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← Westminster Synagogue

2024-12-31-accounts

Charity number: 1133190

WESTMINSTER SYNAGOGUE

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

WESTMINSTER SYNAGOGUE

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 7
Trustees' Responsibilities Statement 12
Independent Auditors' Report on the Financial Statements 8 - 11
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 - 37

WESTMINSTER SYNAGOGUE

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees David Appleton, Chair
David Connick
Joe Crossley (resigned 4 June 2024)
Edward Glover
Gaby Gourgey
Debra Hauer
Daniel Hollis (appointed 4 June 2024)
Jessie Kolvin (appointed 4 June 2024)
Ellen Miller
Robert Sandler
Nicolas Stalbow (appointed 4 June 2024)
Charity registered
number 1133190
Principal office Kent House
Rutland Gardens
London
SW7 1BX
Independent auditors Nyman Libson Paul LLP
Chartered Accountants
Statutory Auditors
124 Finchley Road
London
NW3 5JS
Bankers National Westminster Bank Plc
P.O. Box 6037
London
SW3 1XJ

Page 1

WESTMINSTER SYNAGOGUE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of Westminster Synagogue (the charity) for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019).

OBJECTIVES

The objects of the congregation are to provide a centre for Jewish worship and study and to further religious and charitable undertakings appropriate to such a centre.

The following statement of principles and policy was formally adopted by the Synagogue at its third Annual General Meeting on 19 January 1961 to reflect the ideals to which its first Minister, the Rev Dr Harold Reinhart had dedicated his life and to which the Synagogue was and is deeply committed:

PRINCIPLES AND POLICY

Principles

Our aim is to create a synagogue which will be an instrument for the pursuit of religious truth. We would seek for knowledge and charity and piety. We want a congregation that will be a source of encouragement to human progress and of comfort and inspiration to individual men and women. We would be a congregation of interested active members, personally committed to our Synagogue, accepting the responsibility of membership as a challenge to the best in each of us. We regard our membership as a high privilege, and we will not be content with a synagogue which is less than a vehicle of truth.

Policy

For the realisation of our aims we deem it essential that our Synagogue should be the centre of a Holy Congregation of men and women, believing in Judaism as a relevant motivating power in 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 practice and procedure are determined by the members themselves, and we are conscious of a sense of congregational responsibility to interpret courageously our heritage, and to adventure in our religious expression. In our services we strive to give voice to the authentic Jewish tradition expressed in a manner suitable to our times.

Our membership subscription is set at a figure which we consider realistic in the contemporary world, and appropriate for a seriously interested person of moderate means. Members are asked to bear a proper share of the necessary expense of maintaining the Synagogue. Some will be able to pay more, others less. The amount itself is not important - significance lies in the token of seriousness of commitment.

We would avoid commercialisation in our congregational management. While we appreciate the need to direct our affairs in a business like manner, we are determined that our congregation shall not be conducted as a business, that no services or privileges shall be bought or paid for, and that all members shall have precisely the same rights, duties and responsibilities.

We offer our services to all who wish for them, in the belief that the more we give, the more we shall ourselves possess. It may then be asked: if our services are available to all people, why become a member? Our answer is that membership signifies personal participation in a dedicated effort to safeguard our Jewish tradition and serve our Jewish ideal.

We know that a true synagogue is one in which the members participate in congregational prayer and study and maintain a humane administration. We attest our need for such a synagogue and our will to achieve it.

Page 2

WESTMINSTER SYNAGOGUE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Synagogue was established on 29 October 1957 as an unincorporated, excepted charity. It is governed by its laws contained in the constitution adopted 18 March 2004 as amended 21 May 2009, 25 May 2010, 19 May 2016, 25 May 2017, 29 July 2020, 25 May 2022, 8 June 2023 and 4 June 2024. The Synagogue registered with the Charity Commission on 8 December 2009. The management of the Synagogue is undertaken by its Executive and Council.

Method of Appointment or Election of The Executive

The constitution provides that the Executive has the general control and management 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 elected by the Council subject to confirmation by members in General Meeting. The members of the Executive, who may not exceed eleven in number, are the Chairman, Vice Chairman, Treasurer, Hon. Secretary, Senior Warden and Second Warden, (the offices of Treasurer and Hon. Secretary may each be held jointly by two people) and up to three other members elected as Trustees. The Executive is obliged, where practicable, to consult with and take note of the Council's opinions in connection with religious and a number of other specified matters.

Method of Appointment or Election of Council

Members of the Council are elected by members of the Synagogue in General Meeting. The Council consists of not less than three and no more than fifteen elected members of the congregation. Each member of the Council must be nominated by two other members of the congregation. The Council also comprises a Chair of Council, President (elected by members at a General Meeting), and up to seven Vice Presidents, (nominated by the Executive and elected by members of the congregation in General Meeting), and the members of the Executive.

Organisational Structure and Decision Making

The Council and Executive meet at regular intervals during the year. Sub committees are appointed from time to time. They report back to the Executive on their activities.

The everyday operations of the Synagogue are managed by a professional team led by the Executive Director.

Systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

Risk Management

The Trustees have identified and actively review the major risks to which the Synagogue is exposed as follows:

Page 3

WESTMINSTER SYNAGOGUE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees are satisfied that systems and procedures are in place to mitigate the synagogue's exposure to the major risks where possible.

As at 31 December 2024, the spiritual leader of the Synagogue was Rabbi Benji Stanley who was appointed as Minister of the Congregation at the 2017 Annual General Meeting to succeed Rabbi Thomas Salamon, who had led the Synagogue with notable success since 1997 and continues to be a presence in its community as Emeritus Rabbi on a part time basis. The community is fortunate also to have Rabbi Kamila Koprivova as a second Minister of the Congregation.

However, the Synagogue has been required with great sadness to accept the resignation of Rabbi Stanley with effect from 30 June 2025 to permit him to take up a study fellowship in Jerusalem. A Rabbinic Selection Committee has been appointed in accordance with the Laws of the Synagogue to seek another Minister for the congregation.

The spiritual leaders of the Synagogue are supported by a professional team led by Mr Gary Sakol, Executive Director. The procedure for the identification and renewal of lay leadership is set out below.

Policies Adopted for the Identification, Induction and Training of New Trustees

The Trustees regularly review their membership with a view to the identification of prospective future trustees and leaders of the community. On appointment, new trustees are provided with full information on their responsibilities and an induction session with an existing trustee and typically have access to previous post holders for guidance.

ACTIVITIES AND PERFORMANCE

Activities

The Synagogue seeks to attain its objectives through the provision of the following:

• Regular services for the Jewish Sabbath and religious festivals. Some services may be adapted to the needs of the children of members both up to and beyond the age of Bar Mitzvah or make particular provision for the participation of children and parents together.

Public Benefit Provision

The charity has considered and believes it adheres to the Charity Commission's guidelines on public benefit.

The Synagogue has adhered to its stated policy to ensure that while setting standard levels of subscription, these are tailored according to means where necessary and there is a particular focus on the affordability of subscriptions for younger members, with those in full time education having their subscriptions waived. Approaching 25% of other members and independent friends receive a reduction in their subscription, which in some cases may reach 100%.

Page 4

WESTMINSTER SYNAGOGUE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

No member is excluded from any activity for lack of means. Education fees may be rebated or waived in appropriate cases.

A Welfare Fund, to which a proportion of the funds received from the annual High Holydays Appeal has been directed is maintained for the specific support of members in difficult circumstances to complement the funding that has historically been provided through the Rabbi's Discretionary Fund. The Synagogue has significantly expanded its general welfare or Chesed activities to its more elderly members or those who may have mobility issues through a network of volunteers co ordinated by its Community Welfare Manager.

In addition to its services to its members, the Synagogue has provided the following to the wider public:

The volume of all the above activities has been strong throughout the year.

Performance Measurement

The nature of a religious community is such that its successes and achievements cannot be measured 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 lives of its members or the spiritual guidance and comfort it may provide.

Nevertheless, if the above measures are the only available proxy for assessing success, then the Synagogue may consider itself successful. During the course of the year under review:

• Membership numbers were 786 at 31 December 2024, an increase of 19 over the previous year. In addition, there were 148 friends of the Synagogue, who whilst not being of the Jewish faith are very much part of the Synagogue community. 115 of these friends were the non-Jewish partners of members paying a joint subscription; 33 were independent friends. Independent friends may be pursuing a course of instruction for affirmation of their Jewish status or admission into the Jewish faith and it is a particular pleasure to welcome those reconnecting with their Jewish heritage; they may also be the widow or widower, spouse or partner of a deceased member, or a family member (not spouse or partner) of a member or deceased member.

• Sabbath and festival services together with religion classes for children and young people of the Synagogue continued to be well attended, as was the extensive adult learning programme including numerous sessions before and after Sabbath services. Large numbers of members attended the community Seder as well as Hanukkah and Purim celebrations.

• In 2024, the Synagogue celebrated 7 weddings/marriage blessings; 14 B'nei Mitzvot and 3 adult B'nei Mitzvot; and 11 baby/infant blessings. 11 people were affirmed or admitted to the Jewish faith, following instruction in the Synagogue's education programme. Sadly, six members of the community passed away during 2024

.

• The cultural and social programme continued to expand with a wide range of events. These included symposia on Israel and talks on a variety of topics of Jewish interest and various meals included dinners for younger and new members.

Page 5

WESTMINSTER SYNAGOGUE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

Results for the Financial Year Ended 31 December 2024

Adopting the required accounting policies, , the Synagogue recorded an overall deficit of £28,500 for the year ended 31st December 2024. However, this includes a non-cash depreciation item of £23,349 charged against the newly created Designated Fixed Asset Fund. The Synagogue believes that its financial performance is better judged with this item eliminated which would then show a reduced annual deficit of £5,151.This represents a significant improvement over the results for 2023 for which the equivalent figure is a deficit of £68,284.

The Synagogue accounts include both unrestricted (which includes designated) and restricted funds, the latter being those for which the donors have imposed specific requirements as to their use. Considering the two categories of funds separately, on unrestricted funds adjusted for depreciation the Synagogue had a small surplus of £9,204 (2023 - deficit £31,905) while on restricted funds it had a deficit of £14,355 (2023 – deficit £32,379). It is in the nature of restricted funds that in some years they will show a surplus from donations intended to cover expenditure anticipated in the future and in other years a deficit when that money is utilized The ‘adjusted’ surplus on unrestricted funds, which has resulted in a small improvement in the Synagogue’s free reserves may therefore be considered a satisfactory result , although it may be necessary to rebuild the restricted reserves in the future.

Material Investments and Reserves Policy

The investment policy of the Trustees is to restrict investments to deposits with banks with external credit ratings of not worse than A-, or in respect of banks with lower credit ratings, to amounts covered by the Financial Services Compensation Scheme. This policy has been intended to provide minimal risk of capital losses. In addition to its credit policy, the Trustees also maintain a maturity policy for the different categories of reserves so that the Synagogue maintains adequate liquidity at all times whilst also benefitting from the higher interest rates available from fixed terms up to a period of one year.

With effect from 31 December 2020, the Trustees set a reserves policy creating a target for its free reserves of 25% of annual subscriptions and unrestricted donations net of Gift Aid, calculated on a three year rolling basis. As at 31 December 2024 free reserves (General Funds per note 13) were £259,002 comfortably exceeding the target of £171,380. If the Synagogue were to take an alternative approach to its reserves requirement, measuring it against expenditure rather than income but allowing for the use of 50% of the designated Building Maintenance Fund referenced in sub-paragraph (c) below, which is backed by cash, it would have reserves exceeding three months’ expenditure by a margin of £37,421.

In addition to free reserves, the Trustees monitor the Synagogue's financial position in relation to three further categories:

(a) restricted reserves for future revenue expenditure; these are reserves arising from donations towards specific Synagogue activities or employment. At 31 December 2024 these amounted to £125,502 and are expected to be utilised in the main over a one to three year timescale to mitigate what would otherwise be expenditure from general funds.

(b) restricted reserves for future capital expenditure; this represents the Ottensooser Bequest which may not be used for day to day expenditure but otherwise may be applied at the Trustees' discretion. At 31 December 2024 the funds remaining in the bequest were £477,156. (c) the designated Building Maintenance Fund amounting to £189,917. Whilst it is the intention of the Trustees that this fund should be used for repairs that would not normally be included in annual budgeting, in extreme circumstances they could be released for other expenditure.

As at 31 December 2024, the total funds of the Synagogue, including Kent House stated at original cost plus subsequent improvements less depreciation, were £2,123,154.

The Synagogue does not hold any funds as custodian.

Page 6

WESTMINSTER SYNAGOGUE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Outlook

The Synagogue is funded by a combination of members' subscriptions, rental from leasing areas of its building when such leasing does not conflict with the Synagogue's activities, and donations and legacies from members and others.

Subscription income continues to grow mainly through rate increases. Membership numbers are increasing modestly, although more members are paying reduced rates.

Through the considerable efforts of its Executive Director, the efficiency with which the Synagogue’s building is used continues to improve permitting further increases in rental income from third parties which reached a record level in 2024. However, to allow flexibility both in terms of building use and the likelihood of a need to renew services and undertake other works to the property, all arrangements are on short terms agreements so that the income generated is relatively insecure.

Members, including patrons, continue to be very generous in their support of the Synagogue through donations. Despite the income generated from the sources set out above, the Synagogue continues to have a material level of reliance on donations to enable it to maintain the high level of activity and support which members have come to expect. This reliance has been the case for many years and is unlikely to change in the immediate future.

Approved by order of the members of the board of Trustees on 23 July 2025 and signed on their behalf by:

Page 7

WESTMINSTER SYNAGOGUE

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 23 July 2025 and signed on its behalf by:

Page 12

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 2024 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Page 8

WESTMINSTER SYNAGOGUE

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

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:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for 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 financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 9

WESTMINSTER SYNAGOGUE

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

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from 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 addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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WESTMINSTER SYNAGOGUE

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

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Nyman Libson Paul LLP

Chartered Accountants Statutory Auditors

124 Finchley Road

London

NW3 5JS

14 August 2025

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

Page 11

WESTMINSTER SYNAGOGUE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
2
Other trading activities
3
Investments
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
97,966
-
-
97,966
-
112,321
112,321
(14,355)
610,158
(14,355)
595,803		 Unrestricted
funds
2024
£
878,553
288,039
45,022
1,211,614
157,730
1,068,029
1,225,759
(14,145)
1,541,496
(14,145)
1,527,351		 Total
funds
2024
£
976,519
288,039
45,022
1,309,580
157,730
1,180,350
1,338,080
(28,500)
2,151,654
(28,500)
2,123,154		 Total
funds
2023
£
877,017
222,194
37,015
1,136,226
155,251
1,068,608
1,223,859
(87,633)
2,239,287
(87,633)
2,151,654

The notes on pages 16 to 37 form part of these financial statements.

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WESTMINSTER SYNAGOGUE

BALANCE SHEET AS AT 31 DECEMBER 2024

2024 2023
Note £ £
Fixed assets
Tangible assets 9 1,078,432 1,117,785
1,078,432 1,117,785
Current assets
Debtors 10 142,928 133,023
Investments 11 448,462 367,322
Cash at bank and in hand 705,920 792,111
1,297,310 1,292,456
Creditors: amounts falling due within one
year 12 (252,588) (258,587)
Net current assets 1,044,722 1,033,869
Total assets less current liabilities 2,123,154 2,151,654
Total net assets 2,123,154 2,151,654
Charity funds
Restricted funds 13 595,803 610,158
Unrestricted funds 13 1,527,351 1,541,496
Total funds 2,123,154 2,151,654

The financial statements were approved and authorised for issue by the Trustees on 23 July 2025 and signed on their behalf by:

The notes on pages 16 to 37 form part of these financial statements.

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WESTMINSTER SYNAGOGUE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 16 to 37 form part of these financial statements		 2024
£
(50,073)
45,022
45,022
(5,051)
1,159,433
1,154,382		 2023
£
(102,720)
37,015
37,015
(65,705)
1,225,138
1,159,433

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WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

Westminster Synagogue constitutes a public benefit entity as defined by FRS 102.

1.2 Preparation of the accounts on a going concern basis

The trustees have reviewed the circumstances of the charity, and consider that adequate resources continue to be available to fund the activities of the charity for the foreseeable future. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

1.3 Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have 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 statements.

1.4 Income

All income is recognised once the Charity has entitlement to the income, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Subscription income is recognised over the membership year (May to April), starting from the date of receipt.

General donation income is recognised on receipt. Income from Patrons and legacies are recognised on entitlement. For legacies, entitlement is taken as the earlier 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 a legacy, in whole or in part, is only considered probable when the amount can be reliably measured and the charity has been notified of the executor's intention to make a distribution. Education and events income are recognised on a receivable basis.

Rental income is recognised over the period in which it is earned.

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WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.5 Expenditure

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent 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 those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the synagogue; this is normally upon notification of the interest paid or payable by the Bank.

Page 17

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £3,000 or more are capitalised.

Tangible fixed assets are initially recorded at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - 1% on building improvements Fixtures, fittings and equipment - Straight line basis over 3 years

The freehold property comprises the original cost of the land and buildings and subsequent capitalised improvements to the building. Under accounting standards land is not subject to depreciation. No split was made at the time 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 elements would be significantly 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 therefore not subject to depreciation.

Freehold improvements are separately identifiable 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 finite life and should be subject to depreciation, with the assets being written down over 100 years (1% per annum). This represents a change in accounting estimate from the previous treatment 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 retained due to an ongoing programme of maintenance. For the 2024 financial year the depreciation charge amounts to £23,349 and is included in the deficit of £14,145 in unrestricted funds.

The charity operates a rolling repairs and maintenance programme to prolong the useful life of the property and to ensure that the above policy continues to be appropriate.

1.8 Heritage assets

The charity holds various heritage assets; these include items used in religious services and decorative art which is permanently displayed in the charity premises and has been donated over many years. It is intended that these assets will be retained indefinitely and not sold. Accordingly, although they are insured against loss at a total estimated replacement value of £450,000, they are not capitalised in the financial statements.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

The Columbarium comprises prepaid storage space for funerary urns, which is included at purchase cost and released as an expense when individuals within the community pass away and choose to have a cremation.

Page 18

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Investments

Current asset investments includes cash and short-term investments with a maturity of over three months from the date of acquisition or opening of the deposit or similar account.

1.12 Liabilities and provisions

Liabilities and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.13 Financial instruments

The synagogue only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.14 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2. Income from donations and legacies

Donations
Subscriptions
Tax recovered
Donations and Sundry
Security
Legacies
Subtotal
Total 2024		 Restricted
funds
2024
£
-
-
87,966
-
10,000
10,000
97,966		 Unrestricted
funds
2024
£
439,878
122,718
277,396
38,561
-
-
878,553		 Total
funds
2024
£
439,878
122,718
365,362
38,561
10,000
10,000
976,519

Page 19

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Income from donations and legacies (continued)

Donations
Subscriptions
Tax recovered
Donations and Sundry
Security
Legacies
Total 2023		 Restricted
funds
2023
£
-
-
52,029
-
11,171
63,200		 Unrestricted
funds
2023
£
420,150
120,491
256,103
17,073
-
813,817		 Total
funds
2023
£
420,150
120,491
308,132
17,073
11,171
877,017

3. Income from other trading activities and fundraising events

Fundraising
Rent, venue hire & events
Sundry Income
Education
Total 2024		 Unrestricted
funds
2024
£
83,193
151,163
390
53,293
288,039		 Total
funds
2024
£
83,193
151,163
390
53,293
288,039

Page 20

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Income from other trading activities and fundraising events (continued)

(continued)

(continued)
Fundraising
Rent, venue hire & events
Sundry income
Education
Columbarium
Total 2023		 Unrestricted
funds
2023
£
31,684
135,347
1,087
49,411
4,665
222,194		 Total
funds
2023
£
31,684
135,347
1,087
49,411
4,665
222,194

4. Investment income

Interest received
Interest received		 Unrestricted
funds
2024
£
45,022
Unrestricted
funds
2023
£
37,015		 Total
funds
2024
£
45,022
Total
funds
2023
£
37,015

Page 21

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Expenditure on raising funds

Costs of raising voluntary income

Repairs and maintanence
Insurance
Printing, postage, stationery and telephone
Wages and salaries
National insurance
Total 2024		 Unrestricted
funds
2024
£
889
20,529
1,267
121,382
13,663
157,730		 Total
funds
2024
£
889
20,529
1,267
121,382
13,663
157,730

Total 2024

Repairs and maintenance
Insurance
Printing, postage, stationery and telephone
Wages and salaries
National insurance
Total 2023		 Unrestricted
funds
2023
£
775
16,918
6,499
119,441
11,618
155,251		 Total
funds
2023
£
775
16,918
6,499
119,441
11,618
155,251

Page 22

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure by activities

Synagogue operations
Synagogue operations		 Activities
undertaken
directly
2024
£
1,030,317		 Support
costs
2024
£
150,033		 Total
funds
2024
£
1,180,350
Activities
undertaken
directly
2023
£
945,993		 Support
costs
2023
£
122,615		 Total
funds
2023
£
1,068,608

Page 23

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Fundraising, venue & event costs
Lighting, heating and water rates costs
Travel and subsistence
Organist and singers
Security
Religion school
Consultancy
Repairs and Maintenance
Insurance
Printing, postage, stationery and telephone
Recruitment
Accounting and bookeeping
Rent to MST
Restricted fund expenditure (note 13)
Affiliation scheme
Training
Equipment
Total 2024		 Direct costs
2024
£
498,735
23,349
125,517
34,570
6,940
37,422
3,491
63,129
5,082
55,136
20,165
6,388
645
2,040
1,490
112,321
15,203
14,855
3,839
1,030,317		 Total
funds
2024
£
498,735
23,349
125,517
34,570
6,940
37,422
3,491
63,129
5,082
55,136
20,165
6,388
645
2,040
1,490
112,321
15,203
14,855
3,839
1,030,317

Page 24

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Analysis of direct costs (continued)
Staff costs
Depreciation
Fundraising, venue & events costs
Lighting, heating and water rates costs/(refund)
Travel and subsistence
Organist and singers
Security
Religion School
Consultancy
Repairs and Maintenance
Insurance
Printing, postage, stationery and telephone
Recruitment
Accounting and bookkeeping
Rent to MST
Restricted fund expenditure (note 13)
Affiliation scheme
Training
Equipment
Total 2023		 Activities
2023
£
462,790
24,391
102,174
33,493
5,824
31,909
3,970
65,981
16,723
51,274
16,918
6,950
3,472
1,632
1,500
95,579
11,824
5,289
4,300
945,993		 Total
funds
2023
£
462,790
24,391
102,174
33,493
5,824
31,909
3,970
65,981
16,723
51,274
16,918
6,950
3,472
1,632
1,500
95,579
11,824
5,289
4,300
945,993

Page 25

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Security
Telephone and postage
Computer running and software costs
Miscellaneous and other expenses
Legal fees
Bank charges and interest
Governance costs
Total 2024		 Activities
2024
£
67,523
41,106
317
17,805
6,417
4,488
3,497
8,880
150,033		 Total
funds
2024
£
67,523
41,106
317
17,805
6,417
4,488
3,497
8,880
150,033

Total 2024

Staff costs
Security
Telephone and postage
Computer running and software costs
Miscellaneous and other expenses
Legal fees
Bank charges and interest
Columbarium
Governance costs
Total 2023		 Activities
2023
£
65,529
10,353
1,625
16,458
6,525
8,588
4,092
1,765
7,680
122,615		 Total
funds
2023
£
65,529
10,353
1,625
16,458
6,525
8,588
4,092
1,765
7,680
122,615

Page 26

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Auditors' remuneration

Auditors' remuneration
2024 2023
£ £
Fees payable to the charity's auditor for the audit of the charity's annual
accounts 7,000 6,750

8. Staff costs

Wages and salaries from unrestricted funds
Social security costs
Contribution to defined contribution pension schemes
Wages and salaries from restricted funds		 2024
£
608,422
68,317
24,564
65,093
766,396		 2023
£
583,675
57,339
18,364
48,333
707,711

The average number of persons employed by the charity during the year was as follows:

Education
Building Management
Synagogue Administration
Service Providers		 2024
No.
18
4
5
4
31		 2023
No.
20
3
5
4
32

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £70,001 - £80,000 1 1
In the band £80,001 - £90,000 1 1

The charity considers its key management personnel to comprise three people (2023: three people). Total employment benefits including employer's pension contributions for key management personnel were £256,858 (2023: £224,925).

Page 27

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Tangible fixed assets

Cost or valuation
At 1 January 2024
Transfer of Columbarium
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
Transfer of Columbarium
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
2,470,771
-
2,470,771
1,368,990
23,349
-
1,392,339
1,078,432
1,101,781		 Plant and
machinery
£
58,740
-
58,740
58,740
-
-
58,740
-
-		 Columbarium
£
18,404
(18,404)
-
2,400
-
(2,400)
-
-
16,004		 Total
£
2,547,915
(18,404)
2,529,511
1,430,130
23,349
(2,400)
1,451,079
1,078,432
1,117,785

At the year ended 31 December 2024, the carrying value of the Columbarium (£16,004) was transferred to debtors due within one year, and included within prepayments.

10. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
47,994
525
94,409
142,928		 2023
£
23,356
975
108,692
133,023

Included within prepayments are £16,004 of prepaid Columbarium costs, which were transferred at carrying value from tangible fixed assets in the year to 31 December 2024.

Page 28

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Current asset investments

2024 2023
£ £
Fixed term deposits 448,462 367,322

12. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
46,345
21,346
23,334
161,563
252,588		 2023
£
52,670
21,671
20,664
163,582
258,587

Page 29

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Building Maintenance Fund
Designated Fixed Asset Fund		 Balance at 1
January
2024
£
189,917
-		 Income
£
-
-
-
1,211,614
1,211,614
Income
£
6,250
-
1,613
4,500
-
-
-
-
10,000
-
-
7,323
-
3,280		 Expenditure
£
-
(23,349)
(23,349)
(1,202,410)
(1,225,759)
Expenditure
£
(7,650)
(11)
(3,334)
(4,500)
(15,093)
(7,398)
(5,602)
(1,062)
(840)
-
(7,500)
(4,062)
(437)
(1,582)		 Transfers
in/out
£
-
1,101,781
1,101,781
(1,101,781)
-
Transfers
in/out
£
2,315
-
-
(2,315)
-
-
-
-
-
-
-
-
-
-		 Balance at
31
December
2024
£
189,917
1,078,432
General funds
General Funds
Total Unrestricted funds
Restricted funds
Scrolls Repair Fund
Library Fund
Rabbi's Discretionary Fund
Special Project Fund
Welfare Manager Fund
WCLS Education Fund
Music Fund
Prayer Book Fund
Scrolls Fund
Special Purpose Education
Fund
Ottensooser Bequest
Hardship Fund
The Ilana Alexander Fund
Social Action Fund		 189,917
1,351,579
1,541,496
Balance at 1
January
2024
£
-
1,961
5,821
6,189
15,093
30,000
5,602
2,432
2,778
47,414
484,656
6,131
437
70		 1,268,349
259,002
1,527,351
Balance at
31
December
2024
£
915
1,950
4,100
3,874
-
22,602
-
1,370
11,938
47,414
477,156
9,392
-
1,768

Page 30

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Statement of funds (continued)

Statement of funds - current year (continued)

Additional Rabbinic Fund
Addressing Antisemitism Fund
Mental Health Support Fund
Total of funds		 Balance at 1
January
2024
£
1,574
-
-
610,158
2,151,654		 Income
£
50,000
10,000
5,000
97,966
1,309,580		 Expenditure
£
(50,000)
(3,250)
-
(112,321)
(1,338,080)		 Transfers
in/out
£
-
-
-
-
-		 Balance at
31
December
2024
£
1,574
6,750
5,000
595,803
2,123,154

Page 31

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Statement of funds (continued)

The Building Maintenance Fund was established by the Executive to provide monies for the refurbishment and longer-term development of the Synagogue building.

The Designated Fixed Asset Fund was established by the board and comprises the carrying value of the synagogue building less any depreciation charged on building improvements during the year. The net book value of the building as at 1 January 2024 was transferred from the general fund.

The Scrolls Repair Fund was set up to account for donations and fundraising in respect of repairs and maintenance for the scrolls. An amount was transferred from the special projects fund in conjunction with scroll repairs.

The Library Fund was set up with the purpose of purchase and restoration of books held in the Reinhart Library and expenditure in relation to the display of the books or administration of their use.

The Rabbi's Discretionary Fund's purpose is the support of: members of the Synagogue and people associated to it who are suffering hardship; other charities 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 social action, and such other matters which in the opinion of the Rabbi or Emeritus Rabbi are to the broader benefit of the Synagogue and its members and for which otherwise funds may not be available.

The Special Projects Fund was set up to account for donations and fundraising income in respect of specific projects, usually on a one-off basis.

The Welfare Manager Fund has been set up to defray the expenses of employing a professional manager of the Synagogue’s welfare or chesed activities in whole or in part.

The WCLS Fund was created on the closure of The West Central London Synagogue for the purpose of establishing an education fund to provide Jewish religious education by means of "Lunch and Learn" sessions, seminars and invited lectures.

The Music Fund has been set up to develop the range of music and communal musical participation in Synagogue services.

The Prayer Book Fund was set up for research relating to translation, typesetting and printing of prayer books and booklets for the Synagogue.

The Scrolls Fund was set up with the purpose of paying for any matter relating to the promotion of the memory of the Czech Scrolls or the inhabitants of the towns from which they emanated in particular the placing of stumbling stones; expenditure related to the loan and maintenance of Torah Scrolls loaned to the Synagogue by the Memorial Scrolls Trust.

The Special Purpose Education fund was set up to provide additional funding and resources to support education within the Synagogue.

The terms of the Ottensooser Bequest requires the funds to be utilised on capital or other exceptional expenditure of the Synagogue.

The Hardship Fund was created for the support of members and friends of 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 Ilana Alexander Fund was set up for the purpose of promotion of the study of biblical and modern Hebrew, particularly in the context of Bar and Bat Mitzvahs, including the provision of bursaries and other

Page 32

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Statement of funds (continued)

awards both in cases of hardship and generally. Additionally, promotion of relationships between Westminster Synagogue and progressive communities in Israel, both at institutional and member level, including funding of exchange visits.

The Social Action Fund has been set up to support the work of the Social Action team, including the Refugee Kitchen project.

The Additional Rabbinic Fund was created to support the appointment of the additional Rabbi within the community and help fund their salary. The community has grown to the point that a full time second Rabbi is required.

The Addressing Antisemitism Fund is to be used for training for members of all ages in how to effectively address antisemitism.

The Mental Health Support Fund was created to support activities regarding Mental Health and wellbeing, with a specific focus on young people.

Page 33

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Building Maintenance Fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Library Fund
Rabbi's Discretionary Fund
Special Project Fund
Welfare Manager Fund
Special Purpose Education Fund
Ottensooser Bequest
Scrolls Committee Fund
Music Fund
Prayer Book Fund
The Ilana Alexander Fund
Welfare Fund
WCLS Fund
New Rabbi Fund
Social Action Plan Fund
Total of funds		 Balance at
1 January
2023
£
189,917
1,406,833
1,596,750
1,976
10,389
9,106
30,000
47,414
487,405
5,286
11,727
2,432
6,177
625
30,000
-
-
642,537
2,239,287		 Income
£
-
1,073,026
1,073,026
-
2,075
4,250
-
-
11,171
-
-
-
-
10,464
-
35,000
240
63,200
1,136,226		 Expenditure
£
-
(1,128,280)
(1,128,280)
(15)
(6,643)
(7,167)
(14,907)
-
(13,920)
(2,508)
(6,125)
-
(5,740)
(4,958)
-
(33,426)
(170)
(95,579)
(1,223,859)		 Balance at
31
December
2023
£
189,917
1,351,579
1,541,496
1,961
5,821
6,189
15,093
47,414
484,656
2,778
5,602
2,432
437
6,131
30,000
1,574
70
610,158
2,151,654

Page 34

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
January
2024
£
Income
£
189,917
-
1,351,579
1,211,614
610,158
97,966
2,151,654
1,309,580		 Expenditure
£
(23,349)
(1,202,410)
(112,321)
(1,338,080)		 Transfers
in/out
£
1,101,781
(1,101,781)
-
-		 Balance at
31
December
2024
£
1,268,349
259,002
595,803
2,123,154

Summary of funds - prior year

Designated funds
General funds
Restricted funds		 Balance at
1 January
2023
£
189,917
1,406,833
642,537
2,239,287		 Income
£
-
1,073,026
63,200
1,136,226		 Expenditure
£
-
(1,128,280)
(95,579)
(1,223,859)		 Balance at
31
December
2023
£
189,917
1,351,579
610,158
2,151,654

15. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
£
-
595,803
-
595,803		 Unrestricted
funds
2024
£
1,078,432
701,507
(252,588)
1,527,351		 Total
funds
2024
£
1,078,432
1,297,310
(252,588)
2,123,154

Page 35

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
£
-
610,158
-
610,158		 Unrestricted
funds
2023
£
1,117,785
682,298
(258,587)
1,541,496		 Total
funds
2023
£
1,117,785
1,292,456
(258,587)
2,151,654

16. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 2024
£
(28,500)
23,349
(45,022)
6,099
(5,999)
(50,073)		 2023
£
(87,633)
24,591
(37,015)
(55,634)
52,971
(102,720)

17. Analysis of cash and cash equivalents

Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 2024
£
705,920
448,462
1,154,382		 2023
£
792,111
367,322
1,159,433

Page 36

WESTMINSTER SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Analysis of changes in net debt

Cash at bank and in hand
Liquid investments		 At 1 January
2024
£
792,111
367,322
1,159,433		 Cash flows
£
(86,191)
81,140
(5,051)		 At 31
December
2024
£
705,920
448,462
1,154,382

19. Pension commitments

The charity made pension contributions of £24,564 (2023: £18,576). At the year end £5,855 (2023: £2,327) was included in creditors.

20. Related party transactions

The charity’s freehold property is owned, in a nominee capacity only, by the charity’s wholly owned subsidiary, Kent House (Knightsbridge) Limited (the nominee company), as a result of historical administrative complexities in the ability of an unincorporated charity to own interests in property. Beneficial ownership rests with the Synagogue, with the directors of the nominee company acting on behalf of the Trustees of the charity and accordingly the beneficial ownership is reflected in the accounts of the Synagogue.

During the year, a trustee received a bursary of £Nil (2023: £2,000) to continue Jewish education.

During the year, a trustee received payment of £Nil (2023: £415) for teaching services provided.

During the year, a trustee received a grant of £485 (2023: £Nil) to continue Jewish education.

At the reporting date, a trustee owed £525 (2023: £825) to the charity. The loan is interest free and repayable by monthly instalments. The original loan was £1,200 on 26 November 2020 with a further £350 loaned on 11 March 2021 and £300 of repayments have been made as at the reporting date.

Related parties donated £21,740 to the charity during the year (2023: £23,459).

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