**Registered number: 08051428 Charity number: 1147803**
# **THE WESTERN CHARITABLE FOUNDATION**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **THE WESTERN CHARITABLE FOUNDATION (A company limited by guarantee)**
|**CONTENTS**||
|---|---|
||Page|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 8|
|**Independent auditors' report on the financial statements**|9 - 12|
|**Statement of financial activities**|13|
|**Balance sheet**|14 - 15|
|**Statement of cash flows**|16|
|**Notes to the financial statements**|17 - 33|
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Trustees**|Harold Pasha, Chairman|
|---|---|
||David Winton, Vice Chairman|
||Anthony Yadgaroff, Treasurer|
||Suzanne Goodman|
||Colin Jaque|
||Philip Kremen|
||Maxwell Nisner (Resigned 14 July 2025)|
||Paul Rayden|
||Alexander Rayden|
|**Company registered**
**number**
08051428
**Charity registered**
**number**
1147803
**Registered office**
35 Ballards Lane
London
N3 1XW
**Company secretary**
Mr. A.H. Yadgaroff
**Independent auditors**
BKL Audit LLP
35 Ballards Lane
London
N3 1XW
**Bankers**
National Westminster Bank Plc
38 Strand
London
W2CH 5JB||
Page 1
## **THE WESTERN CHARITABLE FOUNDATION**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
The Trustees present their annual report together with the audited financial statements of the Charity for the 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the audited financial statements of the charity for the year ended 31st December 2024 which are also prepared to meet the requirements of a directors’ report and accounts for Companies Act purposes.
## **Objectives and activities**
## **a. Policies and objectives**
The objects of the charity are:
(i) The provision and administration of Jewish cemeteries
(ii) The relief of poverty in accordance with the principal of the Jewish religion
(iii) The advancement of Orthodox Jewish education by the provision and maintenance of Orthodox Jewish schools
(iv) The advancement of the Orthodox Jewish Religion and in particular the provision and support of The Western Marble Arch Synagogue
(v) The support of such charitable institutions established for similar purposes as the Trustees from time to time think fit
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Strategies for achieving objectives**
The Trustees ensure that the charity objectives are achieved by regular reviewing of its charitable activities as described on page 3. There is regular communication between the Executive Secretary and the other burial organisations sharing the main cemetery at Cheshunt to ensure its smooth running and regular visitations by Head Office staff to all four cemeteries to monitor their effectiveness. All grant requests are discussed by the Board of Trustees to ascertain their priority and suitability for funding.
## **c. Activities undertaken to achieve objectives**
The charity fulfils its objectives by ensuring cemetery staff have the training and knowledge to perform their duties effectively and the Trustees communicate with the WMA Synagogue and various charitable institutions who may be in need of financial assistance.
Page 2
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Objectives and activities (continued)**
## **d. Grant-making policies**
The policy of the Foundation is the administration and maintenance of cemeteries at Bulls Cross Ride Cheshunt, Rowan Road Streatham, Montagu Road Edmonton and Fulham Road Chelsea, and making grants to such other charitable activities as permitted by its objects as the Trustees consider appropriate from time to time.
## **e. Main activities undertaken to further the Charity's purposes for the public benefit**
The charity achieves its general aims by maintaining Jewish cemeteries and providing support to the Western Marble Arch Synagogue. The trustees have complied with their duty under section 17(5) of the Charities Act 2011 to have due regard to the public benefit requirement. The trustees have also reviewed each grant payment during the year by reference to the Charity Commission guidance on “Charities and Public Benefit" issued by the charity commission.
## **Achievements and performance**
## **a. Main achievements of the Charity**
In the course of the year there were 193 (2023:173) burials of which 131 (2023:120) were in connection with the associated organisation and 62 (2023:53) related to burial subscription members and paid funerals.
## **b. Key performance indicators**
The measures or indicators used to assess performance and achievement includes observing good staff retention levels, attempting to keep expenditure level by looking at cost savings possible and administrative efficiency. Other measures include aiming to ensure the giving/donor capacity each year has a general upward trend and that investment performance shows growth or at least stays ahead of market indexes.
## **c. Review of activities**
The activities of the charitable company continue to be the advancement of the Jewish religion in particular by the provision, maintenance and administration of Jewish cemeteries and the provision of assistance to any burial society for the burial of persons of the Jewish faith.
The trustees continue to keep under review the need for maintenance of the cemeteries, performance against objectives set and the need to acquire land for future burials. During the period the trustees continued the comprehensive maintenance programme at all of the cemeteries. There was no need, at this time, to purchase additional burial land or to make any changes to the way it carries out its activities.
The trustees are satisfied that the expenditure incurred helped to support its key objectives in maintaining the high standard of its cemeteries.
Page 3
## **THE WESTERN CHARITABLE FOUNDATION**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Achievements and performance (continued)**
## **d. Factors relevant to achieve objectives**
Volatile global markets have minimised share investment income and performance in recent years contributing to less enthusiasm for external grant making to other institutions. Recent external renovation works at the WMA Synagogue complex required every 10-15 years took place recently and has led to increased pressure for Synagogue grants and administrative support.
## **e. Fundraising activities and income generation**
Fundraising activities are not performed by the charity and the main forms of income are generated from members annual burial contributions and tombstone mason fees charged.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
Total Reserves, as shown on the Balance Sheet, amount to £11,831,574 (2023: £11,291,551 as restated). Of these reserves, £3,869,086 (2023: £3,860,642 as restated) is invested in tangible fixed assets and heritage assets leaving £7,962,488 (2023: £7,430,909 as restated) as free reserves.
Whilst the trustees from time to time make grants, considerable reserves have to be held for future expenditure on cemeteries and also to cover the long term burial liabilities as well as maintenance and renewal of its properties.
There is also a need to maintain cemeteries which are in effect closed for burial, and funds have to be held to cover such maintenance for perpetuity.
## **c. Material investments policy**
The Foundation’s investment policy is to hand over the management of funds into the hands of professional managers. The trustees consult with the Managers from time to time to discuss investment performance.
## **d. Principal risks and uncertainties**
The biggest risk the Foundation faces is a major event resulting in a large increase in the number of burials. The trustees cater for the risk by maintaining sufficient reserves and obtain an actuarial report every 3-5 years to verify this. A further major risk is the age of the properties associated with the Foundation and the trustees ensure that adequate funds are maintained for the ongoing maintenance programme and any long term liabilities.
Page 4
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **e. Financial risk management objectives and policies**
There is little exposure to financial risk due to the nature of burial services offered which ensure a basic guaranteed market demand from members. However, the WCF policies include the need by senior staff to ensure the Foundation is acting appropriately, trying to anticipate and assess risk, avoid excessive risks and ensure appropriate safeguards are in place to minimise risk whether by avoidance, control measures or insurance. The Foundation also maintains sufficient cash/liquid assets to minimise liquidity risk and allow financial obligations to be fulfilled.
## **f. Principal funding**
The principal funding sources of the charity are shown in notes 4 and 5 of the accounts.
## **Structure, governance and management**
## **a. Constitution**
The Western Charitable Foundation is registered as a charitable company limited by guarantee and was set up by a Trust deed.
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **c. Organisational structure and decision-making policies**
There are nine trustees who are responsible for running the charity. Day to day running of the charity is delegated to the Management Committee which consists of the Chairman, Vice Chairman and Treasurer. Routine matters such as arranging funerals and upkeep of records are delegated to the office administration.
## **d. Policies adopted for the induction and training of Trustees**
The Articles provide for a minimum number of 5 and a maximum number of 15 trustees. One of the trustees so appointed shall be nominated by the United Synagogue.
The power of appointment of new or additional trustees is vested in the trustees for the time being of the charity. A trustee must be appointed by a resolution passed by two thirds of all the existing trustees at the time of the resolution.
A new trustee would receive copies of the previous years' annual reports and accounts and a copy of the Charity Commission leaflet " The Essential Trustee: What you need to know”.
Page 5
## **THE WESTERN CHARITABLE FOUNDATION**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Structure, governance and management (continued)**
## **e. Pay policy for key management personnel**
The trustees consider the Chairman and the Executive Secretary as comprising the key management personnel of the charity in charge of directing and controlling the day to day affairs of the charity.
All trustees give their time freely and no remuneration was paid to them in the year.
The pay of the Executive Secretary is reviewed annually. The remuneration set is fair and not out of line with that generally paid for similar roles. For further information, see note 11.
## **f. Related party relationships**
There are no directly connected organisations. However, the Foundation co-operates with the following charitable burial societies and burial organisations which use the cemeteries which the Foundation maintains:
## **Burial Societies**
New London Synagogue New North London Synagogue Association of Jewish Friendly Societies Chabad Lubavitch Centres Congregation of Jacob East London Central Synagogue Great Garden Street Synagogue Kehillat Ohel Avraham Sandys Row Synagogue Teesdale Street Synagogue The Settlement Synagogue Walford Road Synagogue West End Great Synagogue WMAS Funeral Expenses Scheme
## **Burial Organisations**
Jewish Joint Burial Society Liberal Judaism Woodford Forest United
## **g. Financial risk management**
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Page 6
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Structure, governance and management (continued)**
## **h. Trustees' indemnities**
The company's Articles of Association provide, subject to the provision of UK legislation, an indemnity for trustees and officers of the company in respect of liabilities they may incur in the discharge of their duties or in the exercise of their duties, or in the exercise of their powers, including any liabilities relating to the defence of any proceedings brought against them which relate to anything done or omitted, or alleged to have been done or omitted, by them as officers of the company.
Appropriate trustees and officers liability insurance cover is in place in respect of all of the company’s directors.
## **Plans for future periods**
The charity plans to continue its existing aims and objectives in future years in its provision and administration of Jewish cemeteries and its charitable financial assistance to other Jewish institutions and organisations.
## **Statement of Trustees' responsibilities**
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Page 7
## **THE WESTERN CHARITABLE FOUNDATION**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Auditors**
The auditors, BKL Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## Harold Pasha
................................................
**Harold Pasha** (Trustee)
> Date: 29/09/2025
Page 8
## **THE WESTERN CHARITABLE FOUNDATION (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WESTERN CHARITABLE FOUNDATION**
## **Opinion**
We have audited the financial statements of The Western Charitable Foundation (the 'charitable company') 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:
- 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;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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.
Page 9
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WESTERN CHARITABLE FOUNDATION (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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.
Page 10
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WESTERN CHARITABLE FOUNDATION (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Enquiring of management around actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
- Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Page 11
## **THE WESTERN CHARITABLE FOUNDATION (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WESTERN CHARITABLE FOUNDATION (CONTINUED)**
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## BKL Audit LLP
## **BKL Audit LLP**
35 Ballards Lane London N3 1XW
> Date: 29/09/2025
BKL Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 12
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Note**
**Income from:**
Charitable activities
3
Investments
4
**Total income**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Net income/(expenditure) before net gains/(losses)**
**on investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**857,143**
**341,691**
**1,198,834**
**1,110,442**
**1,110,442**
**88,392**
**451,631**
**540,023**
**11,291,551**
**540,023**
**11,831,574**|**Total**
**funds**
**2024**
**£**
**857,143**
**341,691**
**1,198,834**
**1,110,442**
**1,110,442**
**88,392**
**451,631**
**540,023**
**11,291,551**
**540,023**
**11,831,574**|_As restated_
_Total_
_funds_
_2023_
_£_
_901,769_
_462,693_
_1,364,462_
_1,499,189_
_1,499,189_
_(134,727)_
_(14,600)_
_(149,327)_
_11,440,878_
_(149,327)_
_11,291,551_|
|---|---|---|---|
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.
Page 13
## **THE WESTERN CHARITABLE FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 08051428**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|**Note**
**Fixed assets**
Tangible assets
12
Heritage assets
14
Investments
15
Investment property
13
**Current assets**
Debtors
16
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
17
**Net current assets**
Creditors: amounts falling due after more
than one year
18
Provisions for liabilities
**Total net assets**
**Charity funds**
Unrestricted funds
**Total funds**|**213,251**
**1,365,869**
**1,579,120**
**(248,088)**|**2024**
**£**
**3,229,731**
**639,355**
**5,733,372**
**5,500,000**
**15,102,458**
**1,331,032**
**(412,916)**
**(4,189,000)**
**11,831,574**
**11,831,574**
**11,831,574**|_431,675_
_1,699,737_
_2,131,412_
_(405,166)_|_As restated_
_2023_
_£_
_3,249,469_
_611,173_
_4,806,579_
_5,500,000_
_14,167,221_
_1,726,246_
_(412,916)_
_(4,189,000)_
_11,291,551_
_11,291,551_
_11,291,551_|
|---|---|---|---|---|
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
Page 14
## **THE WESTERN CHARITABLE FOUNDATION**
**(A company limited by guarantee) REGISTERED NUMBER: 08051428**
**BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024**
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:
## Harold Pasha
................................................
**Harold Pasha** (Trustee)
> Date: 29/09/2025
The notes on pages 17 to 33 form part of these financial statements.
Page 15
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of investments
Investment income received
Other non cash movements
**Net cash (used in)/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**|**2024**
**£**
**(169,067)**
**(505,376)**
**340,575**
**27**
**(164,774)**
**(333,841)**
**1,699,737**
**1,365,896**|_As restated_
_2023_
_£_
_(591,232)_
_-_
_462,693_
_(1,138)_
**461,555**
**(129,677)**
_1,829,414_
_1,699,737_|
|---|---|---|
The notes on pages 17 to 33 form part of these financial statements
Page 16
**THE WESTERN CHARITABLE FOUNDATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. General information**
The Western Charitable Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 35 Ballards Lane, London, N3 1XW.
The liability of each member in the event of winding up is limited to £10.
## **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 Western Charitable Foundation 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.
## **2.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the forseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **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 charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 17
## **THE WESTERN CHARITABLE FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **2.4 Expenditure (continued)**
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.6 Tangible fixed assets and depreciation**
All 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.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method and the reducing-balance method for all assets besides cemeteries.
Depreciation is provided on the following basis:
|Freehold property|-|20% Straight line|
|---|---|---|
|Plant and machinery|-|20% Reducing balance|
Cemeteries are depreciated on the basis of the number of plots used in the year.
## **2.7 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments held as fixed assets are shown at cost less provision for impairment.
## **2.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 18
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **2.9 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.10 Liabilities**
Liabilities and provisions 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.11 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.
## **2.12 Provisions**
The provision for future funeral costs is based on an external actuarial report assessing the present value of future funeral costs less the present value of future contributions. See note 20 for further information.
It is the policy of the trustees to obtain an updated actuarial report every 3- 5 years. The last actuarial valuation was undertaken on 1 January 2022. In the intervening period, the Trustees review the valuation to assess whether it has materially changed.
## **2.13 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.
## **2.14 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.
Investment income, gains and losses are allocated to the appropriate fund.
Page 19
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **3. Income from charitable activities**
|Suppporting the cemeteries
Supporting the cemeteries
**4.**
**Investment income**
Rental income
Investments listed on stock exchange
Rental income
Investments listed on stock exchange|**Unrestricted**
**funds**
**2024**
**£**
857,143
_Unrestricted_
_funds_
_2023_
_£_
_901,769_
**Unrestricted**
**funds**
**2024**
**£**
260,540
81,151
341,691
_Unrestricted_
_funds_
_2023_
_£_
_306,723_
_155,970_
_462,693_|**Total**
**funds**
**2024**
**£**
**857,143**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_901,769_|
|||**Total**
**funds**
**2024**
**£**
**260,540**
**81,151**|
|||**341,691**|
|||_Total_
_funds_
_2023_
_£_
_306,723_
_155,970_|
|||_462,693_|
Page 20
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **5. Analysis of grants**
||**Grants to**|**Total**|
|---|---|---|
||**Institutions**|**funds**|
||**2024**|**2024**|
||**£**|**£**|
|Grants, Religious Activities|214,663|**214,663**|
During the year, the charity made donations of £214,663 to The Western Marble Arch Synagogue. The rest was donated to a variety of other causes.
The total grants made to Western Marble Arch Synagogue by the company and it's unincorporated predecesor up to 31 December 2024 amount to £3,907,501 (2023: £3,692,838).
|||_As restated_|
|---|---|---|
||_Grants to_|_Total_|
||_Institutions_|_funds_|
||_2023_|_2023_|
||_£_|_£_|
|Grants, Religious Activities|_306,014_|_306,014_|
All grants in the prior year were paid unto the Western Marble Arch Synagogue besides £12,814 which was donated to a variety of other causes.
## **6. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Supporting the cemeteries
Religious Activities|**Unrestricted**
**funds**
**2024**
**£**
895,779
214,663
1,110,442|**Total**
**2024**
**£**
**895,779**
**214,663**|
|---|---|---|
|||**1,110,442**|
Page 21
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **6. Analysis of expenditure on charitable activities (continued)**
## **Summary by fund type (continued)**
|Supporting the cemeteries
Religious Activities|_Unrestricted_
_funds_
_2023_
_£_
_1,193,175_
_306,014_
_1,499,189_|_As restated_
_Total_
_2023_
_£_
_1,193,175_
_306,014_|
|---|---|---|
|||_1,499,189_|
## **7. Analysis of expenditure by activities**
|Supporting the cemeteries
Religious Activities
Supporting the cemeteries
Religious Activities|**Activities**
**undertaken**
**directly**
**2024**
**£**
716,266
-
716,266
_Activities_
_undertaken_
_directly_
_2023_
_£_
_839,769_
_-_
_839,769_|**Grant**
**funding of**
**activities**
**2024**
**£**
-
214,663
214,663
_Grant_
_funding of_
_activities_
_2023_
_£_
_-_
_306,014_
_306,014_|**Support**
**costs**
**2024**
**£**
179,512
-
179,512
_Support_
_costs_
_2023_
_£_
_353,406_
_-_
_353,406_|**Total**
**funds**
**2024**
**£**
**895,778**
**214,663**|
|---|---|---|---|---|
|||||**1,110,442**|
|||||_Total_
_funds_
_2023_
_£_
_1,193,175_
_306,014_|
|||||_1,499,189_|
Page 22
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **7. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Staff costs
Cleaning
Funeral Cost
Light & Heat
Repair & Renewal
Telephone
Water rates
Professional fee
Travelling expenses
Staff costs
Cleaning
Funeral Cost
Light & Heat
Repair & Renewal
Telephone
Water rates
Travelling expenses|**Supporting**
**the**
**cemeteries**
**2024**
**£**
308,034
813
81,800
47,063
248,942
2,284
11,307
8,892
7,131
716,266
_Supporting_
_the_
_cemeteries_
_2023_
_£_
_250,090_
_568_
_67,543_
_20,684_
_493,296_
_2,522_
_803_
_4,263_
_839,769_|**Total**
**funds**
**2024**
**£**
**308,034**
**813**
**81,800**
**47,063**
**248,942**
**2,284**
**11,307**
**8,892**
**7,131**|
|---|---|---|
|||**716,266**|
|||_Total_
_funds_
_2023_
_£_
_250,090_
_568_
_67,543_
_20,684_
_493,296_
_2,522_
_803_
_4,263_|
|||_839,769_|
Page 23
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **7. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
Depreciation
Insurance
Light & Heat
Professional fee
Brokers commisions
Bank Charges
General Exp
Office expenses
Governance costs
VAT write off
Accountancy|**Supporting**
**the**
**cemeteries**
**2024**
**£**
60,765
19,738
25,639
(18,261)
6,372
1,116
1,287
4,833
1,983
15,500
32,510
28,030
179,512|**Total**
**funds**
**2024**
**£**
**60,765**
**19,738**
**25,639**
**(18,261)**
**6,372**
**1,116**
**1,287**
**4,833**
**1,983**
**15,500**
**32,510**
**28,030**
**179,512**|
|---|---|---|
Governance costs are comprised entirely of the audit fee for the year.
Page 24
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **7. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Staff costs
Depreciation
Insurance
Light & Heat
Bank Charges
General Exp
Office expenses
Governance costs
VAT write off
Accountancy|_Supporting_
_the_
_cemeteries_
_2023_
_£_
_53,350_
_21,797_
_22,184_
_82,625_
_1,738_
_3,182_
_2,311_
_11,572_
_136,235_
_18,412_
_353,406_|_Total_
_funds_
_2023_
_£_
_53,350_
_21,797_
_22,184_
_82,625_
_1,738_
_3,182_
_2,311_
_11,572_
_136,235_
_18,412_|
|---|---|---|
|||_353,406_|
Governance costs are comprised entirely of the audit fee for the year.
## **8. Auditors' remuneration**
|Fees payable to the Charity's auditor for the audit and preparation of the
Charity's annual accounts
**9.**
**Staff costs**
Wages and salaries
Social security costs
Pension costs|**2024**
**£**
**15,500**
**2024**
**£**
**333,955**
**27,429**
**7,415**
**368,799**|_2023_
_£_
_14,400_|
|---|---|---|
|||_2023_
_£_
_263,672_
_26,115_
_13,653_|
||||
|||_303,440_|
Page 25
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **9. Staff costs (continued)**
The average number of persons employed by the Charity during the year was as follows:
||**2024**|_2023_|
|---|---|---|
||**No.**|_No._|
|Employees|**11**|_11_|
No employee received remuneration amounting to more than £60,000 in either year.
Remuneration of key management personnel:
The Executive Secretary has been deemed as key management personnel and earned a salary in the year of £59,379
## **10. Net gains/(losses) on investments**
|Revaluation of investments|**2024**
**£**
**460,634**
**460,634**|_2023_
_£_
_223,591_|
|---|---|---|
|||_223,591_|
## **11. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year ended 31 December 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
## **12. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2024
At 31 December 2024|**Freehold**
**property**
**£**
**1,320,191**
**1,320,191**|**Plant and**
**machinery**
**£**
**100,156**
**100,156**|**Cemeteries**
**£**
**2,400,266**
**2,400,266**|**Total**
**£**
**3,820,613**|
|---|---|---|---|---|
|||||**3,820,613**|
Page 26
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **12. Tangible fixed assets (continued)**
|**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**
**£**
**58,430**
**6,000**
**64,430**
**1,255,761**
_1,261,761_|**Plant and**
**machinery**
**£**
**92,463**
**438**
**92,901**
**7,255**
_7,693_|**Cemeteries**
**£**
**420,251**
**13,300**
**433,551**
**1,966,715**
_1,980,015_|**Total**
**£**
**571,144**
**19,738**|
|---|---|---|---|---|
|||||**590,882**|
|||||**3,229,731**|
|||||_3,249,469_|
## **13. Investment property**
|**Valuation**
At 1 January 2024
At 31 December 2024|**Freehold**
**investment**
**property**
**£**
**5,500,000**|
|---|---|
||**5,500,000**|
The fair value of the property that comprises the largest part of investment property as at 1 January 2019 was arrived at initially on the basis of a valuation carried out on 7 May 2013 by a firm of RICS Registered valuers (who were not connected with the charity). The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The Trustees subsequently reviewed this valuation at 31 December 2018 . In addition, the balance of the investment property was also revalued by the trustees as at that date giving a total of £4,814,307. The Trustees have further reviewed the investment property portfolio and in their opinion there has a been a further increase in value of £800,000 in respect of the year ended 31 December 2020. The Trustees consider that certain of the investment properties have been subject to a decline in value as at 31 December 2022 and accordingly the market value of the investment' properties has been reduced by £78,589 as of that date. For the year ended 31 December 2024, The Trustees have assessed the value of these investments and deem that there has been no material change in value.
If the investment property had not been revalued, the historical cost of the property would be £1,001,363.
Page 27
**(A company limited by guarantee)**
## **THE WESTERN CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **14. Heritage assets**
|At 1 January 2023
Revaluations
**At 31 December 2023**|**Stained**
**glass**
**windows**
**2024**
**£**
200,000
28,182
228,182|**Torah**
**scrolls**
**2024**
**£**
135,000
-
135,000|**Silverware**
**etc.**
**2024**
**£**
276,173
-
276,173|**Total**
**2024**
**£**
**611,173**
**28,182**|
|---|---|---|---|---|
|||||**639,355**|
The charity has for many years held assets of historical and cultural importance as The Western Judaica Collection. These assets comprise scrolls, silverware, artwork and other artefacts.A pair of rimonim (Torah finials) are on loan to The Western Marble Arch Synagogue as of 31 December 2024.
These assets are considered to be heritage assets.
The valuation of silverware, artwork and other artefacts was based on an open market valuation of these assets from third party valuers pre-1995 who were not connected with the charity. As explained in note 1.8, the Trustees are of the opinion that the cost of undertaking professional valuations is not justifiable by the usefulness of the information to the users of the accounts, especially as these assets are unlikely to be disposed of. The scrolls have been based on a trustee valuation. The stained glass windows are also at Trustees' valuation. The Trustees are not aware of any other material changes to these heritage assets since the last valuation.
Page 28
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **15. Fixed asset investments**
|**Cost or valuation**
At 1 January 2024
Additions
Revaluations
At 31 December 2024
**Net book value**
At 31 December 2024
_At 31 December 2023_
**16.**
**Debtors**
**Due after more than one year**
Trade debtors
**Due within one year**
Trade debtors
Other debtors
Called up share capital not paid
Prepayments and accrued income
VAT recoverable|**Listed**
**investments**
**£**
**4,803,638**
**500,000**
**421,417**
**5,725,055**
**5,725,055**
_4,803,638_||**Cash on**
**portfolio**
**£**
**2,941**
**5,376**
**-**
**8,317**
**8,317**
_2,941_
**2024**
**£**
**-**||**Total**
**£**
**4,806,579**
**505,376**
**421,417**
**5,733,372**
**5,733,372**
_4,806,579_
_As restated_
_2023_
_£_
_110,000_
_110,000_
_287,246_
_1,445_
_(1)_
_3,485_
_29,500_
_431,675_|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
Page 29
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **17. Creditors: Amounts falling due within one year**
|Bank overdrafts
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
**Creditors: Amounts falling due after more than one year**
Other creditors|**2024**
**£**
**-**
**26,908**
**23,989**
**103,265**
**93,926**
**248,088**
**2024**
**£**
**412,916**|_2023_
_£_
_6,253_
_79,854_
_15,071_
_233,354_
_70,634_|
|---|---|---|
||||
|||_405,166_|
|||_2023_
_£_
_412,916_|
## **18. Creditors: Amounts falling due after more than one year**
|**19.**
**Provisions**
At 1 January 2024
**20.**
**Summary of funds**
**Summary of funds - current year**
**Balance at 1**
**January**
**2024**
**£**
**Income**
**£**
**Expenditure**
**£**
**Gains/**
**(Losses)**
**£**
General funds
**11,291,551**
**1,197,718**
**(1,109,326)**
**451,631**|**Provisions**
**for funeral**
**costs**
**£**
**4,189,000**|
|---|---|
|||
||**4,189,000**|
||**Balance at**
**31**
**December**
**2024**
**£**
**11,831,574**|
Page 30
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **20. Summary of funds (continued)**
**Summary of funds - prior year**
||||||_Balance at_|
|---|---|---|---|---|---|
||_Balance at_||||_31_|
||_1 January_|||_Gains/_|_December_|
||_2023_|_Income_|_Expenditure_|_(Losses)_|_2023_|
||_£_|_£_|_£_|_£_|_£_|
|General funds|_11,440,878_|_1,252,202_|_(1,549,189)_|_97,660_|_11,241,551_|
## **21. Analysis of net assets between funds Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
3,229,731
Fixed asset investments
5,733,372
Investment property
5,500,000
Heritage assets
639,355
Current assets
1,579,120
Creditors due within one year
(248,088)
Creditors due in more than one year
(412,916)
Provisions for liabilities and charges
(4,189,000)
**Total**
11,831,574|**Total**
**funds**
**2024**
**£**
**3,229,731**
**5,733,372**
**5,500,000**
**639,355**
**1,579,120**
**(248,088)**
**(412,916)**
**(4,189,000)**
**11,831,574**|
|---|---|
Page 31
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **21. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Fixed asset investments
Investment property
Heritage assets
Debtors due after more than one year
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_3,249,469_
_4,806,579_
_5,500,000_
_611,173_
_110,000_
_2,021,412_
_(405,166)_
_(412,916)_
_(4,189,000)_
_11,291,551_|_Total_
_funds_
_2023_
_£_
_3,249,469_
_4,806,579_
_5,500,000_
_611,173_
_110,000_
_2,021,412_
_(405,166)_
_(412,916)_
_(4,189,000)_
_11,291,551_|
|---|---|---|
## **22. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the period (as per Statement of Financial
Activities)
**Adjustments for:**
Investment income recognised in statement of financial activities
(Gain)/loss on revaluation of tangible fixed assets
Fair value gains and losses on investment
Depreciation and impairment of tangible fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash used in operating activities**|**2024**
**£**
**540,023**
**(340,575)**
**(28,182)**
**(421,417)**
**19,738**
**218,424**
**(157,078)**
**(169,067)**|_As restated_
_2023_
_£_
_(149,327)_
_(462,693)_
_28,182_
_14,600_
_21,797_
_(58,845)_
_15,054_
_(591,232)_|
|---|---|---|
Page 32
## **THE WESTERN CHARITABLE FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **23. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**|**2024**
**£**
**1,365,896**
**1,365,896**|_2023_
_£_
_1,699,737_|
|---|---|---|
||||
|||_1,699,737_|
## **24. Analysis of changes in net debt**
|Cash at bank and in hand
Bank overdrafts repayable on demand|**At 1**
**January**
**2024**
**£**
**1,699,737**
**(6,253)**
**1,693,484**|**Cash flows**
**£**
**(333,868)**
**6,253**
**(327,615)**|**At 31**
**December**
**2024**
**£**
**1,365,869**
**-**|
|---|---|---|---|
||||**1,365,869**|
## **25. Related party transactions**
The Foundation has converted a loan of £75,000 to The Western Marble Arch Synagogue into a grant. During the year total grants, including this loan, amounted to £214,663 (2023: £392,520).
## **26. Prior year adjustments**
During the year, it was identified that an amount of £50,000 previously recorded as a grant paid was in fact a loan issued by the charity. This was corrected by reclassifying the amount from grants expenditure to a loan receivable. As a result, the comparative figures for the year ended 31 Dec 2023 have been restated. The impact on the prior year figures is as follows:
- Grants paid decreased by £50,000
- Loans increased by £50,000
- Total funds brought forward at 1st Janauary 2024 increased by £50,000.
Page 33
## **The Western Charitable Foundation**
35 Ballards Lane, London, N3 1XW
## 29/09/2025
Date: …………………………
Your ref: IS/THE016
BKL Audit LLP 35 Ballards Lane London N3 1XW
Dear Sirs
## **THE WESTERN CHARITABLE FOUNDATION**
This representation letter is provided in connection with your audit of the financial statements of the company for the year ended 31 December 2024 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of the results and financial position of the company in accordance with the Companies Act 2006, Charities Act 2011 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
## **GENERAL**
1. We have fulfilled as directors our responsibility under the Companies Act 2006 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice) including FRS102 and the Charity Statement of Recommended Practice 2019 which give a true and fair view and for making accurate representations to you. All the accounting records have been made available to you for the purpose of your audit and all the transactions undertaken by the company have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and shareholders meetings, have been made available to you. We also ensured you had unrestricted access to persons from whom you determined necessary to obtain audit evidence.
2. We confirm that the financial statements are free of material misstatements, including omissions.
3. We believe that the effect of uncorrected misstatements is immaterial both individually and in total. We further confirm that we have reviewed the attached summary of unadjusted errors and that these errors have not been adjusted because each individual error is not material and the aggregated effect on the financial statements of all unadjusted errors is not material.
4. We understand that, under the FRC Ethical Standard, the provision of audit and non-audit services to us by you gives rise to a potential threat to independence. We confirm that you have explained to us the threats and that you have relied on the Provisions Available for Audits of Smaller Entities with regard to
_Registered in England & Wales no. 08051428_
the potential self-review threat. We confirm that we have discussed the draft accounts and final journals and agree to inclusion of the (attached) journals in the final accounts.
## **INTERNAL CONTROL AND FRAUD**
5. We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We confirm that following our risk assessment, in our opinion, the financial statements are not materially misstated as a result of fraud.
6. We have disclosed to you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements.
7. We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others.
## **ASSETS AND LIABILITIES**
8. We confirm that assets are included in the financial statements at no more than their recoverable amounts and that liabilities are included at their expected cost to the company.
9. We confirm that the fixed assets are recorded in the financial statements at no more than their recoverable amount.
10. We confirm that we have considered the value of the investment properties as at 31 December 2024. In the opinion of the directors there has been no material difference to the value of the ballroom (£5,500,000) nor the reversionary interests in the residential flats (£900,000).
11. We confirm that the provision for future funeral costs should be stated at an amount of £4,189,000 as valued by the company’s actuary but that future capital expenditure should be excluded from the provision since it is not a liability as at 31 December 2024 since it is discretionary and may not go ahead.
12. We confirm that the company has satisfactory title to all assets and there are no liens or encumbrances on the company’s assets, except for those that are disclosed in the notes to the financial statements.
13. We confirm that we have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed in the notes to the financial statements all guarantees that have been given to third parties.
14. We confirm that we have no plans or intentions that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements.
15. We confirm that all restricted funds have been correctly disclosed in the financial statements.
16. The £75k loan to The Western Marble Arch Synagogue was interest free and the trustees have agreed to write this off and treat it as a grant paid to the Synagogue.
PAGE 2 OF 4
17. Although the trustees expect to continue to support The Western Marble Arch Synagogue in line with the objects of the charity, this support is at the trustees’ discretion.
## **ACCOUNTING ESTIMATES**
18. Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
## **LEGAL CLAIMS**
19. We confirm that all claims in connection with litigation that have been, or are expected to be received have been properly accrued for in the financial statements.
## **LAWS AND REGULATIONS**
20. We confirm that we are not aware of any irregularities, including fraud, involving management or employees of the company; nor are we aware of any breaches or possible breaches of statute, regulations, contracts, agreements or the company's Memorandum and Articles of Association which might prejudice the company's going concern status or that might result in the company suffering significant penalties or other loss. We further confirm that no allegations of such irregularities, including fraud, or such breaches have come to our notice.
## **LOANS AND ARRANGEMENTS WITH DIRECTORS**
21. We confirm that the company has not had nor entered into at any time during the year, any arrangement, transaction or agreement to provide credit facilities (including loans, quasi-loans or credit facilities) for directors nor to guarantee or provide security for such matters other than those disclosed in the financial statements.
## **TRANSACTIONS WITH OTHER RELATED PARTIES**
22. We confirm that we have disclosed to you the identity of the entity’s related parties and all related party relationships and transactions relevant to the company that we are aware of and we also confirm that all related party transactions have been correctly disclosed in the notes to the financial statements.
## **SUBSEQUENT EVENTS**
23. We confirm that there have been no events since the year-end date which necessitate revision of the figures included in the financial statements or inclusion of a note thereto. Should further material events occur, which may necessitate revision of the figures included in the financial statements or inclusion of a note thereto, we will advise you accordingly.
PAGE 3 OF 4
## **GOING CONCERN**
24. We believe that the company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding and or support will be more than adequate for the company’s needs. We have considered a period of twelve months from the date of approval of the financial statements.
We confirm to the best of our knowledge and belief that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you.
We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that, so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware. Each director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that you are aware of that information.
Yours faithfully
## Harold Pasha
Signed on behalf of the Board of Trustees **The Western Charitable Foundation**
PAGE 4 OF 4
|**The Western Charitable Foundation**
**Year End: 31 December 2024**
**Adjusting journal entries**
**Date: 01/01/2024 To 31/12/2024**|**Prepared by**
**Senior review**
**Manager review**
**RI Review**
**N3. 1**|
|---|---|
|**Number**
**Date**
**Name**
**Account No**
**Reference**
**Debit**
**Credit**
**Net Income (Loss) Amount Chg**
**Recurrence**
**Misstatement**||
|Net Income (Loss) Before Adjustments
708,927||
|2 31/12/2024 Western Marbel Arch Loan
1115
75,000
2 31/12/2024 Charitable Expenditure - Grants Paya 5000
75,000
To convert loan due from WMA to
Factual
Grant paid (corresponding adjustment was
made during Western Marble Arch Audit)
75,000
75,000
633,927
-75,000||
|11 31/12/2024 Interest Received
4120
F3B
702
11 31/12/2024 Commissions-Interactive Brokers
4705
F3B
1,116
11 31/12/2024 Dividends
4903
F3B
1,408
11 31/12/2024 Brokers fees
7606
F3B
2,110
11 31/12/2024 Brokers fees
7606
F3B
760
11 31/12/2024 Miscellaneous Expenses
8210
F3B
142
11 31/12/2024 Miscellaneous Expenses
8210
F3B
13
11 31/12/2024 Realised investment losses - Endown9040
F3B
47,011
11 31/12/2024 Realised investment losses - Endown9040
F3B
8
11 31/12/2024 Valuation changes
0103A
F3B
49,051
To reflect movement in Interactive
Brokers Investments
51,161
51,161
584,876
-49,051||
|15 31/12/2024 Revaluation assets
8051
28,182
15 31/12/2024 Revaluation of Heritage assets
CW60.4
28,182
Revaluation of heritage assest
28,182
28,182
613,058
28,182||
|17 31/12/2024 Accumulated Funds
3200
50,000
17 31/12/2024 Charitable Expenditure - Grants Paya 5000
50,000
PY adjustment
Factual
50,000
50,000
563,058
-50,000||
|**22/09/2025**
**13:34**
**Page**
**1**||
**Page 1**
|**The Western Charitable Foundation**
**Year End: 31 December 2024**
**Adjusting journal entries**
**Date: 01/01/2024 To 31/12/2024**|**Prepared by**
**Senior review**
**Manager review**
**RI Review**
**N3. 1-1**|
|---|---|
|**Number**
**Date**
**Name**
**Account No**
**Reference**
**Debit**
**Credit**
**Net Income (Loss) Amount Chg**
**Recurrence**
**Misstatement**||
|||
|18 31/12/2024 Other Income
4800
H105
146,238
18 31/12/2024 Grand Ballroom - Rentable Income
4910
H105
146,238
To show recharges of income
towards repairs (Grandballroom)
146,238
146,238
563,058
0||
|20 31/12/2024 Accruals
2109
J4-J
17,840
20 31/12/2024 Electricity
7105
J4-J
9,820
20 31/12/2024 Undertakers Fees
7650
J4-J
8,020
Additional accruals from Post Year
End Bank payments
17,840
17,840
545,218
-17,840||
|**368,421**
**368,421**
**545,218**
**-163,709**||
## Harold Pasha
29/09/2025
**22/09/2025 13:34**
**Page 2**
## 2024 Accounts Pack - The Western Charitable Foundation
Final Audit Report
2025-09-29
Created: 2025-09-29 By: Cheryl Herbertson (Cheryl.Herbertson@bkl.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAGXlvrGtmpO_z2wagXX3lp2gryAw1xeHH
## "2024 Accounts Pack - The Western Charitable Foundation" Hist ory
Document created by Cheryl Herbertson (Cheryl.Herbertson@bkl.co.uk)
2025-09-29 - 10:40:11 AM GMT- IP address: 31.121.171.20
## Document emailed to pasha@jointlondon.co.uk for signature
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Email viewed by pasha@jointlondon.co.uk
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Signer pasha@jointlondon.co.uk entered name at signing as Harold Pasha
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## Document e-signed by Harold Pasha (pasha@jointlondon.co.uk)
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## Document e-signed by BKL Audit LLP (aron.kleiman@bkl.co.uk)
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Agreement completed.
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