COMPANIES HOUSE Company number: 09113305 Charity number: 1159292 LJS win 2¥ rp The Liberal Jewish Synagogue (A company limited by guarantee) Trustees, Report and Financial Statements for the year ended 31 December 2024 Page Reference and administrative details of the charity Trustees, report 3-12 Statement of flnancial activities 13 Statement of flnancial position 14 Statement of cash flows 15 Notes to the financial statements 16-28 Independent auditorfs report 29-32
The Liberal Jewish Synagogue REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Gaby Lazarus, Chair Benita Hart, Chair Scott Dinwiddie Vice Chair David Adams, Honorary Treasurer Sue Bolsom Peter Crouch (Co-opted Treasurer) Rafaelle Gelein Harriett Goldenberg James Johnson Jenny Nathan MBE David Rlgal Tsvetyana Petrova Anthony Sefton Simon van Someren Lodewijk Zweers Term as Chair began 20th June 2024 Term ended 20th June 2024 Resigned 12th December 2024 th Term ended 20 June 2024 th Co-opted 14 November 2024 Appointed 20th June 2024 Appointed 201h June 2024 Died 12th August 2024 Term ended 201h June 2024 Term ended 20th June 2024 Appointed 20th June 2024- Resigned 14th November 2024 Presldent Rita Adler Honorary Lawyer Jacob Gifford Head Executive Director Jonathan Bruck Company reglstered number 09113305 Charity reglstered number 1159292 Registered office 28 St John's Wood Road, London NW8 7HA Independent audltor Buzzacott Audit LLP, 130 Wood Street, London EC2V 6DL Bankers CAF Bank Ltd, 25 Klngs Hill Avenue, West Malling, Kent M19 4JQ Investment managers Redmayne Bentley LLP, 9 Bond Court, Leeds, West Yorkshire LSI 2JZ
The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are pleased to present their Report togetherwith financial statements of the charitable company for the year ended 31 December 2024. Vision and values The Liberal Jewish Synagogue ('the LIS'I is the oldest and lareest of 40 Liberal and Progressive Jewish communities in the UK, Republic of Ireland, the Netherlands and Denmark. The US is an inclusive, diverse and egalitarian community of all ages. We work together to explore Jewish traditions, texts and values, applying them to the challenge of living ethical lives In the context of the social, intellectual, technological, sclentific and environmental reallties of the 21st century. We seek to sustain and develop the Jewish people's sacred task., to build a just and compasslonate world, based on our commitment and responsibility to each other as Jews and to our friends and neighbours of other faiths, culture5 and ethnicities. 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: l. Kehill(7h.' the US seeksto be a warm, welcoming and compasslonate community for all those who wlsh to engage with Judaism 2, Avodah.. the US cherlshes meaningful, shared worship and spiritual engagement withln the context of Liberal Judaism 3. Toroh.. the US priorltlses Ilfe-long learning and the intellectual stimulation and challenge of Jewish texts, ideas and practjce 4. Gemilut Chosodlm.. the US nurtures meaningful relationships through pastoral care and spiritual encounter and encourages social networking across generations, and between faiths and cultures 5. Tikkun 01am.' the U5 values and engages in purposeful activity that is designed to repalr and heal the world 6. Bal Tashchlt,. the US strives to increase awareness of the climate emergency and to reduce our human impact on the environment 7. Chayylm,. the US celebrates and commemorates all life cycle events that help to give meaning to people's Ilves 8, Din v'cheshbon.. the US is committed to transparent and responsible governance of the congregation and financlal accountability by its trustees 9, Yahodut Mitkademet.. the US encourages its members, contribution to the dynamic growth and development of Liberal Judaism in the UK, Europe, Israel and beyond 10. Sakkesh Sholom.. 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 politlcal equality of all its citizens, Activities The activities of the US are organised into four strategic areas: spirituality learning, communityi and sustainability. A strategic plan is produced to provide the direction and focus for work during a three-year period. The plan is reviewed each year by the Honorary Officers, Council, Executive Director, Rabbis, senior members of staff and Committee Chairs. It provides the framework for the programme of services, activities and events 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. Progres5 against the plan and quarterly management accounts are analysed regularly and reported to the Honoiary Officers and Council. Splrftual Leafnln LJS CommuThlty 5ustslnabllity The f irst three-year strategic plan {'Reaching our Goals'l was developed in early 2022 and has now been successfully completed with a new 3 year strategic plan being developed. The 2022- 24 plan allowed the Synagogue and its committees to focus on both the immediate issues and the medium-
The Liberal Jewish Synagogue TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) term future, along with the cost and impact they would have on the Synagogue. The new plan will focus on retention, engagement, and growth. Spirituality (including music) Religious services for Shabbat and festivals, as well as life-cycle celebrations, are central to the LJS and are led bysenior Rabbi Alexandra Wright and Rabbi Igorzinkov. All ourservices in 2024 were hybrid, available on both Zoom and the dedicated US YouTube channel. In September, the Rabbinic team was bolstered by Student Rabbi Andrea Kulikovsky who, as well as contributing to the services, created a number of new Kulanu events. We were delighted to have a very impressive attendance, both in person and online, during the High Holv Days, helping to build and cement the community atmosphere and togetherness attained post Covid. As well as increasing numbers attending the synagogue. the online presence continued to be maintained during our regular services, The great community work linked to services continues and goes from strength to strength with a large number of Nosh and Droshs, and Chavurah suppers being held. Additionally another successful Pesach Seder and Rosh Ha5hanah lunch were held with numbers up compared to 2023. The US continues Its strong commltment to muslc as an integral part of services, education programmes, community events, and heritage. The professional and members, choirs, both led by Director of Music, Cathy Heller Jones, continue to support the shabbat and festival services and continue to maintain the high standards achieved each year. Spirituollty highlights during 2024.. Increased attendance for the High Holy Days. The numbers of events and varied toplcs covered in Nosh and Drosh's, Chavurah suppers, and other events linked to services. New events for younger members. The community coming together in respect of the October 7th terrorist attack and the mutual support experlenced then and since. Learning The US continues to provide a wealth of opportunities for life-long learning from nursery age to adult. The Nursery has been building on Its success since receiving its 'outstanding' OFSTED report. De5Plte maSntaining these hlgh standards, however, the events which occurred in October 2023 in the Middle East continue to make recruitment to the nursery challenging. Rimon restructured at the end of 2024, saying farewell to Susannah Alexander and welcoming Rabbi Elana Dellal in her new wider role as Director of Youth and Family Engagement. Under the leadership of Scott Dinwiddie, the Education Committee was re-established looking at ways to support both Rabbi Elana in the evercontinuing questto improve Rimon and also involve and link Rimon tothewideraspects of the synagogue. Rimon numbers continue to rise, and the curriculum is constantly being checked, challenged, and improved. The ever-growing KT class visited Prague in early 2024 and finished the year with a trip to Brighton. Adult education continues to offera rich programme of opportunities, which includes preparation forthe High Holy Days, Classical Hebrew classes at all levels, and opportunities for learning and discussion about Judaism and Jewish life. A new Musar online course was held, led by guest lecturer Rabbi Monique Mayer of the Bristol and West Progressive Jewish Congregation. Learning highlights during 2024.. The Nursery continue to build on their"outstanding" Ofsted report. The restructure of Rimon and the re-establishment of a vibrant Education Committee. The visit to Prague by the Kfstudents.
The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) The Leaning Circle, the Us's Adult learning offer continues to deliver a diverse range of classes with new and exciting topics and guest speakers added. Community The Community Care team led by Community Care Co-ordinator, Aviva Shafritz, supported by Naomi Kramer, the Rabbis and a loyal group of over 200 volunteers, 120just for the Asylum Seeker Family Drop In, continued to go from strength to strength In 2024. The core community offer continues to provide much needed support to a key demographic of the community and whilst well established, their amazing work should not be overlooked. Events such as Video & Tea, Singingfor the Mind, and the Out & About Club grow in numbers with a number having of our events having waiting lists. The annual Keep In Touch tea party was a huge success whilst the much needed Drop-in for Asylum Seeker Families continues to deliver much needed support for the most vulnerable of our extended community. During 2024 a number of new initiatives began. A hardy and dedicated number of volunteers visited the cemetery to help clear ivy. A new bereavement groupwas created which has not only been found to be a great support for those attending but has become a catalyst for social events for those who want to meet outside of the formal meeting setting. Unfortunately 2024 saw the loss of a number of stalwarts, drivers, and advocates for Community Care. Sadlv Jenny Nathan MBE and Bob Kirk BEM (Ann Kirk BEM died in early 20251 died in 2024 and will be sorely missed. The US held its first Annual Qulz night, which was a sell-out wlth over 80 people attending. The US also continues to work in partnership with local organisations to provide public benefit for the isolated, elderly and disabled, and for asylum-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 Volunteers contlnue to be at the heart of the Synagogue's actlvltles, with Gaby Lazarus the Us's Volunteerlng Co-ordinator las well as Chairl continuing to f ind new recruits to the army of LJ5 volunteers. Jenny Stephany (Volunteer of the Yearl, Sonia Leanse (Lifetime Achievement) and The Singing for the Mind team (Team of the Yearl were all recognised by the Jewish Volunteer Network. Members also volunteerto act as trustees and to sit on a wide range of committees and working groups, where they use their experience and knowledge to help the US deliver, maintaln, and support Its membership and infrastructure. Worklng In partnershlp The US is the flagship synagogue of the Liberal Judaism (UI movement, which is the umbrella organisation of Llberal and Progressive synagogues in the UK and parts of Europe. Financial support is provided to the movement and additionally through U, The US also supports Leo Baeck College, which is the primary academic and education institution for European Progressive Judaism, where many Progressive rabbis are trained. The US is also proud to provide a home for the West Central London Chavurah Club. This club was formed by the remalning members of West Central Synagogue following its closure and holds a monthly chavurah at the US. These meetings maintain 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 organizations have become closer following the war in Ukraine. The US is also a member of the Board of Deputies of British Jews, the body which represents the UK Jewish community. Five members of the congregation serve as representatives, one of them representingyounger members, and they play an active part in determining Board policy. Public benefit In addition to its religious and educational aims, the LIS functions as a centre for communal activities to which both members and the wider community are regularly welcomed. This past year was a real year of growth. The magnificent organisers and volunteers who support the Synagogue with enthusiasm and drive are an
The Liberal Jewish Synagogue TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued} inspiration to all those who attend, Activity and social events during 2024 included the Out & About Club, which provides fortnightly entertainrnent for elderly, disabled, and often isolated, members of the local community. Singing forthe Mind, a weeklygroup led by a professional singing leader, is forthose with memory problems and moderate dementia, and theircarers,. RestaurantTuesday provides excellent food and excellent company, at a very reasonable cost, for those who attend the monthly events. The US continued to organise a monthly Drop-in for Asylum Seeker Families for over 200 adults and their children. Members and Friends give financial help and donate food and clothing as well as giving their tirne. The annual Keep In Touch tea party continues to go from strength to strength. The US supports interfaith understanding through initiatives such as the annual multifaith Chanukkah event. In addition to its own activities, the US works with neighbouring churches and mosques, meeting regularly with religious leaders to discuss issues of local, national and world concern or interest. The Trustees have had regard to the guidance issued by the Charity Commission concerning public benefSt. They are satlsfied that the information given in this reporti particularly regarding the activlties undertaken in conjunction with the objectives of the charity, demonstrates that the requirements to identify public benefit have been met. Community highlights during 2024: The growth in the number of attendees taking part In US activitles The increase in the number of volunteers and the new system and support put in place to support them Continuation of pastoral care bythe Community Care Co-ordinator, Rabbis, and volunteers to provide dlrect assistance 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 familiesi providing essential items such a5 food, clothing, toiletries, and cleaning materials for those most vulnerable. The Safeguarding Policy was reviewed and updated Sustainability Sustalnability is not just about the future of the organisation," the US is also committed to the wider world and to the future of our planet. Led by the Social Action Committee, the US initiates and participates in numerous activltles within the community and beyond to improve sustainability. We seekto help reduce emissions which both impact 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 office team, led by the Executive Director, continues to work closely with the Rabbis, 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-judaism network, and the Council is committed to working through the environmental audlt. The education programmes go from strength to strength, both in Rimon and Adult Education, whlch lead to increased numbers of knowledgeable and committed members keen to support the future of the Synagogue. The financial sustainability of the US is dependent upon the contribution of membership fees and other funding. A significant number of Members and Friends pay specially aEreed reduced rates. No one is ever excluded by their inability to pay. The Synagogue Council has identified that one of their key challenges is the future sustainability of the synagogue, both in respect of membership and finances, which are inextricably linked. There is an ageing membership population who are well served by a number of excellent initiatives, however, whilst looking at
The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 {continued) those under 60, there is much less being offered to add value to their membership and bring them into the US Community. Using an evidence-based approach, the Council have identified 5 key areas that, with appropriate attention, can both help to provide growth and ensure the future sustainability of the LJS:_ Children and Teenagers University Students Adults125-451 Families Adults 45+ These areas will form the basis of the next US 3 year strategic plan Sustainability highlights during 2024.. The work to making the synagogue more sustainable began with11) the restructure of Rimon and121 the review and change to the membership fee structure. A range of Social Action initiatives, including involvement In Mitzvah Day. The focus towards the end of the year on membership fees, the Rimon restructure, and the preparation forthe next 3 year strategy. Fundralslng The Synagogue adheres to the Fundralslng Regulator's Code of Fundralsing Practice. Applying best practice to protect supporters, data, It never sells or exchanges data with other organisatlons and ensures that communication preferences can be changed at any time. The LIS manages its own fundraising led by the Presldent 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 Council, The LIS does not em ploy professional fundraisers. The US undertakes to react to and investigate any complaints regarding Its fundraising activities and to learn from them and improve its service. During 2024, the charity received no complaints about its fundraising activities. Fundralslng in support of others Each year, US Members and Friends support four charities through the annual High Holy Day Appeal: one Anglo-jewish, one based in Israel, one UK non-jewish charity, and the United Jewishlsrael Appeal IUJIAI. This past year, 2024 was a remarkable year, despite all the challenges created by the economic conditions, £75,291 was raised for some excellent causes. The US sUPPOrts the Out and About Club with its annual fundraising campaign whilst also collectingvoluntary contributions for the UK Board of Deputies of British Jews, as well as making an annual grant contribution of over £IOO,000 to support the movement for Liberal Judaism Plans for 2025 The US is looking forward to an exciting 2025. The initial 3-year strategy focused on preparing for growth and consolidation has now finished, and the new 2025-27 strategy is intended to build on the prior plan's work and success. Based on Council discussions and an awayday at the end of 2024, the movement towards the next 3-year strategy, 2025-2027, is well on its wayto being formed. The Council have identified 5 key areas that represent both a threat and an opportunity to the synagogue. The starting point of this strategy is the fact that 47% of the US membership is over 60, whilst provision for the key areas of over 60s is key and will continue to be major area of activity, the focus on engagin& retainin& and growing children & teenager, university students,
The Liberal Jewish Synagogue TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 {continued) young adults (25 - 45), families and adults 45+ will hopefully ensure the future sustainability of the synagogue. Focus for 2025 Begin to embed and deliverthe new 3-year strategy. Employ a new Rabbi to both support the new strategy and the current rabbinic team, Organize a number of celebrations and fundraising activities to recogniie the 100 year anniversary of the US being housed on St John's Wood Road. Review and develop our education and young family programmes, including Rimon, with an emphasis on increasing involvement of younger members and engaging new Members and Friends. Create new programmes and events for the core demographics identified in the strategy whilst building on the excellent work already being delivered by committees such as the 3Cs. Continue to Increase the number of volunteers. Create and deliver a fundraising strategy which will include a focus on legacies. Continue to plan capital expenditure (some of it funded by legacy Income), using a malntenance programme in order to avoid the need for any significant unplanned expenditures. Continue to review and improve our website and external communications. Ensure the US Governance remains appropriate for a modern charity. Continue to review our committees to ensure that they remain relevant. Subject to fundin& develop the basement at the Synagogue for use as a community hub. 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 inltial Articles of Association dated 31 October 2014 and subsequently update at the AGM In June 2023, This limited company was also registered as a charity {charity number 11592921 with the Charity Commisslon in November 2014. Prior to incorporation the US was an unincorporated charitable organisation. The members of the Council act as Trustees and administer the charity and also act as the Dlrectors of the charitable company. The Council can have up to 12 members and meets monthly (except August). All committees and working group5 meet on a regular basis and provide recommendations to the Council for decision making. The Council appoints an Executive Directorto act in stewardship and manage the day-to-day running of the organisation, The Trustees have delegated authority for operational matters to the Executive Director. The LJS recogni5es that an effective Council is essential if it is to be effettive in achieving its objectives. The Council must seek to represent the membership and must have available to it all of the knowledge and skills to run the synagogue. During 2024 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 Governance of the Liberal Jewish Synagogue. This work is ongoing and governance of the US is reviewed on an annual basis. Appointment of Trustees The LIS articles were updated in 2023, making them more in line with the Charity Commission's Governance Code and modern charity standards, The charity is a religious institution, and there is a requirement to be of the Jewish faith to be a Member, Onlv Members of The Liberal Jewish Synagogue can be elected to the Council. Trustees (Council members) are elected by the members of the LJS by a show of hands or a vote via zoom at the Annual General Meeting.
The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 {continued) Trustees are elected for a maximum of two, three-year terms. Any Trustee who has served two terms cannot stand for re-election until at least three more years have passed. The Council elects from its members a Chairman, Honorary Treasurer, and any other positions, as agreed by Council, to constitute the Honorary OffIr5. Trustee induction and training Training for Trustee5 is by practice, encouragement to attend appropriate courses, and informal mentorship from other Trustees. Before standing for election, members are encouraged to serve on committees. The US is a member of the National Council for Voluntary Organisations who provide training for Trustees and organisations such as the LJS. New Trustees are given an induction pack comprising a copy of the US Guidance forTrustees, the Charity Commission 'Welcome Packfor New Trustees,, a copy of the LIS Articles, the minutes of at least three Council meetings, and a Charity Trustee form stating that they acknowledge and accept their responsibilities as Trustees, which they must sign and return. They also attend briefing sessions, Safeguarding is taken very seriously bythe Council and Trustees attend trustee safeguarding courses to ensure that they understand their responsibilities in this area, 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 charltv without approval. Only expenses incurred in the performance of Trustees, duties can be relmbursed. Any connection between a Trustee or a member of staff ofthe charity must be disclosed to the Councll In the same way as any other contractual relationship with a related party. In the current year, any related party transactions are reported In Note 19 to the accounts. Councll is careful to monitor for any potential confSict of interest and respond accordingly. Financial review The results for the financial yearto 31 December 2024 reflect the impact of the downturn in the economy on our costs and regular sources of income and investment portfolio. Whilst our income was up compared to 20231£2,364,853 v £2,042,882), it must be borne in mind that the US received an exceptional £500,000 legacy in 2024. Despite continued tlght control on our expenditure, it has increased in 2024 from 20231£2,378,007 v £2,093,883}. Some of this Increased expenditure was planned based on the substantial legacy received, the rest is due to ever increasing costs post COVID, a challenging economy and the Impact of events In the Middle East. Overall we made an operating deficit (before gains on investments) of £13,154 . The Income from charitable activities are slightly reduced1£673,688 v £688,076), with some of this caused by event5 In the Middle East which began in October 2023. However the Synagogue does remain a thriving community with regular religious and community events taking place and a number of rentals of our excellent spaces. Our commitment to delivering our charitable aims and supporting our own and extended communities remains strong and we continue to work hard to deliver this. During the year, our Members and Friends continued their generous support of the US and we also benefited from the continuing support of external donors such as the Ernest Hecht Charitable Foundation IEHCF) and from the Eranda Trust which very generously provided support for both Community Care and the Asylum Seeker Drop-ln. Income During 2024, unrestricted income, generated from membership fees, donations, investments and charitable activities, remained strong at £2,201,64012023: £1,919,273}. an increase of 15% much of this can be explained by an extraordinary legacy. Membership income decreased by 2% with fees remaining fixed from the previous year and an increased number of special fees being afforded to members. Charitable activities (US Nursery,
The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) Rimon, funerals, venue hire) decreased from 2023, £688,076 to £673,588 in 2024, with income from Rimon pleasingly increasing due to increased attendees whilst attendance at the Nursery was directly impacted by events that took place on October 2023 in the Middle East. The US is fortunate that some Members can make additional donatlons to assist those who are unable to pay their full membership fees. The President's Patrons Fund also encourages Members to make an ongoing substantial financial commitment to support the sustainability of the US. The LIS 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 fundraising campaigns, external grants and the generosity of members. We are grateful to the continuing project funding provided by the Eranda Rothschild Foundation and Ernest Hecht Charitable Foundation. The Ernest Hecht Charitable Foundation grant, received in 2020 will be allocated to projects over the next ten years. We also receive a very generous annual donation in the name of the much loved and missed past President, Martin Slowe. Expendlture Our unrestricted costs increased from £1,997,350 in 2023 to £2,182,876 in 2024. Whilst some ofthis Increased spend was planned on some projects based on the income from a large legacy, costs have continued to increase but are carefully monitored and managed. In 2024, salaries, our largest overhead Increased by 3.5% . Future 2025 will be a challenging year in many ways but will in turn create new opportunitles to review what we do, and how we do It. The most obvious challenge are our increasin8 Costs. We will be re-tendering a number of the services we receive and looking at our expenditure line by line to see where savings can be made. In respect of income, the flats at the Cemetery have now been completed and a rental income will begin to be received in 2025. In respect of how and whywe dothings, the new3 yearstrategywlll be launched with challenging expectations around 5 new priority areas:. Children and Teenagers University Students Adu Its125-45) Families Adults 45+ A new membership fee structure will be introduced with a focus on encouraging the younger members of the congregatlon to remain members whilst also working hard to engage them more fully and encourage new young members to join without the fear of larEe membership fees. A new additional rabbi is planned to be employed to support new interventions around young people whilst also supporting the current very hard working rabbinic team. Investment policy The Investment Committee, which is a sub-committee of the Finance Operation Risk and Governance {Finance Committee) includes the Honorary Treasurer and Members invited 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 to achieve capital growth. At year end the total value of investments and cash held by the investment manager increased from £2,265,307 to £2,369,343. The investment committee is in regular contact with our investment managers and meets regularly to discuss the investments held and their performance.
The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) Reserves policy The policy of the Trustees is to maintain a level of reserves that will provide a stable base from which to fund the charity's future activities, including capital expenditure. The target set is £450,000 which represents three months, expenditure. As at 31 December 2024, the charity had free reserves of £1,530,45012023: £1,852,651}, based on the general funds (Note 161 that could be drawn upon if required by the Trustees for specific purposes as agreed by them. If cash is required to meet our requirements, this can be realised from investments, including property, Details 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 retaln funds in reserve to fund both unforeseen costs and the ongoing maintenance costs of the synagogue's premises. Given 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 Trustees, risk management strategy cornprlses: an annual assessment of the principal risks and uncertalnties that the charity faces the establishment of policies, systems and procedures to mitigate those identif led rlsks, and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. The US Risk Register is regularly reviewed and updated by the Finance Cornmittee, Honorary Officers, Council and the Executive Director. Thls register sets out the major risks to which the synagogue is exposed and the Systems which have been established to mitigate those risks. The Trustees continued to reco8nlse the risktothe US from events around the world and the potential impact It may have. 2024 was a more poslthve year as Covid receded, but the additional challenges of the economlc cllmate meant large increases In costs. Long-term financial sustainability remains a major risk for the Lis and thls Is reflected In the new 3 yearstrate8ywhich is looking at maintaining and growingcurrent young members and young families by reduclng churn and whilst also attracting new members. Internal financial management risks are reduced through the implementation of Internal controls in respect of the recording and the authorisation of all accounting transactions. Budgets are set for all types of expenditure,. these are monitored by senior management, the Finance Committee, Honorary Officers and the Council, Management accounts are produced on a quarterly basis. The Executive Director meets regularly with the Honorary Officers, and all financial details are regularly monitored by them. Attention is also focused on mitigating non-f inancial risks arising f rom safeguardin& fire, health and safety, security and vulnerable adult safeguarding which are monitored by committees and groups of volunteers. This is overseen by the senior management, Honorary Officers and the Council. Statement of Trustees, responsibilities The Trustees (who are also Directors of the Liberal Jewish Synagogue for the purposes of company lawl are responsible for preparing the Trustees, Report and f inancial statements in accordance with applicable law and with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period.
The Liberal Jewish Synagogue TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) In preparing these financial statements, the Trustees are required to". select suitable accounting policies and then apply them consistently 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 {FR5 1021 make judgements and estimates that are reasonable and prudent state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departure5 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 continue in operation. The Trustees are responslble for keeping 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 Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence fortaking reasonable steps forthe prevention and detection of fraud and other Irregularities. Each of the Trustees confirms that: so farastheTrustee is aware, there is no relevant audit Information of which the charitable company's auditor is unaware, and the Trustee has taken all the steps that he/she ought to have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the charitable company's auditor Is aware of that information. This confirmatSon is given and should be interpreted in accordance with the provisions of S418 of the Companies Act 2CKi6. The Trustees are responsible for the maintenance and integrity of the corporate and financial information Included on the charitable company's website. Legislation in the United Kingdom governlng the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Gabrielle Lazarus Chair 5 June 2025
The Liberal Jewish Synagogue STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2024 Un- restricted- funds 2024 Un- restricted- Restrlcted Endowment funds funds funds 2023 2023 2023 Restrlrted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note INCOME FROM Donation5 and legacie5 Fundraising events Investments CharStable activitles 1,374.924 4,055 148,973 673,688 147.563 1,522,487 4,055 164,623 673.688 1,111.392 6,947 112,858 688.076 114,317 1,225,709 6,947 122,151 688,076 15,650 9,293 TOTAL INCOME 2,201,640 147.563 15,650 2,364.853 1,919,273 114,317 9,293 2,042,883 EXPENDITURE ON Charltable actlvltles 2,182,876 195,131 2.378,007 1,997.350 94,266 1,856 2,093,472 TOTAL EXPENDITURE 2,182.876 195.131 2,378,007 1.997,350 94,266 1,856 2.093,472 NET INCOME I IEXPENDITUREI BEFORE INVESTMENT GAINSI ILOSSESI 18,764 147,5681 15,650 113,1541 178,0771 20,051 7,437 150,5891 NET GAINS I ILOSSESI ON INVESTMENTS 12 45,269 4,224 41,045 116.228 2,599 18,8271 NET INCOME / IEXPENDITUREI FOR THE YEAR 64,033 {47,5681 11,426 27,891 194,3051 20,051 4,838 169,4161 Transfers between funds 16 24,270 16,600 7,670 34,685 34.685 NET MOVEMENT IN FUNDS 88,303 164,1681 3,756 27,891 159,6201 114,6341 4,838 169,4161 RECONCILIATION OF FUNDS Total funds brought forward- as prevlously stated 16 7,385.477 437,314 320,227 ,143,018 7,445,097 451,948 315,389 8,212,434 Prior period adjustment 373,687 373.687 373,687 373,687 As lestated 7,759,164 437,314 320,227 8,516,705 7.818,784 451,948 315,389 8,586,121 TOTAL FUNDS AT 31 DECEMBER 2024 7,847,467 373,146 323,983 8,544,596 7,759,164 437,314 320,227 8,516.705
The Liberal Jewish Synagogue STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Note FIXED ASSETS Tangible assets io 5,202,155 5,104,690 Heritage assets li 54,450 54,450 Investments 12 3,256,802 3,318.996 8.513,407 8,478,136 CURRENT ASSETS Debtors 13 160,911 171,782 Cash at bankand In hand 502,217 422,551 663,128 594,333 CREDITORS: Amounts falling due withln one year 14 (417,939) 1327,7641 NET CURRENT ASSETS 245,189 266,569 TOTAL ASSETS LE55 CURRENT LIABILITIES 8,758,596 8,744,705 Provlslons for liabilltles 15 1214,0001 1228,0001 NET ASSETS 8,544,596 8,516,705 CHARITY FUNDS Restrlcted Funds 16 373,146 437,314 Endowment Funds 16 323,983 320,227 Unrestricted Funds 16 7,847,467 7,759,164 8,544,596 TOTAL FUNDS 8,516,705 The financial statements were approved by the Trustees on and signed on their behalf by: a Lb17ts Gabrielle Lazarus Chairman 5 June 2025 Peter Crouch Honorary Treasurer 5 June 2025 The notes on pages 16 to 28 form part of these financial statements. Company number 09113305
The Liberal Jewish Synagogue STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operatlng activities Net income (expenditure} for the year 27,891 169,416} Adjustment for: Depreciation charge5 Interest and dividends {received) Rent (received) Net Igalnl losse5 on Investments Decreasellincreasel in debtors Increaselldecreasel in creditors (Decrease) in pension costs provision 57,286 {79,1331 126,872) (41.045) 10,871 90,175 (14,000) 65,581 174,4271 119,4241 18,827 103,974 16,568 15,0001 Net cash usedllreceivedl In operating activities 25,173 36,683 Cash flows from Investlng actlvltles Purchase of property, plant and equlpment Purchase of investments Proceed5 from sale of investments Dlvidend and interest receipts Rent received (154,752) (3,252,813 3,469,830 79,133 26,872 186,3181 {1,803,0321 1,747,044 74,427 19,424 Net cash usedllrecelvedl In Investln8 actlvltles 168,270 148,4551 Total Cash Flows 193,443 111,7721 Cash and cash equlvalents at l January 2024 439,616 451,388 Cash and cash equlvalents at 31 December 2024 633,059 439,616 Cash at bank and Short term deposlts Cash at bank and in hand Cash held by investment managers 502,217 130,842 422,551 17,065 Cash and cash equlvalents at 31 December 2024 633,059 439,616 15
The Liberal Jewish Synagogue NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preporation ond stotement of complionce The financial statements have been prepared in accordance with 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, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. The Llberal Jewish Synagog(Je meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initially recognised at historical cost or transaction value unless Otherwise stated in the relevant accounting policy. The accounts are presented in Sterling and are rounded tothe nearest pound. In preparing these accounts, the exemption has been taken In relation to preparing a strategic report in accordance with the provisions applicable to small companies. Compony information The Liberal Jewish Synagogue Is a private company limited by guarantee and incorporated in England. Its registered office and principal place of business is 28 St John's Wood Road, London, NW8 7HA. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and whlch 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's day-to-day operation. Designated funds comprlse unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used In accordance with specific restrlctions Imposed by donors or whlch have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment incomei gains and losses are allocated to the appropriate fund. Transfers between funds occur for a number of reasons including when funds are closed on completion of project, when fixed assets are purchased or when Trustees decide to release funds from a designated fund, Income All Income is recognised once the charity has entitlement to the income, itls probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been gra nted, the estate has been finalised and notification has been made by the executor{sl to the Trust that distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies 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 is treated as a contingent asset and disclosed if material. Income from charitable activities relates mainly to fees received in respect of the US Nursery School, cemetery fees, and payments for books and materials for Rimon Religion School students, venue hire and synagogue activities. 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 has been declared. Interest and dividends from the investment portfolio are recognised on notification by our investment manager {Note 12). 16
The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES {continued) Investment income relates to rental income {which is recognised when it comes duel, income from an associated company {when 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 basls. Support costs, including governance costs, are allocated to charitable costs against two grouped strategic areas., Spirituality & Sustainability {90%) and Learning & Community IIO%l. Irrecoverable VAT is included with the expense itern to which it relates. Governance costs are the costs of providlng information to and attendance at trustees, meetings and public accountabilitv. Going concern The Trustees have reviewed the circumstances of the charity and consider that adequate resources continue to be avallable to f und 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. Tangible fixed L75sets ond depreciation The charity's freehold property comprises land and buildings including subsequent improvements to the propertv, Depreciation is not charged on the land element, which is instead subject to Impairment review. No depreclation charge is made against the building and Improvements as it Is considered that the residual value of these is at least as great as the carrylng value and not materially different to cost. The charlty 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 tanglble fixed assets are stated at cost less depreciatlon. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Flxtures and fittings: 4% to 20% Computer equipment.. 25% to 33% Cemetery improvements: Depreciation is not provided on assets under construction until they are brought into use. The asset under construction represents four flats which are being built by Newbourne Properties Ltd. These f lats represent consideration for the sale of unused land to the developer. The cost to date represents the consideration towards the cost of construction. Heritage Assets Heritage assets are assets of historical or religious importance that are held to further the preservation, conseNatSon 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 is found to have occurred. Investments Investments are a form of basic financial instrument. They are Initial 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 disposals throughout the year, Investment property is initially recognised at cost. After recognition, it is carried at fair value determined annually bv external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the Specific asset. Where an external valuation was not opened, a Trustees, valuation is performed based on market rents. No depreciation is provided. Changes in fair value are recognised through profit or loss. 17
The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) 1.10 Stocks Stocks are valued at the lower of cost and net realisable value on a first in first out basis. i.ii Debtor5 Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due. 1.12 Cosh t7t Bank und in hond Cash at bank and in hand includes cash and shortterm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1. 13 Creditors Creditors 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 gives the charity a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provlsions are charged as an expense to statement of financial activities 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. Contlngent liabilities are not recognised. They arise as a result of past events when li) 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 lil) 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 disclosed in the financial statements unless the probability of an outflow Is remote. When payments are eventually made, they are charged to the provision carried in statement of financial posltion. 1.15 Judgements in opplying occounting policies and key sources of estimation uncertointy The preparation of the financial statements requires management to make judgements, estimates and assumptions 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. Accruals., The charity makes 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 quotations or estimates of amounts that may be due for payment, Tangiblefixed assets.. Tangible f ixed assets are depreclated over their useful Ilves taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets, live5, factors such as technological innovation, product life cycles and maintenance programmes are considered. The shortfall on o historic pension arrt7ngement.' The charity has made an estimate ofthe future costs required to fund the deficit on the pension scheme. The original provision was based on an actuarial valuation and re-evaluated in 2019. The provision is stated at that amou nt less subsequent payments made to reduce the liability. In the interest of consistency, where we have made improvements 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. 18
The Liberal Jewish Synagogue NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2 INCOME FROM DONATIONS AND LEGACIES Endow Unrestrlcted Restricted ment funds funds funds 2023 2023 2023 Unrestricted funds Restricted funds 2024 Endowment funds 2024 Total funds 2024 Total funds 2023 2024 Membershlp fees recelvable Donatlons Restricted donatlons and grants Legacies 585,650 235,774 585,650 235,774 147.563 553,500 594.856 509,727 594,856 509,727 97,817 23,309 147,563 97,817 16,500 553,500 6,809 1,374,924 147,563 1,522,487 1,111,392 114,317 1.225,709 3 FUNDRAISING EVENT INCOME Endow Unrestricted Restricted ment funds funds funds 2023 2023 2023 Unrestrlcted funds 2024 Restrlcted funds 2024 Endowment funds 2024 Total funds 2024 Total funds 2023 Fundralslng event Income 4,055 4,055 6,947 6,947 4 INVESTMENT INCOME Endow Unrestrlcted Restrlcted ment funds funds funds 2023 2023 2023 Unrestrlrted funds 2024 Restrlcted funds 2024 Endowment funds 2024 Tot•1 funds 2024 Total funds 2023 Investment property rental Income Blazer Court property Income Interest and divldends Tecelvable 26,872 58,618 26,872 58,618 19,424 28,300 19,424 28,300 63,483 15,650 79,133 65,134 9.293 74,427 148,973 15,650 164,623 112,858 9,293 122,151 5 INCOME FROM CHARITABLE ACTIVITIES Endow Unrestricted Restrlcted ment funds funds funds 2023 2023 Unrestrlcted funds 2024 Restrlcted funds 2024 Endowment funds 2024 Total funds 2024 Total funds 2023 2023 Nursery school Cemetery Rellglon School Venue hlre Hlgh Holy Day tlckets other synagogue activities 280,216 254,942 41,797 48,901 12.705 35,127 280,216 254,942 41.797 48,901 12,705 35,127 289,326 246,618 34,455 48,444 10,255 58,978 289,326 246,618 34,455 48,444 10,255 58,978 673,688 673,688 688,076 688,076 other synagogue activities include book sales and wedding fees. 19
The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITABLE EXPENDITURE (Including Allocation of Support Costs) CHARITABLE EXPENDITURE Spirituality & Sustalnability 2024 Learning & Communlty Unrestrlcted Restricted 2024 2024 Total 2024 Staff costs Direct costs Pension adjustment Allocation of total support costs 347,018 440,822 (14.000) 409,084 32,873 4,517 190,614 760,619 664,309 (14,000) 870,371 1,644,211 96.708 538,665 967,079 2,378,007 195.131 Spirituality & Sustainability 2023 Learning & Community Unrestricted Restricted 2023 2023 Total 2023 Staff costs Direct costs Pension adjustment Allocation of total support costs 330,203 413.009 15,000) 391,353 66,328 9.920 84,346 731,476 563.683 15,0001 722.982 1,461,194 80,331 538.012 803,313 2,093,472 The penslon adlustment In 2023 and 2024 is due to an actuarial re-evaluatlon of the Ilability for pensions. SUPPORT COSTS Admlnlstratlon, bulldlng & facilltles Governance costs Total Support 2024 2024 2024 94,266 Staff costs Administration Bullding and facilltles Legal and professlonal Governance Depreciatlon 339,843 175.632 325.315 339,843 175,632 3Z5,315 21,245 47,758 57,286 21,245 47,758 57,286 898.076 69,003 967,079 Administration, building & facilities Governance costs Total Support 2023 2023 2023 Staff costs Administration Building and facilities Legal and professional Governance Depreciation 341,173 185,528 145,894 341,173 185,528 145,894 24.691 37,028 68.999 24.691 37,028 68.999 741,594 61.719 803,313 Support Costs are allocated 90% to Spirituality & Sustainability and IO% to Learning & Community 20
The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7 AUDITOR'S REMUNERATION The auditor's remuneration amounted to £13,00012023: £12,000}. 8 ALLOCATION OF STAFF The average monthly number of employees was 50. (2023: 451, 17 were full time {2023'. 181, 33 were part time12023: 271. Of these, 3312023: 25) are staff who work durin8 term tlmes as teachers in the US Nursery or the Rimon rellgion school. The LIS also offers young people the opportunity to work as teachlng assistants in Rimon. They receive a stipend for each session they work. 2024 2023 The number of full-tlme equivalents was: Spirituallty and Sustainability Learnin8 & Community Support FTE FTE 11.3 11.2 24.3 24.2 9 STAFF COSTS staff costs were as follows.. Wages and salaries Employers, NIC other penslon costs 2024 2023 926,745 84,594 94,776 899,399 81,505 91,744 1,106,115 1,072,648 2024 No. 2023 No. The number of higher paid employees was: In the band £70,001- £80,000 In the band £80,000- £90,000 There are three key management personnel wlthin the charity. During the year, they recelved remuneratlon of £270,25312023: £257,581) includlng salary, employers, NIC and employer's contribution to pension, 10 TANGIBLE FIXED ASSETS Freehold Cemetery property Improvements Flxtures and fittlngs Computer Asset under equipment Constructlon Total Cost At l January 2024 Additions At 31 December 2024 4,477,426 171,737 138,635 310,372 509,004 16,117 525,121 33,752 264,840 5,456,759 154,752 5,611,511 4,477,426 33,752 264,840 Depreclatlon At l January 2024 Charge for the year At 31 December 2024 32,707 8,487 41,194 293.648 47,072 340,720 25,714 1,728 27,442 352,069 57,286 409,356 At 31 December 2024 4,477A26 269,178 184,401 6309 264,840 5,202,155 At 31 December 2023 4,477,426 139.030 215,356 8.038 264,840 5,104,690 21
The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 li HERITAGE ASSETS 2024 2023 Cost At l January 2024 and 31 December 2024 54,450 54,450 The flgure represents the cost of the Shoah Memorial which was deslgned by Anish Kappor and dedicated on 10 November 1996. The memorial is very important to the US and its members given the significance of the Holocaust to the Jewish experience of the 20th Century. In addition, the LIS holds a collection of paintings and other artefacts. 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. bein8 of particular relevance to the US. 12 FIXED ASSET INVESTMENTS Investment Propertv Llsted Securltles Unllsted Securltles Total Market Value At l January 2024- as prevlouslv stated 680,000 2,248,242 2,928,244 Openln8 balance adjustment At l January 2024- restated Addltlons Dlsposals Unreallsed galns on Investments 373,687 1,053,687 373,687 3,301,931 3,252,811 (3,457,770) 28,986 2,248,242 3.252,813 13,291,540) 28,986 (166,230) At 31 December 2024 Cash held by Investment manager 887,457 2,238,501 130,842 3,125,960 130,842 At 31 December 2024 887,457 2,369,343 3,256,802 The openin8 balance of investment property has been adjusted to incorporate the estimated value of the flats held at Blazer Court. The Trustees have estimated based on the rental arrangements in place for these flats that their approximate falr value at l January 2024 is £373.687. Comparative balances Including the comparative tables in Note 16 have been restated on the basis that their value at l January 2023 would be materially equivalent to that at l January 2024. Investments at falr value comprise: 2024 2023 (Restated) Investment propertv Llsted investments Surplus cash Unquoted investments Total investments 887,457 2,238,501 130,842 1,053,687 2,248,242 17,065 3,256,802 3,318,996 The unquoted investment is in Eljayess Enterprises Limited. a wholly owned subsidiary of the LIS. which did not trade during the year. Blazer Court Limited is an associated company created to service the residential property above the synagogue through resident management charges. This has not been consolidated as it is not a beneficially owned company. 22
The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 DEBTORS 2024 2023 Trade debtors Other debtors Prepayments and accrued income 60,028 12.824 45,643 113,315 100,883 160,911 171,782 14 CREDITORS Amounts falllng wlthln one year Trade creditor5 Other taxatlon and soclal securlty other creditors Accruals and deferred income 2024 2023 37,609 21,932 105,090 23,867 21,264 111,822 253,308 170,811 417,939 327,764 15 PROVISION FOR LIABILITIES 2024 2023 At l January 2024 (Decrease) In penslon provision 228,000 (14,0001 233,000 15,0001 At 31 December 2024 214,000 228,000 The pension provision shown above was adjusted due to an actuarial re-evaluation of the liability for one pension. The provision was calculated in accordance with the provislons under FRS 102 and represents unfunded pension liabilitles outside of a pension scheme. 23
The Liberal Jewish Synagogue NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 STATEMENT OF FUNDS Unrestricted Funds 2024 Atl At31 January 2024* Income Expenditure Transfers In/ out Galnsl IL055es) December De5ignoted Funds.. Dr Max Hulbert Legacy Fund Olga Field Fund Rosa Mintz Legacy Fund US Building Renewal Fund General Legacy Fund 2024 119,885 162,123 32,478 299,730 446,196 1,060,412 119,885 162,123 32,478 299,730 446,196 1,060,412 General Funds General Fixed Asset Fund 1,852,651 4,846,101 2,046,888 154,752 (2,125,591) 157,2851 (288,7671 313,037 45,269 1,530,450 5,256,605 Total Unrestrlcted Funds 7,759,164 2,201,640 12,182,8761 24,270 45,269 7,847,467 STATEMENT OF FUNDS Unrestrlcted Funds 2023 Atl January 2023. At31 December 2023 Income Expenditure Transfers In/ out Galns / (Losses) Deslgnated Funds.. Dr Max Hulbert Legacy Fund Olga Field Fund Rosa Mlntz Legacy Fund LIS Bullding 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 6.809 6,809 (8,131) General Funds General FSxed Asset Fund 1.928,268 4,828,782 1,844,231 68,233 11.920,2201 168,999) 16,600 18.085 116,228} 1,852,651 4,846,101 Total Unrestricted Funds 7,818,784 1,919,273 {1,997.350) 34.685 (16,2281 7,759,164 The unrestricted funds balance at l January 2023. and consequently the balance at l January 2024, has been adjusted to reflect the change in openlng balance as described in note 12. Unrestrlcted Funds 2024 Deslgnoted Fund5.' Dr Max Hulbert Legacy Fund: the income arising from this unrestricted fund Is used for publications and the intellectual promotion of Liberal Judaism. Olga Fleld Fund: Is currently used to further the religious and charitable work of the US In relation to the elderly Members of the community but is not restricted to this purpose. Rosa Mlntz Legacy Fund: the income arising from this unrestricted fund is utilised as agreed to support Nursery, Youth and Education activities. US Building Renewal Fund: the synagogue building 15 now 30 years old. This unrestricted fund, established In 2017, will be used to fund building refurbishment projects to maintain the fabric and functionality of the synagogue. General Legacy Fund: Chosen legacies (depending on the ongoing Synagogue finances or unless they are restricted} are allocated to this unrestricted fund and used to support the religious and charitable work of the synagogue. 24
The Liberal Jewish Synagogue NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 STATEMENT OF FUNDS (continued) Atl January 2024 At31 Galns l December (Losses) 2024 Restricted Funds 2024 Income Expendlture Transfers Inl out Care for the Community Fund David Goldstein Library Fund Drop in for Asylum Families Education Fund Mlnisters, Discretionary Fund Out and About Club Peggy Lang Publlcations Fund President's Cup Fund Rabbi J Rayner Bibliography Fund Restaurant Tuesday Singing for the Mlnd Taxi Fund EHCF Fund Angela Ferst Fund Cemetery resurfaclng fund John Rayner Room Window Martin Slowe Legacy Total Restrlcted Funds 93,678 5.298 41.964 2,446 14,279 35.589 5,503 4.069 4,670 9,571 6.850 2,236 179,000 1.910 13,751 36,500 139,706 (233) (74,025) 90,472 5,065 45,755 2,446 10,647 30,200 5,503 4,069 77,816 884 (4,516) {15,430) 10,041 (4,670) 1388} 18,362) (1,050) 565 9,748 10,645 2,686 154,000 1,910 3,757 1.500 8,400 125.000) (13.751) 16,500 437,314 16,500 147,563 (33,000) 195,131) {16,600) 373,146 STATEMENT OF FUNDS Atl January 2023 At31 Gainsl Decembef ILossesl 2023 Restrlcted Funds 2023 Income Expenditure Transfers Inl out Care forthe Communlty Fund David Goldsteln Library Fund Drop in for Asylum Familie5 Educatlon Fund Ministers, Discretlonary Fund Out and About Club Peggy Lang Publications Fund President's Cup Fund Rabbi J Rayner Blbliography 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 94.251 2,446 8,889 31.607 5.503 4,069 4,670 9.202 3,144 3,006 204,000 1,910 13,751 36.500 12,8481 1176) 171.2331 93,678 5,298 41,964 2,446 14,279 35,589 5,503 4,069 4,670 9,571 6,850 2,236 179,000 1,910 13,751 18,946 7.800 13,162 {2,410) 19,1801 508 2.816 11391 (7,5101 {770} 8.400 125,0001 18,085 16.5(M) 114.317 118,085) 16,500 437,314 451,948 {94,266} 134.6851 25
The Liberal Jewish Synagogue NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 STATEMENT OF FUNDS (continued) Restricted Funds 2024 Care for the Community Fund.. the fund is used for Members most in need. Davld Goldstein Llbrary Fund: this fund is to be used for books and equipment for the US Library. Drop-ln for Asylum Families.. this fund was created for donations received to support the US Drop-in for Asylum Families. Funded entirely by donations, the monies raised support this project on an ongolng basis. Educatlon Fund: this fund supports youth and educational activities and was formed by the amal8amation of the Celia Rapp Fund, Theodore Goodman Fund. John Ha8gard Memorial Fund, Louis P Jacobs Prize Fund, Mar5den Famlly Fund. Mlnlsters, Dlscretlonary Fund: this fund is for donations given for our Rabbis to use at thelr discretion to Support the charitable objects of the synagogue. Out & About Club: is a community initlative which provides food and entertainment fortnightly for local elderly and disabled people. Funded entirely by donations. the monie5 are used to support the club on an ongoing basis. Peggy Lang Publlcatlons Fund.. the fund was created to support publlcations In furtherance of Liberal Judaism. Presldent'scup Fund: this fund provldesforan annual prize totheyoungperson showingthe8reatestcommitment to the community. Rabbl J Rayner Blbllography: thls fund is to finance an US Research Fellow to undertake scholarly research Into the sermons and lectures of Rabbi John Rayner and to facllitate the dissemination of his thoughts and writing. Restaurant Tuesday.. this fund is used to provide a monthly meal for elderly Members and vlsltors. Slnglng for the Mlnd: 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 8roup meets weekly, usin8 the monles raised for Its ongoing professional support costs. Taxl Fund: thls fund flnances the cost of taxls to and from the synagogue for the elderly or Infirm who are unable to afford private transport but depend on it to get to the synagogue for rellgious services and other actlvities. EHCF Fund: this desi8nated fund has been established from a gift glven by the Ernest Hecht Charltable Foundatlon to be used over the next ten years to fund the Singing for the Mind programme and to fund activities and projects that promote onllne learning, religious observance and community events for chlldren and elderly, isolated or disabled adults. Monies will be allocated annually to the specified projects and programmes. Angela Ferst Fund: this fund was set up in 2016 following a specified legacy to buy prayer books for the community. Cemetery resurfaclng fund: this fund was set up followlng a specific donation to complete resurfaclng works at the Liberal Jewish Cemetery. John Rayner Room Wlndow: the fund ha5 been used for the creation and Installatlon of a new wlndow, Earth. in the John Rayner Room which compllments the existing wlndow, Water. Martln Slowe Legacy: A legacy fund left in perpetuity by Martin Slowe. a past President of the US, whlch will be received annually and spent on a specific project as agreed with his family. 26
The Liberal Jewish Synagogue NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 STATEMENT OF FUNDS (continued) Endowment Funds 2024 Atl At31 Galn51 December (L05ses) 2024 January 2024 Income Expenditure Transfers In/ out Angela Ferst Cemetery Fund 320.227 15.650 (7,670) (4,2241 323,983 Total Endowment Funds 320,227 15.650 {7,670) 14,224) 323,983 Endowment Funds 2023 Atl At31 Galns / December {Lossesl 2023 January 2023 Income Expenditure Transfer5 inl out Angela Ferst Cemetery Fund 315,389 9.293 {1,8561 12,5991 320,227 Total Endowment Funds 315,389 9,293 11,8561 12,5991 320,227 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 thls fund may be used for the maintenance of the cemetery only. SUMMARY OF FUNDS 2024 Atl January 2024• At31 Galns l December (Losses) 2024 Income Expendlture Transfers In/ out Deslgnated Funds General Funds Irevlsedl. General Flxed Asset Fund 1.060A12 1,852,651 2.046,888 12,125,591) {288,7671 4,846,101 154,752 {57,285) 313,037 7.759,164 2,201.640 12,182,876) 24,270 1,060,412 45,269 1,530,450 5,256,605 45.269 7,847A67 Restrlcted Funds Endowment Funds 437,314 320,227 147,563 15,650 (195,131) 116,600) 17,670) 373,146 323,983 14,2241 ,516,705 2,364,853 12.378,007) 41,045 8,544,596 SUMMARY OF FUNDS 2023 Atl January 2023 At31 Galns/ December (Losses) 2023 Income Expenditure Transfers inl out Deslgnated Funds General Funds General Fixed Asset Fund 1.061,734 6,809 1,928,268 1,844,231 4,828,782 68,233 7.818,784 1,919.273 18,1311 11.920,220} 168,9991 {1.997,3501 1,060,412 (16.2281 1,852,651 4,846,101 116.2281 7,759,164 16,600 18,085 34,685 Restricted Funds Endowment Funds 451.948 315.389 114,317 9,293 194,266) {34,6851 (1,8561 437,314 320,227 12,5991 8.586,121 2,042,883 12.093,472} 118.8271 8,516,705 27
The Liberal Jewish Synagogue NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds 2024 Restricted Fund5 2024 Endowment Fund5 2024 Total Funds 2024 Total Funds 2023 Tangible fixed assets Heritage assets Investments Current assets Creditors due wlthin one vear Provisions for liabilities 5,202,155 54,450 2,559,673 663,128 5,202,155 54,450 323,983 3,256,802 663,128 5,104,690 54,450 3,318,196 594,333 373,146 (417,939) 1417,939) {327,7641 (214,0001 1228,0001 {214,000) 7.847,467 373,146 323,983 8,544,596 8,516,705 18 COMMITMENTS UNDER OPERATING LEASES As at 31 December 2024, the charity had future minlmum lease payments under non-cancellable operating leases for office equipment as follows.. 2024 2023 Not later than l year Later than one year but less than five years 24,351 74,516 15,722 15,357 98,867 31,079 19 TRUSTEES REMUNERATION AND RELATED PARTIES None of the Trustees recelved remuneration during 2024. During the year, a number oftrustees made donations to LIS. The agEre8ate value of these donations was £10,000 {2023: £20,440). No Trustees received reimbursement In 20241£553.90 in 2023). In 2023 one trustee was related to a person who was employed by the organisation but resl8ned as a result of this conflict. The US makes an annual contribution on behalf of Members to Liberal Judaism. There are no further related party transactions to disclose in the current or prior year. 20 CORPORATION TAX As a charity, the US is exempt from UK tax on Income and galn5 to the extent that these are applied to Its charitable objects. No UK tax charges have arisen in the charity. during 2024 or in the previous year. Prlor perlod adjustment 21 In previous years, the investment value of the freehold interest in Blazer Court had not been attributed a value in the financial statements as its value was not considered material in relation to the whole value of the land and Synagogue. Receipts in the year arising from lease extensions demonstrated that, If extrapolated over all of the flats, the value is now material. The impact of this prior period restatement is set out in note 12 and in the Statement of Financial Activities. 28
The Liberal Jewish Synagogue INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LIBERAL JEWISH SYNAGOGUE Opinion We have audited the financial statements of the Liberal Jewish Synagogue (the 'charitable company'l for the year ended 31 December 2024 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 Standard5, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its income and expenditure forthe year thenended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practlce; and have been prepared In accordance with the requirements of the Companies Act 2006. Basls for opinlon We conducted our audit In accordance with International Standards on Auditing IU K) {ISAs (UK)) and applicable law. Ou r responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the flnancial statements section of our report. We are independent of the charitable company in accordance with the ethical requ irements that are relevant to our audit of the financial statements In the UK, including the FRC'S Ethical Standard, and we have fulf illed our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditlng the financlal statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the f inancial statements is appropriate. Based on the work we have performed, we have not identified any materlal uncertaintles relating to events or conditions that, indivldually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibillties of the trustees with respect to golng concern are descrlbed In the relevant sectlons of this report. Other information The other information comprises the information included in the annual report and financial statements, including the Trustees, report, other than the financial statements and our auditorfs report thereon. The trustees are respon51ble 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 otherwlse explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection wlth our audit of the financial statement, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 3 material misstatement in the financial statements or a material misstatement of the other information. If, based on the workwe have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 29
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 audit: the information given in the trustees, report, which is also the directors, report forthe purposes of company law. for the financial year for which the financial statements are prepared is consistent with the financlal statements; and the trustees, report, which Is also the directors, report for the purposes of company law, has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which 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 Vlsited by us. or the financlal statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements In accordance wlth the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible forthe preparation of the financial statements and for belng satisfied that they give a true and fair view, and for such internal control as the trustees determine Is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charltable company's ability to contSnue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wlth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularlties, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, Outlined above, to detert material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detetting irregularities, including fraud is detailed below: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 30
The Liberal Jewish Synagogue INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE LIBERAL JEWISH 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 directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice Accounting and Reporting by Charities 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 21X)6), those that relate to data protection (General Data Protection Regulation) and those in relation to safeguarding, specifically the requirements of the Health and Social Care {Safety and Quality) Act 2015. We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: maklng enquiries of management as to their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management blas and overrlde of controls we: performed analytical procedures to identify any unusual or unexpected relationshlps; and performed substantive testing of expenditure including the authorisation thereof. tested journal entries to Identify unusual transactions; and assessed whether the judgements and the assumptions made in determlning accounting estimates for the valuation of the pension liability, the useful economic lives of tangible fixed assets and the estlmations of future income and expenditure flows were indicative of potential bias. In response to the risk of Irregularities and non-compllance with laws and regulations, we deslgned procedures which included, but were not limited to: reading the minutes of meetings of those charged with governance; and enquiring of management as to actual and potential litlgation and clalms. There are inherent limltations 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 regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Materlal misstatements that arlse due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilitles is available on the Financial Reporting Councll's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. 31
The Liberal Jewish Synagogue INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LIBERAL JEWISH SYNAGOGUE Use of our report This report is made solely to the charitable companrfs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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, or for the opinions we have formed. Edward Finch (Senlor Statutory Audltorl For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL 9 June 2025 32