**REGISTERED COMPANY NUMBER: 06131892 REGISTERED CHARITY NUMBER: 1118649** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** **FOR** ## **ST ALBANS MASORTI SYNAGOGUE** KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH **ST ALBANS MASORTI SYNAGOGUE** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ||**Page**| |---|---| |**Report of the Trustees**|1 to 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7| |**Notes to the Financial Statements**|8 to 12| **ST ALBANS MASORTI SYNAGOGUE** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** The Trustees, who are also directors of the Charity for the purposes of the Companies Act 2006, present their annual report with the financial statements of the Charity for the year ended 31 March 2024. The Financial Statements have been prepared in accordance with the accounting policies set out in Note 1 of the Accounts and comply with the Statement of Recommended Practice (SORP) Applicable to Charities Preparing their Accounts in accordance with the Financial Report Standard applicable in the UK and Ireland (FRS102) (effective 1 January 2015) and the Companies Act 2006. This report also represents the Directors Report as required by the Companies Act 2006. The Trustees have had regard to the Charity Commission’s guidance on public benefit. This report is in accordance with the SORP requirements and exemptions set out for smaller charities. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** St Albans Masorti Synagogue (SAMS) promotes and provides Jewish religious, educational, pastoral, cultural, and social services for its constituent members and associates in Hertfordshire and in the St Albans district area in particular. These services are delivered via its Rabbi, Adam Zagoria-Moffet and a team of lay leaders, staff, and volunteers. The focus of the services is centred at the Synagogue building in St Albans. SAMS is aligned to Masorti Judaism. The Masorti Judaism movement practices traditional Judaism but interprets Jewish teaching in the light of contemporary knowledge and scholarship. It allows gradual change in law and practice, but only if the change is in harmony with Jewish tradition. The Synagogue’s activities and services are now back to their pre Covid-19 pandemic offerings. Religious services remain at the heart of the community with regular services held three times a week, in addition to festivals and holidays.Throughout the year there were also numerous cultural and social events. ## **FINANCIAL REVIEW** ## **Financial position** The synagogue has now entered the final 5 years of its existing premises lease agreement which expires in June 2026. In anticipation of this, a Long Term Building Committee has been established to review all potential options, including the possible renewal of the current lease. The newly agreed level was backdated to May 2021 and is fully reflected in these accounts. During the year to 31st March 2024 the Synagogue benefited from a payment holiday granted by the burial scheme (Jewish Joint Burial Society) which was in place for the calendar year 2023. As a result, there were no payments made to JJBS for 9 months of the synagogue’s financial year to March 2024. Income was higher, mainly due to the positive impact of MemberShare which resulted in both higher pledges from existing members (relative to their previous membership payments) and record growth in new members joining, in part attracted by MemberShare. Donations and grants declined during the year, with lower levels of grant awards and the impact of some members choosing to reclassify their donations are MemberShare pledges. Careful management ensured that costs declined, in part benefiting from a significant fall in utility costs compared to the prior year. SAMS reserves remain above the policy threshold in the current financial year. However, the Trustee Board is aware that additional income sources – from membership, grants, donations and potentially commercial use of the building - will be necessary to ensure there are sufficient reserves to support the community going forward. For financial year to 31st March 2024 the finances were in surplus by £12,991 (2023: deficit of £39,026). ## **Principal funding sources** The majority of the Charity’s income is generated from its members’ subscriptions and their additional donations. The year ended with 413 adult members and 145 members under the age of 21. The year to March 2024 was the first full year in which the synagogue replaced its previous traditional method of membership fees with an alternative model which invited members to choose the appropriate level of payments. The system – called ‘MemberShare’ – was launched on 1st April 2023. ## **FINANCIAL REVIEW** ## **Reserves policy** During the year the reserves policy was reviewed and the Trustees agreed to increase it from £75,000 to £90,000 with effect from 1st April 2024, reflecting the higher monthly costs of the charity relative to when the reserves policy was set. For the year to 31st March 2024 the reserves policy was maintained at £75,000. Page 1 **ST ALBANS MASORTI SYNAGOGUE** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. SAMS’ governing document is the Articles of Association, latest iteration dated 21 April 2022, and the Constitution that was last updated on 24 May 2022 by resolution passed at the Annual General Meeting. SAMS is a company limited by guarantee and a registered charity (in England). It is managed via a Board of Trustees who are appointed by its members by elections held each year. The Board comprises four Officers (two Co-Chairs, Treasurer and Secretary) and six Trustees. In the year immediately following the appointment of a new Co-Chair, the retiring Co-Chair remains on the Board as Immediate Past Co-Chair. The Constitution sets out the terms for Officers and for respective Trustees. Typically, Officers and Trustees serve for a three-year term. Trustees are eligible to stand for re-election into their posts at the end of two successive terms up to a maximum service period of nine years. Officers may not stand for re-election until a period of at least two years has passed after the expiry of their three-year term of office. ## **Charity constitution** Constitutionally, the Trustee Board meets at least six times per year and in the year to March 2024 the Board met nine times for regular trustee meetings. The Board also met in July 2023 and in September 2023 for strategic planning event where SAMS’ objectives for the coming twelve months were determined. The Board reports to its members at the Annual General Meeting on progress in relation to the objectives. ## **Operations team** The Board operates through a series of committees each with an annually approved Terms of Reference. The Board appoints staff to run SAMS’ various operational services and activities. The three key staff positions are the Rabbi, the Community Coordinator and the Prayer and Ritual Manager. The services provided are also supported by several contract staff, suppliers, and volunteers. Data Protection Officer (DPO) remains in place, with responsibility to ensure that SAMS’ obligations and responsibilities under the GDPR are upheld. The DPO reports directly to the Board. ## **Organisational structure** Figure 1 shows SAMS’ organisational structure. Note that the Co Chairs of SAMS line manage and support the Rabbi and the Community Coordinator. Page 2 **ST ALBANS MASORTI SYNAGOGUE** ## **REPORT OF THE TRUSTEES** **FOR THE YEAR ENDED 31 MARCH 2024** ## **Wider network** SAMS contributes to Masorti Judaism - the umbrella group for Masorti communities in the UK - and receives various services and support in return. In addition, Masorti Judaism has provided the services of a youth leader from within its Noam youth organisation. The Charity makes monthly contributions to Masorti Judaism for an agreed proportion of the costs of the youth leader. The youth leader provides a focus for the Charity's members' children who participate in Noam from the ages of 9 to 15. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 06131892 (Not specified/Other) **Registered Charity number** 1118649 Page 3 REPORT OF THE TRUST FOR THE YEAR ENDED 31 MAR(>120 Hartkn House Harben Par Tr￿hley Rc LONWN NW3 6LH Leonle ￿gIn Bev￿lY Cohen Nittholas Hittennan (rtsigrEd 23 May 2023) Co-chair (ap￿ant￿ as dirthr 24 2017 and as Co4hair 24 May 2022) CTrQ*irllmnEdiate Past GAJwir {ap￿ints￿ as dirertor 30 June 2020, resigned as dlrèlor 21 May 2024 a￿1 appoin￿4 as [M￿￿diate Past Co-ctsir on 23 May 2023) Immallate Past Cthir (resigrEd 23 May 2023) CtrQoir {ap￿irt￿ as dir&lor 30 JU￿ 2021 arnl as Colhair 23 May 2023) (ap￿Inted l NoNEmiEr 2022) (aptM)inted 30 Jur* 2020) (apwntal 23 May 2023) Treasurer {apwlnted 30 Xjre 2021) {ap￿Inted 30 Jure 2021) (appjirted 31 J￿1 2023) (resigned May 2023) (app)irted 24 May 2022) Darren Marks mId￿lIe PeAmutter Virt(Kia Prever Benjamin Roukin Jeff Salter Simn Samuds Charlotte Schlosbwg Shapiro Aviva Wein5teln I•￿1￿d Hart Company Secretsry r4bJira Hart Anthony Cowan FC4 KBSP Partners LLP Harten Hou Hart￿ Pardde nthley Ro&1 LONDON NW3 6LH ApprDvd by rkk h kLJ b>1 ofthe board on ............................... stgrEd on its behalf by. Sim Samuels- Tnistee **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST ALBANS MASORTI SYNAGOGUE** ## **Independent examiner's report to the trustees of St Albans Masorti Synagogue ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## A Cowan Anthony Cowan FCA KBSP Partners LLP Chartered Accountants Harben House Harben Parade Finchley Road LONDON NW3 6LH 08/12/2024 Date: ............................................. Page 5 ## **ST ALBANS MASORTI SYNAGOGUE** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** |Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**311,519**
Other trading activities
2
**25,138**
Investment income
3
**3,568**
**Total**
**340,225**
**EXPENDITURE ON**
Raising funds
**165,227**
**Charitable activities**
Support Costs
**162,007**
**Total**
**327,234**
**NET INCOME/(EXPENDITURE)**
**12,991**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**214,799**
**TOTAL FUNDS CARRIED FORWARD**
**227,790**|Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2024**
**Total**
**funds**
**£**
**311,519**
**25,138**
**3,568**
**340,225**
**165,227**
**162,007**
**327,234**
**12,991**
**214,799**
**227,790**|2023
Total
funds
£
285,897
31,561
848
318,306
198,288
159,044
357,332
(39,026)
253,825
214,799| |---|---|---|---| The notes form part of these financial statements Page 6 31 MARCH 2024 2024 Totsl funds 2023 Totsl fvnds funds fvNJs Tanglble assets S4￿91 591 76,730 69.532 12 69,532 13 68,595 Cash at b￿k 194OIXI lo￿10 20UIO 158,083 (XEDIfoRS Aft￿unts frdlling due within one JtAr (Dwi) (loo￿) (28ffi11) (20,014) 227.790 227,790 214.799 FUNDS Unresthctaf fvr io TOTAL FUNDS The Charitatr￿e company b endtled to frixn ￿K11t u￿ler sed1￿ 4Tr rf trE Cornpantes A(t 2Cth for the year ended 31 Marth 2024. The member5 have rnt reqUI￿d the company to obtsin an alkdlt of its fina￿la1 ststfftits for the y end￿1 31 Marth 2024 in ￿cOrdan￿ with *bon 476 r* tr£ Cunwies At 21J)6. The trLts acknowl* their rwibilities for (a) ensuring that the diaritsble company kw acco￿ting rttords tlk* ￿mplY with *tiLY6 386 387 of tt Compardes Act 2W6 ar¥J preparing financial statements which give a and fair vi￿1 of trE stste of affairs of ts charltable company as at ttE end of e￿ finarri￿ year arrfl of its surplu5 or (kfilit for each fin￿[al year In &cordan￿ the rquirements of ￿bOnS 394 395 J)d whith o)nwly wtth the rqui￿rErts of the Companles Act 2006 rdating to fina￿tal Statern￿ts, so far as opplioble to tr£ dwritpJ)le (Drnpwry. Ib) bJ￿t b) the sm&1 roryan￿ wlme. aNI ￿ve *ngJ on its ithlf ty: n Samuels - Tru*Èe **ST ALBANS MASORTI SYNAGOGUE** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income may be deferred where it enables matching with expenses that are expected to occur in a future period. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |Short leasehold|- Straight line over 14 years| |---|---| |Improvements to property|- Straight line over 14 years| |Fixtures and fittings|- 25% on reducing balance| |Sefer Torahs|- not depreciated| |Computer equipment|- 25% on reducing balance| ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. OTHER TRADING ACTIVITIES** |Advertising
Other income
Events Income
Memorial wall income
Cheder income|**2024**
**£**
**782**
**12,741**
**11,473**
**(5)**
**147**
**25,138**|2023
£
765
21,519
5,657
200
3,420
31,561| |---|---|---| continued... Page 8 **ST ALBANS MASORTI SYNAGOGUE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **3. INVESTMENT INCOME** ## **4.** |Deposit account interest
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases|**2024**
**£**
**3,568**
**2024**
**£**
**22,139**
**70,574**|2023
£
848
2023
£
22,815
73,007| |---|---|---| Net income/(expenditure) is stated after charging/(crediting): ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. ## **6. STAFF COSTS** The average monthly number of employees during the year was as follows: |Charitable activities
Rabbinical
Administration|**2024**
**2**
**1**
**1**
**4**|2023
2
1
2
5| |---|---|---| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |£80,001 - £90,000
**7.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 April 2023 and 31 March 2024
**DEPRECIATION**
At 1 April 2023
Charge for year
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|**2024**
**1**
Improvements
Short
to
leasehold
property
£
£
**55,359**
**236,417**
**43,495**
**184,850**
**3,954**
**16,887**
**47,449**
**201,737**
**7,910**
**34,680**
11,864
51,567|
|2023
1
Fixtures
and
fittings
£
**56,857 **
**53,412**
**861**
**54,273**
**2,584 **
3,445| |---|---|---|---| ||||| ||||| ||||| ||||| continued... Page 9 ## **ST ALBANS MASORTI SYNAGOGUE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** |**7.**
**TANGIBLE FIXED ASSETS - continued**
**COST**
At 1 April 2023 and 31 March 2024
**DEPRECIATION**
At 1 April 2023
Charge for year
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023
**8.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Prepayments and accrued income
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
Accrued expenses
**10.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|Sefer
Torahs
£
**7,000**
**-**
**-**
**-**
**7,000**
7,000

At 1.4.23
£
**214,799**
**214,799**
Incoming
resources
£
**340,225**
**340,225**|| |---|---|---| |||| continued... Page 10 ## **ST ALBANS MASORTI SYNAGOGUE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **10. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1.4.22
£
**Unrestricted funds**
General fund
253,825
**TOTAL FUNDS**
253,825
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
318,306
**TOTAL FUNDS**
318,306|Net
movement
At
in funds
31.3.23
£
£
(39,026)
214,799
(39,026)
214,799
Resources
Movement
expended
in funds
£
£
(357,332)
(39,026)
(357,332)
(39,026)| |---|---| Comparative net movement in funds, included in the above are as follows: A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.22
£
253,825
253,825|Net
movement
in funds
£
(26,035)
(26,035)|At
31.3.24
£
227,790
227,790| |---|---|---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
658,531
658,531|Resources
Movement
expended
in funds
£
£
(684,566)
(26,035)
(684,566)
(26,035)| |---|---|---| continued... Page 11 **ST ALBANS MASORTI SYNAGOGUE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **11. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2024. Page 12