Reglar*lon No. IlQ4866 Cryrry Regi5tAtion No. 07831243 IEnBland and Walesl THE BELSIZE SQUARE SYNAGOGUE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE BELSIZE SQUARE SYNAGOGUE
LEGAL AND ADMINISTRATIVE INFORMATION
Honorary Officers
Jackie Alexander (Chair) Annette Nathan (Hon. Secretary)
J. Strauss (Hon. Treasurer) R. Nothman (Asst Hon.Secretary)
A. Hurst (Asst Hon.Treasurer)
Trustees
Status unchanged Re-elected J Abramson A Davis (Exec) Jackie Alexander (Exec) P Hirschovits John Alexander F Joseph (Exec) J Brookes F Lehmann P Burger Adam Nathan C Cohen R Nothman (Exec) D Cohen S Percival K Conway D Pollins S Cutner C Walford S Goldstein J Hacker M Horowitz A Hurst (Exec) Annette Nathan (Exec) M Nathan R Pollins J Strauss (Exec) D Tausz J Trenner (Exec) N Viner (Exec)
Re-elected Appointed
Resigned
A Stadlen (02/11/20)
Charity number 1144866 Company number 07831243 Principal address & 51 Belsize Square registered office London NW3 4HX
THE BELSIZE SQUARE SYNAGOGUE
LEGAL AND ADMINISTRATIVE INFORMATION
Auditor
HW Fisher LLP Acre House 11-15 William Road London NW1 3ER
Banker
Scottish Widows Bank Plc 67 Morrison Street Edinburgh EH3 8YJ
CAF Bank Limited
25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Shawbrook Bank
Lutea House Warley Hill Business Park The Drive, Warley Hill Brentwood, Essex CM13 3BE
Investment Management Platform
Flagstone Investment Management 1st Floor Clareville House 26-27 Oxendon Street London SW1Y 4EL
THE BELSIZE SQUARE SYNAGOGUE CONTENTS Trustees. rew>rt Statement of Trustees. re5ponsibilitses Independent auditor's report Statement of financSal acti¥iOes 9-10 8alènce sheet li statement ef cash flows 12 Notes to the financièl st*ements 13-26
THE BELSIZE SQUARE SYNAGOGUE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their report and financial statements for the year ended 31 December 2020, which also contains the directors’ report as required by company law.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charitable company’s Memorandum and Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)(effective 1 January 2019).
Public Benefit
The Trustees have complied with their duty under the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. The benefit to the public is manifestly demonstrated by the activities and achievements contained in this report.
Objectives and activities
The Synagogue’s objectives are to advance the Jewish religion in accordance with the teachings and practices of progressive Judaism. To further these objectives the Charity is to maintain the synagogue for public worship, conduct regular Services, provide the services of a Rabbi and a Cantor, and provide religious education of Jewish children, youth and adults. The Synagogue is authorised to provide facilities for marriages, burial and assistance for the aged, the sick and the needy.
Achievements and performance
2020 was an extremely challenging year for everyone and the synagogue was no exception. In March, the Government announced a national lockdown to help combat the Covid-19 pandemic. This meant the synagogue had to close its doors to congregants for all Services and moved all activities online. The Community adapted to the changes well and we have continued to support our members throughout the pandemic. During the lockdown periods the synagogue Chair wrote a weekly email to the Community keeping them up to date with synagogue news and online activities form other organisations.
After ten successful years, Rabbi Dr Stuart Altshuler entered his final year as spiritual leader of the Synagogue. At the start of July 2021 he began a 12-month sabbatical before officially leaving Belsize Square in June 2022. The synagogue is extremely grateful to Rabbi Altshuler for his contribution to the community. Services and kiddushim were held in his honour which were well attended. Rabbi Altshuler’s successful conversion and adult education programmes continued online while the synagogue was closed. Many of the conversion students who completed the course have become members of the community.
Cantor Dr Paul Heller completed his seventh year of service. His participation not only enhances Services but also continues the musical tradition for which the Synagogue is well known. Cantor Heller ran successful online education courses during the year and actively supported our welfare officer. Cantor Heller also officiated at the majority of our funerals.
Rabbi Rodney Mariner continued in his Emeritus Rabbi role and assists when needed, supporting the community when Rabbi Altshuler was away or unavailable and officiating at funerals when requested.
Rabbi Gabriel Botnick has been appointed as Belsize Square’s fifth Rabbi and began his tenure in April 2021.
We are as always immensely grateful for the contribution of our ministers in the day to day life of the Synagogue.
During the course of the year, the Synagogue continued to offer religious, educational and welfare activities. Religious Services were maintained each Shabbat, with Services held on Friday evenings and Saturday mornings throughout the year. During the initial lockdown in March 2020, Cantor Heller led Friday night Services on his own from our sanctuary which were streamed into the homes of our members via BelsizeLIVE and his technical expertise allowed us to use a combination of recorded and live Services on Saturday mornings. Rabbi Altshuler joined him later in the year, shortly before we were allowed to welcome back congregants after the first lockdown. Our numbers were severely limited and a booking system was created to maximise our space. All Government guidelines were strictly adhered to, including using choir recordings when it was not possible to have our choir singing in the Sanctuary.
Services continued to be held on the on the first two and last days and evenings of all the major Jewish festivals, including both days of Rosh Hashanah and throughout Yom Kippur. Due to the limit in numbers permitted to attend as a result of the pandemic, members were invited to book into the High Holyday Service of their choice. Every member who requested to attend was accommodated for at least one of these special Services. Our High Holyday Youth Services were held entirely online to allow maximum participation and attendance.
Services are led by one or both of the ministers, with involvement from members of the Community on a regular basis. The music of our Services continues to be enhanced by our Synagogue, Community and Youth choirs accompanied by an organ. We are delighted to be able to webcast our Services via BelsizeLIVE for the benefit of both members and non-members both in the U.K. and overseas.
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THE BELSIZE SQUARE SYNAGOGUE
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2020
There is no charge for this facility but a number of non-members chose to send us donations to help cover our costs. BelsizeLIVE proved to be an invaluable asset during the pandemic with both members and non-members making full use of the facility. For those members who could not attend the High Holyday Services they were broadcast on BelsizeLIVE, allowing many non-members from around the world to watch.
Our commitment to education, for all ages, remains as strong as ever with numerous events open to members and the wider community. Our Cheder, led by our Head, Caroline Loison, provides popular weekly educational activities for children between the ages of 5 and 15. Our Cheder adapted to the pandemic by providing weekly online lessons, complimented by 1-2-1 Hebrew lessons for those who wanted. Unfortunately, Caroline was unable to run as many youth activities as she would have liked but ran a couple of well attended online events. Our Youth Choir leader provided individual on-line singing lessons to Cheder and Youth Choir members during this period.
Our weekly Adult Discussion Group continues to be popular, attracting new members and producing a lively debate amongst attendees. Sessions took place online using Zoom when the synagogue had to close and attracted many people who would not usually attend. The annual Holocaust Memorial Day programme, which is held in February each year, again attracted over 1,000 students from local schools over a two-week period, just prior to the pandemic and in 2021 was held online. We are extremely grateful to all the volunteers for making this an outstanding learning experience for which we receive exceptional feedback every year.
Welfare activities are led mainly by our Community Care Co-ordinator who provides support for the aged and needy in our community. Many are members of the Association of Jewish Refugees and we remain extremely grateful to the AJR for their continued and generous funding of this role. We have an established committee of volunteers to support this work through providing lunches and maintaining contact with older members. When the pandemic started, the response to our call for volunteers was emphatic. Many members helped in ensuring our elderly and vulnerable members received regular contact and updates from the community. Many of these members received support with shopping, collecting medication and appropriate gifts for some Festivals. The Synagogue participates in the annual Mitzvah Day programme each November when over 100 of our members and children join in a variety of good deeds both within our own community and also locally. Other activities include quarterly clothing collections for refugees and collections of food and other essentials for various local charities. Usually our youth choir visits a local care home but with it not being possible this year a virtual concert was recorded for the residents which was also made available to other care homes.
Our musical year included two virtual concerts for our members to enjoy. The London Young Sinfonia performed an orchestral concert that was streamed and watched by over 250 households. And Pizmon, a cappella group from Barnard College, performed live from the USA on Zoom into the homes of our members.
Fundraising activities
The Synagogue requires regular fundraising activities, in addition to annual membership subscriptions, to support its infrastructure and continue to provide a wide range of events and services.
Unfortunately, major fundraising events including our annual Chanukah Market had to be cancelled.
The Belsize 100 initiative, asking members to add a £100 donation to their annual subscription, continues to be successful, again raising over £35,000.
All our fundraising events are open to members and a request for additional donations is also issued once a year with the membership fee letter. There is a legacy scheme which is publicised by leaflets that are available for members to take at the Synagogue entrance. No phone calls are made to pressurise members into attending events or donating. However, we do make calls to encourage members to pay their subscriptions once they are more than 6 months overdue.
Financial review
Total income for the year was £979,165 (2019: £1,198,829). Subscriptions (including gift aid reclaimed) were lower at £417,878 (2019: £455,207) as the synagogue received fewer enquires from potential new members during the pandemic. The Membership Committee continues to review several initiatives to increase the Synagogue’s membership base.
We continue to enjoy a successful and mutually beneficial relationship with our tenants, Keren’s Nursery. Keren’s Nursery had to close for a short period during the first lockdown. The synagogue agreed to share the pain with the nursery and negotiated a reduced rent for that period. We rent out the scout hut, which occupies part of the Synagogue’s land, to the Hampstead 22nd Sea Scouts who sublet the hut to another nursery, Oliver’s, during the week. Oliver’s nursery had to close for a significant period of time
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THE BELSIZE SQUARE SYNAGOGUE
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2020
during the year leaving the Scouts unable to pay their rent. Again, the synagogue agreed to share the difficulties with the Scouts and negotiated a reduced rent for the remainder of the year.
Expenses for the year of £991,091, excluding depreciation of £115,131 (2019: £110,317), were lower than the 2019 figure of £1,203,527. The largest portion of running costs comprises wages and salaries, including those of our two full time ministers, the cost of running our office and facilities as well as our educational, musical and welfare activities. The Synagogue utilised the government’s furlough scheme for members of staff who were unable to perform their duties. The impact of the pandemic resulted in lower running costs of ongoing activities as well as minimal costs for events. Our legal expenses were also significantly lower in 2020.
The overall outcome of gross income of £979,165 less total expenditure of £1,106,222 meant that the net assets of the Charity at the end of 2020 of £3,550,799 were £127,057 lower than at the previous year end (£3,677,856).
The net assets principally comprise land and buildings of £2,429,418, which includes capitalisation of all development expenditure on the synagogue building. The Charity held £1,254,632 in cash and deposits at 31 December 2020 compared to £1,265,190 at the end of 2019.
In addition to the fixed asset fund, representing the land and buildings, the Charity held £1,001,697 in unrestricted funds at 31 December 2020. This is in keeping with the Reserves Policy (see below). The amount held in designated and unrestricted funds is kept under review by the Trustees and the Synagogue’s Finance Committee as part of financial planning for the future. A further £119,684 remains held as restricted funds.
Structure, governance and management
Belsize Square Synagogue was founded in 1939 and established as a charity by its constitution, which was first adopted in 1971. In 2011 a new charity, The Belsize Square Synagogue (the ‘Charity’), was incorporated as a company limited by guarantee and in 2012 assumed the assets, liabilities and activities of the previous, unincorporated, body. The Charity’s governing documents comprise the Memorandum and Articles of Association, which are largely similar to the constitution of the previous body.
The Synagogue is organised under the management and control of the governing body, (“the Board”), whose members, together with the elected Chair, comprise the charity Trustees. The Board consists of up to 33 elected members, and appoints, from among its members, the Honorary Officers of the Synagogue who include the Hon. Treasurer and the Hon. Secretary, in addition to the Chair. The Board also appoints the Executive, which consists of the Chair and eight members of the Board, including the Honorary Officers.
The Board Members, Chair, Honorary Officers and members of the Executive who served during the year and up to the date of approval of the financial statements are set out on the front page of this report and financial statements. All appointments, reelections and resignations took place at the Annual General Meetings on 2 November 2020 and 7 June 2021 unless otherwise stated.
The Board constitutes various committees, whose membership is made up of members of the Community. These committees take responsibility for organising and managing various activities within the community and report to members of the Executive and/or the Chair. Periodic reports are also made to the Board and to the Annual General Meeting of the Synagogue’s members. The Chairs and membership of each committee are approved by the Board on an annual basis. The Executive are appointed by Board resolution as the Remuneration Committee. The Trustees as well as the Synagogue’s Finance & Audit Committee have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to manage exposure to the major risks such as predictability of income.
A legally qualified and long-standing Board member has responsibility for ensuring that from time to time there is a presentation to the Board about Charity Trustee and Director obligations and liabilities. This forms part of new Board member induction.
Reserves Policy
The Synagogue holds two main categories of funds.
Restricted funds are held where monies are given for specific purposes by donors.
Unrestricted funds comprise all remaining funds and are segregated into two additional categories:
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(i) Designated Funds, which represent the net book value of the Synagogue’s fixed assets as well as, periodically, amounts that the Board wishes to set aside for specific substantial future projects; and
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(ii) Other Charitable Funds, which broadly comprise the unrestricted cash balances available to manage the Synagogue’s day to day activities.
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THE BELSIZE SQUARE SYNAGOGUE
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2020
A formal Reserves Policy exists, which sets out the Synagogue’s policy that Other Charitable Funds should be maintained at a level sufficient to finance annual working capital requirements and to enable the Synagogue to meet all of its charitable objectives, which is £914,000 when quantified. This policy is reviewed by the Board and the Finance Committee on an annual basis. An amount of £25,334 has been transferred from Other Charitable Funds to Designated Funds at 31 December 2020 representing fixed asset additions during the year.
Key risks and uncertainties disclosures
The Synagogue has developed a Risk Register which is reviewed annually by the Board and the Finance & Audit Committee. There are currently 49 identified risks in the categories of: Financial; External premises and Security; Governance; Religion; Subletting part of the building to third parties; Cheder; Trips; Welfare; Youth. New risks are added when appropriate. None of the current risks are categorised as red and consequently there are no principle risks to the Synagogue.
At the time of writing of this report, the Synagogue has not fully reopened as we continue to follow guidelines released by the government during the Coronavirus pandemic. The Synagogue continues to function and is maintaining as many activities as possible both in person and online, including Livestreaming services, board and committee meetings taking place virtually, cheder, adult education and other activities also continuing online. A network of volunteers continues to keep in touch with vulnerable members of the community.
From a financial perspective, income has decreased as a result of the pandemic, both from membership subscriptions as well as lower donations due to fewer events and activities taking place. The Synagogue remains sensitive to any cases of financial hardship. There is also a risk that our rental income decreases if our tenants, Keren’s Nursery and Hampstead 22nd Sea Scouts are forced to close again. The Synagogue is managing the cost base as efficiently as possible during this period. The trustees are comfortable that with the actions being taken the Synagogue will be able to continue to operate for the foreseeable future.
Plans for the future
In 2021, Rabbi Gabriel Botnick succeeded Rabbi Dr Stuart Altshuler when Rabbi Altshuler commenced his planned sabbatical in July 2021. Rabbi Botnick began work at the synagogue in April 2021 starting with a short induction period.
As well as striving to increase our membership, we regularly look at ways to better utilise our assets. We continue to pursue options regarding rental of the hall but also are considering refurbishing it.
Day-to-day we continue to rely on the huge and unstinting generosity of members, in remembering the community in their legacies and in donating so substantially to our future both in terms of monetary gifts and time dedicated on behalf of the Community. We remain extremely grateful.
Disclosure of information to auditor
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor are aware of such information.
On behalf of the Board
Jackie Alexander Chair
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THE BELSIZE SQUARE SYNAGOGUE ATEMENT OF TRUEE5. RESPONSIBIUTIES FOR THE YEAR ENDED 31 DECEMBER 2020 The Tru5tee5, who are a150 the DirÈctor5 01 ThE 151 Squbre a80e for the purpose of iompany law, are responsible for preparin8 thè TrustÈÈs' Report and thè hnancibl statements in att0rdtte with applitable law and United Kingdom Accountin Standards (United Kin8dom Generally Accepted Accouniing Practitel. Company Law reoulres the Trustees to prepare finala1 stements lor each financial ar which gNe a true and falr of the state of èffalrs of the charity and ol the Sncoming resour$ and appli)0 ol resources. Includlng the income and expenditure, of the chaiitable company for that year. In preparSng these financial ststements. theTrustees are required to.. - select suitable accountin8 policies and then apply them con5iStentlv - observe the methods and princip$ in theCharib"e5SORP. - make judgements and estimates that are rea50nableand prudent: - state whether applicable UK Aounting Standards have been followed, 5ubjert to aThy moterial departures di5c105ed and explained in the financiol 5tètements' and prepare the finan¢lal statements on the 8oin8 ¢orIr $1$ Unless it is ihappropriaie to presume that the Charity wlll Continue in operèoon. The Trustees are responsible for keeping adequète accounln8 records that dlsclose wth reèsenable accurècy at any time the financièl position of the charity and enable them to ensure that the fit)8ncial ststements comply with the Compènies Aci 2006. They are also responsible for safe8uardingtheassets of the charity and hence foi ts*in8reasonable steps forthe prevenoon and detecoon of frèud and other irregularities.
THE BELSIZE SQUARE SYNAGOGUE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BELSIZE SQUARE SYNAGOGUÉ Opinion We have audited the financial Statements of The Belsiie Square Synagogue Ithe '£harity'l for the year ended 31 Dember 2020 which comprise the 5t3tement of financial activibes. the balance sheet, the ststement of cash IIow5 and the notes to the financi81 ststements, including a sumrnary of significant accounbng policie5. The financial reporting framework that has been applied in their prep3r3tion 15 applicable law 3nd United Kin8d4)rn Accounting Standards, including FIrncl31 Reportin8 Standard 102 The Financiul Reporting StaFJdurdopplicoble in the UKuFJdRepublicollrelandlUnited Kin8dom GenerdltyAccepted Accounting Pracbcel. In our tspinion, the financial ststements.. Eive a true and fair view of the state of the charitsble company's affairs as at 31 Detrmber 2020 and of its incoming resources and applicabon of resource5, forthe year then ended.. hève been properly prepared in ac£ordance with United Kingthn GeneraltyAttepted Acnrn8 Practice.. and have been prepared in 3ccordance with the requirements olthe Companie5Act 2(K6. Ba$ for oplnlon We conducted our audit in accordance with International Standards on Audibng IUKI 11SAs IUKII and applicable law, Our re5ponsibililes under those standards are further described in the Auditor'5 respon5ibiliDes for the audit of the financial ststements section of our report. We are independent of the charity In accordance wth the ethical requirements that are relevant to our audit of the financial statements in the UK, inclutling the FRC'S Ethical Stsnd3rd. and we have fulfilled our other ethic31 responsibilities in accordance with these requirernents. We believe that the audrf( evidence we hwe obtsined 15 sufficient and appropriate to provide basis for our opinion. Concluslon5 relalln8to concern In aJditD6 the financial statements. we have conduded that the Trustees, use ol the 80in8 concern ba5 of accounting In the preparatlon of the f nancial statements is appropnate. Based en the work we have performed. we ha¥e not identified èny material uncertainties relann8 to event5 or condidons that, individually or collecbvely rnay cast significant doubt on the charity's ability to conts-nue as a 8oinB concern for a perlod of at least twel¥e rnonths frorn when the fin3ncial staternents are authorised for 155ve. Our re5pon5ibllittes and the re5ponsibilitie5 01 the Trustees with re5pert to goin8 concern are described In the relevant sedons of Othtr Inlorrnii The other Infermaljon comprises the lTrformatson included in the annual port other than the financial statements and our audltor's report thereon, The Trustees are responsible for the other Informaiion Contsined wthin the annual report. Our opinion on the financial statement5 does not cover the other Informabon and. excep¢ to the extent otherwise explicitly stated in our report. we do noi express any form of assurance conclusion thereon. Our responsibility ss to read the other Informab-on and. in doing so, consider whether the other informabon 15 materialty incon515tenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially mi5$1ated. If we identy.fy Such material inconsistencies or apparent fflaterial fflisststement5, we are required to deterrnine whether this gi¥es rise to a material mi55tstement in the financi31 ststements thernselves. If, based on the work we hwe performed. we conclude that there 15 • material mi55tstement of thi5 Other information, we are required to report that fact. We have nothin8 to report in thi5 regard. Oplnlons on other matter5 prescribed by the C•mpanitsAcl 2( In our opinion, based on the work undertaken In rhe course of our audit.. the information 8iven in the TrustsÈs' report, which includes the directors, report prepared fer the purposes ef company law, for the financial year for which the finèncial ststements ère prepared Is con*ttent with the financial statements., and the directors. report included within theTrustees' retx)rt has been prepared in accordance with applicable legal requirernent5. Matter5 on which weare required torepwt byexception In the light of the knowledge and understsndinB of ihe charity and its en¥ironmeni obtained in the course of the audit, we have not identified material misstsMentS in the directors, report included thin the Trustee5' report.
THE BELSIZE SQUARE SYNAGOGUE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BELSIZE SQUARE SYNAGOGUÉ We have nothing to report in Tespect of the followng matte[5 in relalion to which thÈ Cofflpanie5 Ad 2fA)6 re4uires u5 to report to you if. in our opinion.. adequate accounbng record5 h3ve not teen kept. or returns adeque for our audrt have not been retri¥ed frorn branches not visited by u5,. or the financial statements are not in agreement wSlh the accounting records and returns- or certain disclosure5 of Tru5tee5' remuneralion specified by laware not made; or we have not received all the information and explanations we require forour audit." or the Trustees were not entitled to prÈparÈ the ffinantièl statements in èctordantè with thÈ small tompaniès re8lmè and take athfanta8È of the small tompanies, exemptions in preparing the Tfustees. report and from the virement to prepare strate8ic report. Respanslbllllesof TN#ees A5 explained more ftjlly in the 5ternent of Tru5tee5' responsibilitie5. the Tru5tee5. who are 3150 the dirertors of the charity for the purpose of comp3ny law, are re5pon5ible for the preparation of the hnancial statements and for bein8 satisfied that they give a true and fair view, 3nd for Such internal control a5 the Tru5tee5 determine is nece55ary to enable the preparalion of financial statements that are free from material mi5Statement, whether due to Iraud or error. In preparing the financial statements, the Trustees are responsiblè for èssÈssin8 the thèrity'5 ability to tontinue as a 8oin8 tontern, distlosing, as applitablè, mattÈr5 rèlated to 8oing tontÈrn and using thÈ 80ing contÈrn basis of èttounting unless thè Trusteès either intend to liquidate th@ charitable company or to tease 0raon$, or have no reèlisO¢ alt¢rnaiiv¢ but to do w. Audltoi's respamslb411Vesfor the iudlt ol thtfflmmttsl ststmtnts Our objectives are to obtain reasonable assurance about vihether the financial ststements as 3 whole are free from rnerial rnis$tatement, whether due to fraud or error. and to 155ue an auditor'5 report that Includes our opinion. Reasonable assurance 15 high level of Js5urance but 15 not a 8u3rantee that arb audit condurted in accordance with ISAS IUKI will always detect a rnaterial rnisstatement when it exists. Misststements arise from fraud or error and are considered rnaterial if, individually or in the a88re8ate, they Could reasonably be expeded io inlluen¢e the e¢onomi¢ dedsion$ of users ¢•ken OTh the b•sis of these fin•n¢ial ststemÈnts. Irre8ularities, includina frèud, tre instèntes of nem-compliènce with laws and re8ulaiiefis. We design procedures In Ilnè with our responsibilities. outlined above, to detect materièl misstètements in respett ol iTfe8ularities, includin8 frèud. The extent to whith our procedures ère capable of dete£tin8 iire8ulèrilies. intludin8 frd, is detailed below. As part of our planning process. We enguired of mènagement the systems and controls the charity hès in place, the areas of the financial statements that are most susceptible to the risk of irre8ulèrities ènd fraud. ènd whether there wès any known, susperted or alle8ed fraud. The charity did not inform us of any known. suspected or alleged fraud. We obtained an understanding of the le8al and regulatory frameworks appllcable to the company. We determlned that the followlngwere most relevant.. the ChaiiDes SORP. FRS 102. The Charibes Art 2011. The Companles Act 20l and GDPR. We considered the Incentives and opportuniiies thai exist in ihe charity. including the extent of management bla5, whlch present a potenDal for irregularities and Iravd to be perpetvaied. and tailored our ris* assessment accordingly. Uslng our knowledge of rhe tharity. togerher wilh the discussions heltl wilh ihe charity 31 the planning stage. we formed a conclusion on the risk of mItatement due to irregularities including fraud and tailored our procedures according to this risk 35sessment. The key procedure5 we undertookto detert irregularities indudingfraud dvrin8thecourseof the audit included.. Identifyingand te5tin8 jOUTnal entriesand theoverall accounting records. in parbiulaTthose that were 5ignfficant and unusual. Reviewingthe financial 5t3tementdi5closure5 and deterrnining whether accounlin8 poliiie5 have been appropriately applied. Reviewing and challen8ingthe 355umptions andjud8ements used by rnanagement in their signifitant aicounting estimate5. A55e55ingthe extent of cotnpliance. or lack of, with the relevant law5 and regulations. Te5tin8 key incotne line5, in particular cut-off, for eden of tnanagernent bia5. As5e55ing the validity of the cla55thcation of inci¥me. expendtiure. a55et5 and lia1e5 bptween unrestricted, designated and restricted fund5. Obtainin8 third-party confirmation of material bank balances. Documentin8 ènd verifying all si8nthtsnt related party balances and trnnsactions. Reviewingdocumentaton such as the chanty board minutes for discussionsof irrewlarities includingfraud.
THE BELSIZE SQUARE SYNAGOGUE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BELSIZE SQUARE SYNAGOGUÉ Owin8 to the Inhent limitation5 of an audit. thÈre is an urbavoidable risk that we may not have detected some rnaterial rnisststements in thÈ finèn£ial stètÈment5 Èven though we ha¥È propprly planned and performed our audit in attord3nce with audn$ standards. The primary responsibility for the prevention and dete£tion of irre8ularities and fraud rests with the those charged wlth governance of theenoty. A further descriplon of our responsibilities is èvailèble on ihe Finèncial Reky)rtin@ CouncS1's website at." https.'Ilwww.fr£.org.ukl audltorsresponsibiliies. This description forms part oltyJi aUdir.$ rep. Use of our report This report is made 501Èly to the eharitèblttompanws memlys. as • txmty, in ac1(danteth Chapter 3 of Part 16 of thè Companlès Att 2006. Our audit work has been undertaken so th we might ststÈ to the tharitsble cornpbny s members th05È rnètters wè are required to state to them in an auditors. rewirt and for no other purposè. To the lullest extent permittpd by law, we do not èccept or assume responsibility to anyone other than the thaiitsble company and the charitsble tompany's members as a body, for our èudlt work, for this report, or for the opinionswe hèb* fomied. ptwj LLP Ahdrew Rl¢h1SenlorStatutw Alidltorl for and on beh•lf of HW F15her LLP Chartered Ac¢ountènts Statutory Auditor Acrp House 11-15 William Road London NWI 3ER Unlted Kingdom
THE BELSIZE SQUARE SYNAGOGUE ATEMENT OF FINANCIAL A1VITIEs INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 CurrefitlMntl81 year Unrertcled Unre51rfcted Restrlcted lunds lunds funds neThI dlated 2020 Totsl Totsl 2020 zoio 2019 Income and endowments from: Donations and lekaties Charitable 3ctivitie5 Other trading aclvittes Investments Other income 65513 7.133 178.181 8.635 48.039 81.133 736,946 7,133 178,181 8,866 48,039 896,691 38,861 258,259 5,018 231 Total Income 897A)i 81.364 979,165 1.198,829 186.750 11,502 198,436 255,379 Charitèble attivil¢s 727.148 103,629 77.LbJ9 907,786 1,058,465 Total le$ expended 91398 115,131 77,193 1,106,222 1,313,844 Net loutiolnillintomlni resources before tvanslers 116.0971 1115,1311 4.171 1127,0571 IIL5,OL51 Grosstransfers between funds 118A121 2S,334 16.522 Net expendlture lorthe ye•rl Net movement In funds 134.9J91 189,7971 12.351 1127,0571 1115,0151 Fund balances at i January 2020 1.036.606 2.519,21S 122.035 3,6?7,856 3.792,871 Fund lanCe$t JI December 2020 i.(K)1.697 2.429.418 119.684 3,550,799 3.677.856 The stement of financial acowoes indudesall 83insand losses reco8nised in the year. All Income and expenditure derl¥e from conOThuln8 aC1lie The 5t?tement of financial actiwties also complies with the requirernents for an irKome and expenditure account under the Companie5 Act 26.
THE BELSIZE SQUARE SYNAGOGUE ATEMENT OF FINANCIAL A1VITIEs ICONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 Prlor ftmandl ytar Unre5Mcted Unrestrlcted lunds funds general de5i8nated 2019 Restrlrted funds Totsl 2019 2019 1019 Income and endowments from: Donations and lekaties Charitable 3ctivitie5 Other trading aclvittes Investments 756,828 38,861 258,Z59 4,780 139,863 896,691 38,861 258,259 5,018 238 Total Irbtom 1,058,728 140,101 1,198,829 Ex endlture on.. Rai5ingfunds 235.176 11.020 9,183 255,379 CharStable activSles 862,577 99.297 96,591 1,058,465 Total resour5 expended 1,097,753 110,317 105,774 1,313,844 Net lout8oln811lnwln8 r•5QlW5 belore trnn51ers 139,0251 1110.3171 34,327 1115,0151 Gross transfers between funds 130,7171 30.717 Net expendlturelorthe yerl Net movement In lunds 169,7421 179.6(M)I 34,327 1115,0151 Fund balances at i Jlnuary 2019 I,1(,348 2.598.815 87,708 3,792,871 Fund balantesat 31 Detember 2019 I,036,6$ 2.519.215 122,035 3,677,856 The statement of financial a>e$ include5all gain53nd105ses recogni5ed in the year. All income and expenditvre derwe from continuing acbvilie5. The 5tatetnent of hnanci31 acb?tieS also complies with the requirements for an irbu)me and exppnditure account under the Companie5 Art 26. 10-
THE BELSIZE SQUARE SYNAGOGUE BALANCE SHE ASAT31 DECEM8ER 2020 1020 2019 Flxed asset5 Tèngible assets Current a55et5 Debtors Cash at bank and in hand 2.429,418 2,519,215 71.285 1,254.632 61.865 1,265,190 1.331.917 1210,5361 1,327.055 1168,4141 Credltor5'. amourrt5 lallln8 wlthln year Net Current assets 1.121.381 1,158,641 Total assets less current IlblllOs 3.550,799 3,677,856 Income fvnd5 Restricted funds strittÈd fun Designated funds General unrestrlcted funds 119,684 122,035 nr 19 2.429.418 I,fyJl,697 2,519,215 1.036.606 3.431,115 3,555,821 3,550,799 3,677,856 23 Sèp 2021 The financial ststements were approved by the Trusteesoi)........................ Trustèe Company Re6lstralon No. 07831243
THE BELSIZE SQUARE SYNAGOGUE ATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2019 Noies sh flows frorn operan8 a¢ty¥llles Cash generated fromllèbsorbed by) operaon$ 21 5,910 11,4181 Itwesln8 aCIIWlfjes Purchase of t3n8ible fixed èssets Investment income received 125.3341 8.866 130,7171 5,018 Plet cash used In Irb¥tt¥nB ad¥ldes 116.4681 125,6991 Ntt ush used In hmndnE d¥llbts Net decrease In csh and c•sh e4ulvalehts 110.5581 127,1171 Cash and cash equlvalents at be8lnnln8of yeai 1.265.19J 1,292,307 Cash and ush equlvaleThts er ofal 1,254.632 1,265,190 12-
THE BELSIZE SQUARE SYNAGOGUE NOTES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2020 Accounling policie5 Chrlty Ir+form•¥on The Belsi2e Square Syn3go8ue is a private company limited by guarantee incorporated in Enand and Wale5. The gIstered office is Sl Bel51 Square. London. NW34HX. 1.1 Accounting£onven¥on The financial statements ha¥e been prepared in accordance with the tharity's Memorandurn and ATbcle5 of Association. the Companies Act 2(N)6 and"AccountinB and ReporDn8 by Charib"es.' Sratement of Recommended Practsce applicable to charities preparing their accounts in accordance wrth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IF 1021 leffective l January 20191 The charity 153 Public Benefit Enbty3sdefined by FRS IO2. The financial 5taternent5 are prep3red in 5terfin& which 15 the fvncboThol currency of the charity. Monetsry amounts in these fin3ncial 5taternent5 are rounded to the nearest f. The finan¢ial statements have been prepared undv the histori¢al cost Convention. The priwpal è¢counln8 polities adopted are set out below. 1.2 Goln8 concern The Trvstees have conydered the eftert5 of Covid-19 during 2020and the continuin8 elfec¢5 into 2021. Covld-19 has Impacted the Synago8ue'5 regular aCtive$, which meant the synagogue had to close its door5 to con8re8ant5 for all 5ervice5 and rnove all activitie5 online in Mar¢h 2020. The Synagogue did welcome b•¢k ¢on8reB•nts •fter the first lockdown- although nvmbers were severely limited ¢o¢omply with g¢)vernment 1¢8uI3ti0fi5. The Synè808ue's income fell in 2020 due to the impart of the pandemic, particulèrly in key areas like membership subscriptions and veluntèry donations. The Syn38ogue was unèble to hold any of the fundraisin8 events it hès planned post March 2020. This fall in income was partièlty offset by è feduttion in expenditure whilst the buildin8 was closed. The Synè808ue also utilised the government s Coronavirus Job Retention Scheme for stsff who were unable to undertake thei¢ roles durin8 lockdown. With the Impart ef the pandemlc expetted to continue in 2021. the charity has budgeted prudently and assumed that many areas of income would not retum to pre-pandemic levels. Subjea to further 8ovemment restricoons, the Syna808ue Is plannlng to return te a re8ular calendar of events and servSces. Glven the level of resew the Synagogue has and the financfjal projections that have been prepared, the Trustees have a reasonable expectaton that the Chanty has adequate resources to conbnue lor the foreseeable fvture. and thus the financlal ststements contynue to be prepared on rhe Ing concern basis. 1.3 Ch•riiable funds LJnre5tricted fund5 are &failablelor use atthe di¥Tdion olthe Trustees in furtheranEe of theif charitable objeclive5. Oe5ignated fund5 comprise fund5 which hwe been set aside at the discretion of the Tru5tee5 for speofic purp05e5. The purposes and uses of the designated funds are set out in the notes to the financial ststements. Restricted funds are subjert to specific conditions by donors as to how they may be used. The purpose5 and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Incomin8 resources Income is recognised when the ch3rity is leg311y entit to it after any performance conditions have been rnet, the arnount5 can be measured reliably, and it is probablethat income will be ie£ebved. Cash donations are recognised on retript. other donations are recognised once the charity has been notified of the donation, unless performance condibon5 require deferral of the amount. Inc¢)me tsx recoverable in relabon to donations received under Gift Aid 15 recogni5ed atthe timeof the donation. 13-
THE BELSIZE SQUARE SYNAGOGUE NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Accotsnln8 pdl£les Iconvnuedl Legacies are reco8nised on receipt or otherwise if the tharity ha5 been notified of an impending distribution, the amount 15 known, and (eipt 15 expected. Investment income is included when receivable. 1.5 Resources expended Expenditure is recogni5ed Dnce there 15 4 le8al ron5truclive obltion to make 4 paymenttoa third party, it 15 probablethat settlernent will be required. and the amount of the obli8ation rjn be meawred reliably. Expenditure 15 c1055ified under the following acbvity headings.. Costs of rèisit)8 funds comprise the costs of attr3£tin8 voluntary income. collethn8 substrlplons and the costs of fundraising. Expenditure on chadtable 3th¥e5 Includes the costsof the deliveryof ac0e5 and services for beneficlaries. 1.6 Tin8lble hxed assets Tangible fixed assers other than freehold laTrd are statsd at C05t le$5 depreciabon. Depreciabon 15 provided at rates calculated to write off the cost le95 esbmated reydual value ol each asset over Its expecred useful life. 35 follow5,' Freehold buildings Fixtures and fitknn89 Cknr 20ar$ straight lineon completion 25% ènd 33 113% strai8ht line reducing balance Plot depreciated Cemetery Cemetery land is net deprecièted because potential depreciètion charge is deemed to be immèteri81 at this sts8e. The Trustees continue to review and intend todeFwe£iate the land when a mètsrial proportion of the burièl land has been used. The painthn8 is included in the financial ststements at * inSurae valuation and is not depreciated as the residual value is not expetted to be less than current value. Freehold bulldin85 are Sncluded in the ffinanoal ststements at com less depreciaoon. The Trustees are Sa$fied that at the present Ome the market value of the proF*rty exceeds the Value at twhich It is recOlsed In the financlal statements and therefore no Impairment provSsion is required. The galn or105S 3risinE on the disposal of an asset isdetermined asthe difference tetween the Sale proceed5 and the carrylna value of the asset. and is recognised in ner incomellexpenditurel for theyear. 1.7 Impalrmeffl of fixed assets At each reporting end date, the charity reviews the carryin8 amounts of it5 tan8ible a55ets to determine whether there 15 anv indication that those assets have Suffered an impairrnent 1055. If any Such indication exists. the recoverable amount of the a55et 15 estimated in order to determine the extent ofthe impairment1055 lif anyl. 1.8 Cash and cash equlvalents Cash and cash equivalents Include cash in hand and deposits held ai call with bat)ks. 1.9 Flnanclal Instruments The charity ha5 elected to apply the provi5ion5 of Secbcn 11 'Basit Finan£i31 Instrutnents, and Section 12 '0ther Financial In5trutnents155ue5' of FPS 102 to all of its financial instruments. The charity has financial assets and financial liabilTbes of è kind that quèlTfy as basic fin3ncia1 instruments. Basic financial instruments ère initially reco8nised atttansaction value and subsequently measured at their settlement value. 14-
THE BELSIZE SQUARE SYNAGOGUE NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Accotsnln8 pdl£les Iconvnuedl 1.10 Empl¢)yee benellts The cost of any unused hollday entitlement is fecognised in the perlod in whKh the employee's seCeS are recelved. Termination benefits are recoEnised Immediatety as an expensewhen the tharity is demonstrably committed to terminate the employment of an employee orto provide terminabon benefits. 1.11 WremeTht benefits Payments to defined contrlbuO¢)n relrement benefit xhemes aie£har8ed as an expenseas theyhll due. 1.12 Government Government 8rant5 reeognised at the fair valuÈ of thÈ amount retÈived or re¢ei¥ablÈ whÈn thÈrÈ is reasonable assurance thèt thÈ grant tonditiolls ¥YiII bÈ met and the grants will rÈtÈIV. G¢)vÈrnmÈnt grants for the thbrity relètès to the Coronavlrus Job Retention Scheme. As this KhÈme in¥ot¥Ès a translef of resources from 8overnment to the chèrity, it meets the definilon of 3 government 8rant. The xheme is designed to compensate for staff £osts, $0 èmounts received or e1Vable are recognlsed in the inc¢me statement as part of other operèbn8 income over the same perlod as the costs to whlch thev relate. Government grants are accountsd lor under the a££rual model. Crllul bccounlni e51m•tesab1deeen In the applicatron ef the charity's accourbDn8 polioes. the Trustees are required to make judgements. estim3tes and assumpb"on5 about the (arryingamourbt of assets and Iiabilsties that are not readily apparent from other sources. The Trustees are required to rnake jud8ernents in respert of deprecialion rates and non4epreciafjon of the charity's 35sets. Further informaty.on can be found on th15 in accounbn8 poliry 1.6. Dorwlons and le8•cle5 Unrtstvlcted ToL•I Unrestricted funds general 2019 Restrirted fund5 Total fvnds ertl 2020 2020 2019 2019 Donations and glfts LÈ8acie5 recewable Membershlp fees 214.932 23.rx13 417.878 72.133 287.(5 32.LX13 417.878 286,621 Is,0 45S,207 139,863 426.484 15,OCKJ 455,207 655.813 81,133 736.946 756,828 139,863 896,691 15-
THE BELSIZE SQUARE SYNAGOGUE NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Charitableactivitie$ 2020 2019 Education & Welf3re Religlen 4,523 2,610 26,749 12,112 7.133 38.861 Other trathn8 aclb¥Wes 2020 2019 Income Irom fundrai5in8events H311 hlre and rental Income Se¢urity services Other Income 112,406 84,197 59,621 2,035 73,718 50,713 53,750 Othertradin8activlbe5 178,L8L 258,259 Inve#ments Unrestvlned Restyicteil luhds fuhds 8eneral Tot•1 Unrestrkted funds general 2019 Restricted funds Totsl 2020 1019 2019 InterÈst reteivable 8.635 231 8.866 4,780 238 5,018 Other In¢orne Unrestrlcted funds general Totsl 2020 2019 Other income 48,039 Duringthe year. £48,03912019.. Enill wa5 eNed urNJer thegoverntnent'scoronawrus Job Retention kheme. 16-
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THE BELSIZE SQUARE SYNAGOGUE NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Charitableactivitie$ 2020 2019 staff costs Welf3re 324.190 35,0 64.442 106,426 4.703 352.160 31,200 68,222 141,269 37,127 Religlon and fesfjvals Otherc05ts 534,761 629,978 Grant fundingof acbviles lsee note 101 36,963 75,643 Share ef support costs (see note 111 Share of governance c05ts15ee note 111 329,794 6.268 346,864 5,980 7,786 1,058,465 Analysls bylund Unresiricted funds- 8eneral Unrestrlcted funds- desl8nètsd Restrirted funds 727.148 103,629 77.009 862,577 99,297 96,591 907,786 1,058,465 10 Grarrts p•yabl• 2020 2019 Grants to institutions.. Israel Sport Centre Jaffa Institute Yernin Orde childnS Centre AWIF aid Organisation Ray5 of Sunshine Other 2,213 11,2C 11,2(KJ 12,2 5,750 17,779 17,514 20.2(NJ 14,4 150 36,963 75,643 18-
THE BELSIZE SQUARE SYNAGOGUE NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 li SupportC05ts 2020 Supportcosts Govemance cost5 2019 staff costs Dppreciation Security Le8al and professlonal fees Other 5UPPOrt Costs 2ffi.470 115.131 63.063 21.036 83,218 2l,470 115,131 63.(63 21,036 83,218 198.244 110.317 76.152 50,395 89.845 198,244 110,317 76.152 50,395 89,845 Audit fees 9.355 9,355 8,925 8,925 488.918 9.355 498,273 524.953 8,925 533,878 Analysed between 159.124 329.794 3,087 6.268 162.211 336,06Z 178.089 346,864 2,945 5,980 181,034 352,844 Charltable a¢1ljeS 488.918 9.355 498,273 S24.953 8.925 533,878 12 TNsteesand lated p•rtytrans•tO4N None ef the Trustees lor any persons Connected with theml received any remuneraiion during the year. Twe Trustees were relrnbursed for varlous expenses Incurred in their capacity asTrustees iotalling £56112019.. one trustee was relmbursed £2181, Durlng the year payments 01 £2(K)12019.. £13.9911 were made in totsl to one Trustee12019.. four Tru5tee51 and nil12019.. two) relatives. which have been recognised as relatetl party transacbons. These payment5 were for the provision of Services integral to the day to day activitie5 of the Synagogue and not in their capacity as Tru5tee5. The 8overning document permits such payment in pursuit ol the charitable obiecbves. All dec15ions relabngto the operation of the charity rest with the Trustees and therefore key mana8ernenl personnel compri5e5 only Ihe Truslees. Earnin85 in the year to Tru5tee5 and reltitives ol Tw$tee$ for their roles •$ teache/te*hIn8 4$5i5tJnts in the Syna808ue heder were a5 follow5.. F Joseph ITru5teel J Hècker ITru5teel S Master5 (latiVe} B Nathan IrelativÈl B Hurst Irelativel £38212019.. £2191 £9612019.. £1,2431 £19112019". £2931 £1,59512019.. £1,552> £57812019.. £nill In the previeus year, two Trustees provided caterin8 services at Syno808ue events, for which they received payment. Adam Nathan was paid £10.284 and Claire Wamord was paid £4(Kl. No pèymenis were made in the current financial year. Donations refved from trustees and other related parries in theyear iotslled £47,52812019." £69,2161. 19-
THE BELSIZE SQUARE SYNAGOGUE NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Employee5 Numbtr of employees The awerage monthly number of emplow durin8the year wa5.. 2020 Number 2019 Number 13 13 Employrnent (orts 2020 2019 Wages and salaries Social securlty Costs Other pension cost5 492,711 37,862 25,208 515,272 36,517 24.033 555,781 575,822 The number of eMploe$ whose annual remunerabon was £60,IMor morewere.. 2010 Number 2019 Number £60,OCQ- £69,999 £90,0(M)- £99,999 £130,LNJO- £139,999 -20-
THE BELSIZE SQUARE SYNAGOGUE NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 2020 1019 Amountsfalllni due tylear- Other debtors Prepaymerit5 and accrued income 37,818 39,467 39,213 22,652 77,285 61,865 16 Credltors-. amount5fallln8due wlthln one yex zoio 2019 Other taxètion ènd sodèl securlty Other creditors Accruals and deferred income 13,191 12,902 184,443 11,919 10,576 145,919 210,536 168,414 17 Rrement benefit schemes Oefined eontrlbtslthi sthemes The charity operJte5 3 defined contritmjlion pension stheme for all employees. The •ssets of the 5¢heme are held sepèrètely frorn th05e of the charity in tyn independentty administered fund. The ¢harg¢ to income and expenditure in respÈrt of defined tontiibulion schemes wès £25.20812019- £24,033>.
O * m O O Lry M O w) 4 f4 Wt * Mo
THE BELSIZE SQUARE SYNAGOGUE NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 21 Cash senerated from opeThtion5 2020 2019 Deficit for the year 1127,0571 1115,0151 Adju5trnent5 for.. Investment Income recognised in statement of finala1 aaivities Depreciètion ènd impairment of tsngible fixed assets 18,8661 115,131 15.0181 110,317 Movements Sn workingcat3l.. Ilncre35el in debtor5 115,4201 42,122 14,1761 12,474 Cash ienernted fromllabwbed by) operaiJon5 5,910 11,4181 22 Analy515 of chan8e5 In net fund5 The charity had no debt duringtheyear. -26-