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: 

- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or 

- • sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

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