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2023-08-31-accounts

Charity registration number 1117590

Company registration number 05890261 (England and Wales)

MASORTI JUDAISM ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

MASORTI JUDAISM

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr David Caplan
Ms Miriam Farbey
Mr Adam Rose
Mr Joel Fenster
MrStephen Greene
Ms Clare Levy
Ms Moira Hart - Chair
MrGeorgie Friend
Mr David Tankel
MrNic Schlagman
: Mr Jonathan Wiseman (Appointed 3 September 2023)
Mr Joe Carlebach (Appointed 3 September 2023)
Charitynumber 1117590
Companynumber 05890261
Registered office Alexander House
3 Shakespeare Road
London
N3 1XE
Auditor Goldwins Limited
75 Maygrove Road
West Hampstead
London
NW6 2EG
Bankers Barclays Bank Plc
126 Station Road
Edgware
Middlesex
HA87RY

MASORTI JUDAISM

CONTENTS

Page
Trustees’ report 1-10
Independent auditor's report 11-13
Statement offinancial activities 14
Balance sheet 15
Statement ofcash flows 16
Notestothefinancialstatements 17-27

MASORTI JUDAISM

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note note 1 to the financial statements and comply with the charity's Memorandum and Article of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Trustees review the principal aims, objectives and activities of Masorti Judaism each year to ensure that Masorti Judaism remains focused for the foreseeable future on its stated purpose and objects. The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the objectives and aims of Masorti Judaism in planning future activities, and in particular how the planned activities will further the public benefit.

a. Purpose and core values

The charitable objects of Masorti Judaism are:

  1. To advance knowledge of the Jewish religion for the benefit of the public in accordance with the teachings and practices of Masorti Judaism.

  2. For the public benefit to promote the education of members of the Jewish faith in such ways as the charity trustees think fit.

  3. To develop the capacity and skills of the members of Jewish communities throughout the UK in such a way that they are better able to identify, and help meet their needs and to participate more fully in society.

  4. To help young people through:

a. providing recreational and leisure-time activities designed to improve their conditions of life; and

b. providing support and activities which develop their skills, capacities, and capabilities to enable them to participate in society as mature and responsible individuals.

Our purpose as stated in our strategic plan is ‘to develop flourishing communities, rooted in traditional practice and modern values, where people can find meaning by connecting to Judaism and to each other’. We aim for every Masorti community and the movement as a whole to be:

Traditional — we will

‘ Explicitly ground our work and communal activity in Jewish values, for example: mitzvah — commandedness, talmud torah — Jewish learning, klal Israel - Jewish peoplehood, kvod ha-briyot - human dignity, mahloket — pluralism and debate, tikkun olam — repairing the world, the centrality of medinat Israel — the state of Israel

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MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Inclusive and equal — we will

' Celebrate diversity and ensure our communities include people irrespective of (for example) gender, sexuality, ethnicity, relationship and parental status, income, age, disability, race, colour and political views - Advance equality and inclusion in religious practice and leadership, whilst being sensitive to the needs and agendas of individual communities

Learning — we will

Regularly participate in Jewish learning

Empowering — we will

b. Achievements 2022-23

There have been several significant transitions over the past year at Masorti Judaism. Matt Plen, who had held the position of CEO for 11 years took Sabbatical leave, and formally left the role in February 2023. At a similar time, Anna Kinchuck, Masorti's Finance Director moved on to an exciting new position at New London Synagogue. We remain deeply grateful to Matt and Anna for their committed service and invaluable contribution to Masorti Judaism over many years. The Trustees subsequently appointed Rachel Sklan as the new CEO in February 2023. Rachel has devoted over 10 years to Masorti Judaism, initially running the organisation’s youth wing as Director of Noam Masorti Youth and Marom, and later focusing on community relations and programming as Deputy Chief Executive. Rachel not only has inimitable knowledge of the organisation and excellent relationships with stakeholders, she has also brought to the role an inspiring vision and ambition for Masorti Judaism's future. Motivated by the departure of the former CEO and Finance Director and the promotion of the Deputy Chief Executive to CEO, the delivery of financial management and programming within the organisation was restructured; an external bookkeeping company — SJC Bookkeeping Ltd ~ was appointed in May 2023, and the Head of Marketing and Communications, Martha Limberg, took on programming responsibilities and was promoted to the role of Director of Programming and Outreach.

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MASORTI JUDAISM

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Among our achievements over the past 12 months, we:

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MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

c. Our aims for 2023-24 are as follows:

Rabbinic development

Community Development

Rea

MASORTI JUDAISM

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Governance

Young people: Noam, Marom, Noam alumni/young adults

Noam and Marom:

. Continue to expand the reach to Marom students to non-Noam participants . Continue to expand community work at small and emerging communities Noam Alumni:

Marketing and Communications

Fundraising

Small/mid-level donors and campaigns

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MASORTI JUDAISM

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

2. Decision making

a. Governing Document

Masorti Judaism (formerly The Assembly of Masorti Synagogues) is a registered company limited by guarantee, number 05890261, and a registered charity, number 1117590, and is governed by its Memorandum and Articles of Association.

The directors are the Charity Trustees and appointed members of the Board of Trustees. The Board is responsible for managing and carrying out the objectives of Masorti Judaism in accordance with its Memorandum and Articles of Association.

The company has no share capital, but under the terms of its Memorandum and Articles of Association every member is liable to contribute a sum not exceeding £1 in the event that the company is wound up whilst they are a member or for one year thereafter.thereafter.

b. Recruitment and Appointment of Trustees

New trustees are proposed by a nominations committee following a transparent, skill-based recruitment process and elected by the members at a general meeting. There are nine elected trustees and up to three co-opted trustees,

Cc.

Trustee Induction and Training

Masorti Judaism continues to review its policies and procedures for the induction and training of both new and existing Trustees.

We have initiated a series of training sessions aimed at Trustees. New Trustees are inducted through meetings with the co-chairs and staff and are provided with important information about the organisation such as the strategic development plan and the organisational budget.

d. Organisation Structure

The Trustees meet 10 times a year to manage the affairs of Masorti Judaism, review its strategic plan and decide on its overall direction. The day to day running of the organisation is delegated to the Chief Executive and the senior leadership team and is supervised by the co-chairs of trustees

e. Senior leadership team

The senior management team comprises:

« Lucy Cohen — Noam Director

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MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

f. Board of Trustees

The charity is a company limited by guarantee. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr David Caplan Ms Miriam Farbey Mr Adam Rose Mr Joel Fenster Mr Stephen Greene Ms Clare Levy Ms Moira Hart - Chair Mr Georgie Friend Mr David Tankel Mr J Fenton (Resigned 5 September 2023) Mr Nic Schlagman Ms Leonie Fleischmann (Co- chair) (Resigned 5 September 2023) Mr Jonathan Wiseman (Appointed 3 September 2023) Mr Joe Carlebach (Appointed 3 September 2023)

3. Risk Management

The Board of Trustees have been actively assessing the major risks that Masorti Judaism faces on an ongoing basis and are of the opinion that maintaining reserves at reasonable levels, combined with regular reviews of the controls over key financial systems, has provided sufficient resources in the event of adverse conditions to enable Masorti Judaism to continue its operations. The Trustees have also regularly considered other business risks faced by Masorti Judaism and have endeavored to improve its operating systems in order to reduce these risks.

Among the risks identified are the possibility of loss of income due to fluctuating levels of voluntary donations and unanticipated changes in participant numbers at programmes and events, and the possibility of failing to achieve strategic aims due to Jack of cooperation from key partners and stakeholders.

The key controls used by Masorti Judaism include: . Regular review of risks to the organisation by a risk committee and at Board level using a formal risk register. . Formal agendas and minutes for all Board meetings and operational activities. ° Budgetary presentation for all major operational activities. ° Established organisational structure and lines of reporting. ° Formal written reports to the Board. , Clear authorisation and approval levels. ° Safeguarding and vetting procedures as required by law for the protection of the vulnerable. . Engagement of professional advisers as and when necessary.

4. Volunteers

Masorti Judaism works with over 200 volunteers as youth leaders on residential camps and local activities, campus representatives and young adult leaders, steering group members and volunteers for fundraising and educational events, and members of various committees. As a community organisation, we work with volunteers as a matter of principle rather than financial necessity and so have not calculated the financial value of the work carried out by these volunteers.

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MASORTI JUDAISM

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

5. Membership

The Board of Trustees may at its discretion and by a two-thirds majority vote to admit as a member any congregation of Jews which has satisfied the Board that it is properly constituted as a charity and is willing to be bound by the Memorandum and Articles of Association of Masorti Judaism. Following any such admission as a member, the congregation of Jews so admitted shall be counted as a Constituent Synagogue for all purposes of the Memorandum and Articles of Association of Masorti Judaism. Each constituent synagogue will pay a subscription to Masorti Judaism as determined by the Board of Trustees.

Masorti Judaism's constituent members in 2022-23 comprised:

Name ofSynagogue Registered
No.		 Charity/Number
ofMembers
Shema (South HertsandEdgware Masorti)
HatchEnd Masorti
Synagogue		 Pp
1117623
10809051		 CWa-23 a2
490
KT
Kol Nefesh Masorti
Synagogue		 1081444
New Essex Masorti
Synagogue
New London Synagogue		 297101
1133578		 =
573.
=Ssi«B20-
New North London Synagogue 1094668
NewStoke Newington Shul 1176510 i
StAlbans Masorti Synagogue
TOTAL		 1118649
P
™~—“—;C‘~RBS~—OB

Masorti Judaism's associate members in 2022-23 comprised:

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Name of Synagogue Registered CharityNumber
oO. of Members
Havurah es (ee |
Leeds Masorti Communit rT
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Liverpool Masorti es
Ohel Moed Pp C—“‘“CO‘iBON OBO
Oxford Masorti Group ee
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TOTAL es
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Estimated figures; most associate members do not have dues-paying membership
arrangements.
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MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

6. Financial Review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; the charity halds an adequate level of liquid reserves, and has a range of funding streams and so is not dependent on any single stream. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

b. Key financial performance indicators

The Statement of Financial Activities (SOFA) set out on page 14, shows that the charily received donations and income of £1,392,989 (2022: £1,518,844) and incurred £1,408,738 (2022: £1,538,634) of expenses, leaving a deficit of £15,749 (2022: deficit of £19,790).

Masorti Judaism has relied upon subscriptions from member synagogues, as well as grants and donations as referred to in these accounts for both restricted and unrestricted activities. The support of the donors has been extremely valued by the Board.

c. Reserves policy

It has been the policy of Masorli Judaism to maintain the unrestricted funds at levels which are adequate to meet ongoing management, administration and support costs.

A detailed reserves policy has been adopted by the Trustees which sets the target level of free reserves for Masorti Judaism at £215,000, representing the funds required to wind-up the organisation. However, this level of reserves is unlikely to be required. For that reason, the reserves policy sets a hard floor of £175,000. If the level of reserves is projected to fall below this fevel, then the policy requires action to be taken to ensure that the level does not fall below this figure.

Restricted funds may only be used for purposes established by donors.

d. Material investments poticy

The Board has taken a prudent view regarding the investment of short-term surplus funds. Accordingly, these funds have been placed on easy access deposit with bankers.

e. Cooperation with other charitable organisations

Masorti Judaism has requested and received donations and grants from other charitable organisations for the furtherance of its objects. The charity has also extended assistance and support to other charitable organisations when considered desirable and in accordance with its objectives.

f. Small Company Provisions

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

7. Public Benefit Statement

The Trustees have complied with their duties set out in the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. The benefit to the public is manifestly demonstrated by the achievements contained in this report.

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MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Statement of trustees' responsibilities

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

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year.

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

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

Auditor

Goidwins Limited were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees’ report was approved by the Board of Trustees.

Mr David Caplan Trustee

20 May 2024

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MASORTI JUDAISM

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MASORTI JUDAISM

Opinion

We have audited the financial statements of Masorti Judaism (the ‘charity’) for the year ended 31 August 2023 which comprise and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of tretand (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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MASORTI JUDAISM

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MASORTI JUDAISM

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. tn preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend fo liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

3 ide

MASORTI JUDAISM

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MASORTI JUDAISM

in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

e

We inspected the minutes of meetings of those charged with governance.

° We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. ® We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

e We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

e In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

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 likely 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www. frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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Anthony Epton denior Statutory Auditor)
for and on behalf of Goldwins Limited
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2\ pany 2024,
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Chartered Accountants

Statutory Auditor

75 Maygrove Road West Hampstead London NW6 2EG

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MASORTI JUDAISM

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
Notes £ £ £ £ £ £
Income from:
Donations andlegacies
Charitable activities		 3
4		 370,727
739,166		 283.096
.		 653,823
739,166		 480,214
750,810		 287,820
-		 768,034
750,810
Tota! income 1,109,893 283,096 1,392,989 1,231,024 287,820 1,518,844
Expenditure on:
Raising funds
Charitable activities		 5
6		 89,976
1,035,078		 -
283,684		 89,976
1,318,762		 418,442
1,133,158		 -
287,034		 118,442
1,420,192
Total expenditure 1,125,054 283,684 1,408,738 1,251,600 287,034 1,538,634
Net expenditure and
movementin funds		 (15,161) (588) (15,749) (20,576) 786 (19,790)
Reconciliation offunds:
Fund balances at 1 September
2022		 151,752 126,935 278 687 172,328 126,149 298,477
Fund balances at 31 August
2023		 136,591 126,347 262,938 151,752 126,935 278,687

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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MASORTI JUDAISM

BALANCE SHEET

AS AT 31 AUGUST 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 12 6,011 8,587
Tangible assets 13 2,017 2,850
8,028 11,437
Current assets
Debtors 14 415.185 130,060
Cash at bank and in hand 3152773 240,908
730,958 370,968
Creditors: amounts falling due within 15
one year 476,048 103,718
Net current assets 254,910 267,250
Total assets less current liabilities 262,938 278,687
Thefunds ofthe charity
Restricted income funds 16 126,347 126,935
Unrestricted funds 136,591 151,752
262,938 278,687

The financial statements were approved by the trustees on 20 MAJ 2 oly De .d Co_. Mr David Caplan Trustee

Company registration number 05890261 (England and Wales)

45s

MASORTI JUDAISM

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

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||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from/(absorbed|by)|21| |operations|71,456|(46,132)| |Investing|activities| |Purchase|of tangible|fixed|assets|:|(1,464)| |Net cash|used|in|investing|activities|-|(1,464)| |Net|cash|used|in|financing|activities|=|-| |Net|increase/(decrease)|in|cash|and|cash| |equivalents|71,456|(47,596)| |Cash and|cash|equivalents|at|beginning|of year|240,908|-| |Cash and|cash|equivalents|at end|of year|315,773|240,908|

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MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Charity information

Masorti Judaism is a private company limited by guarantee incorporated in England and Wales. The registered office is Alexander House, 3 Shakespeare Road, London, N3 4XE.

The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the fegacy is treated as a contingent asset.

s4ts

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

{Continued)

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

1.6 Intangible fixed assets other than goodwill Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Website costs 3 year straight line

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

Fixtures and fittings 33.3% RB Computers 33.3% RB

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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

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MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

-49%

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

2 Critical accounting estimates and judgements

in the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Donationsand gifts 67,811 110,239 178,050 136,377 51,664 188,041
Grant receivable 27,983 117,765 145,748 79,093 182,953 262,046
Membership fees 274,933 55,092 330,025 264,744 53,203 317,947
370,727 283,096 653,823 480,214 287,820 768,034

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Programmeincome 269 3,535
Tradingandmerchandise income 746,672 672,323
Otherincome (7,775) 74,952
739,166 750,810

290

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

§ Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Otherfundraising costs 23,647 34,273
Staffcosts 66,329 84,169
89,976 118,442

6 Expenditure on charitable activities

Educational, Educational,
religious religious
and and
community community
2023 2022
£ é
Direct costs
Staffcosts 256,738 325,788
Restricted programme expenditure 283,684 287,034
Unrestricted programme expenditure 521,511 534,572
Other direct costs
14,785 3,493
1,076,718 1,150,887
Share ofsupportand governance costs (see note 7)
Support 230,470 255,779
Governance 11,574 13,526
1,318,762 1,420,192
Analysis by fund
Unrestricted funds 1,035,078 1,433,158
Restricted funds 283,684 287,034
1,318,762 1,420,192

-21-

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

7 Support costs allocated to activities
2023 2022
£ £
Staffcosts 72,650 92,190
Office costs 32,943 33,765
Rent and rates 48,074 47 ,364
Recruitmentand training fees 4,196 9,300
Travelling expenses 6,008 7,976
Bank charges 5,436 8,805
Subscriptions, donations and grants 33,065 38,081
Professional fees 24,689 11,753
Depreciationand amortisation 3,409 6,545
Govemance costs 11,574 13,526
242,044 269,305
8 Netmovement in funds 2023 2022
£ £
Net movement in funds is stated after charging/(crediting)
Depreciation ofowned tangible fixed assets 833 1,393
Amortisation ofintangible assets 2,576 5,152
9 Auditor's remuneration
Fees payable to the charity's auditorand associates: 2023 2022
£ £
For audit services
Audit ofthe financial statements ofthe charity 9,167 413,526
10 Employees
The average monthly numberofemployees during the yearwas:
2023 2022
Number Number
16 16

390%

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

10 Employees (Continued)
Employment costs 2023 2022
£ £
Wages and salaries 346,725 449,349
Social security costs 33,119 34,856
Other pension costs 15,873 17,942
395,717 502,147

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: nil) neither were they reimbursed expenses during the year (2022: nil). No charity trustee received payment for professional or other services supplied to the charity (2022: nil).

The number of employees whose annual remuneration was more than £60,000

is as follows:

is as follows:
2023 2022
Number Number
£60,001-£70,000 1 -
£70,001-£80,000 - 4

Remuneration of key management personnel The remuneration of key management personnel is as follows.

The total employee benefits including pension contributions of the key management personnel were £118,332. (2022: 174,437).

11. Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Intangible fixed assets

Intangible fixed assets
Website costs
£
Cost
At 1 September 2022 and 31 August 2023 15,456
Amortisation and impairment
At 1 September2022 6,869
Amortisation charged for the year 2,576
At 31 August 2023 9,445
Carrying amount
At 31 August 2023 6,011
At31August2022 8,587

ar ice

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

13 Tangible fixed assets
Fixtures and Computers Total
fittings
£ £ £
Cost
At 1 September 2022 68 5,711 5,779
At 31 August 2023 68 Sen §,779
Depreciation and impairment
At 1 September2022 15 2,914 2,929
Depreciation charged in the year 17 816 833
At 31 August 2023 32 3,730 3,762
Carrying amount
At 31 August 2023 36 1,981 2,017
At 31 August 2022 53 2,797 2,850
14 Debtors
2023 2022
Amounts falling due withinone year: £ £
Trade debtors 380,422 -
Other debtors 13,109 49,634
Prepaymentsand accrued income 21,654 80,426
415,185 130,060
15 Creditors: amounts falling due within one year
2023 2022
£ £
Othertaxation and social security 12,545 14,804
Trade creditors 105,139 9,341
Othercreditors 19,597 10,353
Accruals and deferred income 338,767 69,220
476,048 103,718

2742

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

16 Restricted funds

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

Ati
September		 Incoming
resources		 Resources At 31 August
expended
2023		 Resources At 31 August
expended
2023
2022
£ £ £ £
Rabbinical Training 24,534 55,092 (24,994) 54,632
Anglo Jewish Liturgical Heritage 49,280 - (21,390) 27,890
Noam Inclusion fund - 38,158 (38,158) -
Drachim bursary fund - 28,434 (28,434) -
Future Leaders Fund 5,000 - (5,000) -
Kelim 1,374 2,983 (4,357) =
Havurah - 10,134 (10,134) -
Connecting the Capital Grant 6,110 16,257 (20,800) 1,567
Bet Din 11,135 33,689 (44,824) -
Our second home (299) 20,000 (19,701) -
Siddur (prayer book) - 10,353 (10,000) 353
Conservative Yesh va 358 ° - 358
Oliver Joseph Discretionaryfund St > (5,177) -
Childrens Aid Committee - 6,000 (6,000) -
Masorti Futures fund - 1,266 (1,266) -
John Lyons School HolidayActivityfund - 4,800 (2,310) 2,490
Oxford and StGeorges Kaytana - 4,000 (4,000) -
Shoresh Precampfund - 5,966 (5,966) -
LGBT+ 19,298 29,630 (27,426) 21,502
Other 4,968 16,334 (3,747) 17,555
126,935 283,096 (283,684) 126,347
Previous year: Ati Incoming Resources At 31 August
September resources expended 2022
2021
£ £ £ E
126,149 287,820 (287,034) 126,935

«250

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

16 Restricted funds

(Continued)

Purposes of restricted funds

Rabbinical Training- training new Masorti rabbis Anglo Jewish Liturgical Heritage — Heritage Lottery funded project to preserve and disseminate Jewish liturgy Connecting the Capital Grant - City Bridge funded community leadership training project Siddur (prayer book) - This project funded the creation of a prototype for a new siddur for use by Masorti communities Conservative Yeshiva — sponsoring students at the Conservative Yeshiva in Jerusalem John Lyon's School Holiday Activity Fund - This relates to Noam's Day Camps, which were run during school LGBT+ inclusion fund- National Lottery Community Fund programme to promote LGBT+ inclusion within Masorti communities Other — Other restricted programmes including Covid Hardship & Youth Covid fund and few communities (Ohel Moed)

17 Unrestricted funds

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

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |At1|Incoming|Resources|At|31|August| |September|resources|expended|2023| |2022| |£|£|£|£| |General funds|151,752|1,109,893|(1,125,054)|136,591| |Previous|year:|Ati|Incoming|Resources|At 31 August| |September|resources|expended|2022| |2021| |£|£|E|£| |General|funds|172,328|1,231,024|(1,251,600)|151,752| |Analysis|of net net|assets|between|funds| |Unrestricted|Restricted|Total| |funds|funds| |2023|2023|2023| |£|£|£| |Fund|balances|at|31|August 2023|are|represented|by:| |Intangible|fixed|assets|6,011|-|6,011| |Tangible|assets|2,017|-|2,017| |Current|assets/(liabilities)|128,563|126,347|254,910| |136,591|126,347|262,938|

----- End of picture text -----

18 Analysis of net net assets between funds

~96s

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

18 Analysis of net assets between funds

(Continued)

Unrestricted Restricted Total
funds funds
2022 2022 2022
£ £ £
Fund balances at31 August 2022 are represented by:
Intangible fixed assets 8,587 ~ 8,587
Tangible assets 2,850 - 2,850
Current assets/(liabilities) 140,315 126,935 267,250
451,752 126,935 278,687

49 Operating lease commitments

Lessee

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

2023 2022
£ £
Within one year 41,124 26,455
Between two and five years 32,556 -
73,680 26,455

20 = Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

21. Cash generated from operations 2023 2022
£ £
Deficit for the year (15,749) (19,790)
Movements in working capital:
(Increase) in debtors (285,125) (130,060)
Increase in creditors 372,330 403,718
Cashgeneratedfrom/(absorbedby)operations 71,456 {46,132}

aO7-x