Company number.. 09113305 Charity number: 1159292 LJS in2?yp The Liberaljewish Synagogue (A company limited by guarantee) Trustees Report and Financial Statements for the year ended 31 December 2023 Page Reference and adminlstrative detalls of the charlty Trustee5' report 2-11 Statement of financlal actlvltles 12 Statement of financial posltlon 13 statement of cash flows 14 Notes to the financial statements 15-27 Independent audltor's report 28-31 The Liberal Jewish Synagogue REFERENCE AND ADMINISTRATIVE DETAILS 31 DECEMBER 2023 Trustees enita Hart, Chairman Chri5 Godbold, Chairman David Adams, Honorary Treasurer Gaby Lazarus, Lead on Volunteering Sue Bolsom Sylvla Churba David Davidson Scott Dinwiddie Lisa Gershon Harriett Goldenberg Jenny Nathan MBE David Rigal Tsvetyana Petrova Mlchael Romain Anthony Sefton Simon van Someren Alexandra Welss Term ended 22. June 2023 Term ended 22. June 2023 Term ended 22nd June 2023 nd Appointed 22 June 2023 Resigned 14 De￿mber 2023 Appointed 22. June 2023 Term ended 22. lune 2023 Term ended 22￿ June 2023 President RSta Adler Appointed 22nd June 2023 Honorary Lawyer Jacob Grfford Head Executlve Director Jonathan Bruck Company reglstered number 09113305 Charity registered number 1159292 Registered office 285tJohn's Wood Road, London NW8 7HA Independent auditor Buzzacott LLP, 130 Wood Street, London EC2V 6DL Banker5 CAF Bank Ltd, 25 Kings Hill Avenue, West Mallingi Kent M19 41Q Investment manager5 Redmayne Bentley LLP, 9 Bond Court, Leeds, West Yorkshire LSI 2JZ The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are pleased to present their Report together with financial statements of the charitable companv for the year ended 31 December 2023. Vision and values The Liberal Jewish Synagogue I'the US'I is the oldest and largest of 40 Liberal and Progressive jewish communities in the UK, Republic of Ireland, the Netherlands and Denmark. The LJS is an inclusive, diverse and egalitarian community of all ages. We work together to explore Jewish traditions, text5 and values, applying them to the challenge of living ethical lives in the context of the social, intellectual, technological, scientific and environmental realities Df the 21st century. We seek to sustain and develop the Jewish people'5 sacred task: to build a just and compassionate world, based on our commitment and responsibility to each other as Jews and to our friends and neighbours of other faiths, cultures and ethnicitie5. We strive to enrich and celebrate our Jewish identity in the context of Shared spirituality and creativity, intellectual challenge and meaningful relationships. The US is guided by its values.. KehillGh.. the US seeks to be a warm, welcoming and compasslonate communityfor all those who wish to engage with ludalsm Avodah.. the US cherishes meaningful, shared worship and spiritual engagement within the context of Liberal Judaism Tomh.. the LJS prioritises Ilfe-long learning and the intellectual stimulation and challenge of Jewish texts, ideas and practice Gemilut Chast7dim.' the US nurtures meaningful relationships through pastoral care and spiritual encounter and encourages social networking across generation5, and between faiths and cultures rikkun 01am.' the US values and engages in purposeful activity that is designed to repair and heal the world Bul Tashchit.. the US strives to increase awarene55 of the cllmate emergency and to ￿duce our human impact on the environment Chuyyim.. the US celebrates and commemorates all life cycle events that help to give meaningto people's lives Din v'cheshbon.. the US is commltted totransparent and responsible governance of the congregation and financial accountability by it5 tru5tee5 Ytyhodut Mitkademet.. the US encourages its members, contribution to the dynamic growth and development of Liberal Judaism in the UK, Europe, Israel and beyond 10. Bukkesh Shalom- the US endorses the State of Israel's Declaration of Independence as a country based on the principles of 'liberty, justice and peace, and 'the full social and political equality of all its Cltizens, Activities The activities of the US are organised into four strategic areas.. spirituality, learnSnE, community* and sustainability. A strategic plan is produced to provide the direction and focus for work during a three-year period. The plan 15 reviewed each year by the Hontsrary Officers, Council, Executive Director, Rabbis, Senior Members of staff and Committee Chairs. It provides the framework for the programme of services, activities and event5 for the next year, which is then used to produce an updated strategic plan and annual budget. Both the plan and budget are approved by Council. Progress against the plan and quarterlv management accounts are analysed regularly and reported to the Honorary Officers and Council. Learnlng LJS Cotnmiinlly The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The first three-year strateEic plan I'Reaching our Goals'l wa5 developed in early 2022 and 2023 continued the great work started in 2023. This allowed the Synagogue and it5 committees to focus on both the immediate issue5 and the medium-term future along with the cost and irnpact they would have on the Synagogue. Spirituality (including music) Religious services for Shabbat and festivals, as well as life cycle celebrations, are central to the LJS and are led by Sensor Rabbi Alexandra Wright and Rabbi Igor Zinkov. All our services in 2023 were hybrid available on both Zoom and the dedicated Lis YouTube channel Ihttps.'//tinyurl.com/USyoutubel. We were delighted to have a very impressive attendance durlng the High Holy Days, helping to build and cement the communitv atmosphere and togetherness attained post Covid. As well as increasing numbers attending the Synagogue, the online presence continued to be maintained both during our regular seNices and, achievSng an extraordinary number of viewings during the High Holy Days. The great community work started in 2022 continued in to 2023 with a large number of 'events' including Shabbatons, Nosh 'n' Drosh and Chavurah suppers being held. A very successful Communal Pesach Seder was held, and a p05t-service R05h Hashanah lunch introduced for the first time. The LJS continues its Strong commitment to music as an Integral part of services, education programmes, community event5 and heritage. The professional and members, choirs, both led by Director of Music, Cathy Heller lone5, continue to support Shabbat and festival services. Additionally, a sell-out concert, The Hurnan Spirit, was held, which included the premier of a number of Specially commissioned pleces. Spirituality highlights during 2023.. Increased Sn person attendance for the High Holy Days The numbers of events and varied topics covered in Nosh 'n' Drosh's, Chavurah suppers, and other events linked to seNices The first Rosh Hashanah lunch held filling the Montefiore Hall The sold out Yhe Htjman Spirit'concert Learning The LJS continues to provide a wealth of opportunitles for life-long learning from nursery age to adult. The Nursery has been building on its success since the 'outstandlng' OFSTED report. However, the events which occurred in October Sn the Middle East has rnade recruitment to the nursery challenging. Rimon continue5 togrow underthe leadershlp of Scott Dinwlddie, Chair of the Education Committee and Head Teachers, Rabbi Elana Dellal and Susannah Alexander. Numbers are up and the curriculum has been reviewed and improved. The KT class vislted Amsterdam in early 2023 and finished the year with a trlp to Brighton. Adult education offers a rich programme of opportunities including preparation for the High Holy Days, classical Hebrew classes at all levels, learning and dSscu5sion aboutjudaism and Jewish life, women in the Bible, the studying of texts, jewish art and music, and the Ilst goes on. A brand new course on Yiddish wa5 offered for the first time whilst 'The Future Of...... short programme offered a range of distinguished speakers discusslng some challenglng and thought-provoking subjects. Leorning highlights during 2023.. The Nursery continue to bulld on their'outstanding, Ofsted report Rimon number5 continue to grow and the KT class vi51ted Amsterdam and Brighton Adult learning offered an even more diverse range of classes and learning experiences The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Community The Community Care team led by Community Care Co-ordinator, Aviva Shafritz, the Rabbis and a hugely 5UPPOrtive group of over 200 volunteers, 120 just forthe Asylum Seeker Drop In, continued to go from strength to strength in 2023. From a slow post Covid Start in 2022, 2023 saw attendees at event5 such as Video & Tea, Slnging for the Mind and the Out & About club grow in numbers with some groups needing to create waiting lists. The annual Keep In Touch tea party was a huge success whilst support for the much needed Drop-in for Asylum Seeker Families keeps growing. 'Let's Face the Music, wa5 the annual community social event was a sell-out with over 80 people enjoying Irving Berlin Show tunes. The US also continues to work in partnership with local organisations to provide public benefit for the isolated, elderly and disabled and for a5ylum-seeking families. When feasible, we also offer selected charities the opportunity to hire rooms at the US at a preferential rate, to host their own gatherings and meetings. Volunteers Volunteer5 contlnue to be at the heart of the Synagogue's activities, with Gaby Lazarus the US'5 Lead on Volunteering, continuing to find new recruits for an ever growing h05t of opportunities. Bob and Ann Kirk were recognised by the Jewish Volunteer Network, receiving the Outstanding Award for Lifetime Achievement whilst Maria Snider recelved the Volunteer of the Year award. Members a150 volunteerto act as trustees and to 51t on a wide range of committees and working groups, where they use their experience and knowledge to help the US deliver, maintaln and support it5 membership and infrastrurture. Working in partnershlp The LJS is the flagship synagogue of the Liberal Judaism ILJI movement, which is the umbrella organisation of Liberal and Progressive synagogues in the UK and parts of Europe. Financial support is provided to the movement and, following issues encountered by U in its continued use of the Montagu Centre in central London, it now has a home at the LJS. Through U, the US also supports Leo Bae¢k College, which is the primary academic and education institution for European Progresslve Judaism, where many Progressive rabbis are trained. The US is also proud to provide a home for the West Central London Chavurah Club. This was formed by the remaining members of West Central Synagogue following its closure and hold5 a monthly chavurah at the LJS, maintaining the traditions associated with that synagogue. The US is a member of the European Union of Progressive Judaism and the World Union for Progressive Judaism. Ties with these have become c105er following the war in Ukraine. It is a150 a Member of the Board of Deputies of Brit15h Jews, the body which represents the UK Jewish community. Five members of the congregation serve as representatives, two of them representing younger members, and they play an active part in determining Board policy. Public benefit In addition to its religious and educational aims, the LJS functSons as a centre for comrllunal activities to whlch both members and the wider community are regularly welcomed. 2023 was a real year of growth. The magnificent organisers and volunteers who support the Synagogue with enthusiasm and drive are an inspiration to all those who attend. Activity and Social event5 during 2023 included the Out & About Club, which provides fortnightly entertainrnent for elderly, disabled, and often i501ated, members of the local community. Singing forthe Mind, a weekly group led by a profe5slonal singing leader, is for those with memory problems and moderate dementia, and their carers. The Lis continued to organise a monthly Drop-ln for Asylum Seeker Families for over 200 adults and their children. Members and Friends give financial help and The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 donate food and clothing as well as giving their time. The annual Keep In Touch tea party continues to go from strength to strength. The US supports interfaith understanding through initlatives such as the annual Multifaith Chanukkah event. In addition to its own activities, the LJS works with neighbouring churches and mosques, meeting regularly with religious leader5 to discuss issues of local and national concern and interest. The Trustees have had regard to the guidance issued by the Charity Commisslon concerning public benefit. They are satisfied that the information given in this reporti particularly regarding the activities undertaken In conjunttion with the objective5 of the charity, demonstrates that the requirement5 to identify public benefit have been met. Community highlights during 2023- The growth in the number of attendees taking part in US activities The increase in the number of volunteers and the new system and support put in place to support them Continuation of pastoral care by the Community Care Co-ordinator, Rabbi5 and volunteers to provide direct a55iStance to those most in need, and to advise of partner organisations which can provide support where the US cannot The continued financial and emotional support for asylum seeker families, providing essentSal Item5 Such a5 food, clothing, toiletries for those most vulnerable The Safeguarding Policy was revlewed and updated Sustainability Sustainability is not just about the future of the organisation,. the US is also committed to the wSder world and to the future of our planet. Led by the Social Action Committee, the US initiates and participates in numerous artivities within the community and beyond to improve sustainabllity. We seek to help reduce emissions which both impatt on our environment and contribute to global warming,. reduce the use of plastics and waste of all kinds, and reduce the use of limited and valuable resources. The offlce team led by the Executive Dirertor, continues to work closely with the Rabbls, Honorary Officers and Council to make the Synagogue a vibrant and eco-friendly hub for the community. The US is now part of the Eco-ludaism network and the Council is committed to working through the environmental audlt. The education programmes Eo from strenEth to strength both in Rimon and Adult Educatlon, which will lead to increased numbers of knowledgeable and cornmitted member5 keen to support the future of the Synagogue. Several capital projetts have been undertaken which have helped the Synagogue becorne more efficient. For example, the upgrade of the heating 5y5tem has ensured that electricitv Usage can be controlled more carefully, leading to lower usage. The financial sustainability of the US is dependent upon the contribution of membership fees and other funding. A signlflcant number of Member5 and Friends pay specially agreed reduced rates. No one Is ever excluded by their inability to pay. Sustoinabilityhighlights during 2023.- A review of the Articles took place wlth changes being made at an EGM in March. These changes were In Ilne with the Charity Governance Code and were voted thorough with a majority of over 90% A range of Social Action initiatives, including involvement in Mitzvah Dav Significant progress towards completing the E¢o-Judaism audit The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Fundraising The US aim5 to achSeve best practice in the way in which it communicates with 5UPPOrters especiallyvulnerable individuals. It takes care with both the tone of its communications and the accuracy of its data. The Synagogue adheres to the Fundraising RegulatOT'5 Code of Fundraising Prartice. Applying best practice to protect supporters, data, it never sells or exchanges data with other organi5ations and ensures that communication preference5 can be changed at any time. The US manages Its own fundraising led by the President and Members and Friends who volunteer, together with administrative support by the staff team. All fundraising activities are approved and supervised by the Honorary Officers and Councll. The US does not emplov professional fundraisers. The US undertake5 to reart to and investigate any complaints regarding it5 fundraising activities, to learn from them and improve its service. During 2023, the charity re￿iVed no complaints about its fundraising activities. Fundraising in sUPPOrt of others Each year, US Members and Friends 5UPPOrt four charities through the annual High Holy Day Appeal: one Anglo Jewish, one based in 15rael, one UK non Jewish charity, and the United Jewish Israel Appeal IUJIAI. 2023 was a remarkable year, despite all the cha15enges created by the economic conditions, the £79,000 raised exceeded the equally outstanding amount received In 2022. The US supports the Out and About Club with its annual fundraising campalgn whilst also collecting voluntarv contributions for the UK Board of Deputies of British jews, as well as making an annual grant contribution of over £90,000 to support the movement for Liberal Judaism. Plans for 2024 The US is looking forward to an exciting 2024. It is now entering the flnal year of its three-year strategvi 'Reaching our Goals,, having successfully completed, and in some cases exceeded, its Year 2 targets. The US 15 looking forward to continuing to rebuilding attendance and Consolidating existing work whilst explorlng opportunities for new and Innovative events. However, the current economic climate is challenging and what we do must take into account the resources that are likely to be available to U5. The initial 3 year strategy focused on consolidatlon and sustainability. Based on Council discussions and an Awayday at the end of 2023, the next three year strategy for 2025 -2027, concentrating on growth, is well on its way to being formed. The Council have identified 5 key area5 which represent both threats and opportunities to the synagogue. The basis of this strategy 15 the fact that 45% of the LJS membership is over 65 and whilst provision for the over 65s is key and will continue to be a major focus, an emphasis on retention and 5UStainable growth Df identified groups with associated Interventions will ensure the future of the synagogue. The groups Identified are.. Kids & Teenagers- University Students.. Adults125 -451; Families,. Adults 45+. Highllghts and Challenges for 2024 Continue to increase the number and age range of volunteers Continue to plan capltal expenditure150me of it funded by1egacy income) usSng the maintenance programme so as to avoid the need for unplanned expenditure Develop the basement at the Synagogue for use as a community hub Continue to develop our education and young family programmes, including Rimon, wlth emphasis on the increasing involvement of younger members, parents and potential rnembers and friends Continue to review and improve our website and both internal and external communication5 Corllplete the development of surplus land at the cemetery Having updated the LJS Articles in 2023, ensure the US Governance remalns appropriate and relevant for modern conditions The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Continue to review our committees to ensure that they remain relevant Develop and grow an attractive series of N05h 'n' Drosh talks following Shabbat services Prepare for a new strategy 2025-2027 which focuses on growth and the key areas of..- Kids & Teenagers,. University Students,. o Adults125- 451,. Families,. o Adults 45+ Structure, governance, and management Governing document and organisational structure The Liberal Jewish Synagogue is a company limited by guarantee (company number 091133051 governed by its Memorandum and Articles of A550ciation dated 31 October 2014. This limited Company wa5 also registered as a charity (charity number 11592921 with the Charity Commission in November 2014. Prior to incorporation the LIS wa5 an unincorporated charitable organisation. The member5 of the Council art as Trustees and administer the charity and also act as the Directors of the charitable company. The Council has up to 12 rnembers and meets monthly (except August). All committees and working groups meet on a regular basis and provide recommendations to the Council for decision-makinE. The Council appoints an Executive Director to act in stewardship and manage the day to day running of the organisation. The Executive Dirertor has delegated authority, as approved by the Trustees, for operational matters. The US recognise5 that an effective Counc51 15 essential if It is to be effettive in achieving it5 objertives. The Councll must seek to represent the membership and must have available to it all of the knowledge and skilts to run the synagogue. During 2023 the Trustees, supported by the Finance, Operational, Risk and Governance Committee, reviewed the Charity Governance Code and identified a number of actions to Improve the Governan￿ of the Liberal Jewish Synagogue, including reviewing and recommending changes to the Articles, which were subsequently adopted. This Is ongoing work and the governance will be reviewed on an annual basi5. Appointment of Trustees The US articles were changed Sn 2023 bringing thern more in Ilne with the Charlty Commission's Governance Code and modern charities. The charity is a religious Institution, and there 15 a requirement to be of the Jewish faith to be a Member. Only Merllbers of The Liberal Jewish Synagogue can be elected to the Council. Trustees (Council members) are eletted by the members of the US by a show of hands at the Annual General Meeting. Trustee5 are elected for a maximum of two, three-year term5. Any Trustee who has served two terms cannot stand for re election untll at least three more years have passed. The Council elects from its members a Chairman, Honorary Treasurer and any other positions, as agreed by Councll, to constitute the Honorary Officers. Council delegates the running of the organisation to the Honorary Offlcers, Subject to their overall supeNision and monitoring of the financial posltion. Trustee induction and training Training for Trustees is through practice, encouragement to attend appropriate courses, and informal mentorship from other Trustees. Before standing for election, members are encouraged to serve on committees. In 2023 we joined the National Council for Voluntary Organisations who provide all aspect5 of The Liberal Jewish Synagogue TRU5TEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 training for Trustees and organisations such as the US. New Trustees are given an induction pack comprising copy of the Charlty Commission 'Welcome Pack for New Trustees,, a copy of the US Articles, the US Trustee Guidance, the minutes of at least three Council meetings and a Charity Trustee form stating that they acknowledge and accept their responsibilitles as Trustees, which they must sign and return. They also attend briefing se55ions Related partles and co-operation with other organisations None of our Trustees receives remuneration or other benefit from their work as a Trustee for the charity without approval. Only expenses incurred in the performance of Trustees, duties can be reimbursed. Any connection between a Trustee or a member of staff of the charity must be disclosed to the Council in the same way as any other contractual relationship with a related party. In the current year, any related party transaction5 are reported in Note 19 to the accounts. Council is careful to monitor for any potential conflict of Interest and respond accordinglv. Financial review The results for the financial year to 31 December 2023 continue to reflect the impact of the downturn in the ecollomy on our costs, on our regular sources of income and investment portfolio. However The Liberal Jewish Synagogue recogni5e5 that this also impacts its members, and membership fees only increased by 5% de5Plte inflatlon being higher than this. World events especially in the Middle East towards the end of the year also had a negative impact, especially on Nursery numbers. Income was slightly up compared to 20221 £2,042,883 v £2,004,912). Whilst, despite continued tlEht control on our expenditure, it increased in 2023 from 2022 (£2,093,472 v £1,867,187). When con5iderlng the continued challenging economic environrnent this could have been worse. Overall the synagogue made an operating loss of1£50,5891 but as detailed above, the economic environment and world events made cost containment very difficult The charitable activities income has held steady wSth the Synagogue remaining a thriving cornmunitvi Wlth religious and community events keeping the building a busy and vibrant place. Our commitment to delivering our charitable and religious aims is reinforced but the success of our High Holy Days with the number of guest tickets increasing from previous years. During the year, our Members and Friends continued their generous support of the LJS and we also benefited from the continuing support of external donors such as the Pears Foundation, Ernest Hecht Charitable Foundation IEHCFI who very generously provided 5UPPOrt for both Community Care and the Asylum Seeker Drop-kn. Income During 2023, unrestricted income was £1,919,27312022: £1,756,502). Thi5 increase Is a result of two very large donation5 received rather the activity within the synagogue, which has remained stable. Membership income has Increased by 6% which 15 more or less In line with the membership fee increase of 5%. Charitable activities IUS Nursery, Rimon, funerals, venue hirel have also remained stable despite a fall in Nursery Income (which is partially Dffset by a reduction In salaries, even thoughthe Nursery achieved a well-deserved Outstanding Of5ted report. There has been a growth in cernetery income and tickets and donations from vlsitors to the synagogue for the High Holy Days. The US is fortunate that some Members can make additional donation5 to asslst those who are unable to pay their full membership fees. The President's Patrons Fund also encourage5 Members to make an ongoing substantial financial commitment to support the sustainability of the US. The US Is grateful for this continuing support, as well as from those who remember the US with legacies. Many of our activities could not run without internal fundraisin@ campaign5, external grants and the generosity of merllbers. We are grateful to the continuing project funding provlded by the Eranda Rothschild Foundation, The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Pears Foundation, and Ernest Hecht Charitable Foundation and from a very generous donor who made Substantial donations on the birth of their grandchildren. The Ernest Hecht Charitable Foundation grant, a5 noted above, received in 2020 will be allocated to projects over the next seven years. Expenditure Our unrestricted costs increased from £1,788,998 in 2022 to £1,997,350 in 2023. This is not a surprise Considering both the economic climate and the increased use of the synagogue. Costs have been carefully monitored throughout the year with each budget line carefully reviewed and spending carefully ¢on5idered. A thank you must go out to the Finance, Operations, Risk and Governance Committee who checked and challenged the budgets providing support and solutions in difficult tlmes. In 2023, salaries, our largest overhead, increased by IO% to £899,39912022'. £815,682). This represents the staff pay increase, in line with the high inflation in 2023, and the change in the valuelprovlslon of a penslon liability compared to 2022 (see note 91. Future In 2023 the Synagogue built on the post covid success of 2022. 2024 represent5 the final year of the three year strategy, 'Reaching our Goals, and the development of a new 3 year strategy based on 5 areas of focus Identified by the US Council, kSds and teenagers,. university student5,' adults125- 451; families; 45+ year olds, whilst consolidating the important work that has previously been working. In 2024 we aim to build on thi5 success and introduce new events and new programmes that will continue to make the US a vibrant and buzzing community. This will be supported by the recruitment of a third full time Rabbi and a student Rabbi starting in September, who will Support the extremely hard working rabbinlc team. The new flat5 at Pound Lane will be built and the income generated will represent a much needed boost to the US finances. We shall continue with our maintenance programme for the Synagogue and the cemetery. Our investments will continue to be monitored closely whilst we will build on our commitment to have the highest standards of governan￿, safeguarding and probity ensuring thatthe US has the appropriate standards of a modern charity. Investment policy The Investment Committee, which is a sub-committee of the Finance, Operations, Risk and Governance Committee, includes the Honorary Treasurer and Members invlted for their expertise and knowledge of finance and investments. Redmayne Bentley LLP, our investment managers, continued to follow the Council's agreed policy of investing in ethical investments, which was reviewed in 2023, to achieve capital growth. During 2023 the market value of listed investments increased to £2,248,24212022 £2,211,0821. Whilst this is small increase, the growth reflects the economic climate in 2023. The Investment Comrnittee is in regular contact wlth our investment managers and meet regularly to discu55 and the investments held and it's performance. It should also be noted that the US'S investment portfolio growth in recent years has been exceeding overall market growth. Reserves policy The policy of the Trustees is to maintain a level of reserves that will provlde a Stable base from which to fund the charity'5 future artivltle5, including capital expenditure. The target set is £450,000 which represents three months, expenditure. As at 31 December 2023, the charity had free reserve5 of El,478,96412022.. £1,554,581), based on the general fund5 (Note 161 that could be drawn upon if required bythe Trustee5 for specific purposes as agreed by them. If cash is requlred to meet our requirements, this can be realised from investments, including property. Detalls of both Unrestricted and Restricted Funds are summarlsed in Note 16 to the accounts. The free reserves currently exceed the target level,. the Trustees are mindful of the need to retain funds In reserve to fund both unforeseen costs and the ongoing maintenance costs of the synagogue's premises. Given The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 the anticipated level of work required in respect of the building over the coming years, the Trustees consider the level of reserves held to be reasonable and appropriate but will be looking to increase them if possible. Risk management The Trustee5' risk management strategy comprises: an annual assessment of the principal risks and uncertainties that the Charity faces the establishment of policies, systems and procedures to mitigate those identified ri5k5, and the implementation of procedure5 designed to minimi5e or manage any potential impact on the charity Should those risks materialise. The US Risk ReElSter is regularly reviewed and updated by the Finance Committee, Honorary Officers, Council and the Executive Director. This register sets out the major risks to which the synagogue is exposed and the systems which have been established to mitigate those risk5. TheTrustees continued to recognise the riskto the US from both the economic envlronment and current world events and the potential impact they may have. The challenges of the economic climate mean increases in costs whilst Current world events impact nursery number5, security Costs, and the potential to rent synagogue Space. Based on the ongoing operational financial deficit long-term financial sustainability continues to remain a major risk for the US. Internal financial tmanagement risk5 are reduced through the implementation of internal controls in respect of the recording and the authorisation of all accountingtransaction5. Budget5 are Set for all types of expenditure,. these are monitored by senior management, the Finance, Operational, Risk and Governan￿ Committee, Honorary Offlcers and the Council. Management accounts are produced on a quarterly ba515. The Executive Director meets regularly with the Honorary Officer5, and all financial detaSls are regularly monitored by them. Attention is also focused on mitigating non-financial risks arising from safeguarding, fire, health and safety, security and vulnerable adult safeguardingwhich are monltored by committees and groups of volunteers. Th is overseen by the senlor management, Honorary Off icers and the Council. Statement of Trustees, responsibilities The Trustees Iwho are also Dlrectors of the Llberal Jewish Synagogue for the purposes of company lawl are responsible for preparing the Trustees. Report and financial statements in accordance with applicable law and with the United Kingdom Accounting Standard5 (United Klngdom Generally Accepted AccotJntin@ Practice). Company law requires the Trustees to prepare financial staternent5 for each financial year which glve a true arid fair view of the State of affairs of the charltable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustee5 are required to: selett suitable accounting policies and then applythem consSstentlv observe the methods and principles in 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 IFRS 1021 make judgements and estimates that are reasonable and prudent state whether applicable United Kingdom Accountlng Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will contlnue In operatlon. The Trustees are responsible for keepSng proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the io The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 charitable company and hence fortaking reasonable steps forthe prevention and detection of fraud and other irregularitles. Each of the Trustee5 confirms that.. so far a5 the Trustee is aware, there is no relevant audit informatSon of which the charitable cornpanvs auditor is unaware, and the Trustee has taken all the steps that helshe ought to have taken as a Trustee In order to make himself/her5elf aware of any relevant audit information and to establlsh that the charitable company'5 auditor is aware of that information. Thi5 confirmation Ss given and should be interpreted in accordance with the provision5 of $418 of the Companies Act 2006. The Tru5tee5 are responsible for the maintenance and integrity of the corporate and financlal information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial Statements may differ from legislation in other jurisdictions. Benita Hart Chair 9 May 2024 li The Liberal Jewish Synagogue STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 restrlcted- lunds Restritted Endowment fund5 funds 2023 2023 Total fund5 2023 restrlcted- Restricted Endowrnent fund5 funds 2022 2022 Total funds 2022 funds 2022 2023 Note INCOME FROM Donations and leg3cie5 Fundraising events Investments Charitable actlvltles 1,111,392 6,947 112,858 688.076 114,317 1,225,709 6,947 122,151 688,076 907,454 2,697 162,121 684,231 238,462 1,145,916 2,697 172,069 684,231 9,293 9,948 TOTAL INCOME 1,919,273 114.317 9,293 2,042W83 1,756,503 238.462 9,948 2,004.913 EXPENDITURE ON Charitable zctwities 1,997,350 94,266 1,8S6 2,093,472 1.788,998 77,406 783 1,867,187 TOTAL EXPENDITURE 1,997350 94,266 1.856 2,093,472 1,788.998 77,406 783 1,867,187 NET IEXPENDITUREI BEFORE INVESTMENT ILOSSESI 178,0771 20,051 7A37 150,5891 132,4951 161,056 9,165 137,726 NET ILOSSESI INVESTMENTS ON 12 116,2281 12,5991 118,8271 1263.4381 139,4591 1302,8971 NET IEXPENDITUREI FOR THE YEAR 194,3051 20M51 4,838 169N161 1295,9331 161.056 130,2941 1165,1711 Transfers between funds 16 34,685 134,6851 127,849 1127,8491 NETMOVEMENT IN FUNDS IS9,6201 114,6341 4,838 169,4161 1168,0841 33,207 130,2941 1165,1711 RECONCILIATION OF FUND5 Totzlfunds brought forward 16 7A45,097 451,948 31S,389 8,212,434 7,613,181 418.741 345,683 8,377,605 TOTAL FUNDS AT 31 DECEMBER 2023 7,385,477 437,314 320,227 8,143,018 7,445,097 451,948 315,389 8,212.434 12 The Liberal Jewish Synagogue STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 2023 2022 FIXED ASSETS Tangible assets io 5.104,690 5,083,953 HeritaEe a55ets li 54,450 54,450 Investments 12 2.945,309 2,912,911 8,104.449 8,051,314 CURRENT ASSETS Debtors 13 171,782 275,756 Cash at bank and in hand 42Z.551 429,561 594,333 705,317 CREDITORS.. Amounts falline due withln one year 14 1327,7641 1311,1961 NETCURRENT ASSETS 266.569 394,120 TOTALASSETS LESS CURRENT LIABILITIES 8.371,018 8,445,434 15 1228,0001 1233,OCM)I NET ASSETS 8,143,018 8,212,434 CHARITY FUNDS Restrleted Funds 16 437,114 451,948 Endowment Funds 16 320,227 315.389 Unrestricted Funds 16 7,385,477 7,445,097 TOTALFUNDS 8,143,018 8,212,434 The financial statements were approved by the Trustees on 9 May 2024 and slgned on their behalf by: Z o_d&,. . Benita Hart Chairman David H Adams Honorary Treasurer The notes on page5 15 to 27 form part of these financial statements. 13 **The Liberal Jewish Synagogue STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023** ||**2023**|2022| |---|---|---| ||**£**|£| |**Cash flows from operating activities**||| |Net expenditure for the year|**(69,416)**|(165,171)| |**Adjustment for:**||| |Depreciation charges|**65,581**|65,753| |Interest and dividends (received)|**(74,427)**|(67,771)| |Rent (received)|**(19,424)**|(24,350)| |Net losses on investments|**18,827**|302,897| |Decrease/(increase) in debtors|**103,974**|(48,076)| |lncrease/(decrease) in creditors|**16,568**|(187,878)| |Decrease in pension costs provision|**(5,000)**|(69,000)| |Net cash used/(received) in operating activities|**36,683 **|(193,596)| |**Cash flows from investing activities**||| |Purchase of property, plant and equipment|**(86,318)**|(182,641)| |Purchase of investments|**(1,803,032)**|(1,735,212)| |Proceeds from sale of investments|**1,747,044**|1,763,458| |Dividend and interest receipts|**74,427**|67,771| |Rent received|**19.424**|24 350| |**Net cash (received) in investing activities**|**(48,455)**|(62,274)| |**Total Cash Flows**|**(11,772)**|(255,872)| |Cash and cash equivalents at 1 January 2023|**451,388**|707,258| |**Cash and cash equivalents at 31 December 2023**|**439,616**|451,388| |**Cash at bank and short term deposits**||| |Cash at bank and in hand|**422,551**|429,561| |Cash held by investment managers|**17,065**|21,827| |Cash and cash equivalents at 31 December 2023|439,616|451,388| 14 The Liberal Jewish Synagogue NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Statement of compliance The financlal statements have been prepared in accordance with Accounting and Reporting by Charities- Statement Df Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companles Act 2006. The Liberal Jewish Synagogue meets the definition of a publlc 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 accounts are presented in Sterllng and are rounded to the nearest pound. Compuny informotion The Liberal Jewish Syna@ogue Is a private company limited by guarantee and incorporated in England. Its regSstered office and prlncipal place of business 15 28 St John's Wood Road, London, NW8 7HA. Fund occounling General fund5 are unrestricted funds which are available for use at the discretion of the Trustee5 in furtherance of the general objertives of the charity and which have not been designated for other purposes. The general fixed asset fund represents the net book value of tangible fixed assets and heritage assets which are not readily reallsable in pursuit of the charity'5 day-to-day operation. 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 furids which are to be used in accordance with specific restriction5 imposed by donors or which have been raised by the charlty for particular purp05e5. 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 tothe financial statements. Investment income, gain5 and losses are allocated to the appropriate fund. Transfers between funds occur for a nijmber of reasons including when funds are closed on completion of a project, when fixed assets are purchased or when Trustees decide to release fund5 from a deslgnated fund. Income All income is recogni5ed once the Charity has entitlement to the income, it is probable that the income wlll be received and the amount of Income receivable can be measured reliablv. For legacles, entitlement is taken as the earlier of the date on which either.. the charitv 15 aware that probate has been granted, the estate has been finalised and notification lias been made by the executorlsl to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacyi in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executols intention to rnake a dlstribution. Where leEacie5 have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy 15 treated as a contingent a55et and disclosed if rnaterial. Income from charitable activities relate5 mainly to fees received in respect Df the Lis Nursery School, cemetery fees, and payments for books and materials for RSmon Religion School student5, venue hire and synagogue attivities. Interest on funds held at the bank 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 bank. Dividends are recognised once the dividend ha5 been declared. Interest and dividends from the investment portfolio are recognised on notification by our investment manager INote 121. 15 The Liberal Jewish Synagogue NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Icontinuedl Investment income relate5 to rental income Iwhich is recoEni5ed when it comes duel, income from an associated company Iwhen it is received), and dividends and interest received in relation to fixed asset investments held by the charity. Expenditure Expenditure is accounted for on an accruals basis. Support costs, including governance costs, are allocated to charltable costs against two grouped strategic areas.. Spirituality & Sustainability190%1 and Learning & Communitv IIO%l. Irrecoverable VAT is included with the expense item to which it relates. Governan￿ costs are the Costs of providing information to and attendance at trustees, meetings and publlc accountability. Going concern The Trustees have reviewed the clrcumstances of the charity and consider that adequate resources continue to be available to fund the activities of the charity of the foreseeable future. The Trustees therefore consider that there are no material uncertainties about the charity's ability to continue as a going concern. Tangiblefixed (7ssets and depreciation The charity's freehold property comprises land and building5 includlng subsequent improvements to the property. Depreciation is not charged on the land element, which is instead subject to impairment review. No depreciation charge is made against the building and improvements as it is considered that the residual value of these Is at least a5 great as the carrying value and not materially different to C05t. The charity operates a rolling repairs and maintenance programme to prolong the useful life of the property and to ensure that the above policy continues to be appropriate. Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, overtheir expected useful lives on the following bases- Flxtures and fittings: 4%to2 Computer equipment.. 25% to 33% Cemetery improvements.. io% Depreciation is not provided on assets under construction until they are brought into use. The asset under construction represents four flats whlch are being built by Newbourne Propertie5 Ltd. These flats represent Consideration for the sale of unused land to the developer. The cost to date represents the consSderation toward5 the cost of construction. HerittsgeAssetS Heritage assets are assets of historical or religious importance that are held to further the preservation, conservation and education objectives of the synagogue and contribute to culture and activities. They are capitalised immediately on purchase or receipts of donation, and held at cost as depreciation is not considered to be material. The Trustees perform an annual impairment review and depreciation is charged only if significant impairment 15 found to have occurred. Investments Investments are a form of bas1c financial instrument. They are initially recognised at their transaction value and Subsequently measured at their fair value as at the reporting date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposa15 throughout the vear. Investment property is initially recognised at cost. After recognltion, it is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted If necessary for any dlfference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised through profit or loss. 16 The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Icontinuedl i.io StL)cks Stocks are valued at the lower of cost and net realisable value on a flrst in first out basis. Dpbtor5 Trade and other debtor5 are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discount5 due. 1.12 Cosh ot Bank ond in hond Cash at bank and In hand in¢lude5 cash and short term highly liquid investments with a short maturlty of three months or less from the date of acqui51tion or opening of the deposit or sSmilar account. 1.13 Creditor5 Creditor5 are normally recognised at their settlement amount after allowing for any trade discounts due. 1.14 Provisionsfor liabilities Provisions are made where an event has taken place that give5 the charity a legal or constructlve obligation that probably requires settlement by a transfer of economic benefSt, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to statement of financial activlties in the year that the charity becomes aware of the obligation and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. Contingent liabilities are not recognised. They arise a5 a result of past events when lil it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date, or Illl when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the charity's control. Contingent liabilities are disc105ed in the financial statements unless the probabillty of an outflow is remote. When payment5 are eventually made, they are charged to the provision carried in statement of financial position. 1.15 Judgement5 in applying occounting policies and key source5 of estimotion uncertainty The preparation of the flnancial statements requires management to make judgement5, estimates and a55umptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. Accru(Fls.' The charity make5 an estimate of accruals at the year-end based on invoices received after the year end and work undertaken which has not been invoiced based on quotation5 or estimates of amounts that rllay be due for payment. Tangiblefixed assets.. Tangible fixed assets are depreciated over their useful live5 taking into account residual values where appropriate. The actual lives of the assets and residual value5 are assessed annually and may vary depending upon a number of factors. In re-assessing the assets, lives, factors such as technoloBical innovationi product life cycles and maintenance programmes are considered. Pmvisionforfuture pension costs.. The charity has made an estimate of the future cost5 required to fund the deficit on the penslon scheme. The original provision was based on an actuarial valuation and re-evaluated in 2019. The provlsion is stated at that amount less subsequent payments made to ￿duce the liability. In the interest of consistency, where we have made improvement5 to the layout or substance of the accounts we applied the same approach to the previous year (for comparative purposes). Presentational improvements do not affect the overall outcome. 17 The Liberal Jewish Synagogue NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2 INCOME FROM DONATIONS AND LEGACIES Un- restrlcted Restrlcted funds funds 2023 2023 Endow- ment Un- restricted RestrScted funds funds 2022 2022 Endow- ment funds 2022 Total fund5 2023 Total funds 2022 funds 2023 Membershipfee5 receivable Donations Restricted donation5 and grants Legacies 594,856 509.727 594,856 509,727 560.026 326,928 560,026 451,928 125,000 97.817 16,S¢K) 97,817 23.309 113,462 113,462 20,500 6￿09 20,500 1.111,392 114,317 1,225.709 907,454 238.462 1,145,916 3 FUNDRAISING EVENT INCOME Endow- ment funds 2023 Endow- ment funds 2022 restrlcted Restricted funds fund5 2023 2023 Totsl fund5 2023 restricted Restricted funds fund5 2022 2022 Total funds 2022 Fundraisingevent income 6,947 6.947 2,697 2.697 4 INVESTMENT INCOME Un- restrlcted Restricted funds funds 2023 2023 Endow- ment fund5 2023 Un- re5tritted Restricted funds funds 2022 2022 Endow- ment funds 2022 Totsl funds 2023 Total funds 2022 Investment property rental income Blazer Court property incotne Intere5tand dividends receivable 19,424 28,31K) 19,424 28,300 24,350 70,000 24,350 70,000 65,134 9,293 74,427 67,771 9,948 77,719 112,858 9293 122,151 162,121 9,948 172,069 S INCOME FROM CHARITABLEACTIVITIES Un- restricted Restrlcted funds funds 2023 2023 Endow- rnent funds 2023 Endow- ment funds 2022 Total funds 2023 restricted Restrlcted funds funds 2022 2022 Total funds 2022 Nursery school Cemeterv Religion school Venue hlre Hlgh Holy Day tickets Other synagogue activities 289,326 246,618 34,455 48A44 10,255 58,978 289,326 246,618 34,455 48A44 10,255 58.978 340.343 218,190 31,336 54,385 6,170 33.807 340,343 218,190 31,336 54,385 6.170 33,807 688,076 688,076 684,231 684,231 Other synagogue activities include book sales and wedding fees. 18 The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE EXPENDITURE IlncludlngAllocation of Supportcostsl CHARITABLE EXPENDITURE Splrltuality & Sustainability 2023 Learnlng & Communlty Unrestrlcted Rest¥lcted 2023 2023 Total 20Z3 Staff costs Direct costs Pension adjustment Allocation of total Support costs 330,203 413,009 15.0001 722,982 391,353 66,328 9,920 84,346 731,476 563,683 15,0001 803,313 80,331 IA61,194 538.012 94,266 2,093A72 Learning & Community Unrestricted Restrlcted 2022 2022 Su5tainabilitv 2022 Total 2022 Staff costs Dirett costs Pension adjustment Allocation of total support costs 304,841 365,132 169.(K)01 689,938 366.848 55,362 9.028 68,378 680,717 488.872 169,0001 766,598 76,660 1,290,911 498,870 77,406 1.867,187 Pension payrnents above are specific to retired Rabbis spouses. The pension adjustment in 2023 is due to an actuarial re- evaluation of the liabSllty for one of these pensions. SUPPORT COSTS Admini5tratlon. bullding & fa£llltle5 2023 Governance costs Totsl Support 2023 2023 Staff costs Administration 341,173 185,528 14S.894 341,173 185,528 145,894 24.691 37,028 68,999 Legal and professional Governance Depreciation 24,691 37.028 68,999 741,S94 61,719 803,313 Administration, Governance costs Total Support 2022 2022 2022 Staff costs Administration 282,348 200.568 148,905 282,348 2(K),568 148,905 20,124 48,899 65,754 Legal and professional Governance Depreclation 20,124 48.899 65,754 697,575 69,023 766,598 Support costs are allocated 90% to Spirituallty & Sustainabillty and IO%to Learning & Community. 19 The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 7 AUDITOR'S REMUNERATION The auditor'5 remuneration amounted to £12,00012022.' £12,000). 8 ALLOCATION OF STAFF The average monthly number of employees was 4512022.. 461, 18 were full time12022'. 141, 27 were part time12022.' 321. Of these, 2512022.. 251 are staff who work during term times as teachers In the US Nursery or the Rimon religion school. The US also offers young people the opportun1ty to work a5 teaching as515tant5 in Rimon. They recelve a stipend for each session they work. 2023 2022 The number of full-time equivalÈntg was.. Spirituality and Sustainability Learning & Community Support FfE FTE 11.2 13.2 25.6 9 STAFF COSTS Staff costs were as follows.. Wages and salaries Employer5, NIC Other pension costs 2023 2022 899.399 81.505 91.744 839,020 78,300 45,745 1,072,648 963,065 2023 2022 The number of higher paid employees was- In the band £70,001- £80,0(K) There are three key management personnel within the tharity. Durlngthe year, they recelved remuneration of £257,58112022.' £247,510) including salary, employers, NIC and employer'5 contribution to pension. IQ TANGIBLE FIXED ASSETS Freehold Cemetery property improvements Flxtures and fittings Computer equipment Asset under Constructlon Total Cost At l January 2023 Additions At 31 December 2023 4,477.426 IS5,256 16,481 171,737 480,966 28.038 509,004 25,571 8.181 33,752 231,222 33.618 264,840 5370,441 86,318 5A56,759 4,477,426 Depreclatlon At l January 2023 Charge for the year At 31 December 2023 15,525 17,182 32,707 248,570 45.078 293,648 22,393 3,321 25,714 286,488 65.581 352,069 At 31 December 2023 4,477,426 139,030 215,356 8.038 264,840 5.104,690 At 31 December 2022 4.477,426 139,731 232,396 3,178 231.222 5,083,953 20 The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 HERITAGE ASSETS 2023 2022 At l January 2023 and 31 December 2023 The figure represents the cost of the Shoah Memorial which wa5 designed by Ani5h Kappor and dedlcated on 10 November 1996. The memorlal Is very important to the US and it5 members given the significance of the Holocaust to the Jewish experlence of the 20th Century. In addition, the US hold5 a collection of paintings and other artefacls. These are not included in the balance sheet as historic cost information is not available and they are not considered to be of significant value to the open market, being of particular relevance to the US. 12 FIXED ASSET INVESTMENTS Investment Property Listed Unllsted Securities Securities Total Market Value At l January 2023 Addltlons Disposals Iproceeds.. £1,747,043 realised losse5.' £54,412) Unrealised galns on investments 680.000 2,211,082 1.803.032 2.891,084 1,803,032 11,801,455) 35,583 11.801,4551 35,583 At 31 Decembei 2023 Cash held by investment manager 680,000 2.248,242 17.065 2,928,244 17,065 At 31 December 2023 680,000 2.265.307 2,945,309 FIXED ASSET INVESTMENTS Investment Property Listed Securities Unlisted Securitles Total Market Value At l January 2022 Addltlons Disposals Iproceeds.. £2,145,745 realised gains.. £39,770) Unrealised galns on Investment5 680,000 2,542,224 1,735,213 3,222,226 1,735,213 11,962,860) 1103,4951 11,962,860) 1103,4951 At 31 December 2022 Cash held by investment manager 680,000 2.211,082 21,827 2,891,084 21,827 At 31 December 2022 680,000 2,232,909 2,912,911 2023 2022 Investments at fair value comprlse: Investment property Listed investments Surplus cash Unquoted investments 680,000 2,248,242 17,065 680.000 2,211,082 21.827 Total investment5 2 945 309 2 912 911 The unquoted investment is in Eljayess Enterprises Limlted, 3 wholly owned subsldlary (>f the LJS, which did not trade dur1ng the year. Blazer Court Limited is an associated company created to Service the residential property above the synagogue through resident managernent charges. This has not been consolidated as it is not a beneficially owned companv. 21 The Liberal Jewish Synagogue NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13 DEBTORS 2023 2022 Trade debtors other debtors Prepayment5 and accrued Income 12,824 45.643 113,315 49.795 35,238 190,723 171,782 275,756 14 CREDITORS Amounts falling within one year Trade creditors Other taxatlon and social security Other creditors Actruals and deferred income 2023 2022 23,867 21,264 111,82Z 170,811 66.343 19,603 95,525 129,725 327,764 311,196 15 PROVISION FOR LIABILITIES 2023 2022 At l January 2023 IDecreasÈ1 in pension provision 233,000 15,0001 302,000 169,0001 At 31 Decembei 2023 228,000 233,000 The pension provision shown above was adjusted in 2023 due to an artuarial re-evaluation of the liability for one pension. The provision wa5 calculated in accordance with the provlsions under FRS 102 and represents unfunded pension liabllities outside of a pension scheme. 22 The Liberal Jewish Synagogue NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 16 STATEMENTOF FUNDS Unrestrlcted Funds 2023 Atl January At31 Gainsl December ILossesl 2023 Intome Expendlture Trdnsfers inlo 2023 DesignotedFunds.' Dr Max Hulbert Legacy Fund Olga Field Fund Rosa Mintz Legacy Fund US Building Renewal Fund General Legacy Fund 128,016 162,123 32.478 299,730 439,387 1,061,734 18.1311 119,885 162,123 32,478 299,730 446,196 1,060.412 6A09 6,809 18.1311 General Funds General Fixed Asset Fund 1.554,581 4,828,782 1.844,231 68,233 11,920,2201 168,9991 16.600 18,085 116,2281 IA78,964 4,846,101 Total Unrestrlcted Fund5 7A4S,097 1,919.273 11,997,350) 34,685 116,2281 7,385.477 Atl January 2022 At31 Galn51 December IL055esl 2022 Unrestrlcted Funds 2022 Income Expenditure Transfers in/ out DesignotEdFurJds.' Dr Max Hulbert Legacy Fund Olga Field Fund Rosa Mintz Legacy Fund US Building Renewal Fund General Legacy Fund 128,016 162,123 32.478 299,730 418,887 1.041.234 128,016 162.123 32.478 299,730 439,387 1.061,734 20,500 20,500 General Funds General Fixed Asset Fund 1,788.661 4,783,286 1,736,002 11,723,245) 165,7531 16,600 111,249 1263,4381 1.554,581 4,828,782 Totsl Unrestrlcted Funds 7,613,181 1,756,502 11.788,9981 127,849 1263,4381 7,445,097 Unrestrl¢ted Funds 2023 Destiyrttsted Funds.. Dr Max Hulbert Legacy Fund.. the income arising from this unrestricted fund is used for publications and the intellectual promotlon of Liberal judaism. Olga Field Fund.. is currently used to further the religious and charltable work of the US In relation to the elderly Members of the community but is not restrlcted to thi5 purpose. Rosa Mlntz Legacy Fund.. the income arising from this unrestricted fund is utilised as agreed to support Nursery, Youth and Education activitie5. US Building Renewal Fund: the synagogue building is now 29 year5 old. This unr@stricted fund, established in 2017, will be used to fund building refurbi5hrnent projects to rnaintain the fabrie and functionality of the synagogue. General Legacy Fund.. Chosen legacles (depending on the ongoing Synagogue finances or unless they are restrlctedl are allocated to this unrestricted fund and used to support the religious and charitable work of the synagogue. 23 The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16 STATEMENTOF FUNDS Icontinuedl Ati At31 Galns l December ILos5esl 2023 Restrlcted Funds 2023 January Income Expendlture Transfers Inl out 2023 Care for the Community Fund David Goldstein Library Fund Drop in for Asylum Familles Education Fund Ministers, Discretionary Fund Out and About Club Peggy Lang Publications Fund President's Cup Fund Rabbi J Rayner Bibliography Fund Restaurant Tuesday Singing for the Mind Taxi Fund EHCF Fund Angela Ferst Fund Cemetery resurfacing fund john Rayner Room Window Martin Slowe Legacy Total Restricted Funds 60,026 5,474 94,2SI 2046 8￿89 31.607 5.503 4.069 4,670 9,202 3,144 3,006 204,000 1,910 13,751 36.500 12A481 11761 1712331 93,678 5.298 41,964 2,446 14,279 35,589 5,503 4,069 4,670 9.571 6.850 2,236 179,0(K) 1,910 13,751 18.946 7,800 13,162 12AIOI 19,1801 11391 17.5101 17701 2A16 8,400 125,0001 18,085 16,500 114.317 118.0851 16,500 437,314 451,948 194,Z661 134,6851 Ati January 2022 At31 Gain51 December ILossesl 2022 Restricted Fund5 2022 Income Expenditure Transfers in/ out Care forthe Cornmunity Fund David Goldstein Library Fund Drop in for Asylum Families Education Fund Ministers, Discretionary Fund Out and About Club Peggy Lang Publications Fund Presldent's Cup Fund Rabbi J Rayner Bibliography Fund RestaurantTuesday Singing for the Mlnd Taxi Fund EHCF Fund Angela Fer5t Fund Cemetery resurfacing fund 25,556 5,564 95,984 2,591 8,654 22,385 5,503 4.069 4.670 8,888 797 36,500 12.0301 60,026 5,474 94,251 2,446 8,889 31,607 5,503 4,069 4,670 9,202 3,144 3,006 204,000 1,910 13.751 55,690 157,4231 11451 11.3651 18,1071 1,600 17,329 530 12161 17,8661 11641 1.813 8,400 3,170 229,ODD 1,910 125,0001 125.000 1111,2491 Total Restricted Funds 418,741 238,462 177,4061 1127,8491 451,948 24 The Liberal Jewish Synagogue NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16 STATEMENT OF FUNDS Icontlnuedl Restricted Funds 2023 Care for the Community Fund.. the fund is used for Members rllost in need. Davld Goldstein Library Fund.. this fund is to be used for books and equipment for the U5 Llbrary. Drop-in for Asylum Families.. this fund was created for donations received to support the LJS Drop-in for Asylum Families, Funded entirely by donations, the monies raised support this project on an ongoing basis. Edutation Fund.. this fund supports youth and educational activities Bnd wa5 formed by the amalgamation of the Celia Rapp Fund, Theodore Goodman Fund, John Haggard Memorial Fund, Louis P Jacobs Prize Fund, Mar5den Family Fund. Mlnlster5' Di5cretlonary Fund: thi5 fund is for donations given for our Rabbis to use at their discretion to SUPPOTt the charitable objects of the synagogue. Out & About Club: is a community initiative which provide5 food and entertainment fortnightly for local elderly and disabled people. Funded entirely by donation5, the monies are used to support the club on an ongoing ba51S. Peggy Lang Publications Fund: the fund was created to support publications In furtherance of Llberal Judaism. Presldent'5 Cup Fund: this fund provide5 for an annual prize to the young person showing the greatest commitment to the communlty. Rabbi J Rayner Blbllography.. thi5 fund is to finance an LJS Research Fellow to undertake Scholarly research into the sermons and lecture5 of Rabbi John Rayner and to facilltate the disseminatlon of his thoughts and writing. Re5taurantTuesday'. this fund is used to provide a monthly meal for elderly Members and vi51tor5. Slnglng for the Mind: this fund is used to enable people with memory problems or dementla to come together to sing. This includes Members and Non-members, local and London-wide. Funded entirely by donations, the group meets weekly, using the monies raised for its ongoing profe55ional support cost5. Taxi Fund: thi5 fund finance5 the cost of taxis to and from the synagogue for the elderly or infirm who are unable to afford private tran5POft but depend on it to get to the synaÉogue for religious service5 and other activities. EHCF Fund.. this designated fund ha5 been established from a gift given by the Ernest Hecht Charitable Foundation to be used over the next ten years to fund the Singing for the Mind programme and to fund activities and projects that prorllote online learning, religiou5 observance and community events for children and elderly, isolated or disabled adults. Monies will be allocated annually to the specified projects and programmes. Angela Fèrst Fund: this fund was Set up in 2016 followlnÈ a specified legacy to buy prayer books for the Community. Cemetery resurfacing fund.. thi5 fund was set up following a specSfic donation to complete resurfacing works at the Liberal Jewish Cemeterv. John Rayner Room Wlndow.. the fund has been used for the creation and installation of a new window, Earth, in the John Rayner Room which compliments the existing window. Water. Martln Slowe Legacy: A legacy fund left in perpetuity by Martin Slowe, ex Liberal Jewish Synagogue Presldent, which will be received annually and Spent on a specific project as agreed with hi5 familv. 25 ## **The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **16 STATEMENT OF FUNDS (continued)** |**Endowment Funds 2023**
**At 1**
**January**
**Income**
**Expenditure**
**2023**
**£**
**£**
**£**
Angela Ferst Cemetery Fund
**315,389**
**9,293**
**(1,856)**
**Total Endowment Funds**
**315,389**
**9,293**
**(1,856)**
Endowment Funds 2022
At 1
January
Income
Expenditure
2022
£
£
£
Angela Ferst Cemetery Fund
345,683
9,948
783
Total Endowment Funds
345,683
9,948
783|**Transfers**
**in/ out**
**£**
**At 31**
**Gains /**
**December**
**(Losses)**
**2023**
**£**
**£**
**(2,599)**
**320,227**
**(2,599)**
**320,227**| |---|---| ||Transfers
in/ out
£
At 31
Gains /
December
(Losses)
2022
£
£
(39,459)
315,389
(39,459)
315,389| **Angela Ferst Cemetery Endowment Fund:** the estate of Angela Ferst has bequeathed a fund towards the maintenance of the Ferst family graves at the US Cemetery. Established in 2019, income generated from the investment of this fund may be used for the maintenance of the cemetery only. ## **SUMMARY OF FUNDS 2023** |**SUMMARY OF FUNDS 2023**|| |---|---| |**Designated Funds**
**General Funds**
**General Fixed Asset Fund**
**Restricted Funds**
**Endowment Funds**|**Atl**
**At 31**
**January**
**Income**
**Expenditure**
**Transfers**
**Gains /**
**December**
**2023**
**in/ out**
**(Losses)**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
**1,061,734**
**6,809**
**(8,131)**
**1,060,412**
**1,554,581**
**1,843,231**
**(1,920,220)**
**16,600**
**(16,228)**
**1,478,964**
**4,828,782**
**68,233**
**(68,999)**
**18,085**
**4,846,101**| ||**7,445,097**
**1,919,273**
**(1,997,350)**
**34,685**
**(16,228)**
**7,385,477**
**451,948**
**114,317**
**(94,266)**
**(34,685)**
**437,314**
**315,389**
**9,293**
**(1,856)**
**(2,599)**
**320,227**
**8,212,434**
**2,042,883**
**(2,093,472)**
**(18,827)**
**8,143,018**| |SUMMARY OF FUNDS 2022|At 1|||||At 31| |---|---|---|---|---|---|---| ||January|Income|Expenditure|Transfers|Gains /|December| ||2022|||in/ out|(Losses)|2022| ||£|£|£|£|£|£| |Designated Funds|1,041,234|20,500||||1,061,734| |General Funds|1,788,661|1,736,003|(1,723,245)|16,600|(263,438)|1,554,581| |General Fixed Asset Fund|4,783,286||(65,753)|111,249||4,828,782| ||7,613,181|1,756,503|(1,788,998)|127,849|(263,438)|7,445,097| |Restricted Funds|418,741|238,462|(77,406)|(127,849)||451,948| |Endowment Funds|345,683|9,948|(783)||(39,459)|315,389| ||8,377,605|2,004,913|(1,867,187)||(302,897)|8,212,434| 26 The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds 2023 Restricted Endowrnent Funds Funds 2023 2023 Total Fund5 2023 Total Funds 2022 TanÈlble fixed assets Heritage assets Investments Current assets Creditors due within one year Provislons for liabilities 5,104.690 54A50 2,187,768 594,333 1327,7641 1228,0001 5,104,690 54,450 2,945,309 594,333 1327.7641 1228,0001 5,083,953 54,450 2.912,911 705,317 1311.1961 1233,(K)01 437,314 320,227 7,385A77 437.314 320,227 8.143,018 8,212,434 18 COMMITMENTS UNDER OPERATING LEASES A5 at 31 December 2023, the charity had future minimum lease payments under non-cancell8ble operating leases for office equipment as follows.. 2023 2022 Not later than I year Later than one year but less than five years IS,722 15,357 15,722 31,079 31,079 46,801 19 TRUSTEES REMUNERATION AND RELATED PARTIES None of the Tiustees received remuneration during 2023. One trustee was reimbursed £553.912022.' one trustee was reimbursed £810.75) for expenses incurred. During the year, a number of trustees made donation5 to US. The aggregate value of these donations was £20,44012022'. £123,046). During the year, one trustee was related to a person who 15 employed by the charity. One of the Trustees (tenure now completel is the Vice Chair of Liberal Judaism, the umbrella organi5ation for all Liberal Jewish synagogues. The US makes an annual contribution on behalf of Members to Liberal Judalsm. The US also received rental income of £18,75012022'. £25,000) from Liberal Judaism, which was offset against the contribution made. 20 CORPORATION TAX A5 a charity, the US is exempt from UK tax on income and gains to the extent that these are applied to its charitable objeet5. No UK tax charges have arisen in the charity, during 2023 or in the previous year. 27 The Liberal Jewish Synagogue INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LIBERALJEWISH SYNAGOGUE Opinion We have audited the financial statement5 of the Llberal jewish Synagogue (the 'charitable companVI for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet and statement of cash flows, the principal accounting policies and the notes to the financial Statements. 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 oplnion, the financial statements: give a true and fair view of the state of the charitable compan¢s affairs a5 at 31 December 2023 and of its income and expenditure forthe year then ended,. have been properly prepared in accordance with United KSngdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requlrements of the Companies Act2006. Basis for oplnion We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable corllpany in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and approprSate 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 ba515 of accounting in the preparation of the flnanclal statements is appropriate. Based on the work we have performed, we have not Identified any material uncertainties relating to events or conditions that, indlvidually 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 month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees wlth respect to going concern are described in the relevant section5 of this report. Other information The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditorfs report thereon. The trustees are responslble for the other information contained within the annual report and financial statements. 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 expre55 any form of assurance conclusion thereon. Our re5pon5ibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statement5 or our knowledge obtalned 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 materlal misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 28 The Liberal Jewish Synagogue INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE LIBERAL JEWISH SYNAGOGUE Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audlt- the information given in thetrustee5' report, which is also the directors, report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the trustees, report, which is also the directors, report for the purp05e5 of company law, ha5 been prepared in accordance with applicable legal requirement5. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable cornpany and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothingto report in respect of the followSng matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns; or certaln di5c105ure5 of trustees, remuneration specified by law are not made,. or we have not received all the Information and explanatlons we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees Iwho are also the dlrectors of the charitable company for the purposes of company lawl 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 15 necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for a5sessinE the charitable company's abillty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unle55 the trustees either intend to IiqLJidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objertives 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 155ue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material mi55tatement when it exist5. Misstatements can arlse 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 basi5 of these financial statement5. Irregularities, Including fraud, are instances of non-compliance with laws and regulation5. We design procedure5 in line with our responsibilities, Outlined above, to detert material mi55tatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irre@ularities, including fraud is detailed below.. the engagement partner ensured that the engagement team collectively had the appropriate cornpeten￿, capabllities and skills to identify or recognise non-compliance with applicable laws and regulations,. 29 The Liberal Jewish Synagogue INDEPENDENT AUDITOR'S REPORT TOTHE MEMBERS OF THE LIBERALJEWISH SYNAGOGUE we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directSy relevant to specific assertions in the financi31 statements are those that relate to the reporting framework Istatement of Recommended Practice Accounting and Reporting by Charitie5 preparing this accounts in accordance with the Financial reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and the Companies Act 20061, those that relate to data protection (General Data Protection Regulation) and those in relation to safeguardin& specifically the requirements of the Health and Social Care (Safety and Quality) Act 2015. We assessed the susceptibility of the charitable companqs financSal statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of rnanagement as to their knowledge of actual, Suspected and alleged fraud,. and considering the internal controls in place to mitigate risk5 of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls we.. performed analytical procedures to identify any unusual or unexpected relationships; and performed substantive testing of expenditure including the authorisation thereof,. tested journal entries to Sdentify unusual transartions- and assessed whether thejudEements and the assumptions made in determining accounting e5timate5 for the valuation of the pension liability, the useful economic lives of tangible fixed assets and the estimations of future income and expenditure flows were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. reading the minute5 of meeting5 of those charged wlth governance,. and enquiring of management as to actual and potential Iltigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely It Is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulation5 to enquiry of the trustees and other management and the inspection of regulatory and legal corresponden￿, if any. Material misstatements that arise due to fraud can be harder to detect than those that arlse from error as they mav involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council'5 website at www.frc.org.uk/auditor5responsibilities. Thi5 description forms part of our auditor'5 report. 30 The Liberal Jewish Synagogue INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE LIBERAL JEWISH SYNAGOGUE Use of our report This report is made solely to the charitable company's members, a5 a bodyi in accordance wlth Chapter 3 of Part 16 of the Companie5 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 auditor's 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 the charitable company's members as a body, for our audit work, for this report, orforthe opinions we have formed. 13 May 2024 Edward Finch Isenior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V6DL 31