Charlty number.. 1144866 THE BELSIZE SQUARE SYNAGOGUE (A Registered Charity and Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE BELSIZE SQUARE SYNAGOGUE {A Reglstered Charlty and Company Llmlted by Guarantee) CONTENTS Page Refergnca and Administratlv& Details of the Charlty, Its Trustees and Advlsers Trusteas. Report Trustees. Responslbllltles Statemenl Independent Auditors. Report on the Financlal Statements 10-13 statement of Flnancial Acflvltles 14 Balanc& Sheet 15 Statement of Cash Flows 16 Notes to the Financial Ststements 17-33 THE BELSIZE SQUARE SYNAGOGUE IA Reglstered Charlty and Company Llmltgd by Guarantee) REFERENCE AND AOMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trusteeg J Abramson Jacqueline Alexander John Alexander J Brooke8 A Buchler lappointed 15 June 20231 P Burger Iresign@d 15 June 20231 C Cohen D Cohen J Cohen S Cohen (appointed 15 June 2023) K Conway S Culner A Davis S Goldstein {reslgned 15 June 20231 J Hacker P Hlrschovits M Horowilz A Hurst O Jerome (appointed 15 June 20231 F Joseph (reslgned 15 June 20231 F Lehman Adam Nathan Annelle Natha M Nathan R Nolhman S Percival D Pollins R Pollins J Strauss D Tausz J Trenner N Viner C Walford Company ragistergd number 07831243 Charity reglstered number 1144866 Rggistered offlc$ 51 Belsiz8 Square London NW3 4HX Chlef exocutlve offlcer L Taylor Page 1 THE BELSIZE SQUARE SYNAGOGUE {A Reglstered Charlty and Company Llmlted by Guarant881 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONT5NUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Indepgndent audltors Nyman Libson Paul LLP Chartered Accountants Regislered Auditors 124 Fin¢hley Road London NW3 SJS Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hlll West Malling Kent ME194JQ Investment platform Flagstone Investment Management 1st FIoDr ClarevSlle House 26-27 Oxendon Street London SW1Y4EL Page 2 THE BELSIZE SQUARE SYNAGOGUE IA Reglstered Charlty and Company Llmlted by Guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trusletss present their report and financial slalemenls for the year ended 31 December 2023, which also contains th8 Directors, T8POrt as required by company law. Th¢ financial slalements have been prepared in accordance with the accounting policies set out in note 1 to the finanGi81 $18tements and Comply with the Charitable companls Memorandum and Article5 of ASs￿lation, the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charities preparing Ihelr accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Public Beneflt The Trustees have complied wlh IheSr duty under the Charities Act 2011 to have due regard lo the guidance published by the Charity Commission. The benefit lo the public Is manile8lly demonslrated by the activities and achievements contsined in this report. structure, Governance and Management Belsize Square Synagogue was founded in 1939 and established as 8 charity by its conslilulion, which was first adopted in 1971. In 2011 a new charity, The Belsize Square Synagogue {the "Charl1￿ or 'Synagogue"I, was incorporated as a company Ilmited by guarantee and 2012 assumed the assets, liabilities and activities of the previous. unincorporated. body. Th6 Synagogue's governing docLJmenls comprise the Memorandum and Articles of Association, which are largely similar lo the con51ilullon of the previous body. The Synagogue Ss organised under the management and conlrol of the goveming body, I'the Board'l, whose members, together wlh the elected Chair, comprise the charity Trustees. The BDard consists of up lo 33 elected members, and appoints, from among its members, the Honorary Offi¢ers of the Synagogue who in¢lude the Hon. Tre8surer and the Hon. Secretary, in addilion to the Chair. The Board also appoints the Executive, which conslsts of the Chair and eight members of the Board, including the Honorary Officers. The Board Membeis. Chair. Honorary Officers and members of the Executive who setved during the year and up to the date of approval of the financial statements are sel out on Ihtt front page of Ihls repori and financial statements. All appolnlments, re-elections and resignations look place al the Annual General Meeting on 15 June 2023 un18SS Otherw88 slated. Bo8rd members are elected for a period of three years from the dale of the Annual General Mèeting. This 18 done in accordance with the provisions in the lrtemorandum and Articles of Association. Nominees and those seeking re-electron are nominaled by members of the CDmmunily. If the number of nominees exceeds the number ol vacancies. an elecllon 18 held al Ihe AGM wilh eligible members voting for their preferred candidate. The Board conslilules various commillees. whose membership Is made up of members of the community. These commillees lake re5ponsibilily for organising and managing activities within the community and report to the members ol the Executive andlor the Chair. Periodic reports are also made to the Board and lo the Annual General Meeting of the Synagogue's members. The Chairs and membership of each committee are apprc>ved by the Board on an annual basis. The Executive and Remuneration Committee are appointed by Board resolution. The Trustees as well as the Synagogue's Finance and Audit Commillee have assessed the major risks lo which the charity is exposed and are satisfiad that systems are in pla￿ lo manage exposure to the major risks. induding prediclabilily of income. Trustee8 look lo ensure they are up to dale on charity mallers and r68ponslbllS1ies. ThSs Includes a presenlallon provided by a legally qualified and long-starbding Board member on Charity Trustee and Director obligations and responsibilities. Page 3 THE BELSIZE SQUARE SYNAGOGUE IA Reglster&d Charhy and Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and Activilies The Synagogue's objectives are to advance the Jewish relFgion in accordance ￿rith the teachings and praclices of progressive Judaism. To further these objectives. the Charity maintains the synagogue for public worship, Conducts regular Services, provides the services of a Rabbi and a Cantor. and provides religious education of Jewish children, youlh and adults. The Synagogue is authorised to provide facilities lor marriages. burial and assistance lor the aged, the sick and th6 neody. Achlèvèmants and Pèrformanca 2023 w85 another vibrant year in the life of our community in no small part thanks lo the contribution of our mlnlslers. Rabbi G8bri81 Bolnick completed his second lull year as th8 community's Rabbi. building on the success of the first year. As well as moeling and gelling to know members and his regular day to day duties, Rabbi Bolnick has been key in revamping the Bnei Milzvah Programme, whiGh includes him teaching the Bnei Milzvah Class at Cheder, alongsmle Cantor Heller. The class has grown with children enthused about their upcoming celebration. Rabbi Botnick's new conversion programme has grown in number after his Iirsl cohort graduated and completed their conversions late in 2022. The classes are hybrid. all0￿ring those unable physically to attend the lessons the opportunity lo join onllne. We published our own luneral book, whlch was drafted by Rabbi Botnlck, and has now been used on several occasions. Cantor Dr Paul Heller completed his tenth year with the Community. His participation not only enhances servI￿s bul also continues the musical tradition for which the Synagogue is well known. Cantor Heller runs lermly online education courses, ￿thIch have been very successful, aclively supports our welfare officer with visits lo our older members. He also offiaaled al numerous funerals. Cantor Heller coordinates the Bnei Milzvah Progfamme, leachillg classes on Sunday mornings and monitoring the pro9ress of students. He has also begun taking on adult students who would like to leam how to road from tho Torah. Rabbi Rodney Mariner remains our Emeritus Rabbi and assists when needed, supportlng the Community when our mlnislers are away or unavailable and officiating at funerals when requested by the bereaved family. The Trustees are. as abNays, immensely grateful for the conlrlbullon of our mlnislers lo tha d8y-lo-day Ilfe of the Synagogue. During the course of the year. the Synagogue continued lo offer religious, educational and welfare activities. Religious Semces were maintained each Shabbat, with SeNices held on Friday evenings and Saturday mornings throughout the year. Kikar Kids, our monthly servlces for the youngest children In the communlly, has grown in popularity wilh Services being led by members of the community and a children's musician and entertain8r. Our High Holyday Servlces were extremely well attended with a nurnber of members inviting family and friends, and a large number of visitor tickets sold. Services were held on the first two and last evenings and days of all the major Jewish feslivals. Purim celebrations attract over fjOO people and attendance at our cc>mmunal Seder is growing each year with over 60 people around the table Ibolh members non-membersl. Sorvices are18d by one or both of the ministers, wlh involvement from members of the community on a regular basis. The music of our services continues lo be enhanced by our professional. community and youth cholrs, accompanied by an organ. We are delighted lo be able lo webcast our Services via BelsizeLIVE for the benefit ol both rnembers and non-members both in the UK and ov8rs6as. There is no charge for this facility, bul several non-members have chosen ID send us donation5 to help cover our cosls. We monilot th8 nuTTibers closely and are delighted by the figures, especially over The High Holiday5. Page 4 THE BELSIZE SQUARE SYNAGOGUE {A Reglstsred Charlty and Company Llmlt8d by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Our CL¥mmllmenl to education. for all ages, remains as slfong as ever wilh numerous events open lo members and the wideT community. Our Cheder, led by Caroline Loison, provides popular weekly educational activities for children beiween the ages of 5 and 15. The Synagogue has a partnership wlh Noam, the Masorti Youth Movsmont, lo provide a Youth Worker who has organised activities for our youth, while offering access lo Noam youth events. Our weekly Adult Discussion Group produces 8 lively debate amongst allendees. The Rabbi also started a new programme of monthly lunch and learn sessions after Shabbat morning Services. The annual Holocaust Education for Schools Programme had hundreds of students from five different schools partlGipating In the programme al the Synagogue. Welfare activities are led malnly by our community Care Co-DrdinaloT who provld8S SUPPOrt lor the aged and needy in our community. Many of these rnembers alscs belong to the Associalion of Jewish Refugees and w8 rerTTrain extremely grateful to the AJR lor Iheir conlinued and generous funding of this role. We have a established commlllee of volunteers to support this work by maintaining contact with old&r members through freouenl telephone calls. There is a monthly lunch held in a local restaurant and two larger lunches al the synagogue which coincide wlh Shavuot and Chanukah. The Synagogue partlcipates in the annual Mitzvah Day programme each November. Over 100 of our members and children join in a varl&ly of good deeds both within our own community and locally. In 2023, membeis of Ihe communily collected food and l05lelrfes for a I￿al foodbank, while the Synagogue'5 communily choir perforrn8d lor Ihe residents of a local care home. Keshel UK, a Jewish LGBT tralning charity, trained synagogue staff in LGBT awareness. Keshel also presented to the Board. Fundralsing actlvltles The Synagogue requires r8gular fundraising activities. in addition to annual rnembership subscriplions, lo SUPPOrt its infraslruclure cost and continue lo provide a wide range of events and seN￿S. Our annual Chanukah Markel was a huge success both financially and socially as the synagoguB was packed with members young and old. The Chanukah Market raised over £10,000 for the communily. W8 held a Supper Quiz for Ihe first lime irb several years which was well allended and raised over £1,000. The Belsize 100 initiative, asking members to add a £100 donation to their annual subscription was increased to £150. We are grateful lo members of the community who supported Ihls campaign which raised over £59,000. Rabb5 Bolnick made an appeal for donations al lh& H¢gh Holydays. This Is Ihe first lime the community has had such an appeal and il raised in excess of £29,000. All our lundraising events are open to members and a request for additional donations is alsts issued once a year with the membership fee leller. There is a legacy scheme which is publicised by leaflets that are available for members lo lake at the Synagogue entrance. No phone Calls are made lo pressurise Members into attending events or donating. However, we do make calls lo encourage members lo pay Iheir subscriptions once they are more than 6 months overdue. Financlal rovlow Total income for the year was £1,270,48712022: £1,141,359}. Subscriptions linoluding gift aid reclalmedl were higher at £474,634 12022". £461,498) as members who asked for a reduc8d subscriplion in the previous year wtsre able to pay their lull fee. Page 5 THE BELSIZE SQUARE SYNAGOGUE IA Reglstered Charlty and Company Llmltod by Guarant901 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 W8 continue lo enjoy a successful and mutually beneficial relationship with our tenants, Keren's Nursery. We renl out the scout hut, which occupies part of the Synagc>gue's land. lo the Hampslead 22nd Sea Scouts who until August 2022 sublet the hul lo Oliver's Nursery during the week. Frorn September 2022, Mimi's Nursery are thg Sea Scouts new tenant. Both Keren's Nursery and the Sea Scouts were subject to rent reviews in 2023 which saw an increase in our rental income. Expenses for the year of £1,212,679, excluding depr8cialion of £130,01612022.. £127,236), were higher th¥n the 2022 figure of £1,115,358. Thg largest portion of running costs comprises wages and salaries. including thos8 of two full time ministers, the cost of running the office and facilities as well as educational, musical and welfare aclivilie8. The overall outcom8 of gro85 incom8 of £1,270,487 and total 8xpendilure of £1,342.695 meant that the nel assets of the Synagogue al the end of 2023 were £3,288,831. This was £72,208 lower than al the previous year end {2022.. £3,361,039). The net assets represented by the funds of the Charity lolalled £3,288,831 12022.. £3,361,039) al 31 December 2023. The net assets principally comprise land and buildings of £2,144.51212022'. £2,254,448}, which includes capilalis8lion of all development expenditure on the synagogue building. This figure ropresenls the designated fund held by the Charlly. The Synagogue held £1.160,863 in cash and deposits al 31 December 2023 compared 10 £1,087,282 al the end of 2022, a redu¢b'on of £73,581. In addition to the fixed asset fund, representing Ihe land and buildings. the Synagogue held £1,003,552 in unreslricled funds at 31 December 2023 12022.. £975,789). This is in keeping with the Reserves Policy (see below). The amount held in designated and unreslricled funds Ss kept under review by the Trustees and the Synagogue's Finance and Audit Committee as part of financial planning for the future. A further £140,767 12022.. £130.8021 remains held as reslricled funds. Investment income Df £39,02312022.' £12,147) solely comprlsed interest received from long term deposit bank accounts. The Synagogue holds no other investments. All investments are monilored and reviewed by the synagogue's Finance and Audit Corllmillee on a regular basis. There was a significant increase in income through the cemetery with several non-members booking plots and arranging their funerals through the Synagogue. R&seNes Policy The Synagogue holds two maln categories of funds. R8slrlc18d funds are held where monles ar6 given for specific purposes by donors. Unreslricled funds comprise all remaining funds and are segregated into two additional categories.. Designated Unrestricted Funds, which represent the nel bc>c>k value of the Synagogue's fixed assets as well as, periodically, amounts that the Board wishes lo sel aside for sp&¢ili¢ substantial future projects., and General Unrestricted Funds, which broadly comprise Ihe unresliicled cash balances available to m3nage the Synagogue's day-to-day aclivilies. A formal ReseNes Policy exists, whlch sets out the Synagogue's policy that General Unreslricled Funds should be maintained al a level sufficient lo finance annual working capital requiremenis and lo enable tho Synagogue lo meet all of ils charitable objectives. This policy is r8viewed by the Board and the Finan￿ & Audit Commi1188 on an annual basis. An amount of £20,080 has been Iransfeired from General Unreslricled Funds lo Designated Unreslricled Funds al 31 December 2023 representing fixed asset additions during the year. The level of free reserves held by Ihe Charity at year end Idelined as unreslricled ger)eral funds less tangible fixed assets and commllments} lolalled £1.003.552 {2022'. £975,789) and is in line with the Synagogue's Page 6 THE BELSIZE SQUARE SYNAGOGUE IA Reglstered Charlty and Company LSmlted by Guarants81 TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 reserves policy. Key risks, golng concern and uncertalntle5 disclosure5 The s￿nagogUe maintains a Risk Register which is reviewed annually by the Board and the Finan￿ and Audit Committee. There are CLJrrently 29 identified risks in the categories of.. Financial- Exle¥nal premises and Securily., Governance- Religion,. Sublelting part of the building lo third parties., Cheder., Trips., Welfare,. Youlh. New risks are added when appropriate. Several risks associated with the pandemic have been closed. No risks are currently in the red category. however a number of the security risks have increased lo ambei in light of Ihe current situation in the Middle East. Each rlsk has a rlsk owner, ellher a staff member, Trusteè or committèe chair who monitor and revlew Ihelr specific area. The war that broke oltt in Israel in October 2023 has18d to an inciease in anli-semil1s￿ which brings increased security concerns. The Synagogue's head of security has implemented several measures as well as increasing awareness of the need for vigilance amongst staff and membership. An appeal for security volunteers had a great response with several members stepping up and agreeing to be security supervisors. The Synagogue is also graleful lo the Communily Securlly Trust who help fund the presence of p8kl security guards al Servlces. The Treasurer ar)d Assistant Treasurer moniior any financial risks with support from the Finan￿ & Audit Committee. These are also reviewed by the s￿agOgue Board. The Facilities Committee maintain the building together with the maintenance staff. Any concerns are reported lo the chair of the committee who works with staff lo manage remedial work and ensure il is fit for purpose. From ¥ financial p8rsp8ativ8, in¢om& has increased this year, both from mernbership subscriptions as well as higher donations. The Synagogue remains sensltlve to any cases of financAal hardship. The Synagogue is managing its cost base as efficiently as possible during this period. Monthly management accounts are produced for ongoing review of income and expenditure while monitoring available funds. The Trustees are comfortable that with th6 actions being taken, the Synagogue will be able lo continue lo operate for the fores88able futur8 and has a comfortabl8 lev81 of reserves In line with the policy. Risk Financial.. Insuffi¢ienl In￿Me lo cover operating expenditure Mitigation Constant review by Flnance & Audtt Committee and Board Increase subscripllon income through Ihe 150 club Generate an operaling surplus from th8 cemetery Fundraising events Reduce costs Increase membership So¢urily'. Thre81 of terror allack Regular 8ss8ssmenl of needs for each event Consullalion with CST Training of memberlvolunleers Consideration as lo need for prolecllon when no events taking place in th8 building Adequacy of physical protection of the building eg shaller-proofwindows Professional guards employed The Synagogue does not hold funds as custodian trustees on behalf of other charities. Page 7 THE BELSIZE SQUARE SYNAGOGUE IA Reglstered Charlty and Company Llmlted by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Remuneratlon The Board delegates the responsibility of salaries lo Ihe Remuneration Commitlee. The commiitee revlews salaries for all staff including key management persorinel on an annual basis. There is no contractual obligation to increase salaries for any staff member. Plans for the future In a bid lo improv6 aliendance al Ssrvlces, we successfully launched a number of Ihemed Shabbat Services in 2022 and 2023, as well as the lunch and leaTn series. It is our intention to continue wllh these and also introduce some guest speakers after Services. The Synagogue commlssloned a scribe lo wrfle a megillah scroll. which was ready for Purim In 2024, and a donation has been offered lo cover the cost. We were delighted to welcome three new Trusloes lo the Board in 2023. There is a need to rotsl6 and have new Board members and effort5 are being made lo look for successors for Honorary Officor poslllons. The S￿agOgUe will celebrate its 85th birthday in 2024 and a number of events and activities are being planne¢J for the community to partake in. General fundraising Ss high on the agenda and it is hoped Ihal we wlll be able lo hold some events to increase our income, while also providing exciting social activities for our members. We remain exlremely grateful to Ihose members that rtsmember Ihe ¢ornmunily in their wills and those Ihal support us gilher financially or by giving of their lime. The Synagogue has entered into a partnership wilh Kesh81 UK who will be piloting their consullation support service with the community. This includes suryeying members, staff and Irustees and presenting their finc¢ings. Keshèt can then sUPPOrt the community lo improve our inclusivity offering. Dlsclosure of information to auditor Each of the Trustees has confirmed Ihal there is no Snformalion of which they are aware which is relevant to the audit, bul of which the auditor Is unaware. They hav8 further confirmed that they have laken appropriate steps lo identify such relevant information and lo establish that the auditors ar8 aware of such information. Following a lender process, the Synagogue have appointed Nyman Libson Paul LLP as our new auditors. The trustees wigh to thank HW Fisher for many years of working in partnership. Nyman Libson Paul LLP have expressed their willingness to be reappointed as auditors al the forthcoming AGM. Approved by order of the members of the board of Trustees and signed on their behalf by.. Jackle Alexandar Chair Dale.. 22 May 2024 Page 8 THE BELSIZE SQUARE SYNAGOGUE IA Reglstered Charlty and Company Llmlted by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Truslees, Report and the financlal slalemenls in accordance with applicable law and Unlled Klngdom Accounting Siandards {Uniied Kingdom Generally Ac¢8pÉed Accounting Praclicel. Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the finanoial s18tements unless they are salisfiod that Ihey give a true and fair view of the stale Df affairs of the Charity and ol Ils incoming resources and application of reSoUr￿s, including ils income and expenditure. for that pericrtj. In preparing these finan¢ial stalemenls, the Trustee5 are required to-. s818d suitable accounting p(Ilicies and then apply Ihem consistently.. observe the methods and principles of the Charilles SORP {FRS 1021.. make judgments and accounting eslimales that are reasonable and prudent.. slate whelher applicable UK Accounting Standards (FRS 1021 have been followed, subjacl to any malerial departures disclosed and explained in the linanclal statements.. prep8￿ the financial statements on the going concern basls unless It is inappropriate lo presume that the Charity wll continue in business. The Trustees are responsible for keeping adequale accounting records that are Sufficient io show and explain the Charil*s transactions and dlsclose with reasonable accuracy at any lime the financlal posllion of the Charity and enable them lo ensure that the financial statements comply wllh the Companies Act 2006. They are also responsible for safeguarding the assets of the Charily and hence for laklng reasonable sleps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on ils behalf by.. Jackie AI•x8nd8r Chair Date.. 22 May 2024 Page 9 THE BELSIZE SQUARE SYNAGOGUE IA R&glstar&d Charlty and Company Llmlted by Guarantee} INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE BELSIZE SQUARE SYNAGOGUE Opinion Wo have audited the financial slat8menls of The Belsize Square Synagogue Ilhe 'Charitll for the ￿ar 8nd6d 31 December 2023 whlch comprise the Statement of Financial Aclivilies, 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 Stsndard 102 'The Financial Reporting Standard applicablg in the UK and Republic of Ir81and' Iuniled Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial stalemenls.. give a true and fair vSew of Ihe slate of the charitable companls affairs as at 31 December 2023 and of ils incoming resources and application of resources, including its income and expenditure for the year then ended., have been propedy prepared In accordance wllh Uniied Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wllh the requ1￿mentS of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Siandards on Auditing {UKI (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in the ALJditors' responsibilities for the aLJdit of the fin8n¢ial statements section of our report. We are independent of the charitable company In accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirerllenls. We believe that the audit ovidence wè have obtained is sufficient and ¥ppropriate to provide a basis lor our opiriion. Concluslons relatlng to golng concem In auditing the financial slalemenls, we have concludtsd 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 relaling lo events or conditions that, individually or collectively, may cast significant doLJbt on the charitable CoMpan￿S ability to continue as a 90ino concern for a p8rtod of al 18asl Nvelv6 months from when the financial statements are aulhorSsed for Issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concem ar8 described in th8 relevant sect￿nS of this report. Page 10 THE BELSIZE SQUARE SYNAGOGUE (A Reglstered Charlty and Company Llmlled by Guarante8} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE 8ELSIZE SQUARE SYNAGOGUE ICONTINUEDI Other Informatlon The other information comprises the informalion Included In the Annual Report other Ih8ll the financial slatemenis 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 lo the extent otherwise 8xplicilly staled in our report, we do not express any fo¥m of assurance condusion thereon. Our responsibility is lo read the olhef information and, in doing so, consider whether the other infomialion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audil, or olheNise appears lo be materially misstated. If we idenlify such material inconsistencies or apparent materi81 mis51alemenls, we are required to determine whelher Ihis gives rise to a material misstatement in the financial slalemenls themselves. If, based on the work we have performed, we Conclude that there is a material misstatement of this other information, we are required lo report that fact. W8 have nolhlng lo report in Ihls regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on Ihe worf( undertaken in the course of the audlt.. the information given in the Trustees, Report for the financlal year foi which the financial statements are prepared is consistent with the financial slalemenls. the Trustees, Report has been prepared in accordance wllh applicable legal requirements. Matters on whlch we are requlrod to report by excgptlon In the light of our knowledge and understanding of the charllable company and ts environmonl obtained in the course of the audit. we have not identified material misstatements in the Trustees, Report. We have nothing lo report in resp6cl of the following mallers in relation lo which Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or the financial slalem8nls are nol in agreement with the accounting rocords and relums., or C8rtain disclosures of Trustees, remuneral￿n specified by law are not made,. or we have not received all the information and explanations we require for our audit., or the Trustees were rsol entitled to prepare the financial statements in accordance wilh Ihe small comparbies regime and lake advantage of the small companio$' gxemptions in preparing the Trustees, Report and from the requirement lo prepare a Strategic R6port. Page 11 THE BELSIZE SQUARE SYNAGOGUE (A Roglstered Charlty and Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BELSIZE SQUARE SYNAGOGUE (CONTINUED) Responslbilitie$ of trustees As explained more fully in the Twslees. Responsibilities Slalemenl, the Trustees (who are also the directors ol the charitable company foi the purposes of company lawl are responsible for the PTeparalion of the financial statemenls and for being satisfied that Ihey give a true and fair view, and for such internal control as the Trustees detormine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessirig the charitable Gompanls ability lo continue as a going concern, disc105ing, as applicable, mallers related lo going con￿r￿ and using the going concem basis of accoLJnting unless the Trustees efther intend to liquidate the charilable company or to cease operations, or have no ￿aliStiC alternative bul to do so. Audltors. responslbllltles for the audlt of th& flnanclal statements Our objectives are to obtain reasonable assurance about wh&ther the financial slalemenls as a whole are free from material misstatement, whether due lo fraud or error. and to 15sue an ALJditors' Report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee Ihal an audit conducted in accordance with ISAS IUKI ￿rill always delect a material misstatement when it exists. Misstalemenls can arise from fr8ud or error and are consideied material IF, individually or in the aggregate, they could reasonably be expected lo Snfluence the economic decisions ol users taken on the bas15 of these financial statements. Irregtjlarilies, including fraud, ar8 inst8nces of non12022 - £2,286). All figures are included nel of VAT. Page 24 THE BELSIZE SQUARE SYNAGOGUE {A Reglstered Charlty and Company Llmlted by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Staff costs 2023 2022 Wages and salaries Soual seGurity costs Contribution lo defined contribution panslon schemes 557,063 44,236 17,924 509,125 52,675 26,340 619,223 588,140 The average number of persons employed by the Charity during the year was as follows.. 2C>23 No. 2022 No. Employees 28 28 The number of employee$ whose employee benefits lexduding employer pension costs) 8xceeded £60,000 was.. 2023 No. 2022 In the band £70,000- £79,999 In the band £100,000- £109.999 In the band £110,000- £119.999 Key management per50nno1 Total rernuneralion paid lo key management during the year arr￿U￿ted to £302,57112022.' £374.5871. Page 25 è( ZS LQ ( o o o Q ¢£ THE BELSIZE SQUARE SYNAGOGUE IA Reglstered Charlty and Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Debtors 2023 2022 Due within one year Other debtors 23,890 59,800 64,380 37,579 Prepayments and accrued Income 83,690 101,959 14. Crèditors: Amounts falling duè within one year 2023 2022 Taxation and social security Other creditors Accruals 14,757 37,403 48,074 15.247 22,693 44,710 100,234 82.650 Page 27 THE BELSIZE SQUARE SYNAGOGUE (A Reglstered Charlty and Company Llmlled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statement of fund5 Statement of funds - current year Balance at 31 Docemb&r 2023 Balance al 1 January 2023 Transfers inloul Income Expendiluie Unr&stricted general funds Funds 975,789 3.139.738 {1,091,895) 120.0801 1,003,552 Unrostrlctèd designated funds Fixed Asset Funds 2,254,448 1130,0161 20,080 2.144.512 Restricted funds Chevra Disabled Fund Frieda Graumann Holocaust Memorial Day Israel Max Blum Book Prlze Fund Medical Fund Other Reslricl8d Donations Sports Fund VB Fund Webcasting Prolecl Welfare 63,137 570 1.289 64,426 570 23,510 6,450 63,3DO 14.320) 113,9531 162.5891 12.7631 19,190 9,237 5,173 16,740 4,462 2,763 2,246 1,452 34,500 3,664 1,268 2,246 853 34,500 3,664 908 15991 13601 136,2001 36,200 130,802 130,749 {120,7841 140,767 Total of funds 3,361,039 1,270,487 11.342,6951 3,288,831 Page 28 THE BELSIZE SQUARE SYNAGOGUE IA Reglstered Char5ty and Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statement of funds Icontinuedl Statement of funds - prlor year Balance al 31 DeGember 2022 Balance al 1 January 2022 Transfers inloul Incom8 Expendilure Unrestricted general funds Funds 987,459 4,918 116.5881 975,789 Unrestricted deslgnated funds Fixed Asset Funds 2,355,107 1127,236} 26,577 2,254,448 Rèstricted funds Chevra Disabled Fund Holocaust Memorial Day Israel Max Blum Book Prize Fund Medlcal Fund Other Restricted Donalions Sports Fund VB Fund Webcasting ProjeGI Welfare 62,572 570 565 63,137 570 16,740 4,462 2,763 2,246 1.452 34.500 3,664 1,268 27,285 8,528 2,763 2,246 1,452 9,000 3,664 1.628 15561 185,5101 19,989) 81.444 35,500 110.OLK)) 1360} (36,200) 36,200 119,708 153.709 {132,6261 (9,9891 130,802 Total ol funds 3.462,274 158,627 1259,862} 3,361,039 Page 29 THE BELSIZE SQUARE SYNAGOGUE (A Reglstered Charlty and Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statemènt of funds Icontinuedl Summary of r8slricled funds.. Chevra- Fund lo support care for the Sick Bnd needy and for work involved in cases of death. Disabled Fund- Fund eslabllshed to support needs of dlsabled members of the Community. Frfeda Graumann Fund- Fund Established to support young poople Iravelling lo Israel. Holocaust Memorial Day- Funds raised lo support the Synagogue's Holocaust Memori81 D8y &ducalion programme lo schools. Isr891- Funds raised for the support of specific projec18 In18r861. Max Blum Book Prize- Fur￿ es1ablished lo provSde books as prizes al the Cheder. Medical Fund - Furids raised lo assist sick members. Sports Fund Football Scholarship supportlng players al the Maccabi Games as a result of a specific lttgacy. VB Fund- Holding fund for Scholarships for mijsicians. Webcasting ProS8cI - Funds received to install a camera and PTovida the infmstructure for webcasting Synagogue sevices. Welfare- Funds to support th8 Synagogue's w81fare activities. Other Reslricled Donations- This represenls amounts received fol smaller projects. 16. Analysis of net assats between funds Analysls of net assets between funds - current year Unreslricled Unreslricled general designated fund5 funds 2023 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 2,144.512 2,144,512 1,244.553 1100,234) 1.103,786 1100,2341 140,767 Total 1,003,552 2.144,512 140,767 3,288,831 Page 30 THE BELSIZE SQUARE SYNAGOGUE IA Reglstsred Charlty and Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Analysls of nat assets bétween funds Icontinuedl Analysis of net assets betweèn funds - prior year Unreslricled Unreslricl8d general deslgnaled funds funds 2022 2022 Reslricled funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one yoar 2,254.448 2.254,448 1,189,241 182,6501 1,058,439 182,6501 130,802 Total 975,789 2,254,448 130,802 3,361,039 17. Reconciliation of net movement in funds to net cash flow from operatlng activities 2023 2022 Nel expendllure for the year (as per Slalement of Financial Actlvities) 172,2081 1101,235) Adlustmants for- Inveslmenl income recognised in slalemont of financial activities Depreciation and impairrllenl of tangible fixed assets Decreasellincrease} in deblors Incrttasel(decr8ase) in Creditors {39,0231 130,016 19,034 16.819 (12,147) 127,236 {42.763) {62.9151 Net cash provlded byllu5ed In) opgrating actlvitios 54,638 191,8241 18. Analysls of cash and cash equival&nts 2023 2022 Cash in hand NolSce deposits 395,863 765,000 322,282 765,000 Total cash and cash equivolènts 1,160,863 1,087,282 Page 31 THE BELSIZE SQUARE SYNAGOGUE IA Reglstered Charlly and Company Llmlted by Guaranteal NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Analysis of changas in net dèbt At31 December 2023 Al 1 January 2023 Cash flows Cash and cash equivalents 1,087,282 73,581 1,160,863 1,087,282 73,581 1,160,863 20. Penslon commitments The Charity operaltrs a defined contribution pension scheme for all employees. The ass818 of the scheme are held separately from Ihose of the Charity in an independently administered fund. The charge lo income and expenditure in respect of defined contribution scheme5 was £17,92412022.' £27,215). Al the reporting dale, amounts payable lo Ihe fund werts £1,143 12022-. £1,255) and are included in creditors. 21. Opgratlng lease -1ossor Al 31 Decetnber 2023 the Charity had 18ase income commllled io il undef non-cancellable opgrating leases as follows.. 2023 2022 Receivable in the next year Receivable in more than 1 year and less than 5 years Recelv¥ble in more than 5 years 60,140 202,400 60.140 202,400 50.600 262,540 313,140 Page 32 THE BELSIZE SQUARE SYNAGOGUE {A Reglstered Charlty and Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Trustee and related party transactions During the year, six Trustees were reimbursed for travel expenses and the purchase Df supplles foi the Charity incurred in their capacity as Trustees tol811ing £5,196 12022.. slx Trustees were reimbursed £4,115). During the year, the following Trustees received payments relating lo Galering services al the Charitys events.. Adam Nathan - £5,240 (2022.. £3,017) C Walford - £2,03712022.' £2,299) During the year, the following Trustees and famlSy members received payments relating lo thèir roles as 16achersAeaching assistants In the Synagogue cheder and as choir members.. E Brookes- £44912022. £701 J Z Culner- £50412022.. £Nil) J Hacker- £Nil12022.' £3821 P Strauss- £48812022.. £718) Donations received from Truslees and other related parties in year totalled £31,56212J22'. £56,505). During the year no other payments were made lo Trustees and re1allves, which should be recognised as related party transactions. Page 33