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← Westminster Synagogue

2023-12-31-accounts

Charlty number: 1133190 WESTMINSTER SYNAGOGUE TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

WESTMINSTER SYNAGOGUE CONTENTS Page Reference and administrative detail$ of thè Charlty. Its Tru$te•$ and advisers Trustees. report Tru$tsgs' responslblllties statement Independent auditors. report on thè financial statements Statement of financial activities 8-10 Balance sheet 12 Statement of ¢a$h flows 13 Notes to the financial stslements 14-30

WESTMINSTER SYNAGOGUE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees David Connick (appointed 8 June 20231 Valery Rees (resigned 8 June 20231 Ethard Glover David Appleton Darcy Goldstein I￿S1gned 8 June 20231 Robert Sandler Ellen Miller Michelle Raba Iresigned 8 June 20231 Debra Hauer. Chair Niklas Von Mehren (resigned 8 Jurbe 20231 Gaby Gourgey Joe CroSs￿Y Charity registered numbor 1133190 Prlnclpal office Kent House RutlarTrd Gardens London SWI 18X Ind¥pendent audlto Nyman Libson Paul LLP Chartered Accountants 124 Finchley Road London NVV3 5JS Bankers National We5trnin5ter Bank plc P.0. Box 6037 London SW3 1XJ Page 1

WESTMINSTER SYNAGOGUE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual rèport together with the audited financial statemenls of Weslrninsler Synagogue Ilhe charytyl lor the year ended 31 December 2023. The Trustees confim that the annual report and financial statements of the chanty wmply with the current statutory requirements. the requirements of thè charity's governing document and the provisions of the Staternent of Recommended Practice ISQRPI, appli¢abl8 to eharits.es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition effective 1 January 20191. OBJECTIVES The objects of the congregation are to prowde a centre for Jewish worship and study and to fvrther religK)us and chariiable und8rtakings appropriate to such a cent￿. The following statement ol pnnc￿pIes and policy w8s Iotmally adopte(I by the Synagogue at its third Annual Gener81 Meeting on 19 January 1961 to reflect the Ideals to which it5 first Minister, the Rev Dr Harold Reinh8rt had dedI￿ted his life and to which the Synagogu8 wa5 and is deeply ¢ornmitted' PRINCIPLES AND POLICY Prln¢lple$ Our aim is to crèate a synagogué which will be an in8trurnent for the putsuit of religious truth. We would seek for knowletjge and charity and piety. We want a congregation that will be a source of encouragelnent to human progress and of comfort and inspiration to individual men and women. We would be a congregation of Interested athve members, personally committed to our Synagogue, a￿ptlrng the ￿sponsibl11tY ol membership as a Challenge to the best In each of us. We regard our membership as a high privilege, and wè wll not be content with a synago9ue which is less than a vehicle ol truth. Policy For the realisation of our aims we deem it essential thst our Synggogue should be the centre of a Holy Congregation of men and women, beliewng in Juda15m as a relevant motlV8ting power ln their lives. Through the Synagogue we should participate in the life of Jewry as a whole. and in human endeavour In the wider community. We believe that such a synagogue should be a democratic society in which Practi￿ and procedure ar8 datermined by the members themselves, and we are conscious of a sense ol congregational responsibility to interpret courageou51y our heritage, and to adventure In our religious expr8s510n. In our $ètvices we strive to give voice to the authents¢ Jewish tradrtion exprèssed in a manner Suitab￿ to our times. Our membership subsoiplion is set at a figure which we consKler realistic in the contemporary wortd, and appropriat• for a seriously Inte￿$ted person ol moderate means. Members a￿ asked to bear a proper share of the necessary expense of maintaining the Synagogue. Some will be 8ble to pay More, other5 18ss. The amount Itself is not important- signifi¢an¢e lies in the token of 58wiousness of cornmitment. We would avoid commercialisation in our congwational management. whi￿ w8 appreciate the need to direct our affairs in 8 business like manner, we a￿ detemiined that our congregation shall not be conducted as a busine5S. that no services or privileges shall be bought or paid for, and that all membars shall have precisely the same rights. duts'es and responsibilitie5. We offer our serwces to all who wish for them. in the belief that the Tnore we give, the more we sh811 ourselves possèss. It may then be asked.. il our services are availab* to all people, why become a member? Our answer 15 that mernbership sonifies personal partlClP8tion in a dedicated effort to Safeguard our Jewsh tradition and serve our Jewish Ideal. Wè know that a true synagogue is one in which the rnembers participate in congregational prayer an¢J study and maintain a hurnane administration. We attest our need for such a synagogue and ourwill to achieve it. Page 2

WESTMINSTER SYNAGOGUE TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Synagogue was established on 29 October 1957 as an unincorpoiated, excepted charity. It is governed by rts 18WS contained In the constitution adopted 18 March 2004 a5 arnended 21 May 2009. 25 May 2010, 19 May 2016, 29 July 2020, 25 May 2022 and 8 June 2023. The Synagogue registered with the Charity Commission on 8 December 2009. Th8 fT18nagernent of the Synagogue is undertaken by its Executive and Council. Method of Appolntm•nt or Eleetion of The Executive The constitution provides that the Executive has the general control and rnanagement of the congregation's financial affairs and its day to day administration and its voting members constitute the Synagogue's Charity Trustees. The Executive is alected by the Council subject to confirmation by members in General Meeting. The members of the Executsve, who may not exceed eleven in nurnber. are the Chaiman. Vice Chairrnan, Treasurei, Hon. Secietary, Senior Warden and Second Warden, Ithe offices of Treasuref and Hon. Secretary rnay each be held jointly by people) and up to three other members elected as Trustees The Executive is obliged, where pra¢ti¢able, to consult with and take note of the Council's opinions in connection with r81igious and a number of other specified Matters. Method of Appolntment or El•ctlon of Coun¢ll Members of the Council afe 0￿cted by members of the Synagogue in General Meeting. The Council consists of not less than th￿e and no fflore than fifteen elected members of the congregation. Each member of the Council musl be nominatsd by Iwo other mernber5 of the congregation. The Council also comprises a President (elected by members al a General Meeting), and up to seven VI￿ Presi¢Jents, nominated by the Exacubve and elected by members ol thè Cong￿gatIon In General Meeting. and the members of thè Exècutiva. Orpanlsatlonal Structure and Decl$lon Maklng The CounrAI and Executsve meet at ￿gUlar intervals during the year. Sub committees are appointad from time to time. They report back to the Executy've on their a¢ts'vity'es. As a re$ult of the growth ol the community, rt was de¢ided to appoint a second Minister of the Congregation to support Rabbi Benji Sta￿￿Y. In accordance with the Laws of the Synagogue, a Rabbinic Selection Committee was appointed to Identify and recommend ndidate to rnernbers in general meets'ng. This led to the appointmènt of Rabbi Kamila Koprivova as set out below. The everyday operations of the Synagogue are managed by a professional team led by the Exe¢utsve Director. Systems of internal control are designed to provide ￿aSonab￿, but not absolute. assurance against material misstatement or loss. They include.. An annual budget approved by the Trustees., Regular consideration by the Trustees of financial results, budget variances and non perfomance indicators.. Delegation ol authority and St9￿gatIon of dubes", Identification and managernent of risk5. Rlsk Management The Trustees have Klentifie(l and actively review the rnajor nsks to which th8 Synagoguè is exposed as follows.. Significant loss of membership and the consequentyal effect on subscription and donation income.. Health and safety and safeguarding., the trustees are committed to maintaining the highest standards in these areas. Security", NoFTnal employment and public liability risks.. Reputational risks arising from incidents In the above categories. Loss ol leadership, whether spintual, administrative or lay. Page 3

WESTMINSTER SYNAGOGUE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 The Truste85 are satisfied that systems and procedures are in placs to mitigate the synagogue's exp05urè to the major risk5 where possible. The spiritual leader of the Synagogue is Rabbi Benji Stsnley who was appointe(l as Minister of the Cong￿gatIon at the 2017 Annual General Meeting lo succeed Rabbi Thomas Salarnon, who had the Synagogue with notable SUC￿$$ sin 1997. The Synagogue Is very pleased that Rabbi Salamon continues to be a presence in its community as Emeritus Rabbi on a part tirn8 basis. At its 2023 Annual General Meeting the Synagogue was delighted to appoint Kamila Koprivov3 as a sècond Minister of the Congregation. a position she lomially took up on her ordination on S September 2023. The spiritual Jeaders of the Synagogue are supported by a professional team led by Mr Gary Sakol. Executive Director. The procedu￿ lor the identification and renewal of lay leadership is Set out below. PolleS•$ Adopted for the Identlfi¢atlon, Indu¢llon ond Tralnlng of Now Tru8t•es The Trustees regularly review their membership wth a vw to the identification ol prospective future trustee5 and leaders of the communty. On appointment. new trustees art provided with full Information on their responsibilities and an induction session with an existing trustee and typically have acces5 to previous post holijers for guidan￿. ACTIVITIES AND PERFORMANCE Activities The Synagogue seeks to attain its tsbjectivés through thè prowsion of thè loll¢)wing". Regular services for the Jewish Sabbath and religious festivals. Som& services may b8 adapted to the ne8d5 of the children of members both up to and beyond the age of 8ar Mitzvah or make particular provision for the participation of children and pa￿ntS together. Education In the beliets and practicès of the Jewish faith for children, young peop￿ and adults including those not of the Jewish faith but who wish to adopt it. A vibrant cultural and social programme with an emphasis on the pastoral care of rnernber5. A well stocked library of bt)oks of Jewish interest. The books range fvorn those of a religious arKI philosophical nature. through those covering Jewish history and novels. It includes a children'5 library of over 500 books. Engagement with the broader comrnunity iNduding a commitment to inter lailh activitses and the promotion of mutual understanding betseen people of different faths and none. Publle B•nefit Pmvi81on The charity has considered and believes rt adheres to the Charty Commission's guidelines on public benefit. The Synagogue has adhered to its stated policy to ensure that while Setting standard levèls of subscription. these a tailorsd accordin9 to means where ne￿sSary and there is a particular focus on the 8ffordability of sub5¢riPtions for younger members. More than 10% 01 members and independent fn'ends ￿Ceive a ￿duCtIon in their subscription. which in some cases may reach 100%. No mernbèr is èxcluded from any activty for lack of means Education fees rn8y be rebated or waiv•d in appropriatè cases. A Welfare Fund. to which a proportion of the fun¢Js ￿ceiVed from the annual High Holydays Appeal has been d1￿cted i¥ maintained for the specific support of member5 In difficult circumstances to complement the funding that has historically been prowded through the Rabbi's Discretionary Fund. The Synagogue h85 51gnificantly expanded its general welfare or Chesed actlvlties to its more elderly members or those who may have mobility issues through a network of volunteers co ordinated by its Cornmunity Welfare Manager. In addition to its services to its rnembers. thè Synagogue has provided the following to the wider public.. Use of its building to other charitable or communal organisations at nominal or no Cost. Acees5 to the Sabbath and festy'val servi￿$ conducted at Synagogue as well as to educational. cultural and soual events Direct support to other charitable and soaal activth.ès through collection of goods and the participation of Synagogue fflernb8rs in their work. The volurne ol all the above activities has been strong throughout the year. Page 4

WESTP41INSTER SYNAGOGUE TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Perforniance M¢¥$urement The nature ol a religious community is such that ils successes anrj achievements cannot be MeaSu￿d satisfactorily by standard charity metrics. The size of Its membership or numbers attending services do not in themselves indicate the importance of the congregation in the Iivas of its mafflbols or the spiritual guidan￿ and comfort it may provide. Nev8rthele$s, if the above rnea5ures are the only available proxy for assessing 5ucce5s. thèn the Synagogu8 may consider itself successfvl. During the course of the year under review.. Membership numbers were 767 at 31 December 2023, essentially similar to the p￿viOUS year. In addits'on. there were 162 friends or the Synagoguè. who whilst not being of th8 Jewish faith are very much part ol the Synagogue community. 130 of th8S8 friends were th8 non-Jewish p8rtn8rs of members paying a joint subscripts"on, 32 weie independent triends. Independent friends may be pursuing a course of instruction for affirmation Qf their Jgwish status or admission into the Jewish lailh and it is a particular pleasure to welcome those reconnects'ng with their Jewsh heritage, they may also be the widow or wi¢Jower. spouse or partner ol a deceased member, or a family membèr (not spouse or partner) of a mernber or de￿aSed member. Sabbath and festival services together with religion classe$ for children and young people of thè Synagoguè continued to be well attended, as was the extensive adult learning programme including numerous 5e5sions before and after Sabbath services. Large numbers ol mernbers attended Ihe community Seder as well as Hanukkah and Purim celebrations. In 2023, the Synagogua tèlabratod 8 weddingslmarriage bl85sing5, 17 B'noi Mrf2VOt and 2 aduh B'nei Mi12VOt", 6 babylinfant bles51ng5 a5 well as 8 comrnunal children's blessing. 11 p8opl6 were affirrned trr adrnrtted to the Jewish faith. following iristruction in the Synagogue's education prograrnme. Sadly. six members of the ¢ornmunity passed away during 2023. The cultural and social programme continuèd to axpand with a WKle range ol events. These induded symposia on Israel and talks on a variety of topics of Jewish interèst and various mèals induded dinners with the chair, for younger and new members. FINANCIAL REVIEW Results for the Financlal Year Ended 31 December 2023 At the level of unrestricted fvnds. the Synagogue recorded a financial deficit of £32.379 for the year ended 31st December 2023,. on restricted funds there was a deficit of £55,254 leading to an overall deficit of £87,623. This is a satisfactory result In the first year of employing an adoitsonal Rabbi although rt should be noted that her costs were covered from a restricted fund r815ed for the purpos8. It should also be noted that the unrestricted defiot included a nonacash depreciation item of £23.349 in respect of the building. The Synagogue was not ￿qUired to make such a provision in 2022 $0 the results are not directly comparable. If deprecation is excluded, thè defi￿1 on uniestricted fund5 falls to £9.030 and tsverall to £63,274. While it must always be the objective of the Synagogue to 'balan￿ its books, and as appropriate make provision for long term repairs to its building. the deficits for 2023 were adequately covered from rese￿e$ without them being reduced below t8rget levels. Page 5

WESTMINSTER SYNAGOGUE TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Matèrial Investments and Reserves Pollcy The investment policy ol the Trustees Is to restn.ct investments to deposits with banks wrth extemal credit ratings of not worse than A , or in respect ol banks with lowar C￿dit ratings. to amounts covered by the Financial Semces Compen58tio Scheme. This policy has been intended to provide rninimal risk of Capital losses. In addition to its credit policy, the Trustses also maintsin a maturity policy for the different rategories of reserv85 so that the Synagogue maintains adequate liquidity at all times whilst also ben&fitting frorn the higher interest rates available froffl fixed term5 UP to a period of one year. With effect from 31 December 2020, the Trustees set a reserves poli¢y creating a iaryet for It5 free reserv85 of 25Yo of annual subscriptions and unrestricted donations net ol Gift Aid, talculated on a three year rolling basis. As at 31 Decemb8r 2023 free reserves totall￿ £233,794 cornfort8bly 8xc￿dIng the target of £161.900. The policy and its tar9et will be viewed during 2024. In addition to free ￿seNe$. the Trustees monitor the Synagogue's financial position in relation lo three further categon•s". lal restrictecl ￿serveS for future revenue expendrture", these are reserves arising frorn donations towards specific Synagogue activrties or ernployrnent. At 31 Decetnber 2023 these amounted to £125,502 and are expe¢ted to be utilised In the main over a one to Ihrèt yèar tIrne5C8￿ to mits9ate what would otherwise be expenditu￿ trom gener81 funds. restncted reserves for ftjture capital expenditure.. this ￿presents the 0tt8n50058r Bequ&st which may not be used for day to day expenditure bul otherwse may be applied at the Trustees, discreb"on. At 31 December 2023 the funds remaining In the bequest We￿ £484,656. designated reserves for building repaits amountsng to £189.917. Whist it is the intention ofthe Trustees that thes8 fun¢Js should be used for repairs that would not normally be Indude(I In annual budgets"ng, in extreme circumstances they coukl be rel8a58d for other expenditure. Ibl 1¢) As at 31 December 2023, the total funds of the Synagogue. induding Kent House stated at original c05t plus subsequent improvements ￿$S depreaatson, were £2,151,654. The Synagogue doe5 not hold any funds as Custodian. Financlal Outlook The Synagogue Is funded by a combination of rn•mbèfS' subsciiptions, rental from leasing areas ol its building when such leasing does not conflict wth the Synagogue'5 actiwties. and donations and legacies from members and others. After a Signifi￿nt increase in 2021 membership numbers have been stab￿. Subscription ratss ale being inuèastd broadly in line with inflab'on. although it is the policy of the Synagogue to try to limit the burden for younger member5. The lease of part of the basernent as a nursery School which provKled an annual rent of £50.085 expired on 31 August 2022. Aftor a period of v2cAncy, it was relet with effect from 1 Septernber 2023 although at a reduced level of £40.000 per year. It has also been able to rentalise other areas not in current Synagogue use but it should be noted that all arraryements a￿ on short tem)s ag￿eMentS so that the income generated is relatively insecu￿. Members, Including patrons. continu8 to be very generou5 in their support of the Synagogue through donations. Whilst the Synagogue continues to try to maximise regular incorne from sub5cription5 and other sources, It has a material level of rèliance on donations to enable it to maintain the high level of activity and support which members hav8 comg to expecL This has been the case for many years and Is unlikety to change in the immediate futu￿. Page 6

WESTMINSTER SYNAGOGUE STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for preparing the Trustees. report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United kn'ngdom Generally Acceptefj Accounting Practitsl. The law applicable to charities in England & Wales requi￿$ the Trustees to prepare financial ststernents for each finanaal year which give a true and lair view of the state of affairs of the Charity and of it5 Incoming resour￿$ and applicatson of resoLJrces, including it5 income and expenditure. for that P8riod. In preparing these financial statements, the Tru$tees arè required to.. select suitabfe accounting policies and then apply them consistently.. observe the methods and pnnciples of th8 Charities SORP IFRS 1021.. mak8 iudgrnents and accountin9 estimates that are reasonable and prudent." state whether applicable UK Accounting Standards IFRS 1021 have beon followed, subject to any rn8terial departure5 disclosed and explained in the financial statements., prepare the financial statement5 on the going concern basis unless it 13 inappropriate to presume that the Charity will continuè in business. The Trustees are re$ponsibl8 for keeping adequate ac¢ountirng records that are sufficient to show and explain the Charity's transactions and disdose with reasonable accuracy at any time the financial posrtion of the Charity and enable them to ensure that the financial statements comply with the Charities Ad 2011. th8 Charity (Accounts and Reports) Regulations 2008 and the provisions ol the Trust deed. They are also iesponsible for safeguarding the assets of the Charity and hènce for taking reasonabla steps lor the preventKJn and detection of fraud and other irregulanti6$. Approved by order of the m8mbers ol the board of Trustees on une 2024 and signad on rts behalf by.. Edward G Page 7

WESTMINSTER SYNAGOGUE

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTMINSTER SYNAGOGUE

Opinion

We have audited the financial statements of Westminster Synagogue (the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of 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).

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 auditors' 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 8

WESTMINSTER SYNAGOGUE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WESTMINSTER SYNAGOGUE {CONTINUEDI Responsibilities of twstees As explained more fully in the tru5tees' responsibilities statement. the Trustees a￿ responsible lor the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of fi'nancial statements that a￿ free from material misstatement. whether du8 to fraud or error In preparing the finanryal statements, the Trustees a￿ responsible foT assessing the charitys ability to continue as a going COn￿rn. disclosing, as applicable, rnatttris related to going concern and using the going con￿rn basis of accounting unless the Trustees either Intend to Iv4UKlate the chanty or io cea$8 operations. or have no realistic altemab.ve but to do so. Auditors. responslbllltles for the audit of the financial statements We ha￿ been appointed as auditor under sects'on 144 of the Charities Act 2011 and report In accordancè with the Act and relevant regulatigns made or having eflect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free trom rnaterial misstatement. whether due to traud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance Is a high level of assurance, but Is not a guarantee that an audit conducted in accordan￿ with ISAS IUKI will always ¢Jetect a material rn15Statement when it exists. Misstakmenls can arise from fraud or error and are considerèd matsiial if. individijally or in the ag9￿gate. they could reasonably be expected to influence the economic decision5 of users t8k8n on the basis of these finanrAal ststements. Irre9ularities, including fraud, are instances of ntsn-complianc8 with laws and regulations. We design prO￿d￿re$ in line with our responsibilities. outlined above. to detect material misstaternents in respect of irregularities, induding fraud. The extent to which our procedure5 are Capable of detecting Irregulant￿$, Including fraud is detailed below." We gained an understanding ol the legal and regulatory framèwork applicable to the charity and the industry in which it operates. and wnsIde￿d the risk ol acts by the company that were contrary to applicable laws and regulations. including fraud. We designed audit procedures to respond to the risk. re¢ogni$in9 that the risk of not ¢Jetecting a matèrial misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve delib8rat8 concealrnenl by. for example. forgery or intentional misrep￿Sentation$, 01 through collusion. W¢ focussed on laws and regulations which eould give rise to a material mi$$tatemenl in the finanrial statements, induding. but not lirnited to, the Charities Act 2011. Our tests included agreeing the financial statement disdosurès to undertying supporting documentation and enquiries with management. There a￿ Inherent lirnitatlOn5 In the audit procedures describecl above and. the further ￿moVed non-compliance with laws and regulations is frorn the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to Irregularities. Including fraud. As in all our audits, we also a¢iYressed the risk ol management override of Intemal controls. Including testing journa15 and evaluating whether there was evidence ol bias by the truste*s that iepre5ented a risk of material misstatement due to fraud. A further description of our responsibilits'es for the audit of the financial staternents is located on the Financial Reporting Council's website at. www.frc.or .uklauditorsres onsibilitses. Thi5 deycription form5 part of our auditors, report. U$& ofour report This report is made solely to the charity's trustees, as a body. in accordance with Part 4 of the Charit185 IAcxount5 and Reports) Regulations 2008. Our audit wort( has been undertaken so that W8 fflight state to the charity's trustees those matters we are required to state lo them In an auditors, report and for no other purpose. To the ftjllest extent pemitted by law. we do not accept or assume responsibility to anyone other than the charity and its trustees. as a body. for our audit work, for this report, or for the opinions we have fomied. Page 9

WESTMINSTER SYNAGOGUE

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTMINSTER SYNAGOGUE (CONTINUED)

Nyman Libson Paul LLP

Chartered Accountants 124 Finchley Road London NW3 5JS

Date: 10 July 2024

Nyman Libson Paul LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

WESTMINSTER SYNAGOGUE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Restricted Unrestricted Total Total
funds funds funds funds
2023 2023 2023 2022
Note £ £ £ £
Income from:
Donations and legacies 2 63,200 813,817 877,017 805,678
Other trading activities 3 222,194 222,194 246,751
Investments 4 - 37,015 37,015 13,484
Total income 63,200 1,073,026 1,136,226 1,065,913
Expenditure on:
Raising funds 5 - 155,251 155,251 130,756
Charitable activities 95,579 973,029 1,068,608 858,815
Total expenditure 95,579 1,128,280 1,223,859 989,571
Net movement in funds (32,379) (55,254) (87,633) 76,342
Reconciliation of funds:
Total funds brought forward 642,537 1,596,750 2,239,287 2,162,945
Net movement in funds (32,379) (55,254) (87,633) 76,342
Total funds carried forward 610,158 1,541,496 2,151,654 2,239,287

The notes on pages 14 to 30 form part of these financial statements.

Page 11

WESTMINSTER SYNAGOGUE BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Currgnt a$$ets 1,117,785 1,142,376 Debtors Investments Cash al bank and in hand 10 133,023 367,322 792.111 77,389 589,077 636,￿1 1.292.456 1.302,527 Creditors.. amounts falling due within one year 12 {258.5871 1205,6161 Net current assets 1,033.869 1,096,911 Total assets less current liabilities 2,151,654 2,239.287 Total net a$$ets 2,151,654 2,239.287 Charity fund$ Restricted funds Unrestricted funds 610,158 1,541,496 642,537 1,596.750 Total funds 2,151,654 2,239,287 The financial statements were approved 4 June 2024 and authorised for i5SUè by the and signed on th81r bèhalf by". Trustees on Edward Gl The notes on pagès 14 to 30 fomi part of these financial statements. Page 12

WESTMINSTER SYNAGOGUE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Nel cash used in operating activities 1102,720} 64,376 Cash flows from investing a¢tl¥lties Dividends, interests and rents from investment$ 37,015 13.484 Net cash provlded by investing a¢tivitie$ 37,015 13,484 Change in cash and cash equlvalents in the yaar Cash and cash equivalents al the beginning of the year 165.7051 1,225,138 77,860 1,147,278 Cash and cash equlvalents at the gnd of thè year 1,159,433 1,225.138 The notes on pages 14 to 30 fom) part of thèse financial Statements Page 13

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng poSlcles 1.1 Basls of preparatlon of financlal statemgnts The financial slalements have been prepared under the historical eosl convention with items recognised al cost OT transaction value unless othewise stated in the relevant notes lo these accounts. The financial slalemenls have been prepared in accordance with the Slalemenl of Re¢ommended Practice.. Accounting and Reporting by Charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019 and Financial Reporting Standard applicable in the United Kingdom and Republi¢ of Ireland IFRS 1021 and ChaTlties A¢t 2011. Weslminsler Synagogue conslilules a public benefft entity as defined by FRS 102. 1.2 Preparatlon of the accounts on a golng Concorn basis The Iruslee5 have reviewed the eircumslances of the Charity, and consider that adequate resources continue lo be available to fund the activities of the ¢harity for the foreseeable future. The trvstees consider that there are no material uncertainties about the charity's abilty lo continue as a going n¢ern. 1.3 Fund accounting General funds are unreslricled funds whieh are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated foi other purposes. Designated funds comprise unieslricled funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund 1$ sel out in the notes lo the financial slalemenls. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by rjonors or which h8ve been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial slatemenls. Investment income, gains and losses are allocated lo the appropriate fund. Page 14

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontlnuedl 1.4 Income All income is reeognised once the Charrty has enlillemenl lo the income, any performance conditions attached lo the item{sl of income have been met, il is probable that the income will be received and the amount of ineome receivable can be measured reliably. Subscription income is ¥e¢ognised over the membership year Imay to April), starting from the date of receipt. Donation income is recognised on receipt. Patrons and legacies are recognised on entillemenl. For legacies, entrtlemenl is taken as the earfier of the date on which either". the charity is aware that a distribution will be made, or when a distribution is received from the estate. Receipt of o legacy, in whole or in part, is only considered probable when the amount can be measured reliabty and the charity has been notified of the execulorfs intention lo make a dislribulion. Education and events income are ie¢ognised on a receivable basis. Rentsl income is recognised over the period in which it is earned. 1.5 Expgnditure Expenditure is accounted for on an accrual$ basis and has been included under expense categories that aggregate all costs for allocation lo actiwlies. Where costs cannot be directly attributed lo particular activities they have been allocated on a basi5 consislenl with the use of the resources. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are Ih05e incurred in connection with administration of the charrty and mpliance wi(h conslilutional and slalutory requirements. Expenditure on raising funds includes all expenditure incurred by the Charity lo raise lunds for rts charitable purposes and includes costs of all fundraising actiwties events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the aclivrties which further the Ch8rrtrfs objectives, as well as any associated support ¢o$ls. 1.6 Interest re¢elvable Interest on funds held on deposit is included when receivable and the amount can be measured Teliably by the synagogue,. this is normally upon notrficalion of the interest paid or payable by the Bank. 1.7 Tanglble fixed assgts and depreciation Tangible fixed assets costing £3,000 or more are c8Prtalised. Tangible fixed assets are initially ￿e0rded at cost. After recognition. under the cost model. tsngible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. Page 15

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles Icontlnuedl 1.7 Tangibl8 fixed assets and depreciation {contlnuedl Depreciation is charged so as lo allocate the cost of tangible fixed assets less their re8￿Ual value over their estirnaled useful lives, using the straight-line method. Depreciation is provided on the following bases.. Freehold property Fixtures and fittings and equipment 1(t/o on building improvements Straight line basis over 3 years The freehold property comprises the original cost of the land and buildings and subsequent capilalised improvements lo the building. Under accounting standards land is not subject to depreciation. No splrt was made al the lime of the original purchase between the value of the land and the value of the building. However, based on current market values, both the land and building elèments would be sign*ficanlly In excess of the original cost. The Trustees have therefore deemed freehold land to be the cost of both the land and buildings on purchase in 1960 and therèfore not subject lo depreciation. Freehold improvements are separately idenlrfiable from the original purchase cost on the asset register. In line with the requirements of FRS102, the Trustees have determined that these assets have a finf(e life and should be subject lo depreciation, wlh the assets being written down over 100 years 11 / per annuml. This represents a change in a￿O￿ntIng estimate from the previous Irealmenl in 2022 and prior years of not depreciating the freehold property on the grounds that the assets had a high residual value which was being retsined due lo an ongoing programme of maintenance. For the 2023 financial year the depreciation charge amoun15 to £23,349 and is included in the deficit of £55,254 in unreslricled funds. The ¢harily operates a rolling repairs and maintenance programme lo prolong the useful life of the propety and lo ensu￿ that the above policy continues lo be appropriate. 1.8 Heritage assets The charty holds various heritage assets.. these include items used in religious services and decorative art which is permanenlty displayed in the charity premises and has been donated over many years. 51 is intended that these assets will be retained indefinitely and not sold. Accordingly. although they are insured against loss at a lolal eslimaled replacement value of £450,000, they are not capilalised in the finan¢ial slalements. 1.9 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.10 Cash at bank and in hand Cash al bank and in hand includes cash and short-temi highly liquid investments wlh a short maturity of three monlhs or less from the dale of acquisilion or opening of the deposit or similar a¢¢ounl. Page 16

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontlnuedl 1.11 Investments Current asset investments in¢lLJdes cash and short-lerm investments wrth a maturity of over three months from the dale of acquisition or opening of the deposit OT similar account. 1.12 Liabilttlgs and provisions Liabilities and provisions are recognised where the charity has a present obligation resulting from a past event that will probably resutt in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditor5 and provisions are nomally recognised at their settlement amount after allowing fof any trade discounts due. 1.13 Financlal Instruments The synagogue only has financial as5els and financial liabilities of a kind that qualify as b851C financial instruments. Basic financial instruments are in((18lly reeognised al transaction value and subsequently measured at their settlement value. 1.14 Pgnslons The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity lo the fund in respect of the year. Income from donation$ and legacies Restricted Unreslricled funds funds 2023 2023 Total funds 2023 Total funds 2022 Subscriptions Tax recovered Donations and Sundry Security Legacies 420,150 120,491 256,103 17,073 420,150 120,491 308,132 17,073 11,171 412,849 95,236 278,708 5,220 13,665 52,029 11,171 Totsl 2023 63.200 813,817 877.017 805,678 Totsl 2022 54,219 751,459 805.678 Page 17

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Fundralslng Income Income from fundraisin9 events Unreslricled funds 2023 Total funds 2023 Total funds 2022 Fundraising Rent. venue hire & events Sundry income Education Columbarium 31,684 135,347 3.087 49.411 4.665 31,684 135,347 1,087 49,411 4.685 27,844 169,873 944 44,590 3,500 Total 2023 222,194 222,194 246,751 Investmont income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Interest received 37,015 37.015 13.484 Page 18

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on rai$ing funds Costs of raising voluntary income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Repairs and m8inlenance Insurance Printing, poslage, stationery and telephone Wages and salaries National insurance 775 16,918 6,499 119,441 11.618 T15 16,918 6,499 119,441 11.618 1.322 15.536 3,755 100,835 9,308 155.251 155,251 130,756 Analysi5 of expenditure by actlvltles Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Total funds 2022 Direct eosts 945,993 122.615 1,C68,608 858,815 Total 2022 750.376 108,439 858,815 Page 79

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by actlvltlos Icontinugdl Analy$i$ of diroct costs Total funds 2023 Total funds 2022 Direct costs 2023 Staff costs Depre¢iation FundTaising, venue & events costs Lighting, healing and water rates ¢oslsllrefund} Travel and subsistence 462.790 24,391 102.174 33.493 5.824 31,909 3,970 462,790 24,391 102,174 33,493 5,824 31.909 3,970 406,092 1,674 79,975 14,3391 4,662 25,025 5,563 Ofganist and Singeis Security riii Religion school Consultancy Repairs and Maintenance Insurance Printing. postage. slalionery arid telephone Recruitment Accounting and bookkeeping Rent to MST Restricted fund expenditu￿ (note 131 Affiliation scheme Training Equipment 65,981 16.723 51,274 16,918 6,950 3,472 1,632 1,500 95,579 11,824 5,289 4,300 65,981 16,723 51.274 16,918 6.950 3,472 1,632 1.500 95.579 11,824 5,289 4.300 59,737 17,504 42,618 15,536 8,143 200 1,433 1,500 64,269 12.229 5.024 3,531 Total 2023 945,993 945.993 750.376 Page 20

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of exponditur• by activities Icontinugdl Anatysis of support costs Support costs Total ftjnds 2023 Total funds 2022 2023 Staff costs Securty Telephone and postsge Computer running and software costs Miscellaneous and other expenses Legal fees Bank charges and interest ColumbariLtm Goveman¢e costs 65,529 10,353 1,625 16,458 6.525 8.588 4.092 1,765 7,680 65.529 10.353 1,825 16,458 6,525 8,588 4,092 1,765 7,680 55,071 11,723 939 19,149 6,287 2,985 3.842 1,200 7,243 Total 2023 122.615 122,615 108,439 Auditors. remungralion 2023 2022 Fees payable to the Chartys auditor for the audit of the Charity's annual accounts 6.750 5,675 Page 21

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff costs 2023 2022 Wages and salaries from unrestricted funds Social security costs Contrtbulion lo defined contribution pension schemes Wages and salarie5 from re51ricled funds 583.675 57,339 18.364 48.333 508.713 46.539 16,054 15,250 707,711 586,556 The average number ol persons empkjyed tsy the Charity during the yearwas as foll¢￿Vs". 2023 No. 2022 No. Education Building Management Synagogue Administration SeNi¢e Providers 20 20 32 30 The above nurnb8rs reflect the average head¢ount. The charity employs a number of full and part-time stsff. The number of employees whose employee benefits (excluding employer pension tostsl exceeded £60.000 was.. 2023 No. 2022 No. In the band £70,001- £80,000 In the band £80,001- £90,000 The charity wnsidèrs its key rnanagemént personnel to comprise three people 12022. threè people). Total employment benefits includin9 employerfs pension contributions for key management personnel were £224.925 12022 £208.6901. Page 22

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Tanglble fixed assets Freehold property Plant and machinery Columbarttjm Total Cost or valuatlon At 1 January 2023 2,470,771 58,740 18,404 2,547.915 Al 31 De￿mber 2023 2.470,771 58,740 18,404 2,547,915 D8preclatlon Al 1 January 2023 Charge for the year 1,345,641 23,349 57,698 1,042 2,200 200 1,405,539 24.591 At 31 De¢ember 2023 1.368.990 58,740 2.400 1,430,130 Net book value At 31 December 2023 1,101,781 16,004 1,117,785 Al 31 December 2022 1,125,130 1.042 16,204 1.142.376 10. Debtors 2023 2022 Due within ona ygar Trade debtors Other debtors Prepayments and accfued income 23,356 975 108,692 19,443 1,125 56,821 133,023 77.389 11. Currgnt asset Investments 2023 2022 Fixed term deposits 367,322 589,077 Page 23

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Creditors.. Amounts falling due wlthln ona yaar 2023 2022 Trade creditors Other taxation and social securty Other creditors Ac¢ruals and deferred income 52.870 21.871 11.872 172,374 40,967 18,408 7,998 138,243 258,587 205,616 Page 24

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Statemgnt of funds Statement of funds - current year The Building fund was established by the Executive to piovide monies for thg rglurbishment and longer tèmi development of the Synagogue building. The Special Projoets fund was Set up to account for donations and fundraising income in r8SPèCt of specific projects, usually on a one.off basis. The Education fund was set up to provide addity'onal funding and rasou￿S to support education within th8 Synagogue. The Rabbi Tr8nsrtlDn ftjnd was set up to assist ￿th funding the transrtional period arising on the rettrement of the Rabbi. rhe terms of the Ottensooser Bequest requires the funds to be utslised on capit81 or other excepts.onal expenditurè of the Synagogue. The Library Fund w8$ set up wth the purpose of purchase and restoration of books hald in the Reinhart Library and axp8nditure in relation to the display of th8 books or administrats-on of their use. The Scrolls Committee Fund wa5 set up with the purpose of paying for any matter relating to the promotion of the memory ol the Czach Scrolls or the inhabitants of thè t(ywn5 from which they emanated in particular the placing ol stumbling 5tone5. expenditure related to the loan and maintenance ol Torah Scrolls loaned to the Synagogue by th& Memorial Scro115 Trust. The Prayer Book Fund was set up for ￿Search relats.ng to tr8ns18tion. type5etbng and printing ol prayèr books and booklets for thè Synagogue. Thè Rabbi's DISC￿trOnary Fund's purposa 15 the support of.. rnembers ol the Synagogue and people associated to rt who are suffering hardship, other chanties whose work may be allied to or In fields similar to that of the Synagogue, local community and inter-faith activities and matters that might be described as socjal action, and such other Fnatters whith in the opinion of the Rabbi or Emeritus Rabbi a￿ to the broader benefit of the Synago9ue and ils rnembers and for which oth8rwis8 hjnds may not be available. The Ilana Alexander Fund wa5 set up for the purpose of promotion of the study of biblical and modèrn Hebrew. particulady in the context of Bar 8nd Bat Mitzvahs, induding the provision of bursaries and other awards both in cases of hardship and generally. Additionally. promotion of relationships btheen Westminster Synagogue and progres51ve communities in Israel, both at Institutional and member level, Including funding of exchange visits. Thg welfa￿ Manager Fund has been set up to defray the exptrnses of 8mployin9 a professional manager of the Synagogue's wtslfare or chesed activities in whole tsr in part. The Music Fund has been set up to dO￿lop the ran9e ol music and communal musical participats'on in Synagogue services. The Welfare Fund was created for the support of mèmb8fS and friends ol the Synagogue and their families who are in financial hardship to complement the partial availability of the Rabbi's Discretionary Fund for this purpose. The WCLS Fund was ￿ated on the dosure ol The Wesl Cèntral London Synagogue for thè purpose of establishing an education fund to provide Jewish raligiou5 education by means of "Lunch and Learn. sessions, seminars and invited lectures. The Social Action Plan Fund has baen set up to support the work of the Social Action team, includin9 th8 Relugee Kitchen project. The New Ratsbi Fund was created to support the appointment of the additional Rabb￿ within the community and help fund their salary. The cornmunity has 9rown to the point that a lull time seund Rabbi is required. Page 25

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Statement of funds Icontinuedl Balance al 31 December 2023 Balance at 1 January 2023 Income Expenditure Unre$tri¢t&d funds Deslgnated funds Designaled Building Fund 189,917 189,917 Genoral funds General Funds 1.406.833 1.073,026 11,128.2801 1,351,579 Restricted funds Library FLtrnd Rabbi's Discielionary Fun¢J Speci81 Project Fund Weware Manager Fund New Rabbi Fund Education Fund Ottensooser Bequest Scrolls Committee Fun(J Music Fund Prayer Book Fund The Ilana Alexander Fund Welfare fund WCLS Fund Social Action Plan Fund 1,976 10,389 9,106 30,000 1151 16.6431 17,1671 114,9071 133,4261 1,961 5,821 6,189 15,093 1,574 47,414 484,656 2,778 S,602 2,432 437 2,075 4,250 35.000 47,414 487,405 5.286 11,727 2,432 6,177 625 11,171 113,9201 12,5081 16,125} 15,740) {4,9581 10,464 6,131 30,000 70 30.01)0 240 11701 642.537 63,200 195,5791 610,158 Total of funds 2,239.287 1.136,226 11.223,8591 2,151,654 Page 26

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310E.CEMBER 2023 13. Statement of funds Icontlnued} Statement of funds - prior year Balance al 31 December 2022 Balance at 1 January 2022 In¢ome Expenditure Unrestrlcted funds Deslgnated funds Designated Building Fund 189.917 189,917 General funds General Funds 1,320.441 1,011,694 1925.3021 1,406,833 Re$trl¢ted funds Library Fund Rabbi's Discretionary Fund Special Project Fund Welfare Manager Fund Education Fund OtteTrsooser Bequest Scrolls Committee Fund Music Fund Prayer Book Fund The Ilana Alexander Fund Welfare fund WCLS Fund 1,976 12,635 15.396 45,250 48,475 499.160 5,286 13,487 2.455 7,217 1.250 1.976 10,389 9,106 30,000 47.414 487.405 5,286 11,727 2,432 6,177 625 30,000 1,740 4,440 13.9861 110,7301 115,250} 11,0611 124.4201 12.665 11,7601 {23} 11,140} 15,8991 100 5.274 30,000 652,587 54,219 164,269} 642,537 Total of funds 2,182,945 1,065,913 1989,5711 2,239,287 Page 27

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Summary offund$ Summary of funds- current year Balance al 31 December 2023 Balance at 1 January 2023 Income Expenditure Designated funds General funds Restricted funds 189,917 1,406,833 642,537 189,917 1,073,026 11.128,2801 1,351,579 63,200 195,5791 610,158 2,239,287 1,138,226 11.223.859) 2.151,654 Summary offunds- prior year Balance al 31 DecembeT 2022 Balance al 1 January 2022 Income Expenditure Designated funds General funds Reslri¢led funds 189,917 1.320,441 652.587 189,917 1925,3021 1,406.833 164,2691 642,537 1.011,694 54,219 2,182,945 1,065.913 1989,5711 2,239,287 15. Analy$l$ of net assets betr•veen funds Analysi5 of net assets between funds - current yoar Reslricled Unreslrided funds funds 2023 2023 Total funds 2023 Tan9ible fixed assets Current assets Creditofs due within one year 1,117,785 682.298 1258,5871 1.117,785 1,292.456 1258,5871 810,158 Total 610,158 1.541,496 2,151,654 Page 28

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Analysis of net as$8ts between funds {continued) Analysis of ngt assets between funds - prior year Restrtcled Unrestricted fund$ funds 2022 2022 Total funds 2022 Tangible fixed assets Current 8ssels Creditors due wlhin one year 1,142.376 659.990 1205,6161 1.142,376 1,302,527 1205,6161 642,537 Total 642.537 1,596.750 2,239,287 16. Recon¢iliatlon of net movement in funds lo not cash flow from operating actiV4ties 2023 2022 Net 1ncoma1ax￿nditUr? for the year las per Statement of Finanaal A¢ti*itiesl 187,633} 76,342 Adjustment5 for.. Depreciation charges Dividends, interests and rents from investments Increase in debtors Increase in Creditors 24,591 137,0151 155,6341 52,971 1.873 113,4841 127, 1801 28,825 Net cash provided byl{used in} operating activities 1102,7201 64,376 17. Anatysis of cash and cash equlvalents 2023 2022 Cash in hand Notice deposits (less than 3 months) 792.111 367.322 636.061 589,077 Totsl cash and cash equivalents 1,159,433 1.225.138 Page 29

WESTMINSTER SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Analysis ol changes in net debt A131 December 2023 At 1 January 2023 Cash flows Cash al bank and in hand Liquid investments 636,061 589,077 1%,050 1221,7551 792,111 367,322 1,225,138 165,7051 1,159,433 19. Pgnslon commitments The charity made pension conlfibutions of £18,576 12022." £16,054). Al the year end £2,327 12022.. £1,923) was included in creditors. 20. Related party transactions The charity's freehold property is owned. in a nominee ¢apacity only. by the ¢harity'5 wholly owned subsidiary. Kent House (Knightsbiidgel Limited (the nominee companyl. as a result of historical administrative complexities in the ability of ar? unincorporated charity to own Interests In property. Benefiual ownership rests with the Synagogue. with the directors of the nominee company acbng on behalf tsf the Trustees of the charity and accor¢Jingly the beneficial ownership is ￿flected in the accounts of the Synagogue. During the year, a trustee received a bursary of £2.0(K) to Continue Jewish educats'on. During the year. a trustee re￿iVed payment of £415 for teaching services provided. At the reporting date. a trustefr ow8d £82512022. £1,125) to the charity. Th8 loan 15 interest fr8e and r8payabl8 by monthly Instalments. The original loan was £1,200 on 26 November 2020 with a further £350 loaned on 11 March 2021 and £725 of repayments have been made as at the reporting date. Related partyes donated £23,459 to the charty during the year12022.. £32.9731. Page 30