Charity 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 2024
Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 - 2 |
| Trustees' Report | 3 - 8 |
| Trustees' Responsibilities Statement | 9 |
| Independent Auditors' Report on the Financial Statements | 10 - 13 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Statement of Cash Flows | 16 |
| Notes to the Financial Statements | 17 - 33 |
Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees J Abramson Jacqueline Alexander John Alexander J Brookes A Buchler C Cohen D Cohen (resigned 3 June 2024) J Cohen S Cohen K Conway (resigned 3 June 2024) S Cutner (resigned 3 June 2024) A Davis J Hacker P Hirschovits M Horowitz A Hurst (resigned 3 June 2024) O Jerome F Joseph (appointed 3 June 2024) F Lehmann Adam Nathan Annette Nathan M Nathan R Nothman S Percival D Pollins R Pollins J Strauss D Tausz J Trenner N Viner C Walford Company registered number 07831243 Charity registered number 1144866 Registered office 51 Belsize Square London NW3 4HX Chief executive officer L Taylor Independent auditors Nyman Libson Paul LLP Chartered Accountants Registered Auditors 124 Finchley Road London NW3 5JS
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Bankers
CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Investment platform
Flagstone Investment Management 1st Floor Clareville House 26-27 Oxendon Street London SW1Y 4EL
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their report and financial statements for the year ended 31 December 2024, 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.
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” or “Synagogue”), was incorporated as a company limited by guarantee and in 2012 assumed the assets, liabilities and activities of the previous, unincorporated, body. The Synagogue’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, re elections and resignations took place at the Annual General Meeting on 3 June 2024 unless otherwise stated.
Board members are elected for a period of three years from the date of the Annual General Meeting. This is done in accordance with the provisions in the Memorandum and Articles of Association. Nominees and those seeking re election are nominated by members of the community. If the number of nominees exceeds the number of vacancies, an election is held at the AGM with eligible members voting for their preferred candidate.
The Board constitutes various committees, whose membership is made up of members of the community. These committees take responsibility for organising and managing activities within the community and report to the 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 and Remuneration Committee are appointed by Board resolution. The Trustees as well as the Synagogue’s Finance and 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, including predictability of income.
Trustees look to ensure they are up to date on charity matters and responsibilities. This includes a presentation provided by a legally qualified and long standing Board member on Charity Trustee and Director obligations and responsibilities.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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 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, 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
2024 was another vibrant year in the life of our community in no small part thanks to the contribution of our ministers.
Rabbi Gabriel Botnick completed his third full year as the community’s Rabbi, building on the success of the previous two years. As well as his regular day to day duties, Rabbi Botnick regularly teaches the Bnei Mitzvah Class at Cheder alongside Cantor Heller, and they have set up a monthly lunch and learn programme on a Shabbat after Services, which is open to the whole community and is well attended. The Bnei Mitzvah class continues to grow with children enthused about their upcoming celebration. Rabbi Botnick’s conversion programme has grown in number with many completing the course and becoming full members of the community. The classes are hybrid, allowing those unable physically to attend the lessons the opportunity to join online.
Cantor Dr Paul Heller completed his eleventh year with the Community. His participation not only enhances Services but also continues the musical tradition for which the Synagogue is well known. Cantor Heller runs termly online education courses, which have been very successful, and actively supports our welfare officer with visits to our older members. He also officiated at numerous funerals. Cantor Heller coordinates the Bnei Mitzvah Programme, teaching classes on Sunday mornings and monitoring the progress of students. He has also begun taking on adult students who would like to learn how to read from the Torah.
We are sorry to note that our Emeritus Rabbi Rodney Mariner passed away in August 2024 and his enormous contribution to the life and soul of the community for over 40 years will never be forgotten.
The Trustees are, as always, immensely grateful for the contribution of our ministers to 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. Kikar Kids, our monthly services for the youngest children in the community, has grown in popularity with Services being led by members of the community and a children’s musician and entertainer.
Our High Holyday Services were extremely well attended with several members inviting family and friends, and many visitor tickets were sold. Services were held on the first two and last evenings and days of all the major Jewish festivals. Purim celebrations attracted over 100 people and we were able to use our new Megillah that we had commissioned. Attendance at our communal Seder was sold out with 90 people around the table.
Services are led by one or both ministers, with involvement from members of the community on a regular basis. The music of our services continues to be enhanced by our professional, 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 UK and overseas. There is no charge for this facility, but several non members have chosen to send us donations to help cover our costs. We monitor the numbers closely and are delighted by the figures, especially over The High Holidays where we had over 6,000 views.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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 Caroline Loison, provides popular weekly educational activities for children between the ages of 5 and 15. Once a month on Shabbat morning we hold Kikar Kids where there is a Jewish musical session for the under 5s and a learning workshop for those over that age. These are always well attended. The Synagogue has a partnership with Noam, the Masorti Youth Movement, to provide a Youth Worker who has organised activities for our youth, while offering access to Noam youth events. Our weekly Adult Discussion Group produces a lively debate amongst attendees.
The annual Holocaust Education for Schools Programme had hundreds of students from five different schools participating in the programme at the Synagogue. The programme was run by volunteers who attended training during the months preceding the event.
Welfare activities are led mainly by our community Care Co ordinator who provides support for the aged and needy in our community. Many of these members also belong to 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 by maintaining contact with older members through frequent telephone calls. There is a monthly lunch held in a local restaurant and two larger lunches at the synagogue which coincide with Shavuot and Chanukah.
The Synagogue participates in the annual Mitzvah Day programme each November. Over 100 of our members and children join in a variety of good deeds both within our own community and locally. In 2024, members of the community collected food and toiletries for a local foodbank, while the Synagogue’s community choir performed for the residents of a local care home.
The synagogue created a partnership with Keshet UK, a Jewish LGBT charity. They undertook a review of the synagogue’s facilities, functions and activities, providing feedback on areas where the community could be more inclusive.
Fundraising activities
The Synagogue requires regular fundraising activities, in addition to annual membership subscriptions, to support its infrastructure cost and continue to provide a wide range of events and services.
Our annual Chanukah Market was a huge success both financially and socially as the synagogue was packed with members young and old. It raised over £11,000 for the community.
The Belsize 150 initiative, asking members to add a £150 donation to their annual subscription, was again well supported. We are grateful to members of the community who supported this campaign which raised over £53,000.
Rabbi Botnick made an appeal for donations during the High Holyday Services. This is the second time the community has had such an appeal and it raised in excess of £45,000.
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 substantially overdue.
Financial review
Total income for the year was £1,380,439 (2023: £1,270,487). Subscriptions (including gift aid reclaimed) were higher at £503,113 (2023: £474,634) as we increased fees by 4% and membership numbers were up.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
We continue to enjoy a successful and mutually beneficial relationship with our tenants, Keren’s Nursery. We rent out the scout hut, which occupies part of the Synagogue’s land, to the Hampstead 22nd Sea Scouts who until August 2022 sublet the hut to Oliver’s Nursery during the week. From September 2022, Mimi’s Nursery have been the Sea Scouts tenant.
Expenses for the year of £1,254,464, excluding depreciation of £127,072 (2023: £130,016), were marginally higher than the 2023 figure of £1,212,679. The largest portion of running costs comprises wages and salaries, including those of two full time ministers, the cost of running the office and facilities as well as educational, musical and welfare activities.
The overall outcome of gross income of £1,380,439 and total expenditure of £1,381,537 meant that the net assets of the Synagogue at the end of 2024 were £3,287,733. This was £1,098 lower than at the previous year end (2023: £3,288,831).
The net assets principally comprise land and buildings of £2,021,363 (2023: £2,144,512), which includes capitalisation of all development expenditure on the synagogue building. This figure represents the designated fund held by the Charity. The Synagogue held £1,326,028 in cash and deposits at 31 December 2024 compared to £1,160,863 at the end of 2023, an increase of £165,165.
In addition to the fixed asset fund, representing the land and buildings, the Synagogue held £1,130,456 in unrestricted funds at 31 December 2024 (2023: £1,003,552). 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 and Audit Committee as part of financial planning for the future. A further £135,914 (2023: £140,767) remains held as restricted funds.
Investment income of £44,113 (2023: £37,023) solely comprised interest received from long term deposit bank accounts. The Synagogue holds no other investments. All investments are monitored and reviewed by the synagogue’s Finance and Audit Committee 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.
Reserves Policy
The Synagogue holds two main categories of funds.
Restricted funds are held where monies are given for specific purposes by donors.
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Unrestricted funds comprise all remaining funds and are segregated into two additional categories: (i) Designated Unrestricted 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) General Unrestricted Funds, which broadly comprise the unrestricted cash balances available to manage the Synagogue’s day to day activities.
A formal Reserves Policy exists, which sets out the Synagogue’s policy that General Unrestricted 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. This policy is reviewed by the Board and the Finance & Audit Committee on an annual basis. An amount of £3,924 has been transferred from General Unrestricted Funds to Designated Unrestricted Funds at 31 December 2024 representing fixed asset additions during the year.
The level of free reserves held by the Charity at year end (defined as unrestricted general funds less tangible fixed assets and commitments) totalled £1,130,456 (2023: £1,003,552) and is in line with the Synagogue's reserves policy.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Key risks, going concern and uncertainties disclosures
The Synagogue maintains a Risk Register which is reviewed annually by the Board and the Finance and Audit Committee. There are currently 29 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. No risks are currently in the red category, however a number of the security risks remain amber in light of the current situation in the Middle East.
Each risk has a risk owner, either a staff member, Trustee or committee chair who monitor and review their specific area.
The war that broke out in Israel in October 2023 led to an increase in antisemitism which brings increased security concerns. The Synagogue’s head of security 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 grateful to the Community Security Trust who help fund the presence of paid security guards at Services.
The Treasurer and Assistant Treasurer monitor any financial risks with support from the Finance & Audit Committee. These are also reviewed by the Synagogue Board.
The Facilities Committee maintain the building together with the maintenance staff. Any concerns are reported to the chair of the committee who works with staff to manage remedial work and ensure it is fit for purpose.
From a financial perspective, income has increased this year, both from membership subscriptions as well as higher donations. The Synagogue remains sensitive to any cases of financial 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 the actions being taken, the Synagogue will be able to continue to operate as a going concern for the foreseeable future and has a comfortable level of reserves in line with the policy.
| Risk | Mitigation | Mitigation |
|---|---|---|
| Financial: | ||
| Insufficient income to cover operating expenditure | • | Constant review by Finance & Audit Committee and |
| Board | ||
| • | Increase subscription income through the 150 club | |
| • | Generate an operating surplus from the cemetery | |
| • | Fundraising events | |
| • | Reduce costs | |
| • | Increase membership | |
| Security: | ||
| Threat of terror attack | • | Regular assessment of needs for each event |
| • | Consultation with CST | |
| • | Training of member/volunteers | |
| • | Consideration as to need for protection when | |
| no events taking place in the building | ||
| • | Adequacy of physical protection of the building | |
| eg shatter-proof windows | ||
| • | Professional guards employed |
The Synagogue does not hold funds as custodian trustees on behalf of other charities.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Remuneration
The Board delegates the responsibility of salaries to the Remuneration Committee. The committee reviews salaries for all staff including key management personnel on an annual basis. There is no contractual obligation to increase salaries for any staff member.
Plans for the future
Attendance at Services has improved due to the success of themed Shabbat Services and regular events such as the lunch and learn series, as well as Kikar Kids. It is our intention to continue with these and our other synagogue events.
There is a need to rotate and have new Board members and efforts are being made to look for successors for Honorary Officer positions. A number of long-standing Board members stepped down in 2024.
The Synagogue celebrated its 85th birthday in 2024 and a special service was held in March 2025 to mark the end of the 85th year.
General fundraising is high on the agenda and it is hoped that we will be able to hold some events to increase our income, while also providing exciting social activities for our members. We remain extremely grateful to those members that remember the community in their wills and those that support us either financially or by giving of their time.
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 auditors are aware of such information.
Nyman Libson Paul LLP have expressed their willingness to be reappointed as auditors at the forthcoming AGM.
Approved by order of the members of the board of Trustees and signed on their behalf by:
jackie Signer ID: SANMSBODKQ... Alexander
Jackie Alexander
Chair Date: 23-05-2025 PDT
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
Signer ID: SANMSBODKQ... Jackie Alexander Chair Date: 23-05-2025 PDT
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BELSIZE SQUARE SYNAGOGUE
Opinion
We have audited the financial statements of The Belsize Square Synagogue (the 'Charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BELSIZE SQUARE SYNAGOGUE (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
(A Registered Charity and Company Limited by Guarantee)
THE BELSIZE SQUARE SYNAGOGUE
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BELSIZE SQUARE SYNAGOGUE (CONTINUED)
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Charity and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011 and Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BELSIZE SQUARE SYNAGOGUE (CONTINUED)
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Thomas (Senior Statutory Auditor)
for and on behalf of Nyman Libson Paul LLP
Chartered Accountants Registered Auditors 124 Finchley Road
London NW3 5JS
Date: 29 May 2025
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income and endowments from: Donations and legacies 4 Charitable activities Other trading activities 6 Investments 7 Total income and endowments Expenditure on: Raising funds 8 Charitable activities Total expenditure Net income/ (expenditure) Gross transfers between funds 15 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 5 |
Unrestricted general funds 2024 £ 853,610 45,409 325,533 42,028 1,266,580 269,279 866,473 1,135,752 130,828 (3,924) 126,904 1,003,552 126,904 1,130,456 |
Unrestricted designated funds 2024 £ - - - - - 12,700 114,373 127,073 (127,073) 3,924 (123,149) 2,144,512 (123,149) 2,021,363 |
Restricted funds 2024 £ 111,774 - - 2,085 113,859 9,980 108,732 118,712 (4,853) - (4,853) 140,767 (4,853) 135,914 |
Total funds 2024 £ 965,384 45,409 325,533 44,113 1,380,439 291,959 1,089,578 1,381,537 (1,098) - (1,098) 3,288,831 (1,098) 3,287,733 |
Total funds 2023 £ 912,325 33,900 285,239 39,023 1,270,487 278,946 1,063,749 1,342,695 (72,208) - (72,208) 3,361,039 (72,208) 3,288,831 |
|---|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 17 to 33 form part of these financial statements.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE (A Registered Charity and Company Limited by Guarantee) REGISTERED NUMBER: 07831243
BALANCE SHEET AS AT 31 DECEMBER 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Tangible assets | 12 | 2,021,363 | 2,144,512 | |||
| 2,021,363 | 2,144,512 | |||||
| Current assets | ||||||
| Debtors | 13 | 56,785 | 83,690 | |||
| Cash at bank and in hand | 18 | 1,326,028 | 1,160,863 | |||
| 1,382,813 | 1,244,553 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 14 | (116,443) | (100,234) | |||
| Net current assets | 1,266,370 | 1,144,319 | ||||
| Total net assets | 3,287,733 | 3,288,831 | ||||
| Charity funds | ||||||
| Restricted funds | 15 | 135,914 | 140,767 | |||
| Unrestricted designated funds | 15 | 2,021,363 | 2,144,512 | |||
| Unrestricted general funds | 15 | 1,130,456 | 1,003,552 | |||
| Total funds | 3,287,733 | 3,288,831 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Signer ID: GDYZWMMOJ0...
Jimmy Strauss Honorary Treasurer Date: 22-05-2025 PDT
The notes on pages 17 to 33 form part of these financial statements.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| Cash flows from operating activities Net cash generated from / (used in) operating activities Cash flows from investing activities Interest from cash deposits Purchase of tangible fixed assets Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 17 to 33 form part of these financial statements |
2024 £ 124,976 44,113 (3,924) 40,189 165,165 1,160,863 1,326,028 |
2023 £ 54,638 39,023 (20,080) 18,943 73,581 1,087,282 1,160,863 |
|---|---|---|
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
(A Registered Charity and Company Limited by Guarantee)
THE BELSIZE SQUARE SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
The Belsize Square Synagogue is a private company limited by guarantee incorporated in England and Wales under company number 07831243. The registered office is 51 Belsize Square, London, NW3 4HX.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Belsize Square Synagogue meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
2.2 Going concern
The Charity's income is stable and the Charity continues to budget prudently, while seeking additional income through donations, increasing membership, rental income and other sources. Given the level of reserves the Synagogue is holding, the Trustees have a reasonable expectation that the Charity has adequate resources to continue for the foreseeable future, and thus the financial statements continue to be prepared on the going concern basis.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Membership income is recognised when received.
Income from legacies is recognised when cash is received, unless the Charity is notified of entitlement beforehand and receipt is probable.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Gift Aid is recognised at the time of the donation.
Rental income is recognised on the accruals basis in line with the terms of the contract.
Investment income is recognised when receivable.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
(A Registered Charity and Company Limited by Guarantee)
THE BELSIZE SQUARE SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
| Freehold property | - Over 20 years straight line on completion |
|---|---|
| Cemetery (land) | - Not depreciated |
| Fixtures and fittings | - 25%/33.3% Straight line |
| Other fixed assets | - 10% Reducing balance |
A painting which was donated to the Synagogue is included in the financial statements and is not depreciated as the residual value is not expected to be less than current value.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.
2.6 Debtors
Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash held in the Charity's bank accounts and short-term deposit accounts with maturity dates of up to 12 months.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Critical accounting estimates and areas of judgement
The Trustees are satisfied that there are no material estimates or judgements in the financial statements.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. Income from donations and legacies
| Donations Legacies Membership fees Total 2024 Donations Legacies Membership fees Total 2023 |
Unrestricted general funds 2024 £ 315,334 35,163 503,113 853,610 Unrestricted general funds 2023 £ 287,233 20,893 474,634 782,760 |
Restricted funds 2024 £ 111,774 - - 111,774 Restricted funds 2023 £ 129,565 - - 129,565 |
Total funds 2024 £ 427,108 35,163 503,113 |
|---|---|---|---|
| 965,384 | |||
| Total funds 2023 £ 416,798 20,893 474,634 |
|||
| 912,325 |
5. Income from charitable activities
| Education & Welfare Religion |
Unrestricted general funds 2024 £ 10,975 34,434 45,409 |
Unrestricted general funds 2023 £ 10,901 22,999 |
|---|---|---|
| 33,900 |
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. Income from other trading activities
| Income from fundraising events Hall hire and rental income Security grants and reimbursements Other income (including non-member funerals) |
Unrestricted general funds 2024 £ 18,331 138,660 71,931 96,611 325,533 |
Unrestricted general funds 2023 £ 16,088 118,278 77,143 73,730 |
|---|---|---|
| 285,239 |
7. Investment income
| Interest receivable Interest receivable |
Unrestricted general funds 2024 £ 42,028 Unrestricted general funds 2023 £ 37,839 |
Restricted funds 2024 £ 2,085 Restricted funds 2023 £ 1,184 |
Total funds 2024 £ 44,113 |
|---|---|---|---|
| Total funds 2023 £ 39,023 |
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
(A Registered Charity and Company Limited by Guarantee)
THE BELSIZE SQUARE SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Expenditure on raising funds
| Staff costs Support costs Governance costs Other fundraising costs Staff costs Support costs Governance costs Other fundraising costs |
Unrestricted general funds 2024 £ 27,197 208,883 5,078 28,121 269,279 Unrestricted general funds 2023 £ 24,934 210,314 5,836 16,752 257,836 |
Unrestricted designated funds 2024 £ - 12,700 - - 12,700 Unrestricted designated funds 2023 £ - 12,994 - - 12,994 |
Restricted funds 2024 £ - - - 9,980 9,980 Restricted funds 2023 £ - - - 8,116 8,116 |
Total funds 2024 £ 27,197 221,583 5,078 38,101 |
|---|---|---|---|---|
| 291,959 | ||||
| Total funds 2023 £ 24,934 223,308 5,836 24,868 |
||||
| 278,946 |
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. Expenditure on charitable activities
| Direct costs Grants Support costs Direct costs Grants Support costs |
Unrestricted general funds 2024 £ 554,858 - 311,615 866,473 Unrestricted general funds 2023 £ 528,012 - 306,047 834,059 |
Unrestricted designated funds 2024 £ - - 114,373 114,373 Unrestricted designated funds 2023 £ - - 117,022 117,022 |
Restricted funds 2024 £ 46,336 62,396 - 108,732 Restricted funds 2023 £ 58,195 54,473 - 112,668 |
Total funds 2024 £ 601,194 62,396 425,988 |
|---|---|---|---|---|
| 1,089,578 | ||||
| Total funds 2023 £ 586,207 54,473 423,069 |
||||
| 1,063,749 |
Analysis of direct costs
| Staff costs Religion and festivals Burial/funerals Other costs Welfare |
2024 £ 370,550 93,656 78,970 33,978 36,200 613,354 |
2023 £ 348,358 91,137 76,826 27,601 42,285 |
|---|---|---|
| 586,207 |
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
(A Registered Charity and Company Limited by Guarantee)
THE BELSIZE SQUARE SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of grants
The Charity has made the following material grants to institutions during the year:
| ASSAF Aid Organisation Yemin Orde Childrens Centre Beit Uri Israel Sport Centre |
2024 £ 18,600 24,396 19,400 - 62,396 |
2023 £ 18,537 17,874 17,687 375 |
|---|---|---|
| 54,473 |
Grants made to the above charities are made through UK third party charities. No fee is paid to the third party.
Analysis of support costs
| Staff costs Depreciation Security Other support costs Legal and professional fees Audit fees Support and governance costs allocated to fundraising expenditure |
2024 £ 237,097 127,072 101,944 152,323 18,827 15,386 (226,661) 425,988 |
2023 £ 245,931 130,016 110,513 130,404 17,665 17,684 (229,144) |
|---|---|---|
| 423,069 |
10. Auditors' remuneration
The auditors' remuneration amounts to an auditor fee of £10,900 ( 2023: £10,500 ) , and accounting services of £2,000 (2023: £1,950). These figures are net of VAT.
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
(A Registered Charity and Company Limited by Guarantee)
THE BELSIZE SQUARE SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 568,661 46,853 19,330 634,844 |
2023 £ 557,063 44,236 17,924 |
|---|---|---|
| 619,223 |
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 32 | 28 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| In the band £70,000 - £79,999 | - | 1 |
| In the band £80,000 - £89,999 | 1 | - |
| In the band £100,000 - £109,999 | - | 1 |
| In the band £110,000 - £119,999 | 1 | 1 |
| In the band £120,000 - £129,999 | 1 | - |
Key management personnel
Total remuneration paid to key management during the year amounted to £365,687 (2023: £344,270).
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. Tangible fixed assets
| Cost or valuation At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Freehold property £ 2,482,119 - 2,482,119 1,306,447 101,683 1,408,130 1,073,989 1,175,672 |
Religious items/Sifrei Torah £ 2,558 - 2,558 1,835 73 1,908 650 723 |
Fixtures and fittings £ 210,957 3,924 214,881 159,823 25,317 185,140 29,741 51,134 |
Cemetery £ 891,983 - 891,983 - - - 891,983 891,983 |
Painting £ 25,000 - 25,000 - - - 25,000 25,000 |
Total £ 3,612,617 3,924 |
|---|---|---|---|---|---|---|
| 3,616,541 | ||||||
| 1,468,105 127,073 |
||||||
| 1,595,178 | ||||||
| 2,021,363 | ||||||
| 2,144,512 |
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. Debtors
| Due within one year Other debtors Prepayments and accrued income |
2024 £ 23,919 32,866 56,785 |
2023 £ 23,890 59,800 |
|---|---|---|
| 83,690 |
14. Creditors: Amounts falling due within one year
| Taxation and social security Other creditors Accruals |
2024 £ 47,867 31,023 37,553 116,443 |
2023 £ 14,757 37,403 48,074 |
|---|---|---|
| 100,234 |
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Statement of funds
Statement of funds - current year
| Unrestricted general funds Funds Restricted funds Chevra Disabled Fund Frieda Graumann Holocaust Memorial Day Israel Medical Fund Other Restricted Donations Sports Fund VB Fund Webcasting Project Welfare Unrestricted designated funds Fixed Asset Funds Total of funds |
Balance at 1 January 2024 £ 1,003,552 64,426 570 19,190 9,237 5,173 2,246 853 34,500 3,664 908 - 140,767 2,144,512 3,288,831 |
Income £ 1,266,580 2,085 - - 3,320 72,254 - - - - - 36,200 113,859 - 1,380,439 |
Expenditure £ (1,135,752) - - - (8,031) (72,376) - - (1,745) - (360) (36,200) (118,712) (127,073) (1,381,537) |
Transfers in/out £ (3,924) - - - - - - - - - - - - 3,924 - |
Balance at 31 December 2024 £ 1,130,456 |
|---|---|---|---|---|---|
| 66,511 570 19,190 4,526 5,051 2,246 853 32,755 3,664 548 - 135,914 2,021,363 3,287,733 |
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted general funds Funds Restricted funds Chevra Disabled Fund Frieda Graumann Holocaust Memorial Day Israel Max Blum Book Prize Fund Medical Fund Other Restricted Donations Sports Fund VB Fund Webcasting Project Welfare Unrestricted designated funds Fixed Asset Funds Total of funds |
Balance at 1 January 2023 £ 975,789 63,137 570 - 16,740 4,462 2,763 2,246 1,452 34,500 3,664 1,268 - 130,802 2,254,448 3,361,039 |
Income £ 1,139,738 1,289 - 23,510 6,450 63,300 - - - - - - 36,200 130,749 - 1,270,487 |
Expenditure £ (1,091,895) - - (4,320) (13,953) (62,589) (2,763) - (599) - - (360) (36,200) (120,784) (130,016) (1,342,695) |
Transfers in/out £ (20,080) - - - - - - - - - - - - - 20,080 - |
Balance at 31 December 2023 £ 1,003,552 |
|---|---|---|---|---|---|
| 2,144,512 | |||||
| 64,426 570 19,190 9,237 5,173 - 2,246 853 34,500 3,664 908 - |
|||||
| 140,767 | |||||
| 3,288,831 |
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
(A Registered Charity and Company Limited by Guarantee)
THE BELSIZE SQUARE SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Statement of funds (continued)
Summary of restricted funds:
Chevra - Fund to support care for the sick and needy and for work involved in cases of death.
Disabled Fund - Fund established to support needs of disabled members of the Community.
Frieda Graumann Fund - Fund Established to support young people travelling to Israel.
Holocaust Memorial Day - Funds raised to support the Synagogue's Holocaust Memorial Day education programme to schools.
Israel - Funds raised for the support of specific projects in Israel.
Max Blum Book Prize - Fund established to provide books as prizes at the Cheder.
Medical Fund - Funds raised to assist sick members.
Sports Fund - Football Scholarship supporting players at the Maccabi Games as a result of a specific legacy.
VB Fund - Holding fund for Scholarships for musicians.
Webcasting Project - Funds received to install a camera and provide the infrastructure for webcasting Synagogue sevices.
Welfare - Funds to support the Synagogue's welfare activities.
Other Restricted Donations - This represents amounts received for smaller projects.
16. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted general funds 2024 £ - 1,246,899 (116,443) 1,130,456 |
Unrestricted designated funds 2024 £ 2,021,363 - - 2,021,363 |
Restricted funds 2024 £ - 135,914 - 135,914 |
Total funds 2024 £ 2,021,363 1,382,813 (116,443) 3,287,733 |
|---|---|---|---|---|
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
(A Registered Charity and Company Limited by Guarantee)
THE BELSIZE SQUARE SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted general funds 2023 £ - 1,103,786 (100,234) 1,003,552 |
Unrestricted designated funds 2023 £ 2,144,512 - - 2,144,512 |
Restricted funds 2023 £ - 140,767 - 140,767 |
Total funds 2023 £ 2,144,512 1,244,553 (100,234) 3,288,831 |
|---|---|---|---|---|
17. Reconciliation of net movement in funds to net cash flow from operating activities
| Net expenditure for the period (as per Statement of Financial Activities) Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets Decrease in debtors Increase in creditors Net cash provided by operating activities Analysis of cash and cash equivalents Cash in hand Notice deposits Total cash and cash equivalents |
2024 £ (1,098) (44,113) 127,073 26,905 16,209 124,976 2024 £ 561,028 765,000 1,326,028 |
2023 £ (72,208) (39,023) 130,016 19,034 16,819 54,638 2023 £ 395,863 765,000 1,160,863 |
|---|---|---|
18. Analysis of cash and cash equivalents
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
THE BELSIZE SQUARE SYNAGOGUE
(A Registered Charity and Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. Analysis of changes in net debt
| Cash and cash equivalents | At 1 January 2024 £ 1,160,863 1,160,863 |
Cash flows £ 165,165 165,165 |
At 31 December 2024 £ 1,326,028 |
|---|---|---|---|
| 1,326,028 |
20. Pension commitments
The Charity operates a defined contribution pension scheme for all employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
The charge to income and expenditure in respect of defined contribution schemes was £19,330 (2023: £17,924). At the reporting date, amounts payable to the fund were £1,421 (2023: £1,143) and are included in creditors.
21. Operating lease - lessor
At 31 December 2024 the Charity had lease income committed to it under non-cancellable operating leases as follows:
| Receivable in the next year Receivable in more than 1 year and less than 5 years |
2024 £ 60,140 142,260 202,400 |
2023 £ 60,140 202,400 |
|---|---|---|
| 262,540 |
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Document ID: f2c21ee99f18bf946764cb903093b751d93e76528f6854c8c68bcb96e9c5a8d3
(A Registered Charity and Company Limited by Guarantee)
THE BELSIZE SQUARE SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. Operating lease - lessee
At 31 December 2024 the Charity had lease payments committed to under non-cancellable operating leases as follows:
| Payable in the next year Payable in more than 1 year and less than 5 years |
2024 £ 10,808 21,922 32,730 |
2023 £ 5,952 - |
|---|---|---|
| 5,952 |
23. Trustee and related party transactions
During the year, four Trustees were reimbursed for travel expenses and the purchase of supplies for the Charity incurred in their capacity as Trustees totalling £4,711 (2023: six Trustees were reimbursed £5,196).
During the year, the following Trustees received payments relating to catering services at the Charity's events:
Adam Nathan - £6,510 (2023: £5,240) C Walford - £2,883 (2023: £2,037)
During the year, the following Trustees and family members received payments relating to their roles as teachers/teaching assistants in the Synagogue cheder and as choir members:
E Brookes - £NIL (2023: £449) Z Cutner - £718 (2023: £504) J Hacker - £106 (2023: £NIL) P Strauss - £137 (2023: £488)
Donations received from Trustees and other related parties in year totalled £27,468 (2023: £31,562).
Grants received during the year from the Association of Jewish Refugees, a charity with close ties to the Syngagogue due to trustees and/or their close relatives having appointments at both entities, were £36,200 (2023 £36,200).
During the year no other payments were made to Trustees and relatives, which should be recognised as related party transactions.
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