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2025-08-31-accounts

Company registration number 05890261 (England and Wales) Charity registration number 1117590 (England and Wales)

MASORTI JUDAISM

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

MASORTI JUDAISM

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Stephen Greene
Mr Jonathan Wiseman
Mr Joe Carlebach (Co- chair)
Mr Paul Harris (Appointed 19 September 2024)
Mr Harry Kelly (Appointed 19 September 2024)
Mr Yoni Stone (Appointed 19 September 2024)
Ms Vikki Lee Bullon (Appointed 17 September 2025)
Ms Ruti Amal (Appointed 17 September 2025)
Mrs Judith Williams (Appointed 17 September 2025)
Country of incorporation United Kingdom 05890261
(England and Wales)
Charity registration England and Wales 1117590
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
HA8 7RY

MASORTI JUDAISM

CONTENTS

Page
Trustees' report 1 - 10
Statement of trustees' responsibilities 11
Independent auditor's report 12 - 14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 32

MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 AUGUST 2025

The trustees present their annual report and financial statements for the year ended 31 August 2025.

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 by:

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

· Operate in the public sphere in accordance with halacha (Jewish laws and practices) as understood by the Masorti rabbis

· Gently encourage our members to intensify their involvement in Jewish learning and observance

· 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 and the centrality of medinat Israel - the state of Israel

MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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

· Welcome and integrate new people intentionally and proactively

· Build communities that reflect a wide range of Jewish belief and practice in accordance with Masorti halacha

· Enable the increasing number of mixed Jewish/non-Jewish families to participate fully in communal life (within halachic guidelines)

Learning – we will

· Regularly participate in Jewish learning

· Engage with the widest possible range of knowledge, experiences and perspectives in an open-minded, critical and intellectually honest way

· Give and receive feedback, evaluate our practice, and respond dynamically to the results

Empowering – we will

· Put ‘people before programming’ and prioritise relationship-building

· Systematically talent-spot, recruit and develop leaders

b. Achievements 2024-25

The year 2024/25 was one of significant transition and continued resilience for Masorti Judaism. Our communities faced a challenging environment, marked by rising antisemitism and ongoing unrest in the Middle East. We remained committed to offering support and guidance when and wherever it was needed, whilst continuing to deliver meaningful programming and safeguarding the future of Masorti Judaism through our Rabbinic initiatives.

This year also saw important changes to our leadership. We marked the departure of our Chief Executive, Rachel Sklan whose remarkable 13 years of service to Masorti Judaism have left an enduring impact. Rachel first led Noam Masorti Youth and Marom, later served as Deputy Chief Executive overseeing community relations and programming, before ultimately guiding the organisation as CEO. We extend our heartfelt thanks for her dedication, vision and longstanding contribution.

Following Rachel’s departure, we introduced a new collaborative leadership structure, with a triumvirate now directing the organisation: Rabbi Adam Zagoria-Moffet as Director of Strategy, Chantal Jacobs as Director of Operations, and Martha Limburg as Director of Communities. Together, they bring a renewed sense of purpose and clarity as we move forward.

Among our achievements over the past 12 months, we:

Rabbinic development and activities

MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Community Development

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

Marketing and Communications

MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Fundraising

c. Our aims for 2025-26 are as follows:

Rabbinic development and activities

Community Development

MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Governance and Partnerships

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

Marketing and Communications

Fundraising

MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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.

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.

c. Trustee Induction and Training

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

New Trustees are inducted through meetings with the co-chairs and staff and are provided with important information about the organisation such as strategic documents 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 Director of Strategy and the other two members of the senior leadership team and is supervised by the co-chairs of trustees

e. Senior leadership team

The senior management team comprises:

MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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 (Resigned 19 September 2024) Ms Miriam Farbey (Co- chair) (Resigned 16 July 2025) Mr Adam Rose (Resigned 17 September 2025) Mr Joel Fenster (Resigned 17 September 2025) Mr Stephen Greene Ms Clare Levy (Resigned 19 September 2024) Ms Georgie Friend (Resigned 17 September 2025) Mr Jonathan Wiseman Mr Joe Carlebach (Co- chair) Mr Paul Harris (Appointed 19 September 2024) Mr Harry Kelly (Appointed 19 September 2024) Mr Yoni Stone (Appointed 19 September 2024) Ms Vikki Lee Bullon (Appointed 17 September 2025) Ms Ruti Amal (Appointed 17 September 2025) Mrs Judith Williams (Appointed 17 September 2025)

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 endeavoured 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 lack of cooperation from key partners and stakeholders.

The key controls used by Masorti Judaism include:

• Regular review of risks to the organisation by the senior leadership team and at Board level using a formal risk register.

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.

MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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 2024-25 comprised:

Name of Synagogue Registered
Charity No.		 Number of Members aged over 21 Number of Members aged over 21
Jan-25 Jan-24
Shema (South Herts and Edgware Masorti) 1117623 401 400
MOSAIC community 1080951 196 172
Kol Nefesh Masorti Synagogue 1081444 141 137
New Essex Masorti Synagogue 297101 120 122
New London Synagogue 1133578 614 511
New North London Synagogue 1094668 2,459 2,436
New Stoke Newington Shul 1176510 142 93
St Albans Masorti Synagogue 1118649 441 400
TOTAL 4,514 4,271

Masorti Judaism's associate members in 2024-25 comprised:

Name of Synagogue Registered Number of Members aged over 21* Number of Members aged over 21*
Charity No
Jan-25 Jan-24
Havurah N/a 60 68
Leeds Masorti Community N/a 50 50
Liverpool Masorti N/a 20 20
Ohel Moed N/a 54 50
Oxford Masorti Group N/a 30 30
Brighton and Hove Chavurah N/a 20 20
TOTAL 214 218

*Estimated figures; most associate members do not have dues-paying membership arrangements.

MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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 holds 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 15, shows that the charity received donations and income of £1,335,578 (2024 of £1,305,995) and incurred £1,288,624 (2024: £1,285,256) of expenses, leaving a surplus of £46,954 (2024: surplus of £20,739).

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 Masorti 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 level, 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 policy

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.

Auditor

In accordance with the company's articles, a resolution proposing that Goldwins Limited be reappointed as auditor of the company will be put at a General Meeting.

MASORTI JUDAISM

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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.

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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

..............................

Mr Yoni Stone Trustee

19/5/2026 Date: .............................................

MASORTI JUDAISM

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2025

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.

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 2025 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 Ireland (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 law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The 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:

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.

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

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. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the 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.

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:

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

● 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.

Anthony Epton (Senior Statutory Auditor)

For and on behalf of Goldwins Limited, Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG Date: .........................20 May 2026

MASORTI JUDAISM

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
323,441
281,384
Charitable activities
4
730,386
-
Investments
5
367
-
Total income
1,054,194
281,384
Expenditure on:
Raising funds
6
73,471
-
Charitable activities
7
933,028
282,125
Total expenditure
1,006,499
282,125
Net income/(expenditure) and
movement in funds
47,695
(741)
Reconciliation of funds:
Fund balances at 1 September
2024
173,794
109,883
Fund balances at 31 August
2025
221,489
109,142		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
604,825
459,712
247,294
730,386
598,499
-
367
490
-
1,335,578
1,058,701
247,294
73,471
92,630
-
1,215,153
928,868
263,758
1,288,624
1,021,498
263,758
46,954
37,203
(16,464)
283,677
136,591
126,347
330,631
173,794
109,883		 Total
2024
£
707,006
598,499
490
1,305,995
92,630
1,192,626
1,285,256
20,739
262,938
283,677

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

MASORTI JUDAISM

BALANCE SHEET

AS AT 31 AUGUST 2025

Notes
Fixed assets
Intangible assets
13
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
18
Unrestricted funds
19		 2025
£
233,003
161,949
394,952
(65,483)		 £
-
1,162
1,162
329,469
330,631
109,142
221,489
330,631		 2024
£
189,733
185,902
375,635
(94,162)		 £
859
1,345
2,204
281,473
283,677
109,883
173,794
283,677

17/5/2026 The financial statements were approved by the trustees on .........................

.............................. Mr Yoni Stone Trustee

MASORTI JUDAISM

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
23
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash (used in)/generated from
investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
(390)
367		 £
(25,362)
(23)
-
(25,385)
185,902
161,949		 2024
£
£
(136,185)
-
490
490
-
(135,695)
315,773
185,902

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

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 1XE.

1.1 Basis of preparation

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.

1.4 Income

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 legacy is treated as a contingent asset.

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

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

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

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Fixtures and fittings 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.

1.8 Impairment of fixed assets

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.

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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.

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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
funds
funds
2025
2025
£
£
Donations and gifts
28,800
210,528
Grant receivable
7,157
-
Membership fees
287,484
70,856
323,441
281,384		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
239,328
43,188
184,765
7,157
94,773
-
358,340
321,751
62,529
604,825
459,712
247,294		 Total
2024
£
227,953
94,773
384,280
707,006

4 Income from charitable activities

Trading and merchandise income
Analysis by fund
Unrestricted funds		 2025
£
730,386
730,386		 2024
£
598,499
598,499

5 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 367 490

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

6 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising and publicity
Other fundraising costs 22,911 12,020
Staff costs 50,560 80,610
73,471 92,630
Educational, Educational,
religious religious
and and
community community
2025 2024
£ £
Direct costs
Staff costs 155,321 198,423
Restricted programme expenditure 282,125 263,758
Unrestricted programme expenditure 463,376 434,590
Other direct costs
16,038 15,220
916,860 911,991
Share of support and governance costs (see note 8)
Support 269,493 251,835
Governance 28,800 28,800
1,215,153 1,192,626
Analysis by fund
Unrestricted funds 933,028 928,868
Restricted funds 282,125 263,758
1,215,153 1,192,626

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

8
Support costs allocated to activities
Staff costs
Office costs
Rent and rates
Travelling expenses
Bank charges
Subscriptions, donations and grants
Professional fees
Depreciation and amortisation
Governance costs
9
Net movement in funds
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets
Amortisation of intangible assets
10
Auditor's remuneration
Fees payable to the charity's auditor and associates:
For audit services
Audit of the financial statements of the charity
11
Employees
The average monthly number of employees during the year was:		 2025
£
157,004
18,614
51,109
4,621
5,876
19,165
11,000
2,104
28,800
298,293
2025
£
573
859
2025
£
9,167
2025
Number
12		 2024
£
127,121
28,246
48,235
8,463
7,172
14,829
11,945
5,824
28,800
280,635
2024
£
672
5,152
2024
£
9,167
2024
Number
15

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2025
2024
£
£
326,721
361,670
23,353
29,290
12,811
15,194
362,885
406,154		 (Continued)
2025
2024
£
£
326,721
361,670
23,353
29,290
12,811
15,194
362,885
406,154
406,154

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2024: nil) neither were they reimbursed expenses during the year (2024: nil). No charity trustee received payment for professional or other services supplied to the charity (2024: nil).

The number of employees whose annual remuneration was more than £60,000 is as follows:

is as follows:
2025 2024
Number Number
£60,001-£70,000 - 1

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

The total employee benefits including pension contributions of the key management personnel were £223,857 (2024: 228,934 ).

12 Taxation

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

13 Intangible fixed assets

Intangible fixed assets
Website costs
£
Cost
At 1 September 2024 and 31 August 2025 15,456
Amortisation and impairment
At 1 September 2024 14,597
Amortisation charged for the year 859
At 31 August 2025 15,456
Carrying amount
At 31 August 2025 -
At 31 August 2024 859

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

14
Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 September 2024
68
Additions
-
At 31 August 2025
68
Depreciation and impairment
At 1 September 2024
44
Depreciation charged in the year
8
At 31 August 2025
52
Carrying amount
At 31 August 2025
16
At 31 August 2024
24
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 Computers
£
5,711
390
6,101
4,390
565
4,955
1,146
1,321
2025
£
117,507
17,272
98,224
233,003
2025
£
2,396
15,277
30,688
17,122
65,483		 Total
£
5,779
390
6,169
4,434
573
5,007
1,162
1,345
2024
£
63,869
12,935
112,929
189,733
2024
£
1,720
61,420
10,499
20,523
94,162

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

17 Retirement benefit schemes
2025 2024
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 12,811 15,194

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

18 Restricted funds

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

At 1 Incoming Resources Transfers Gains and At 31 August
September resources expended losses 2025
2024
£ £ £ £ £ £
Rabbinical
Training 48,004 70,856 (57,714) - - 61,146
Heritage Lottery
Fund Income 18,200 15,908 (34,108) - - -
Havurah (inc
Rabbi) Income 4,003 18,050 (13,375) - - 8,678
Jewish Youth
Fund Grant - 4,000 (4,000) - - -
NNLS Kol Nidre
Appeal Grant - 5,200 (5,200) - - -
Michael Kuhn
Noam Alumni
Microgrants 5,880 - (5,880) - - -
Noam lnclusion
fund - 26,870 (26,870) - - -
Oxford & St
Georges Grant - 4,000 (4,000) - - -
Oliver Joseph
Discretionary
Fund 1,600 - - - - 1,600
LGBT+ Income 3,257 1,390 (4,647) - - -
Siddur (prayer
book) 353 - - - - 353
Conservative
Yeshiva 358 - - - - 358
Shoresh Grant
Roshim training
& pre-camp - 4,000 (4,000) - - -
Ohel Moed
Income 19,087 26,780 (22,554) - - 23,313
City Bridge
Trust 9,141 20,900 (19,272) - - 10,769
Parlour event
income Campus - 1,000 (1,000) - - -
EUJS Grant - 1,272 (1,272) - - -
Shoresh Grant
Marom - 3,966 (3,966)
The Joe And
Rosa Frenkel
Charitable Trust - 5,000 (5,000) - - -
Shoresh Grant
Kelim - 2,983 (2,983) - - -
Masorti Olami
Grant - Noam - 7,353 (7,353) - - -

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

18
Restricted funds
Brighton
Havurah
Income
UJIA Noam
Allocations
Grant
JJBS Grant		 -
-
-
109,883		 256
(256)
57,600
(57,600)
4,000
(1,075)
281,384
(282,125)		 -
-
-
-		 (Continued)
-
-
-
-
-
2,925
-
109,142		 (Continued)
-
-
-
-
-
2,925
-
109,142
109,142

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

18 Restricted funds (Continued)
Previous year: At 1 Incoming Resources Transfers Gains and At 31 August
September resources expended losses 2024
2023
£ £ £ £ £ £
Rabbinical
Training 54,632 62,529 (69,157) - - 48,004
Heritate Lottery
Fund Income 27,890 39,424 (49,114) - - 18,200
Havurah (inc
Rabbi) Income - 18,116 (14,113) - - 4,003
Ian Karet -
NNLS Rabbis - 10,000 (10,000) - - -
Jewish Joint
Burial Society -
Noam Mental
Health &
Wellbeing
(Summer
Camp) - 2,500 (2,500) - - -
Michael Kuhn
Noam Alumni
Microgrants - 6,900 (1,020) - - 5,880
Noam lnclusion
fund - 42,401 (42,401) - - -
Connecting the
Capital Grant 1,567 34,890 (27,316) - - 9,141
Oliver Joseph
Discretionary
Fund - 2,500 (900) - - 1,600
LGBT+ Income 21,502 5,740 (23,985) - - 3,257
Siddur (prayer
book) 353 - - - - 353
Conservative
Yeshiva 358 - - - - 358
John Lyon's
School Holiday
Activity Fund 2,490 3,000 (5,490) - - -
Ohel Moed
Income 17,555 19,294 (17,762) - - 19,087
126,347 247,294 (263,758) - - 109,883

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

18 Restricted funds

(Continued)

Purposes of restricted funds

Havurah (inc Rabbi) Income: Incubating emerging Masorti community

Ian Karet: Donation restricted to funding NNLS Rabbis

Jewish Joint Burial Society: Grant restricted to support mental health and wellbeing on Noam Summer Camp

Michael Kuhn: Donation restricted to funding microgrants for Noam Alumni

Noam Inclusion Fund: Grants and donations restricted to supporting financial and disability inclusion practices on Noam’s residentials

Oliver Joseph Discretionary Fund: Fund restricted to distribute payments according to charitable objectives

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)

19 Unrestricted funds

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

At 1 Incoming Resources At 31 August
September resources expended 2025
2024
£ £ £ £
Designated funds - 19,125 - 19,125
General funds 173,794 1,035,069 (1,006,499) 202,364
173,794 1,054,194 (1,006,499) 221,489

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

19 Unrestricted funds (Continued)
Previous year: At 1 Incoming Resources At 31 August
September resources expended 2024
2023
£ £ £ £
General funds 136,591 1,058,701 (1,021,498) 173,794
20 Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
At 31 August 2025:
Tangible assets 1,162 - 1,162
Current assets/(liabilities) 220,327 109,142 329,469
221,489 109,142 330,631
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 August 2024:
Intangible fixed assets 859 - 859
Tangible assets 1,345 - 1,345
Current assets/(liabilities) 171,590 109,883 281,473
173,794 109,883 283,677

21 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:

Within one year
Between two and five years		 2025
£
41,124
35,984
77,108		 2024
£
32,556
-
32,556

22 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

MASORTI JUDAISM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

23
Cash absorbed by operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Movements in working capital:
(Increase)/decrease in debtors
(Decrease) in creditors
Cash absorbed by operations		 2025
2024
£
£
46,954
20,739
(367)
(490)
(43,270)
225,452
(28,679)
(381,886)
(25,362)
(136,185)