REGISTERED CHARITY NUMBER: 1071797 Re ort of the Trustees and Audited Financial Statements for the Year Ended 31 March 2025 for BIALA SYNAGOGUE TRUST
BIALA SYNAGOGUE TRUST Contents of the Financial Statements for the Year Ended 31 March 2025 Page Reference and Administrative Details Report of the TrLLStees Report of the Independent Auditors Statement of Financial Activities Statement of Financial Position 10 Statement of Cash Flows Notes to the Statement of Cash Flows 12 Notes to the Financial Siatements 13 to 22 Detailed Statement of Financial Activities 23 to 24
BIALA SYNAGOGUE TRUST Reference and Administrative Details for the Year Ended 31 March 2025 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 Statutory Auditors 220 The Vale London NWI18SR Page I
BIALA SYNAGOGUE TRUST Re rt of the Trnstees for the Year Ended 31 March 2025 The trustees present their rew)rt with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Charitable objectives The objective of the charity are: to foster, assist and promote the charitable aclivities of any institution professing and teaching the principles of traditional Judaism to advance religion in accordance with ihe Jewish faith.. to undertake, accept, execute and adminisier, without any remuneration, any charitabl¢ trust and to give philanthropic aid to the Jewish needy- Aims, objectives ad activitles for publle benefit The Trustees confirni that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year. In doing so, the charity has complied with 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 activilies of religious Jewish organisations especially in the field of education and relief of poverty. The tTUStees identify institutions and organisations which meet ils criteria and regularly support these insiituLions and organisations. To this ¢ffect the trustees to ensure the objective of the charity are being met. The charity is also committed to the relief of poverty and assist needy Jewish families financially and also through distrÈbution of basic needs. Grant ma]dng The Trustees are approached for donations by a charitable institutions operaiing all over Britain and also abroad. The trustees Consider all requests which they receive and make donations based on the level of funds available. In making donations the trustee5 use their personal knowledge of the institutions, its representatives, operational efficiency and reputation. The trustees monitor the application of the Donations by meeting with representatives of the institutions and obtaining inforniation &s to the utilisation of funds. ACHIEVEMENTS AND PERFORMANCE Charitable activities The main areas of charitable activity are the provision of financial support to Jewish orgyanisations enga&yed 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 were much higher than expected in Ihe current year, however, in coming resources were suffictent to 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 15 reliant on the income from investments, and voluntary income from companies connected with the trnstees. Income from voluntary donations was &5 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 cuent year toialling £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 Re rt of the Trustees for the Year Ended 31 March 2025 FINANCIAL REVIEW Financial position The trustees acknowledge their responsÈbility for risk identification process. The risk identification process comprises an annual r¢view of the principal risks and uncertainties to which the charity is exposed, in particular those to the operation and finances of the charity The establishment of policies. systems and procedures to rnitigate those risks identified in the annual review and the implementation of procedures designed to minimise or manage any potential impact on rhe charity should those risk materialise. The principal risks to which the charity is exposed are.. Llabilities arising from propety investment activities Tenants defaults Damage to property from flood, f¢ or terrorist action Planning construction and letting risk in relation to redevelopment activity The availability of liquid funds to make ants and donations The economic cycle generally The trustees seeks to manage or mitigate such risks wherever possible through such measures as insurance. tenant screening and monitoring, rigorou5 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 instruments in order to achieve main objectives. They being.. to finance its operations -to manage its exposure to interesl risk arising from operations and from its sources of finance for generating funds. In addition various financial instruments (e.g. trade debtors and trade credilors) arise directly from the charities operdtions, Credit risk management and policy The charity monitors Credit risk closely and Considers that its Current policies of credit risk cheeks meets its objectives of managing exposure to credit risk. The charity has no significanl concentration of credir risk. Amounts shown in the balance sheet best represents the maximum credit exposure in the event other parties fail to perforn) their obligations under the fmancial instruments. It is recognised that syslems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Investment pollcy and objectlve5 In accordance wftth 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 purpose. 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 athllinistration and support costs. Unrestricted funds were maintained at this level throughout the year. Going eoneern 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 sufficient with the level of reserves for the charity to be able to continue as a going concern. STRUCTURE, GOVERNANCE AND MANAGEMEIYT Governing docurnent The charity is controlled by its governing documenL a deed of trust and constitutes an unincoryorated charity. Page 3
BIALA SYNAGOGUE TRUST ort of the Trustees for the Year Ended 31 March 2025 All current Trnstees ar¢ ordinary members and no honorary meTnbeTS have been appointed. The charity is run by the trustees. New trustees are appointed based on personal competence, specialist skills, local availability and those who aTe able to promote the charitable activÉties of any institution professing and teaching the principles of traditional Judaism and the advancement of the religion in accordance with the Jew'ish faith. NeN%' 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 detern]ined by the charity the board of trnstees 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 Details of transactions with Related Parties are disclosed in Nok 22 to the Financial Statements. TRUSTEES, RESPONSIBILITY STATEMENT The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice} including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales. the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a trne 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 charity for ihat period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accouncing standards have been fol lowed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that ihe 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 comply with the Charilies Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of th¢ charity and hence for taking reasonable steps for the prevention and detection of fraud and other ]egularItIeS. Approved by order of the board of trustees on ........ ..... and signed on it5 behalf by: Mrs M Rabinowitz - Trustee Page 4
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 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and noies to the fmancial 5tatement5, including a SUTnmary of significant accounting policies. The fjnancial reporting framew'ork that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Gellerally Accepted Accounting Practice). including Financial Reporting Standard 102 The Financial Reportin(v Standard applicable in the UK and Republic of Ireland,. In OUT opinion the financial statements.. give a te and fair view of the stafr of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resouwes, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requiretnents of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (JSAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, 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 lo provide a basis for our opinion. Concluslons 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 lo events or conditions that, individually or collectively. may cast significant doubt on the chariiy's ability to continue &$ 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 infonnation romprises the information 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 inforniation and, except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In cOrectIon with our audit of the financial statements, our responsibility is to read the other information and, in dotng so, consider whether the other infomation 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 deterniine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material rnisstatement 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) Regulations 2008 requires us to report to you if, in our opinion.. the infomiation given in the Report of the TnEstees is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept; or the fmancial statements are nol in agreement with the accounting record5 and returns. or we have not received all th¢ iT]forn]ation and explanations we require for our audit. Page 5
rt of the Inde endent Auditors to the Trustees of BIALA SYNAGOGUE TRUST Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the trustees are responsible for the preparation of the financial ststements which give a true and fair view, and for such internal coniToI as the trustees detemiine is necessary to enable the preparation of financial stateTnents that are free from material misstatement, whether due to fraud or error. In preparing the financial stalements. the trtee$ are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, Tnatters related TO going concern and using the going concern basis of accounting unless the ttijstees either intend to liquidate the charity or lo cease operations, OT have no reallstic alternative but to do so. Page 6
rt of the Inde BIALA SYNAGO endent Auditors to the Trustees of UE TRUST Our responsibilities for the audit of the financial statement$ We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives ar¢ to obtain re&50nable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or eOr. and to issue a Report of Ihe Independent Auditors 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 eor and are considered material if. individually or in the aggregate, they could reasonably be expected to intluence the economtc aecisions of users thken on the basis of these financial slementS. The extent to which our procedure5 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 trustses and identified which were most significant with respect to the financial statements. We identified Charities Act 201 l. 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 Ihese identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to ideniity or recognise non- compliance with laws and regulations. We discussed with the trustses the policies and procedures regarding compliance with the legal and regulatory framework, -we assessed the susceptibility of the charity's financial statements to material misstatemenl due to non-compliance with legal and regulatory framework, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit and by using proprielary disclosure checklists, The susceptibility to such material misstatement was deteThined to be low. Based on this understanding we designed our audit procedures to identify non-compliance with the identified legal and regulatory framework, which were part of our procedures on the related financial statement items. Our procedures included reviewing the charity's intemal controls policies and procedures, reviewing the minutes of trustees meetings and Correspondence with regulatory bodies including charity commission. tesiing transactions outside the normal course of the business and joumal entries, and discussions with the trustees. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less lik¢ly to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation, or the override of internal controls. We are not responsible for preventing non4ompliance and cannot be expected ¢0 detect 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.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audil procedures responsive to those risks, and obtain audit evidence that is sufficienl 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 override of internal control. Obtain an underslanding of internal control relevant to the audit in order to design audit procedures that are appropriats in the circumstances, 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 trustees, use of the going concern basis of accounting and, based 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 requtred to draw attention in our Report of the Independent Auditors to the related disclosures the financial statements or, if such disclosures are inadequate, to Tnodify 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 conditions may cae the charity's to cease to continue as a going concem. Page 7
Re ort of the Inde endent Auditors to the Trugtees of BIALA SYNAGOGUE TRUST Evaluate the overall presentation, stnlcture and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and Signifint audit fll)dings, 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 state to them in an auditors, report and for no other purpose. To the fullest extent pem)itted 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 forn]ed. Khadka Accountancy Services Ltd Statutory Auditors 220 The Vale London NWII 8SR Date:..... Page 8
BIALA SYNAGOGUE TRUST Statement of Financial Activities for the Year Ended 31 March 2025 31.3.25 Total funds 31.3.24 Total funds Unrestricted fund Endowment fund Notes INCOME AIYD ENDOWMEIYTS FROM Donations and legacies 1,714,682 1.714,682 1,183.669 Investment income 189,758 189,758 204,859 Total 1.904 440 1,904,440 1388,528 EXPENDITURE ON Raising funds Investment management costs 123,153 123,153 58,123 123,153 123,153 58.123 Ch8ritable 8Ctivities Donations to charities 416.379 416,379 532,523 Other 352,844 352,844 345,639 Total 892 376 892,376 936,285 NET INCOME 1,012,064 1,012,064 452,243 RECONCILIATION OF FUNDS Total funds brought fonvard 13.768,112 597,275 14,365,387 13,913.144 TOTAL FUNDS CARRIED FORWARD 14 780,176 597 275 15,377 451 14,365 387 The notes fonn part of these financial statements Page 9
BIALA SYNAGOGUE TRUST Statement of Financial P051tion 31 March 2025 31.3.25 Total funds 31.3.24 Total funds Unrestricted fund Endowment fund Not¢s FIXED ASSETS Tangible assets Investrnent property 14 15 11,209,031 3.919 670 597,275 11,806,306 3 919,670 11,864,169 2.698,122 15,128,701 597,275 15.725,976 14,562,291 CURRENT ASSETS Debtors.. amounts falling due within one year PrepayTnents and accrued income Cash at bank 16 8,981 3,651 116,884 8,981 3,651 116,884 11,301 286.715 129,516 129,516 302,902 CREDITORS Amounts falling due within one year 17 (302,810) (302,810) (344.701) NET CURRENT ASSETS 173 294) 173,294) 41,799) TOTAL ASSETS LESS CURRENT LIABILITIES 14,955,407 597,275 15,552.682 14,520.492 CREDITORS Amounts falling due aft¢r more than one year 18 (175.231) (175,231) (155,105) NET ASSETS 14780 176 597 275 15 377,451 14 365,387 FUNDS Unrestricted fitnds.. General fund Endowment funds.. Endowment funds 21 14.780.176 13,768,112 597 275 597,275 TOTAL FUNDS 15,377 451 14,365,387 The financial statements were approved by the Board of Trustees and authorised for issue on and were sign¢d on its behalf by: Mr L Rabinowitz- stee The notes fonn part of these financial statements Page 10
BIALA SYNAGOGUE TRUST Statement of Cash Flows for the Year Ended 31 March 2025 31.3.25 31.3.24 Notes Cash flows from operating activities Cash generated from operations Interest paid 1,383,105 262,140 Net cash provided by operdting activities 1,362.402 239,109 Cash flows from investing aetivitles Purchase of tangible fixed a55ets Purchase of investrncnt property (192.246) 1,221.548 Net cash used in investing activities 1.221,548) 192,246) Cash flows from financing activities Loan repayments in year Other loans (37.501) 590 {40,698) Net cash used in financing activities 38 091) 40,698) Change in cash and cash equivalents In the reporting period Cash and cash equivalents at the beginning of the reporting period 102,763 6,165 1,279) Cash 8nd cash equivalents at the end of the reporting perlod 107,649 4,886 The notes forni part of these financial statements Page 11
BIALA SYNAGOGUE TRUST Notes to the Statement of Cash Flows for the Year Ended 31 March 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.25 31.3.24 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest pard Decrease/(increase) in debtors Increasel(decrease) in creditors 1,012.064 452.243 57,863 20,703 285.384 7,091 77.150 23,031 (280,726) 9,558 Net cash provided by operations 1,383.105 262,140 ANALYSIS OF CASH AND CASH EQUIVALENTS 31.3.25 31.3.24 Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due wirhin one year Total cash and cash equivalents 116,884 4,886 107649 4,886 ANALYSIS OF CHANGES IN NET DEBT At 1.4.24 Cash flow At31.3.25 Net eash Cash at bank Bank overdrafts 4,886 111,998 116,884 102 763 107 649 Debt Debts falling due within l year Debts falling due after l year (279,820) 155,105) 58,217 20 126) (221,603) 175,231 434 925 396 834) Total 430,039 140 854 289,185) The nofrs forni part of these financial statements Page 12
BIALA SYNAGOGUE TRUST Notes to the Financial Statements for the Year Ended 31 March 2025 GENERAL INFORMA TION Biala Synagogue trust is a charitable trust registered in England and Wales (charity no. 1071797). The charity's registered adthess is 32 Leadale Road, London, N16 6DA. A description of ihe nature of the nature of the charRty'S operations and its principal activities is disclosed in the Trustees, Reporc accompanying the financial ststements. ACCOUNTING POLICIES Basis ofpreparlng the fjnancial statements The fmancial statements are prepared on a going concern basis and are modified to include certain items at fair value. The financial statements are presented in sterltng which is the functional currency of the chartty. The significant accounting policies applied in the preparation of these financial statsments are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The fmancial statements have been prepared in accordance with Accounting and Reporting by Charities. Statement of Recommended Practice for Charities(Charities SORP 2019) applicable to charities preparing their accouT]ts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 201. Biala Synagogue Trust has given due regard to the public benefit guidance issued by the Charity Commission. The Charity meets the definition of a public benefit entity under FRS 102. Critical gecounting judgements and key sourees of estimation uneert8inty Prop¢rty valuation The valuation of the Charity's property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuation are subject to a degree of uncenainty and are made on the basis of assumptions which may not prove lo be accurate, particularly in periods of difficult economic conditions. All the properties are norn]ally valued by external valuers wilh appropriate qualifications and experience. Internal valuation is carried out by experienced trustees. Income recognition All income È5 recognised in the Statement of Financial Activities (SOFA) when the charity has entitlement to the funds, it 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 amount5 and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perfomance 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 tliey will b¢ fulfi Iled. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable. it can be measured reliably and the charity ha5 control over the item. Fair value is detennined 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. No amount is included in the financia] statements for volunteer time in line with the SORP. Investment income is earned through holding assets for investment purposes such as propety. It includes rent. Rentsl incorne 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 13 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committTng the charity to that expenditure, it is probable that a transfer of economic benefits will be requiTed in 5etrlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accTuals 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 rhe use of resources. Grants offered subject to condittons which have nol been met at the yearend date are noted as a commitment but not accrued as expenditure. Charilable activitie5 Expenditure for charitable activities are only recognised in the financial statements when paid. The charitable donations have been detailed in a separate Schedule of Charitable Donations. Copies of this schedule are available to the public by writing to the Trustees, Rabbi L Rabinowitz. Biala Synagogue Trust, 32 Leadale Road, London N 16 6DA by Registered Post. Governanee costs Governance cost include costs of the preparation and audit of financial statements and recognised on an accruals basis. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Plani and machinery Fixtures and fittings not provided 250/ty on reducing balance 250/0 on redu¢ing balance Properties held for investment Investment properties are included in the Balance Sheet at fair value. Any gains or105ses 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 aeeounting General fvnds 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 sel astde by the trustees for particular purposes. The aim and us¢ 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 particular purposes. The cost of raising and administering such funds are charged against the specific fid. 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 chaTity and is included as unrestricted income. Any capital gains or losses arising on the invesmients forni part of the fund. Inv¢stment management charges relating to the fund e charged against unrestricted fund. Page E4 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Liability recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources, it is probable that a transfer of economic benefits will be required in settlement and the amoLLnt can be r0eured or ¢stimated reliably. DONATIONS AND LEGACIES 31.3.25 31.3.24 Donations 1.714 682 1,183,669 1,714.682 1 183,669 Income from donation was £1,714,682 (2024 - £1,183.669). There was no incoTne from legacies. None of the income was attributable to endowments and restricted funds. All was attributable to unrestricted nds. INVESTMENT INCOME 31.3.25 31.3.24 Rents Te¢eivabl¢ Lease Premium received 184,403 172,359 189,758 204 859 Income from investment properties was £189,758 (2024 - £204,859). None of the rental income was attributable to endowments or restricted fijnds. All rental income was attributable to unrestricted funds. INVESTMENT MANAGEMENT COSTS 31.3.25 31.3.24 Rates and water Light and Heat Rent collection Property repairs Properties insurance 8.372 3,254 29,808 78,200 3,519 18,239 2,062 26,549 8,355 2,918 123 153 Page 15 continued...
BIALA SYNAGOGUE TRUST Notes to the Financtal Statements - continued for the Year Ended 31 March 2025 CHARIT ABLE ACTIVITIES COSTS Grant funding of activities (see note Direct Costs (see note 7) 8) Totals Donations to charities 265,494 150,885 416,379 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.25 31.3.24 Synagogue Event costs Religious books & periodicals 259,383 393,454 7,475 265 494 400,929 These are costs incurred during the year in organising charitable events at the Synagogue. GRAIYTS PAY ABLE 31.3.25 31.3.24 Donations to Charities 150,885 131594 The charLty has during the year made charitable donations to various institutions and individuals and the donations have been made for general charitable pUoSe$. Disclosure of the various institutions would seriously prejudice the charity and its recipients, See note 22 for related party transactions. The charitsble 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 Rabinowitz, Biala Synagogue Trust, 32 Leadale Road, London N 16 6 DA by Registered post. SUPPORT COSTS Governance costs Management Finance Totals Other resources expended 316,618 4,773 10.750 332,141 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 16 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2025 SUPPORT COSTS - continued Support Costs, included in th¢ above. are as follows.. 31.3.25 Other resources expended 31.3.24 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 of tangible and heritage assets Bank charges Auditors, remuneration 33,100 194 9,237 127,066 5.477 3,031 489 4,304 5,446 69.164 92 1,155 57.863 4,773 10,750 27,092 221 8,232 121,373 3,345 4,889 3,272 2,700 4,597 32,538 2.i98 1,531 77,150 3.943 10,750 332,141 304,031 io. AUDITORS, REMUNERATION 31.3.25 31.3.24 Fees payable to the charity's audttors for the audit of the charity's financial statements TRUSTEES, REMUNERATION AIYD BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. STAFFCOSTS 12. 31.3.25 31.3.24 Wages and salaries 33,100 33,100 The average monthly number of employees during the year was as follows: 31.3.25 31.3.24 Administrative staff No ¢mployees r¢ceTved emoluments in exc¢ss of £60,000. Page 17 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2025 13. colPARATIvEs FOR THE ST ATEMENT OF FINANCIAL ACTIVITIES Unrestricted nd Endowment fund Total fur]ds INCOME AND ENDOWMENTS FROM Donations and legacies 1,183,669 1,183.669 Investment income 204,859 204,859 Total 1,388,528 1,388 528 EXPENDITURE ON Raising funds Investment management costs 58,123 58,123 58,123 Charitable activities Donations to charities 532,523 532,523 Other 345,639 345 639 Total 936 285 936 285 NET INCOME 452,243 452,243 RECONCILIATION OF FUNDS Total fLmds brought forward 13,315,869 597,275 13,913,144 TOTAL FUNDS CARRIED FORWARD 13 768 112 597 275 14.365 387 14. TANGIBLE FIXED ASSETS Fixtures and firtings Freehold propety Plant and machinery Computer equipment Totals COST At l April 2024 and 31 March 2025 11,632.711 63,702 665,731 4,960 12,367,104 DEPRECIATION At l April 2024 Charge for year 48,132 451,008 53.680 3,795 291 502,935 At 31 March 2025 504 688 560 798 NET BOOK VALUE At 31 March 2025 11,632,711 11,678 161,043 874 11,806,306 At 31 March 2024 11.632 711 214,723 1,165 11864,169 Freehold propety cost compTises of land and building at 45-47 Moundfield RoaQ London N16 6AT. Page 18 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2025 15. INVESTMENT PROPERTY FAIR VALUE At l April 2024 Additions 2,698,122 1.221,548 At 31 MaTch 2025 3,919.670 NET BOOK VALUE At 31 March 2025 3.919,670 At 31 March 2024 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 2025 by the Charity'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 transaction prices for similar properties in the same location. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 16. 31.3.25 31.3.24 Trade debtors 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Bank loans and overdrafts (see note 19) Trade creditors Taxation and social security Other creditors 67,428 37,483 11,258 186641 115,820 42,813 11,318 174,750 302 810 344 701 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.25 31.3.24 Bank loans (see note 19) 175,231 155 105 19. LOANS An analysis of the maturity of loans is given below: 31.3.25 31.3.24 Amounts falling due within one year on demand.. Bank overdrafts Bank loans Melba Estates Ltd 58,193 163.410 115,820 164,000 230,838 279,820 Amounts falling due between two and five years.. Bank loans- 2-5 years 80,804 53,664 Page 19 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2025 19. LOANS- eoDtinued 31.3.25 31.3.24 Amounts falling duc in more than five years: R¢payable by instalments.. Bank loan5 more 5 years by instalments 94.427 101.441 20. SECURED DEBTS The following secured debts are included within creditors: 31.3.25 31.3.24 Bank overdrafts Bank loans 9,235 233,424 270,925 242 659 270.925 All bank loans are made by Lloyds Bank Plc, the loan5 are secured by a legal charge on freehold properties owned by the charity as follows.. 14-16 NorthdoHm Road. Cliftonville, Margare, Kent CT9 IQQ, 89 Olinda Road, London N16 6TS 177-181 Chaminster Road, Charminster, Bournemouth, Dorset BH8 9RQ,62-64 Bargates, Christchurch, BH 23 IQE,8791881 Wimbourne Road. Moordown, Bournemouth BH9 2 BJ. 25.27.29 & 31 High Street, Pembury, Tunbridge Wells, Kent TN2 4PH,123 Ashley Road, Boscombe, Bournemouth, Hants BH14NH, 47 Mountfield Road, London N16 6AT. 21. MOVEMENT IN FUNDS Net movement in funds At 31.3.25 At 1.4,24 Unrestricted fund$ General fund 13,768,112 1,012,064 14,780,176 Endowment fund$ Endowment funds 597,275 597,275 TOTAL FUNDS 14 365 387 1012,064 15 377,451 Net rnovement in funds, included in the above are as follows.. Incoming resources ReSou¢S expended Movement in funds Unrestricted funds General fund 1,904,440 (892,376) 1.012,064 TOTAL FUNDS 1,904,440 892,376) 1,012,064 Page 20 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2025 21. MOVEMENT IN FUNDS - continued Comparatives for 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 EndowThent funds 597.275 597,275 TOTAL FUNDS 13,913,144 452 243 14,365,387 Comparative net movement in nds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,388,528 (936,285) 452,243 TOTAL FUNDS 1388,528 936 285) 452 243 A cutreni year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.3.25 At 1.4.23 Unrestricted funds General fund 13,315,869 1,464.307 14,780.176 Endowment funds Endowment funds 597,275 597,275 TOTAL FUNDS 13,913,144 1,464,307 15,377 451 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 Unrestrieted funds General fund 3,292,968 (1,828,661) 1,464,307 TOTAL FUNDS 3,292,968 1,828,661 1464,307 Page21 continued...
BIALA SYNAGOGUE TRUST Notes to the Financial Statements - continued for the Year Ended 31 March 2025 21. MOVEMENT IN FUNDS - continued General Fund 13,768,112 1.012,064 Unrealised Fair Available for value reserve distribution 12,636,441 ,012.064 Balance at l April 2024 Movement in funds for the year 1,131,671 Balance at 31 March 2025 14 780,176 1,131,671 13 648,505 General funds in the sum of £14,780,176 at 31 March 2025 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 durtng the year the following donations received from related parties: -Gilmoor Benevolent Fund Limited donated £612,200. The charitable company is a related party by virtue of Mr Leone Rabinowitz being a trustee and director of the company. -Lexton Investments Ltd made a donation of £35.000. One of the Trustee of the charity is also a director of the company. -Lowdale Properties Ltd donated £300,000. One of the trustees of the charity is also a director of the Company. -Gatwick Investments Ltd donated 30,000. One of the trustees of the charity is also a director of the company. During the year Melba Estate Ltd donated £433,000 to the trust. The trustees Mr L Rabinowitz and Mrs M Rabinowitz are director5 of the company. During the year Shirlett and Tudor Ltd made total donation of £8,000 to the charity. Trustee Mrs M Rabinowitz is the Sister of Mr Elieser Low, who is a director of the company. There is no other related paty transactions occurred during the year. Page 22
BIALA SYNAGOGUE TRUST Detailed Statement of Financial Activities for the Year Ended 31 March 2025 31.3.25 31.3.24 INCOME AND ENDOWMENTS Donations and legacies Donations 1.714,682 1 183,669 1,714,682 1,183,669 Investment income Rents receivable Lease Premium received 184.403 5,355 172,359 189758 204,859 Total ineoming resources 1,904,440 1,388,528 EXPENDITURE Investment management costs Rates and wat¢T Light and Heat Rent collection Property repairs Properties insurance 8,372 3,254 29.808 78,200 3,519 18,239 2,062 26,549 8,355 123,153 58.123 Charitsble activities Synagogue Event costs Religious books & periodicals Grants to institutions 259,383 6,111 150885 393,454 7,475 131594 416,379 532,523 Other Bad debts Bank loan interest Interest payable 18,577 140 20,703 41.608 Support costs Management Wages Rates and water Insurance Light and heat Telephone & internet Postage and stationery Carried forward 33,100 194 9,237 127,066 5,477 3,031 178,105 27,092 221 8,232 121.373 3,345 4,889 165,152 This page does not forni part of the statutory fmancial statements Page 23
BIALA SYNAGOGUE TRUST Detailed Statement of Financial Activities for the Year Ended 31 March 2025 31.3.25 31.3.24 Management Brought forward Advertising Legal & Professional cost Computer & IT costs Repairs and Renewals Sundries Photocopier rentsl Plant and machinery Fixtures and fittings Computer equipment 178,105 489 4.304 5.446 69,164 92 1,155 3,892 53,680 291 165.152 3.272 2,700 4,597 32,538 2,398 1,531 5.189 71.573 388 316,618 289,338 Flnance Bank charges 4,773 3.943 Governance eosts Auditors, remuneraiion 10,750 10,750 Total resources expended 892,376 936,285 Net income 1012,064 452 243 This page does not forni part of the statutory fmancial statements Page 24