Charity number: 1154188 WESTERN MARBLE ARCH SYNAGOGUE UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
WESTERN MARBLE ARCH SYNAGOGUE CONTENTS Page Legal and administrative information of the Charity Trustees. Report Independent Examiner's Report ststement of Financial Activities 8alance Sheet Notes to the Financial Statements 8-13
WESTERN MARBLE ARCH SYNAGOGUE LEGAL AND ADMINISTRATIVE INFORMATION OF THE CHARITY FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees The Westem Charitsble Foundats'on 1 Wallenberg Place Ltd Charlty reglstered number 1154188 Prlnclpal offlce 1 Wallenberg Pla Great Cumberland Pla London W1H 7TN Independent Examlners BKL Audit LLP Chartered Accountants 35 Ballards Lane London N3 1XW Page 1
WESTERN MARBLE ARCH SYNAGOGUE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their 8nnual report and financial statements for the year ended 31 December 2022. The financial statements have been prepared in accordance with the aceounting policies sel out in note 2 to the financial statements and comply with the Charity's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities pparing their accounts in accordance with the Finanei81 ReFlOrting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeetive 1 J8nu8ry 20191. Objectives and activities The assets of the charity are used for the benefit of the Charitable Company, The Westem Marble Arch Synagogue, as a place of worship, and for ligious activities, 8nd for commun81 events and activities. As 8 result of the transfer of assets lo the Charitable Company on 1 January 2018, the charity had no free reserves al the year end. The reserves balance of £857,167 at the year end is represented by the nel book Value of the Propety. All running costs of the Propety are borne by the Charitable Company. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the Charity should undertake. Public benefit is provided in the form of the multifarious 8elivilies of The Westem M8rble Arch sYn8g(Ue Carried out al the Property particulady.. Members of the public are welcome al all S8bb8th and festlV81 setviees conducted at the Synagogue. The Synagogue is a meeting place for other Jewish organisalions, and generally lo the wider public. Members of the public are also invited to and welcome at cultural and social events held al the Synagogue. The Synagogue acheS out lo school children regardless of faith in organising educational visits to the Synagogue -The Synagogue provides eouples with an appropriate location for their marriage. Achievements and performance Following the reorganisalion on 1 January 2018 and transfer of ordinary activities to the Charity Company, the charity has remained inactive, other than holding the Propety. During the year the charity received rental income of £40,01312022. £36,3541, of which £36,56912022. £29,0621 was donated lo the Charitable Company. At the year end, the charity had unreslricled funds of £857, 167. Financial review Principal risks and uneertainties The trustees have identified and actively reviewed the following major risks to which the charity is exposed". Health and Safety, - Security Normal Employment and public liability risks, Reputational risks arising from inadents in the above categories The trustees are satisfied that systems and procedures are in pl8ee to mitigate exposure to the major risks wherever possible. Security The major risk lo the charity is that of security of the Property. In order to counteract such risk as far as practically possible, the Trustees have delegated responsibility for the Property lo the Charitable Company, which carries on continuous review and renewal of ils security systems, security staffing and equipment in conjunction with the Community Security Trust. The security 8rr8ngements are now managed by 1st Class Proleelion. Insurances are maintained by and 8t the expenses of the Charitable Company. The charity p18ns to continue holding the property for the use of The Western Marble Areh Synagogue in Carrying out its day to day activities. Page 2
WESTERN MARBLE ARCH SYNAGOGUE TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 structure, governance and management Constitution Western Marble Synagogue is an unincorporated charity and was registered with the Charity Commission on 14 October 2013, registration number 1154188. The address of the charity is noted within the legal and administrative information page, at the beginning of the accounts. Change to the Synagogue's Constitution and Legal Structure At an Extraordinary General Meeting on 9 February 2015 the members approved the transfer of the charity's nel assets Iwilh the exception of the freehold property), members and activities to The Western Marble Arch Synagogue I'the charitable company") which is a company limited by guarantee, company number 09589315 and charity number 1167711. Apart from its freehold land and synagogue building at 1 Wallenberg Place, Great Cumberfand Place, London, W1 H 7TN Ilogether referred lo as "the Propertl'l all assets, liabilities and functions of the charity (number 11541881 were transferred lo the Charitable Company effective from midnight 1 January 2018. Pending resolution of certain mallers affecting the Property, the charity Inumber 11541881 continues to own it. The Propety continues lo be used for the purposes and benefit of the congregation of The Western Marble Arch Synagogue under ils new formal as a charitable company. Oryanisational Structure Since the transfer of activities and members to the Charitable Company, the charity has no activities itself apart from owning the Property, which is held by the Trustees on ils behalf. The original Iruslees were appointed by the Board of Management of the charity, which no longer exists. During the year 2019 the Trustees were Harold Pasha and Richard Minlz OBE. Following the death of Richard Mintz in the previous year, Harold Pasha appointed The Western Charitable Foundation, a charity closely associated with The Western Marble Arch Synagogue, to be the Iruslee of the freehold land and buildings on behalf of the charity, in his place. Subsequently Harold Pasha resigned as a Iruslee and was replad by 1 Wallenberg Place Limited, whose directors are Harold Pasha, Colin Jaque and Anthony Yadgaroff, who are all members of The Western Marble Arch Synagogue. Membership On 1 January 2018 all the members of the charity were transferred to the Charitable Company, and the charity ceased to have any members. The trustees who served during the year and up to the date of signature of the financial statements were.. The Western Charitable Foundation 1 Wallenberg Place Ltd New Iruslees are appointed in accordan with section 36 of the Trustee Act 1925, and will be recruited from people or bodies closely associated with The Western Marble Arch Synagogue. The day lo day management of the Property is carried out by the adminislralion team of the Charitable Company. statement of trustees. responsibilities The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for Page 3
WESTERN MARBLE ARCH SYNAGOGUE TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 each financial year which give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. Select suitable accounting policies and then apply them consistently., Observe the methods and principles of the Charities SORP IFRS 1021., Make judgements and accounting estimates that are aSOnable and prudent, Stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial slatemenls., and Prepare the financial statements on the going concern basis unless it is inapproprirate to presue that the Chartiy 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 al any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. H. Pasha On behalf of The Western Charitsble Foundation Dale.. 3011012024 Page 4
WESTERN MARBLE ARCH SYNAGOGUE INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examinerfs Report to the Trustees of Western Marble Arth Synagogue Ilhe Charity'l I report lo the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the prepar8tion of the accounts in 8ecord8nce with the requirements of the Charities Act 2011 I'the 2011 ACVI. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the accounts do not accord with those records", or the accounts do not comply with the applicable requirements Conrning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. This report is made solely to the Charity's Trustees, as a body, in aecord8nce with Part 4 of the Charities IAecounts and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the Charity's Trustees those matters l am required to slate to them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated.. 3011012024 lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Page 5
WESTERN MARBLE ARCH SYNAGOGUE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Total funds 2023 Tot81 funds 2022 Note Income from: Investments 40.013 40.013 36,354 Total incomg 40.013 40.013 36.354 Expenditure on: Raising funds Charitable activities 7,292 29,062 36.569 36,569 Total expenditure 40.013 40.013 36,354 Net movement in funds Reconciliation of funds.. Total funds brought forward 857,167 857,167 851. 167 Total funds carried forward 857.167 857.167 857. 167 The Statement of Financial Activities includes all gains and losses recognised in the ye8r. The notes on pages 8 10 13 form part of these financial statements. Page 6
WESTERN MARBLE ARCH SYNAGOGUE BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assgts Tangible assets Current assets 857,167 857, f 67 Debtors 13.958 13,958 Creditors.. amounts falling due within one year 113,9581 (73,958) Net current assots Total assets less current liabilities 857.167 857. 167 Total net assets 857,167 857, 167 Charity funds Unrestricted funds 857,167 857, 167 Total funds 857,167 857. 167 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. H. Pasha On behalf of The Western Charitable Foundation Dale.. 3011012024 The notes on pages 8 10 13 form part of these financial slatemenls. Page 7
WESTERN MARBLE ARCH SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information Westem Marble Arch Synagogue is an unincorFX)f8ted charity. The princip818ddress is 1 Wallenberg Place, Great Cumberland Place. London, W1 H 7TN. Aecounting policies 2.1 Accounting convention The financial stslemenls have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland l FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial ststemenls are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 2.2 Going concern The trustees are confident that the charity can continue as a going concern for a period of al least elve months from the date of approval of these financial statements. The trustees have a reasonable expectation that the charity has adequate resources to continue In operation for the foreseeable future. 2.3 Charitable fund Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 2.4 Income Income is recognised when the charity is legally entitled lo it after any performan conditions have been mel, the amounts can be measured reliably, and it is probable that income will be received. Investment income Irentsl incomel is recognised on a receivable basis. 2.5 Expenditure Expenditure is recognised as resources expended as soon as there is a legal and constructive obligation committing the Synagogue to the expenditure. All expenditure is accounted on an accrual basis. Grants payable are recognised al the earlier of the grant being paid or commitment lo pay the grant to the recipient, Page 8
WESTERN MARBLE ARCH SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Itontinuedl 2.6 Tangible fixed asset Tangible fixed assets 8re staled at cost. Freehold land is not depreciated and no depreciation is provided on the cost of the building because it is the Iruslees, assessment that the residual value of the land and buildings exceeds the book value. 2.7 Impairment of fixed asset Al e8eh PortIng end dale, the charity reviews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 2.8 Critical accounting estimates and judgements The trustees are satisfied that there are no critical aceounling estimates and judgements in the financial statements Investment ineome Unrestricted funds 2023 Total funds 2023 Rent receivable 40,013 40.013 Unrestricted funds 2022 Total funds 2022 Rent receivable 36,354 36.354 Page 9
WESTERN MARBLE ARCH SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Raising funds Unrestricted funds 2023 Total funds 2023 other fundraising costs 3,444 3.444 Unrestricted funds 2022 Total funds 2022 Other fundraising costs 7,292 7.292 Charitable Activities Unrestricted funds 2023 Total funds 2023 Grants to inslitulion.. The Western Marble Arch Synagogue 36,569 36.569 Unrestricted funds 2022 Total funds 2022 Grants to inslitulion.. The Western Marble Arch Synagogue 29, 062 29,062 Page 10
WESTERN MARBLE ARCH SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Tangible fixed assets Freehold property Cost or valuation At 1 January 2023 857.167 At 31 December 2023 857,167 Net book value At 31 December 2023 857,167 At 31 Dember 2022 857,167 Debtors 2023 2022 Due within one year Trade debtors Other debtors 9,889 4,069 10,313 3,645 13,958 13,958 Creditors: Amounts falling due within one year 2023 2022 Deferred income 13,958 13.958 Page11
WESTERN MARBLE ARCH SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of funds Statement of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds General Funds - 811 funds 857,167 40,013 40,0131 857,167 Statement of funds - prior year Balance at 31 December 2022 Balancg al 1 January 2022 Income Expenditure Unrestricted funds General Funds 857,167 36,354 (36,354) 857. 167 Page 12
WESTERN MARBLE ARCH SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Analysis of net assets between funds Anatysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 857,167 13,958 {13,9581 857,167 13.958 113.9581 Total 857,167 857,167 Analysis of net assets between funds - prior year Unreslricled funds 2022 Total funds 2022 Tangible fixed assets Current assets 857, 167 13,958 (13, 958) 857, 167 13.958 Creditors due within one year 113,958) Totsl 857, 167 857, 767 11. Related party transactlons The Western Marble Arch sYnague is considered a related paty due to its association with the charity, as explained in the Trustees, report. The Westem Marble Arch Synagogue occupies, rent-free, the property owned by the charity, and furthermore, the charity gave a grant of £36,56912022.' £29,062) lo the Synagogue. All running costs of the propety are borne by the Synagogue. Page 13