives The objective of the charity are: to foster, assist and promote the charitable activities of any institution professing and teaching the principles of ITaditional Judaism to advance religion in accordance with the Jewish faith: to undertake, accept, execute and administer, without any remun¢ration, any charitsble trust and to give philanthropic aid to the Jewish needy; Alms. objectives ad activities for publie benefit The trustees confirm that they have referred lo the guidance contained in the Charity Cornmission's general guidance on public benefit when reviewing rhe charity's aims and objectives and in planning future activities and setting the grant making policy for the year. In doing so. the charity ha5 complied wilh its duty to act for public benefit in accordance with section 4 of The Charities Act 2011. The charity was set up to support the activities of reli&?ious Jewish organisations especially in the field of education and relief of poverty. The trustees identify institutions and organisalions which meet its criteria and regularly support these institutions and organisations. To this effect the trustees to ensure the objective of th¢ charity are being met. The charity is also committed to the relief of poverry and assist needy Jewish families financially and a150 through distribution of basic needs. Grantmaking The Trustees are approached for donations by a charitable institutions operating all over Britain and also abroad. The trustees consider all requests which they receive and make donations based on the level of fvnds avai lable. In making donations the trustees use their personal knowledge of the institutions, ils representatives, operational eificiency and reputation. The trustees Monitor the application of the Donations by meeting with representatives of the inslitulions and obtaining tnforniation as to the Uiilisation of funds. ACHIEVEMENT AND PERFORMANCE Charitable activities The main areas of charitable activity are the provision of financial support to Jewish organisations engaged in education, advancement of religion in accordance with the Jewish faith and to give philanthropic aid to Jewish needy. The demands on the charity's funds We much higher than expected in the current year, however,in coming resources were sufficient 10 meet the increasing demand for charity's support. The trustee expect the demands to increase in future years resulting in future calls on past reserves. the charity is reliant on the income from investments, and voluntary income from companies connected with the trustees. Income frotn voluntary donations was as expected and investment income was similar to previous year. With the demand on funds being similar to last year £936,285 (2023 £911,874) the charity was able to finance its operations from incoming resources in the current year totalling £1.388,528 {2023 £1,005,139) and there was a surplus of funds for the year, which can be utilised in Coming years. Page 2
BIALA SYNAGOGUE TRUST ort of the Trustees for the Year Ended 31 March 2024 FINANCIAL REVIEW Financial position The trustees acknowledge their responsibility for risk identification process. The risk identification pr()cess comprise5 an annual review of the principal risks and uncertainties io which the charity is exposed, in partTcular those to the operation and finaT]ces of the charity The establishment of policies. systems and procedures to mitigate those risks identified in the annual review and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risk makrialise. The principal risks to which the charity is exposed are.. Liabilities arising from propeny investment activities Tenants defaults Damage to propety from flood, fwe or terrorist action Planningy construction and letting risk in relation to redevelopment activi The availability of liquid funds to make an¢S and donations The economic cycle generally The trustees seeks to manage or mitigate such risks wherever possible through such rneasures as insurance, tenant screening and monitoring. rigorous reviews of acquisition and investment opportunities, external expert advice, monitoring cash and regular monitoring of the economic outlook. Financial risk management and policy The Charity holds financial instrnmenls in order to achieve main objectives. They being.. to finance its operations -to manage its exposure to interest risk arising from operations and from its sources of finance for generating funds. In addition various financial instruments (e.g. trade debtors and trade creditors) arise directly from the charities operations. Credit risk management and policy The charity monitors credit risk closely and considers that its curreni policies of credit risk cheeks meets its objectives of managying exposure to credit risk. The charity has no significant concentration of credit risk. Arnounts shown in the balance sheet best represents the maximum credit exposure in the event other parties fail to perfomi their obligations under the financial instruments. It is recognised that systems can only provide reasonable but not absolute assuranc¢ that major risks have been adequately managed. Investment poliey and objectives In accordance with the deed of trust, the trustees have the power to invest in such stocks, shares, other investments including properties in the UK as they see fit. Income arising from the investments should be used for charitable PLWSe. Reserves policy It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure. This provides sufficient funds cover management and athninistration and support costs. Unrestricted funds were maintained at this level throughout the year. Going eoncern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficAent with the level of reserves for the charity to be able to continue as a going concern. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing documenL a deed of trust and constitutes an unincorporated charity. Page 3
BIALA SYNAGOGUE TRUST Re ort of the Trusfres for the Y¢ar Ended 31 March 2024 All current Trustees are ordinary meTnbeTS and no honorary members have been appointed. The Charity 15 run by the trustees. New trustees are appoinkd based on personal competence. specialist skills. local availability and those who are able to promote the charitable activities of any institution professing and t¢aching the principles of traditional Judaism and the advancement of the religion in accordance with the Jewtsh faith. New trustees are inducted into the workings of the charity by the current trustees. All trustees give their time voluntarily and no benefits or expenses were paid to them during the year. Organisational structure Unless and until otherwise detemined by the charity the board of trustees shall consists of no less than two and not more than ten trustees. None of the trustees have any beneficial interest in the trust. Related party transactions Detsils of transacrions with Related Parties are disclosed in Note 22 to the Financial Statements. TRUSTEES, RESPONSIBILITY STATEMENT The trustees are responsible for preparing the Report ot the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Siandards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales, the Charitie5 Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trusi deed requires the trustees io prepare financial stdternents 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 applicarion of resources. includingi the income and expenditure, of the charity for that period. In preparing those tinancial statements, the trustees are required to Select suitable accounting policies and then apply them consislentlyg observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern blS unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements cornply with the Charities Act 2011, the Charity (AcCoLtS and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. Approved by order of the board of trustees on a/ and signed on its behalf by: Mrs M Rabinowit£ - Trustee Page 4
Re ort of the Inde endent Auditors to the Trustees of BIALA SYNAGOGUE TRUST Opinion We have audited the financial statements of BIALA SYNAGOGUE TRUST (the 'charity') for the year ended 31 March 2024 which comprise the Statement of FinaT)cial Activitie5, the Statement of Financial PositTon, the Statement of Cash Flows and notes to the fmancial statements, including a surnmary of significant accounttng policies. The financial reporting framework that has been applied in their prepardtion is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reportin&F Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a true and fair view of the stale of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom G¢nerally Accepfrd Accounting Practice including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in ihe UK and Republic of Jreland," and have been prepared in accordance with the requirements of the Charities Act 2011. Basi5 for opinion We conducied our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the fmancial 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. Conelusions rel8ting to going coneern In auditin&7 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 mtiterial uncertainties relating to events or conditions that, individual ly or collectively, may cast significant doubl on the charity's ability to continue as a going concem for a period of al least twelve months from when the financial statements are authorised for issu¢. 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 inforniation comprises the inforniation included in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any forni 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 othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine wl)ether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perforn)ed, we conclude that ther¢ is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulation5 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and retums- or we have not received all the information and explanations we require for our audit. Page 5
ort of the Inde endent Auditors to the Trnstees of BIALA SYNAGOGUE TRUST Responsibilities of trustees As explained more fully in the Trnstees, Responsibilities Statement set out on page 4. the trustees are responsible for the preparation of the financial slatem¢nts which give a true and fair view, and for such internal control as th¢ trustees detennine is necessary to enable the preparation of financial statements that are free from material misstatement, whether du¢ to fraud or error. In preparing the financial statements, the trusfres are responsible for assessing the chaiity'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 liquidare the charity or to cease operations, or have no realisric alternative but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevanl regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether th¢ fir]ancial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit condUCd in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our r¢sponsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The exTrnt to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks that are applicable to the trust through discussion with the trustees and identified which were most significant with respect to the financial statements. We ideniified Charities Acl 201 I, Charities SORP (FRS102), Financial Reporting Standard 102.The Landlord and Tenant Act and Health & Safety Regulations as being most significant to these financial statements. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagernent team had Su1¢ient competence and capability to identity or recognise non- compliance with laws and regulalions. We discussed with the trustees the policies and procedures regarding compliance with the legal and regulatory framework. -we assessed the susceptibility of the charity's financial statements to material misstaternent due to non-compliance wilh legal and regulatory frdmework, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit and by using proprietary disclosure checklists. The susceptibility to su¢h material misstatement was determined lo be low. Based on this understanding we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworL which were part of our procedures on the related financial statement items. Our procedures included reviewing the charity's internal controls policies and procedures, reviewing the minutes of trustee5 meetings and correspondence with regulatory bodies including charity commission, testing transactions outside the nornial course of the business and journal entries, ad discussions with the trustees. Because of the inherent lirnitations of an audit, there is a risk that we will not detect all irregularities. including those leadtng to a material mi5Statemenl in the financial statements or non-compliance with regulation. This risk increases the rnore that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding iegularltieS occurring due to fraud rather than eOr, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to defrct non-compliance with all laws and regulations. As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. IdeJ]tify and assess the risks of material misstatement of the ftnancial statements, whether due to fraud or error design and perforn] audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the oveide of internal control. Page 6
ort of the Jnde endent Auditors to the Tnjstees of BIALA SYNAGOGUE TRUST Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appTopriate in the circurnstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trnstees, use of the going Concern basis of accounting and. bas¢d on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required lo draw attention tn our Report of the Independent AudiroTS to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Independent Auditors. However, future events or conditÈons may cause the charity's to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial sthtements, including the disclosures, and whether the financial statements represent the underlyÉng transactions and events in a manner that achieves fair presenration. We communicate with Ihose charged with governance regarding, among other matters, the planned scope and timing of the audit significant audit fmdings, including any significant deficiencies in internal control that we identify during our audit. 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 stafr to them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibiliiy to anyone other than the charity and the charity's trustees as a body, for our audit work, tor this report, or for the opinions we have fornied. Khadka Accountancy Services Lid Statutory Auditors 220 The Vale London NWI ISSR Date.. Page 7
BIALA SYNAGOGUE TRUST Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,183.669 1,183,669 875,984 Investment income 204,859 204,859 129 155 Total 1,388,528 1,388 528 1.005,139 EXPENDITURE ON Raising funds Investment management costs 58,123 58,123 47,032 58.123 58,123 47,032 Charitable gctivities Donations to charities 532,523 532,523 578,603 Other 345,639 345.639 286,239 Total 936.285 936.285 911874 NET INCOME 452,243 452.243 93,265 RECONCILIATION OF FUNDS Total funds brought fonvard 13,315,869 597,275 13,913,144 13,819.879 TOTAL FUNDS CARRIED FORWARD 13 768,112 397 275 14,365 387 13 913,144 The notes form part of these financial statements Page 8
BIALA SYNAGOGUE TRUST Statement of Financial Position 31 Mch 2024 31.3.24 Total funds 31.3.23 Total funds Unrestri¢ted fund Endownent fund Notes FIXED ASSETS Tangible assets Investment property 14 11,266,893 2,698.122 597,275 11,864,168 2.698,122 11,749.073 2,698,122 13,965,015 597.275 14,562,290 14,447,195 CURRENT ASSETS Debtors.. amounts falling due within one year Prepayments and accrued income Cash at bank 16 11,301 286,715 11,301 286,715 4.886 16,523 767 2.887 302.902 302,902 20,177 CREDITORS Amount5 fallingy due within one year (344,700) (344.700) {276,052) NET CURRENT ASSETS 41,798) 41.798) 255 875) TOTAL ASSETS LESS CURRENT LIABILITIES 13,923.217 597.275 14,520,492 14,191,320 CREDITORS Amounts falling due after more than one year (155,105) (155,105) (278,176) NET ASSETS 13,768,112 597 275 14 365 387 13913 144 FUNDS Unrestricted funds.. General fund Endowment funds.. Endowment fund5 13,768,112 13,315,869 597,275 597 275 TOTAL FUNDS 14 365,387 13,913,144 The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by: Mr L Rabinowitz- rustee The notes fonn part of these financial statements Page 9
BIALA SYNAGOGUE TRUST Statment of Cash Flows for the Year Ended 31 March 2024 31.3.24 31.3.23 otes Cash flows from operating aclivities Cash generated from operation5 Interest paid 262,139 23,031 185.347 19.489 Net cash provided by operdting activities 239,108 165,858 Cash flows from investing activities Purchase of tangible fixed assets Purchase of investment property (192,245) 159586 Net cash used in investing activities 192.245) 159,586) Cash flows from flnancing activlties Loan repayments in year 40.698) 39 420) Net cash used in financing activities 40,698) 39,420) Change in c8sh and cash equivalents In the reporting period Cash And cash eq uivalents at the beginning of the reporting period 6,165 (33,148) 31,869 Cash and cash equivalents at the end of the reporting period 4,886 The notes fonn part of these fancial statements Page 10
BIALA SYNAGOGUE TRUST Notes to the Statement of Cash Flows for the Year Ended 31 March 2024 RECOIYCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Deprecialion charges Interest paid Increase in debtors {Decrease)lincrease in creditors 452,243 93,265 77,150 23,031 (280,726) 9,559) 38.786 19,489 (9.681) 43,488 Net eash provided by operations 262,139 185,347 ANALYSIS OF CASH AND CASH EQUIVALENTS 31.3.24 31.3.23 Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 4,886 2,887 4,166) Total cash and cash equivalents 1,279) ANALYSIS OF CHANGES IN NET DEBT At 1,4.23 Cash flow At 31.3.24 Net cash C&sh at bank Bank overdraft 2,887 1,999 4,886 Debt Debts falling due within l year Debts falling due after l year (197,447) 278 176) (82,373) 123,071 (279,820) 155.105) 475 623) 40,698 434,925) Total 476,902) 46,863 430 039) The notes forni part of these financial statements Page 11
BIALA SYNAGOGUE TRUST Notes to the Financial Statemenis for the Year Ended 31 March 2024 GENERAL INFORMATION Biala Synagogue trust is a charitable trust registered in England and Wales (charity no. 1071797). The charity's registered address is 32 Leadale Road, London, N16 6DA. A description of the nature of the nature of the charity's operations and its principal activities is disclosed in the Trustees, Report accompanying the financial statements. ACCOUNTTNG POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts Tr] accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective K January 2019),. Financial Reporting Standard 102 'The Financial Reporttng Standard applicable in ihe UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The financial statements are prepared on a going concern basis and are modified to include certain items at fair valu¢. The financial statements are presented in sterling which is the functional cuencY of the charity. The significanr accounting policies applied in the Preparation of these financial statements are set out below, These policies have been consistently applied to all years presented unless othenvise stated. Critical aecounling judgement$ and key sources of estimation uncertainty Property valuation The valuation of the charity's property portfolio is inherently subjective, depending on many factors, including th¢ individual nature of each property, its location and expected future net rental valyes, market yields and comparable market transactions. Therefore the valuation are subject to a degree of uncertainty and are made on rhe basis of assumptions which may not prove to be accurate, particularly in periods of difficult econornic conditions. All the properties are normally valued by external valuers with appropriate qualifications and experience. Internal valuation is carried out by experienced trnsiees. Income recognition All income is re¢ognised in the Statement of Financial Activities (SOFA) when the charity has entitlement to Ihe funds, il is probable that the income will be received and the amount can be measured reliably. 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 fo the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment 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 their economic benefit is probable, it can be measured liably and the charity ha5 control over the item. Fair value is detemiined on the basi5 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 coespOndIng amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP. Investrnent income is earned through holding assets for investment purposes such as property. It includes rent. Rental income is recognised as the charity's right to receive payment is established. Other income includes other income such as gains on disposal of investment property. Page 12 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continu¢d Expenditure recognition Liabilities are recognised as expenditure as soon as there 15 a legal or constructive obligation committing the harity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obltgation can be measured reliably. EXpendire is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis Consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Charitable aetivities Charitable activiti¢s are only recognised in the financial statements when paid. The charitable donations have been detailed in a separaie Schedule of Charitable Donations. Copies of this schedule are available to the public by writing lo the Trustees, Rabbi L Rabinowitz. Biala Synagogue Trust, 32 Leadale Roa4 London N16 6DA by Registered Post. Governance eosts Governance cost include costs of the prepardtion and audit of financial statements and recognised on an accruals basis. Tangible fixed assets Depreciation is provided at the following annual rares in order to write off each asset over its estimated usefvl life, Freehold propety Plant and machinery Fixtures and fittings not provided 250/0 on reducing balance 25 % on reducing balance Properties held for investment Investment properties are included in the Balance Sheet at fair value. Any gains or losses arising from changes in the fair value are recognised in the Statement of Financial Activities. In accordance with FRS 102, no depreciation or amortisation is provided in respect of freehold or long leasehold investment properties. Acquisitions and Disposals of Properties Acquisitions and disposals of properties are considered to take place at the date f legal completion and are included in the Financial Statements accordingly. Taxation The charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designed for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 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 partiCLtlar purposes. The cost of raising and administering such funds are charged against the specific fund. Endowynent funds represent those assets which must be held pern)anently by the charity, principally investments. Income arising on the endowmeT]t funds can be used in accordance with the objects of the charity and is included a5 unrestricted income. Any capital gains or losses arising on th¢ investments forni part of the fund. Investment management charges relating to the fund are charged against unrestricted fvnd. Page 13 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2024 AccouNfiNG POLICIES - continued Liability recognitio Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out Tesources. it is probable that a transfer of economic benefits will be required in settlement and the amount can be measured or estimatrd reliably. DONATIONS AIYD LEGACIES 31.3.24 31.3.23 Donations 1,183.669 875 984 1183,669 875,984 Income from donation was £1,183,669 { 2023 £875.984). There was no income from legacies. None of the income was attributable to endowments and restricted funds. All was attributable to unrestricted funds. INVESTMENT ILYCOME 31.3.24 31.3.23 Rents receivable Lease Premium received 172,359 129,155 204.859 129 155 Income from investment properties was £204,859 (2023 £129.155). None of the rental income was attributable to endowments or restricted funds. All renthl income was attributable to unrestricted funds. INVESTMENT MANAGEMENT COSTS 31.3.24 31.3.23 Rates and water Light and Heat Rent collection Property repairs Service charges Properties insurance 18,239 2,062 26,549 8,355 9,865 27,457 4,819 4,891 58,123 47,032 Page 14 continued...
BIALA SYNAGOGUE TRUST Notes to the Fiuancial Statements - continued for the Year Ended 31 March 2024 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Direct Costs (see note 7) 8) Totals Donations to charities 400,929 131594 532 523 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.24 31.3.23 Synagogue Event costs Religious books & periodicals 393.454 380,063 400,929 401,786 These are costs incurred during th¢ year in organising charitable events at the Synagogue. GRANTS PAYABLE 31.3.24 31.3.23 Donations to charities 131,594 176,817 The charity has during the year made charitable donations to various institutions and individuals and the donations have been made for general charitable purposes. Disclosure of the various institutions would seriously prejudice th¢ charity and its recipients. Se¢ note 22 for related party transactions. The charitable donations have been detailed in a Schedule of Charitable Donations. Copies of this schedule are available to the public by writing to the trustee Mr L Rabinowit4 Biala Synagogue Trust, 32 Leadale Road, London N 16 6 DA by Registered post. SUPPORT COSTS Governance costs Management Finance Totals Other resources expended 289 338 3,943 10,750 304,031 Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, govemance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Page 15 Continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2024 SUPPORT COSTS- continued Support costs. included in the above, are as follows: 31.3.24 OtheT re50urces expended 31.3.23 Total activities Wages Rates and water Insurance Light and heat Telephone & internet Postage and stationery Advertising Legal & Professional cost Computer & IT costs Repairs and Renewals Sundries Photocopier rental Depreciation oftangible and heritage assets Bank charge5 AudTtors' remuneration 27,092 221 8,232 121.373 3,345 4,889 3.272 2,700 4,597 32.538 2,398 1.531 77,150 3,943 10.750 50,052 1,889 7,236 80,327 2.900 5,557 3,410 8,473 2,073 50.903 1,546 38.786 3,098 10,500 304,031 266.750 io. AUDITORS, REMUNERATION 31.3,24 31.3.23 Fees payable to the charity's auditors for the audit of the charity's financial statements TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the y¢ar ended 31 March 2023. Trustees, expenses There were no 31 March 2023. trustees, expenses paid for the year ended 31 March2024 nor for the year ended 12. STAFF COSTS 31.3.24 31.3.23 Wages and salaries 50,052 50,052 The average monthly number of employees during the year was as follows.. 31.3.24 Administrative staff 31.3.23 No employees received emoluments in excess of £60,000. Page 16 coniinued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTtVlTIES Unrestricted fund Endowment fund Total fijnds INCOME AND ENDOWMENTS FROM Donations and legacies 875.984 875,984 Investment income 129 155 129,155 Totsl 1005.139 1,005,139 EXPENDITURE ON Raising funds Investment management costs 47.032 47.032 47,032 Charitable activities Donations to charities 578,603 578,603 Other 286 239 286.239 Total 911,874 911,874 NET INCOME 93,265 93,265 RECONCILIATION OF FUNDS Total ndS brought forward 13,222,604 597,275 13,819,879 TOTAL FUNDS CARRIED FORWARD 13,315 869 597,275 13.913,144 14. TANGIBLE FIXED ASSETS Fixtures and rittings Freehold property Plant and machinery Computer equiprnent Totals COST At l April 2023 Additions 11,632,711 63,702 473.485 192,245 4,960 12,174,858 192245 At 31 March 2024 11632,711 665 730 4,960 12 367,103 DEPRECIATION At l April 2023 Ch&ge for year 42,943 5,189 379,435 3,407 388 425,785 At 31 March 2024 451,008 3,795 502 935 NET BOOK VALUE At 31 March 2024 11632711 15,570 214,722 11,864,168 At 31 March 2023 11632,711 20,759 94,050 11,749,073 Page 17 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2024 14. TANGIBLE FIXED ASSETS- continued Freehold property cost comprises of land and building at 45-47 Moundfjeld Road, London N16 6AT. INVESTMENT PROPERTY 15. FAtR VALUE At l April 2023 and 31 March 2024 2,698.122 NET BOOK VALUE At 31 March 2024 2,698,122 At 31 March 2023 2,698,122 The fair value of the investment properties has been arrived at on the basis of the valuation carried out at 31 March 2024 by the Chariry's Trustees who consider themselves to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of trdnsaction prices for similar properties in the same location. The latest professional valuation of ihe investment properries was carried out at 31 March 2017 by external professionally qualified valuers. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 16. 31.3,24 31.3.23 Trade debtors 16,523 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Bank loans and overdrafts (see note 19) Trade creditors Taxation and social security Other creditors 115,820 42,812 11,318 174,750 37,613 52,660 11,279 174,500 344 700 276,052 Page 18 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for rhe Year Ended 31 March 2024 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 31.3.23 Bank loans (see note 19) 155,105 278.176 19. LOANS An analysis of the maturity of loans is given below- 31.3.24 31.3.23 Amounts falling du¢ within one year on demand: Bank overdrafts Bank loans Melba Estates Ltd 4,166 33,447 164,000 115,820 164,000 279 820 201613 Amounts falling between one and two years.. Bank loans- 1-2 years 84,100 Amounts falling due between two and five years.. Bank loans- 2-5 years 102 831 Amounts falling due in more than five years.. Repayable by instalments.. Bank loans more 5 year by instalments 101,441 91,245 20. SECURED DEBTS The following secured debts are included within creditors.. 31.3.24 31.3.23 Bank overdraft Bank loans 4,166 311,623 270.925 270 925 315 789 All bank loans are rnade by Lloyds Bank Plc, the loans are secured by a legal charge on freehold properties owned by the charity as follows.. 14-16 Northdown Road. Cliftonville, Margate, Kent CT9 IQQ, 89 Olinda Road, London N16 6TS 177-181 Charniinster Road, Charminster, Boumemouth, Dorset BH8 9RQ,62-64 Bargates, Christchurch, BH 23 I QE,8791881 Wimbourne Road, Moordown. Bournemouth BH9 2 BJ, 25,27,29 & 31 High Street, Pembury, Tunbridge Wells, Kent TN2 4PH,123 Ashley Road, Boscombe, Boumemouth, Hants BHI 4NH, 47 Mountfield Road. London N16 6AT. Page 19
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2024 21. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 13,315,869 452.243 13,768,112 Endowment funds Endowment funds 597,275 597.275 TOTAL FUNDS 13,913,144 452,243 14.365,387 Net movement in funds, included in the above are as follows: Incorning resources Resources expended Movement in funds Unrestrieted funds General fund 1,388,528 (936.285) 452,243 TOTAL FUNDS 1388 528 936.285) 452,243 Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 13,222,604 93,265 13,315,869 Endowment funds Endowrnent funds 597.275 597,275 TOTAL FUNDS 13,819,879 93,265 13,913,144 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,005,139 (911,874) 93,265 TOTAL FUNDS ,005,139 (911,874) 93,265 Page 20
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2024 21. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.24 At 1.4.22 Unrestrieted funds General fund 13,222.604 545.508 13,768.112 Endowment funds Endowment funds 597.275 597.275 TOTAL FUNDS 13,819 879 545,508 14.J65,387 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 2,393.667 (1,848,159) 545,508 TOTAL FUNDS 2 393 667 1,848,159) 545 508 General fund Unrealised Fair Available for value reserve distribution Balance at l April 2023 Movement in funds for the year 13,315,869 452,243 1,131,671 12,184,198 452,243 Balance at 31 March 2024 13768 112 I 131671 12636441 General funds in the sum of £13,768,112 at 31 March 2024 includes £1,131,671 being unrealised fair value reserve, which are not available for distribution. 22. RELATED PARTY DISCLOSURES Donations received Included in donations received during the year the following donations received frorn related parties- -Gilmoor Benevolent Fund Limited made a donation of £205,000. The charitable company 15 a related party by virtue of Mr Leon Rabinowitz being a trustee and director of the company. -Lexton Investments Ltd made a donation of £120,000. One of the Trustee of the charity is also a director of the company. -Lowdale Properties Ltd made a donation of £71,000. One of the trustee of the charity is also a director of the company. -Gatwick Investments Ltd made a donation of £85,000. One of the trustee of the charity is also a director of the company. Page21
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2024 22. RELA TED PARTY DISCLOSURES - continued -Yizal Edu Ltd made total donation of £140,000. Trustee Mr Leon Rabinowitz is also a trnstee of the charity. During the year Melba Estate Ltd made a donation of £27,000 to the trust. The trustees Mr L Rabinowitz and Mrs M Rabinowitz are directors of the company. During the year Shirlett and Tudor Estates Limited made total donation of £250,000 to the charity. Trnstee Mrs Rabinowitz is the sister of Mr Elieser Low, who is a director of the company. There is no otheT related party transactions occurred during the year. Page 22
BIALA SYNAGOGUE TRUST Detailed Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations and legacies Donations 1 183.669 875.984 1,183.669 875,984 Investment income Rents receivable Lease Premium received 172,359 129,155 204,859 129.155 Tot81 incoming resources 1,388,528 1,005,139 EXPENDITURE Investment m2nagement costs Rates and water Lighi and Heat Rent collection Property repairs Service charges Properties insurance 18,239 2,062 26,549 8,355 9,865 27.457 4,819 58,123 47,032 Charltable activities Synagogue Event costs Religious books & periodicals Grants to institutions 393,454 7.475 131594 380,063 21,723 176817 532,523 578,603 Other Bad debts Bank loan interest Interest payable 18,577 140 22,891 190 41,608 19,489 Support costs Management Wages Rates and water Insurance Light and heat Telephone & internet Carried fonvard 27,092 221 8,232 121,373 3,345 160.263 50,052 1,889 7,236 80,327 2.900 142,404 This page does not form part of the statutory fmancial statements Page 23
BIALA SYNAGOGUE TRUST Detailed Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 31.3.23 Management Brought fonvard Postage and stationery Advertising Legal & Professional cost Computer & IT costs Repairs and Renewals Sundries Photocopier rental Plant and machinery Fixtures and fittings Computer equipment 160,263 4,889 3,272 2,700 4,597 32,538 2,398 1,531 5.189 71,573 388 142,404 5.557 3,410 8,473 2,073 50.903 1,546 6.919 31,350 517 289,338 253,152 Finanee Bank charges 3,943 3,098 Governance costs Auditors, remuneration 10.750 10.500 Total resources expended 936 285 911874 Net income 452,243 This page does not fonn part of the statutory ftnancial statements Page 24