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← Radlett Reform Synagogue

2023-12-31-accounts

REGISTERED COMPANY NUMBER: 09271770 (England and Wales) REGISTERED CHARITY NUMBER: 1161059

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

RADLETT REFORM SYNAGOGUE

Nagler Simmons Chartered Accountants and Statutory Auditors 5 Beaumont Gate Shenley Hill Radlett WD7 7AR

RADLETT REFORM SYNAGOGUE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 29

RADLETT REFORM SYNAGOGUE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives

The Synagogue was established in 1971 as a Congregation professing the Jewish Religion, with the objects of providing and maintaining a Synagogue for the purpose of public worship and advancing religious, educational and charitable activities. We carry out these objects in many ways. The Synagogue is a member of the Movement for Reform Judaism. What follows are only examples of what we do in the community.

Significant activities

January 2023 saw Rabbi Paul Freedman go on a six-month sabbatical in order to help complete the new edition of the Reform Judaism High Holyday machzor. This comes nearly 40 years since the previous version and has taken many years of hard work.

Our Shabbat services now include a monthly alternative service, parallel services as well as our regular Friday night and Saturday morning services, in the Sanctuary.

Thanks to the hard work of Rabbi David Yehuda Stern our B'nei Mitzvah programme was re-vamped to encourage greater involvement with parents into the process. Carol Green, our head of youth and families, has continued to develop our youth programme and activities, including monthly family and tots services, festival activities, regular Shabbat services and holiday camps. The recruitment of Josh Laikin as our Youth Worker has added much needed resource.

Our Community Support work has never been more important. Members have access to the rabbis, our Community Support Worker, Shiran Goren (who joined us in 2024) and her team of volunteers. Together, they offer an extensive range of services, help and support for many issues including financial hardship, domestic abuse, mental health problems and bereavement.

The Synagogue hosts other regular activities including Beavers, Cubs, Scouts, bridge clubs, Pins and Needles Group, table tennis, external speakers, regular guided walks, arts and crafts and Thursday Club for our senior members. Adult education includes Talmud study as well as conversion courses and introduction to the Hebrew language.

Together with Stevenage Liberal Synagogue, we have set up the North Herts Progressive Jewish Community which holds joint events catering for the those members who live a bit further away from Radlett. The Board have been conducting a strategic review and aim to complete this work in 2024. In particular, they are developing our mission statement and our future plans in accordance with it.

We wish to thank Ronit Gerber (Youth Administrator) and Katie Adams (Community Support Worker) who left us in the year for new challenges. We are grateful for all their hard work and wish them the very best for the future. We are so grateful for the hard work of all our staff and the large number of volunteers. We aim to continue to increase the services and activities on offer, as well as improving our engagement with the community and would therefore encourage more volunteers to come forward to help enable this.

Page 1

RADLETT REFORM SYNAGOGUE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Members of the community gave generously in support of the annual High Holy Day appeal, raising £6,183 for Borehamwood Food Bank, £6,183 for Leket Israel and £7,946 for Radlett Reform. The total raised was £20,312 (compared to £20,959 in 2022). These figures are inclusive of tax refunds on the donations.

Achievements

The achievements of the year owe much to the efforts of a very large number of people who give their time, paid and unpaid to the Community.

Thanks goes to our rabbis, Paul Freedman and DY Stern, who have been very dedicated to ensuring that the needs of the Community remain prioritised in the absence of further Clergy and for much of the year, a Community Support Worker. Thanks also to our very dedicated office staff, teaching staff and caretaker.

We are, however, very much a volunteer organisation, and we are indebted to a great many people; those on the Executive Committee and Board and many others, too numerous to name here, who have given up their time to further the activities of the community.

The Synagogue will continue to go from strength to strength and aims to be a beacon for Reform Jewish life in Hertfordshire and ensuring that the community remains true to its values of caring for each of its members as they pass along their Jewish journey.

FINANCIAL REVIEW

Financial position and future plans

The Trustees report an overall profit for the year amounting to £33,402 (2022: £27,500).

The principal source of funding is subscription income, which increased by 4.0% (2022: decreased by 5.3%). We are constantly endeavouring to maintain and ideally improve our collection rate, however, as expected this has become more difficult during recent years.

Once again, a number of members were unable to pay their subscriptions in full during the year due to adverse personal circumstances. The Synagogue's policy for collecting subscriptions where we are made aware of circumstances of financial difficulty, is that we are as helpful as we can be.

Most members pay their subscriptions through Gift Aid. We are aware that members who are higher rate taxpayers could recover more tax than standard rate taxpayers. This gives rise to an anomaly that members, who might be presumed to be better off, end up paying less. We continue to address this anomaly by asking higher rate taxpayers to pay a subscription donation that, after the recovery of tax, means that they and standard rate taxpayers pay the same net amount.

At the 2023 AGM, it was resolved that Nagler Simmons be reappointed auditors on a fee-paying basis.

Page 2

RADLETT REFORM SYNAGOGUE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST DECEMBER 2023

FINANCIAL REVIEW

Reserves

The trustees' policy is to utilise any reserves for future commitments and projects, which include work to the fabric of the building, following the building survey report. Creating a fund for future building works; funding resources for our youth clubs and Cheder.

It is not the trustees' practice to keep material reserves, as this would impact on subscription levels and possibly have an adverse effect on membership numbers. Short-term liquidity is monitored on a monthly basis by the Treasurer and Finance Committee and (separately) the Honorary Officers to ensure that potential cash-flow issues are identified well in advance.

The charity had total reserves of £401,883 as at 31 December 2023 (2022: £337,403).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Synagogue is a company limited by guarantee with the company registration number 09271770 which is governed by the Memorandum and Articles on incorporation on 20th October 2014 as amended in General Meeting from time to time.

Management of the Synagogue's affairs is vested in the Synagogue's Board and day-to-day management is delegated to the Executive Officers. Each member of the Board is a trustee and director of the Charity.

The trustees in 2023 are named on page 6. The Laws of the Synagogue govern appointment of trustees.

Ordinarily, trustees are elected at the Annual General Meeting ("AGM"). There is also power to co-opt members of the Board. This enables the trustees to fill vacancies arising through the resignation or death of an existing trustee.

Board members receive an induction pack at the time of their election or co-option, including a summary of their responsibilities as trustees.

Page 3

RADLETT REFORM SYNAGOGUE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The Board of the Synagogue is responsible for the management of the risks faced by the Synagogue. Detailed consideration of risks is delegated to the Executive, assisted by other Board members and members of staff. Risks are identified and assessed throughout the year and controls are established to manage the risks. A formal review of the Synagogue's risk management process has continued during the year and will remain under continuous review.

The Board of the Synagogue has adopted the following Risk Policy:

" The Synagogue exists to provide religious, educational and social services for its members and the wider community. To avoid risk, it will carry out its activities in such a way that:

" It follows the moral and ethical principles of the Jewish faith;

" It conforms to all relevant legal requirements with regard to finance, taxation, employment, health and safety;

" It ensures the financial resources of the Synagogue are adequate to provide the services it wishes to provide, and balances income and expenditure from year to year;

" It is managed in accordance with good practice in terms of control, delegation and authority levels;

" All those involved in the management of the Synagogue, whether volunteers or paid, understand their responsibilities;

" It provides security for staff, volunteers, members and the physical assets of the Synagogue;

" It ensures continuity of operation by providing alternative arrangements for major disasters.

" Risks will be regularly reviewed and their impact assessed. Where there is a high risk of occurrence and the impact is great, immediate action will be taken to eliminate the risk by taking appropriate steps, changing procedures or providing adequate safeguards. Where the risk is lower, action will be taken to reduce or transfer the risk, for example through insurance. If the risk is high, but the likelihood is low, then action will be taken to avoid it. Low risks with a low likelihood of occurrence will be accepted unless simple steps can be taken to lower the risk. In all cases, the action to be taken will have regard to whether the steps taken, and associated cost, are proportionate to the risk and likelihood of occurrence."

The key controls used by the Synagogue are:

Through the risk management processes established for the Synagogue, the members of the Board, as trustees are satisfied that the major risks identified have been adequately mitigated where necessary or are in the process of being mitigated. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately identified and addressed.

Page 4

RADLETT REFORM SYNAGOGUE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Safeguarding

The Synagogue fully recognises the responsibility and duty placed upon them to safeguard all members.

The Synagogue promotes the welfare of children and young people entrusted to their care, as well as vulnerable adults. The Synagogue ensures that safeguarding practice reflects statutory responsibilities, government guidance and complies with best practice. All staff and volunteers have a full and active part in protecting children and vulnerable adults from harm.

All our teaching staff (both adult and teenage classroom assistants) receive age-appropriate formal safeguarding training which is repeated every three years but reviewed annually before the beginning of the academic year. All our age 16+ staff are DBS cleared before working with the children. We have safeguarding policies in place which cover children and vulnerable adults - these are reviewed every three years.

Our Designated Safeguarding Lead (DSL) is Carol Green (Head of Primary Education, Youth and Families). Spencer Grant (Chair) is the Safeguarding Board Member. All lead members have undertaken DSL training.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

09271770 (England and Wales)

Registered Charity number

1161059

Registered office

118 Watling Street Radlett Hertfordshire WD7 7AA

Page 5

RADLETT REFORM SYNAGOGUE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST DECEMBER 2023

Trustees

The trustees serving during the year were as follows:

Executive Officers Spencer Grant Chair Julian Burman Honorary Secretary David Brown Honorary Treasurer Daniel Shabetai Head of Ritual Board Wayne Morris Head of Security Kathryn Michael Sacha Wingard David Martin Rachael Levy (Appointed 18 May 2023) Martin Cowan (Appointed 18 May 2023) Ella Lyons (Appointed 18 May 2023) Sarah-Jane Reemer (Appointed 19 October 2023)

Auditors

Nagler Simmons Chartered Accountants and Statutory Auditors 5 Beaumont Gate Shenley Hill Radlett WD7 7AR

Bankers

Barclays Bank PLC 22-24 Upper Marlborough Road St. Albans AL1 3AL

Page 6

RADLETT REFORM SYNAGOGUE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST DECEMBER 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Principles).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements the Trustees are required to:

a) select suitable accounting policies and apply them consistently;

b) observe the methods and principles in the Charity SORP;

c) make judgements and estimates that are reasonable and prudent;

d) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

The auditors, Nagler Simmons, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 9th May 2024 and signed on its behalf by:

.................................................................

D S Brown - Trustee

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RADLETT REFORM SYNAGOGUE

Opinion

We have audited the financial statements of Radlett Reform Synagogue (the 'charitable company') for the year ended 31st December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RADLETT REFORM SYNAGOGUE

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RADLETT REFORM SYNAGOGUE

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

· We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, Charities Act 2011, International Financial Reporting Standards, and UK taxation legislation.

· We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

· We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

· We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

· Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RADLETT REFORM SYNAGOGUE

· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control.

· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

· Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

· Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

· Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charitable company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the charitable company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RADLETT REFORM SYNAGOGUE

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Nagler Simmons Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 5 Beaumont Gate

Shenley Hill Radlett WD7 7AR

Date: .............................................

Page 12

RADLETT REFORM SYNAGOGUE

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST DECEMBER 2023

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
632,554
Charitable activities
5
Synagogue operations
1,625
Education
63,668
Government grants
7,350
Other trading activities
3
23,059
Investment income
4
5,344
Total
733,600
EXPENDITURE ON
Charitable activities
6
Synagogue operations
564,158
Education
107,817
High Holy Day Appeal
24,818
Total
696,793
NET INCOME / (EXPENDITURE)
36,807
RECONCILIATION OF FUNDS
Total funds brought forward
722,589
TOTAL FUNDS CARRIED
FORWARD
759,397		 Restricted
Endowment
funds
fund
£
£
12,366
-
-
-
-
-
-
-
-
-
-
-
12,366
-
-
-
-
-
15,771
-
15,771
-
(3,405)
-
30,661
102,690
27,256
102,690		 31.12.23
Total
funds
£
644,920
1,625
63,668
7,350
23,059
5,344
745,966
564,158
107,817
40,589
712,564
33,402
855,941
889,343		 31.12.22
Total
funds
£
639,304
3,350
49,973
2,808
19,019
1,645
716,099
566,740
110,509
11,350
688,599
27,500
828,440
855,940

The notes form part of these financial statements

Page 13

RADLETT REFORM SYNAGOGUE

BALANCE SHEET

31ST DECEMBER 2023

Unrestricted
Restricted
funds
funds
Notes
£
£
FIXED ASSETS
Tangible assets
13
369,880
-
CURRENT ASSETS
Debtors
14
6,290
-
Cash at bank and in hand
433,573
27,256
439,863
27,256
CREDITORS
Amounts falling due within
one year
15
(50,346)
-
NET CURRENT ASSETS
389,517
27,256
TOTAL ASSETS LESS
CURRENT LIABILITIES
759,397
27,256
NET ASSETS
759,397
27,256
FUNDS
16
Unrestricted funds:
General fund
High Holy Day Appeal
Restricted funds:
Burial provision
Clergy fund
High Holy Day Appeal
Endowment funds:
Permanent building fund (Permanent
endowment)
TOTAL FUNDS
Endowment
fund
£
102,690
-
-
-
-
-
102,690
102,690		 31.12.23

Total
funds
£
472,570
6,290
460,829
467,119
(50,346)
416,773
889,343
889,343
733,469
25,928
759,397
3,125
11,765
12,366
27,256
102,690
889,343
31.12.22
Total
funds
£
472,570
20,729
401,032
421,761
(38,391)
383,370
855,940
855,940
702,510
20,079
722,589
3,125
11,765
15,771
30,661
102,690
855,940

The notes form part of these financial statements

continued...

Page 14

RADLETT REFORM SYNAGOGUE

BALANCE SHEET - continued

31ST DECEMBER 2023

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 9th May and were signed on its behalf by:

............................................. S N Grant - Trustee

............................................. D S Brown - Trustee

The notes form part of these financial statements

Page 15

RADLETT REFORM SYNAGOGUE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.12.23
£
54,453
54,453
5,344
5,344
59,797
401,032
460,829		 31.12.22
£
22,976
22,976
1,647
1,647
24,623
376,409
401,032

The notes form part of these financial statements

Page 16

RADLETT REFORM SYNAGOGUE

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2023

1.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.12.23
£
Net income for the reporting period (as per the Statement of
Financial Activities)
33,402
Adjustments for:
Interest received
(5,344)
Decrease/(increase) in debtors
14,439
Increase in creditors
11,956
Net cash provided by operations
54,453		 31.12.22
£
27,501
(1,647)
(11,749)
8,871
22,976

The notes form part of these financial statements

Page 17

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The trustees have assessed whether the use of the going concern basis is appropriate, and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements, and have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore adopts the going concern basis in preparing its financial statements.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Tangible fixed assets for use by the charity are stated at cost less depreciation. Individual fixed assets costing less than £2,500 are not capitalised.

Depreciation is provided at rates calculated to write off the cost of fixed assets, over their expected useful lives on the following basis.

Furniture & fittings 25% Reducing balance Office equipment 25% Reducing balance

No depreciation is provided on freehold land and buildings, scrolls and silverware, which, in the opinion of the trustees have a residual value not less than their cost.

continued...

Page 18

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

1. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Deferred income

A provision for deferred income is made where the income is received in the year but can only be recognised for a future year, and can be reliably measured at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Legal status

The charity is incorporated as a company limited by guarantee and is registered with the Charity Commission. The members of the company have undertaken to contribute up to their guarantee of £1 each towards the liabilities of the company in the event that it is wound up whilst they are, or within one year of being members.

2. DONATIONS AND LEGACIES

Membership donations
Donations - unrestricted funds
Income tax recoverable
Donations - restricted funds		 31.12.23
£
516,999
15,750
99,805
12,366
644,920		 31.12.22
£
524,370
9,475
89,688
15,771
639,304

continued...

Page 19

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

2. DONATIONS AND LEGACIES - continued

Membership donations
Membership subscriptions
Higher rate tax donations
Board of Deputies
Jewish Joint Burial Society
Donations - restricted funds
Leket Israel
Borehamwood Foodbank
World Jewish Relief
3.
OTHER TRADING ACTIVITIES
Tree of life
Other fundraising activities
Hall hire
Nursery rental income		 31.12.23
£
427,002
37,645
10,965
41,387
516,999
31.12.23
£
6,183
6,183
-
12,366
31.12.23
£
1,000
2,394
6,165
13,500
23,059		 31.12.22
£
410,404
34,280
9,840
69,846
524,370
31.12.22
£
-
5,308
10,463
15,771

31.12.22
£
-
1,740
5,579
11,700
19,019

continued...

Page 20

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Wedding
Cheder
B’Mitzvah Mechina
Grants
Grants received, included in the above, are as follows:
Unrestricted fund
Government grants
6.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Synagogue operations
557,678
Education
107,817
High Holy Day Appeal
24,818
690,313		 Grants
Payable
(note 7)
£
-
-
15,771
15,771		 31.12.23
£
5,344
31.12.23
£
1,625
18,361
45,307
7,350
72,643
31.12.23
£
7,350
7,350
Support
Costs
(note 8)
£
6,480
-
-
6,480		 31.12.22
£
1,645
31.12.22
£
3,350
19,775
30,198
2,808
56,131
31.12.22
£
2,808
2,808
Totals
£
564,158
107,817
40,589
712,564

continued...

Page 21

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2023

7. GRANTS PAYABLE

High Holy Day Appeal
Borehamwood food bank
World Jewish Relief
JAMI
Sebby's Corner
Leo Baeck College
8.
SUPPORT COSTS
Auditors’ remuneration		 31.12.23
£
15,771
31.12.23
£
5,308
10,463
-
-
-
15,771		 31.12.22
£
11,350
31.12.22
£
-
-
3,992
3,710
3,648
11,350
Governance
costs
£
6,480

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.23 31.12.22
£ £
Auditors' remuneration 6,480 5,580
Hire of plant and machinery 1,563 2,520
Other operating leases 18,154 9,680

continued...

Page 22

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

10. TRUSTEES' REMUNERATION AND BENEFITS

The following are amounts paid to trustees or their families:

The trustees, D Shabetai, R Levy or close members of their family were paid a total of £436 (2022: £33,229) for working in the charity's religion school. Authority for this remuneration is given in the Synagogue's governing document.

Except for specific items purchased for the charity, no reimbursement of expenses has been made to any of the trustees during the year.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022.

11. STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.23 31.12.22
Rabbinic team 2 2
Youth and education 28 24
Administration 4 4
Maintenance 2 2
Community support worker 1 1
37 33

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.12.23 31.12.22
£90,001 - £100,000 - 1
£100,001 - £110,000 1 -

continued...

Page 23

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

11. STAFF COSTS - continued

Gross wages and salaries
Employers' NIC
Pension costs		 31.12.23
£
373,015
30,303
21,937
425,255		 31.12.22
£
336,765
25,475
13,623
375,863

During the year, the Rabbis and one administrator were the only full time members of staff.

Employer contributions to the defined contribution pension scheme for the employee earning over £60,000 in the year was £11,548 (2022: £8,233).

Key management personnel

The key management personnel of the trust comprise the trustees and Senior Rabbi. The total amount of employee benefits (including employer pension contributions) received by key management personnel for their services to the trust was £128,568 (2022: £107,334).

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
623,533
Charitable activities
Synagogue operations
3,350
Education
49,973
Government grants
2,808
Other trading activities
19,019
Investment income
1,645
Total
700,328
EXPENDITURE ON
Charitable activities
Synagogue operations
566,740
Education
110,509
High Holy Day Appeal
-
Total
677,249
NET INCOME
23,079		 Restricted
Endowment
funds
fund
£
£
15,771
-
-
-
-
-
-
-
-
-
-
-
15,771
-
-
-
-
-
11,350
-
11,350
-
4,421
-		 Total
funds
£
639,304
3,350
49,973
2,808
19,019
1,645
716,099
566,740
110,509
11,350
688,599
27,500

continued...

Page 24

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
RECONCILIATION OF FUNDS
Total funds brought forward
699,510
26,240
102,690
TOTAL FUNDS CARRIED FORWARD
722,589
30,661
102,690
13.
TANGIBLE FIXED ASSETS
Fixtures
Freehold
Jubilee
and
Scrolls &
property
extension
fittings
Ark
£
£
£
£
COST
At 1st January 2023 and
31st December 2023
115,974
340,112
731
16,484
DEPRECIATION
At 1st January 2023 and
31st December 2023
-
-
731
-
NET BOOK VALUE
At 31st December 2023
115,974
340,112
-
16,484
At 31st December 2022
115,974
340,112
-
16,484
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23
£
Prepayments and accrued income
6,290		 Total
funds
£
828,440
855,940
Totals
£
473,301
731
472,570
472,570
31.12.22
£
20,729

continued...

Page 25

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals and deferred income
DEFERRED INCOME
Deferred income at 1 January
Resources deferred in the period
Amount released from previous periods
Deferred income at 31 December
Deferred income comprises the following:
Advance subscriptions		 31.12.23
£
36
50,310
50,346
31.12.23
£
11,766
27,593
(11,766)
27,593
27,593
27,593		 31.12.22
£
1,143
37,248
38,391
31.12.22
£
22,796
11,766
(22,796)
11,766
11,766
11,766

continued...

Page 26

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

16. MOVEMENT IN FUNDS

At 1.1.23
£
Unrestricted funds
General fund
702,510
High Holy Day Appeal
20,079
722,589
Restricted funds
Burial provision
3,125
High Holy Day Appeal
15,771
Clergy fund
11,765
30,661
Endowment funds
Permanent building fund (Permanent
endowment)
102,690
TOTAL FUNDS
855,940
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
725,651
High Holy Day Appeal
7,949
733,600
Restricted funds
High Holy Day Appeal
-Borehamwood Foodbank
6,183
-Leket Israel
6,183
-World Jewish Relief
-
12,366
TOTAL FUNDS
745,966		 Net
movement
At
in funds
31.12.23
£
£
30,958
733,468
5,849
25,928
36,807
759,396
-
3,125
(3,405)
12,366
-
11,765
(3,405)
27,256
-
102,690
33,402
889,342
Resources Movement
expended
in funds
£
£
(694,693)
30,958
(2,100)
5,849
(696,793)
36,807
(5,308)
877
-
6,183
(10,463)
(10,462)
(15,771)
(3,405)
(712,564)
33,402

continued...

Page 27

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
High Holy Day Appeal
Restricted funds
Burial provision
High Holy Day Appeal
Clergy fund
Endowment funds
Permanent building fund (Permanent
endowment)
TOTAL FUNDS		 At 1.1.22
£
684,618
14,892
699,510
3,125
11,350
11,765
26,240
102,690
828,440		 Net
movement
in funds
£
17,892
5,187
23,079
-
4,421
-
4,421
-
27,500		 At
31.12.22
£
702,510
20,079
722,589
3,125
15,771
11,765
30,661
102,690
855,940

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
High Holy Day Appeal
Restricted funds
High Holy Day Appeal
TOTAL FUNDS		 Incoming
resources
£
695,141
5,187
700,328
15,771
716,099		 Resources Movement
expended
in funds
£
£
(677,249)
17,892
-
5,187
(677,249)
23,079
(11,350)
4,421
(688,599)
27,500

continued...

Page 28

RADLETT REFORM SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2023 nor for the year ended 31st December 2022 other than those disclosed in note 10.

18. DETAILS OF RESTRICTED FUNDS

Clergy fund - Donations to help the synagogue be able to support a member.

High Holy Day Appeal funds

Burial Provision - To assist members that are not completely covered by their JJBS burial scheme.

Leket Israel - a charity to whom we provided funds from our High Holy Day Appeal.

World Jewish Relief - a charity to whom we provided funds from our High Holy Day Appeal.

Borehamwood Foodbank - a local charity to whom we provided funds from our High Holy Day Appeal.

19. DETAILS OF UNRESTRICTED HIGH HOLY DAY APPEAL FUNDS

Included in the High Holy Day Appeal funds are donations made to the Radlett Reform Synagogue. A total amount of £15,306 was classified in the previous period’s financial statements as a restricted fund. However, these donations have been reclassified in these financial statements and shown within a designated unrestricted fund, as they can be used at the discretion of the trustees for any charitable purpose.

20. PERMANENT BUILDING FUND (PERMANENT ENDOWMENT)

The Permanent Endowment Fund relates to the purchase of the original synagogue land and buildings.

The restricted Jubilee Fund is specifically used for the extension and improvement of the existing premises.

This page does not form part of the statutory financial statements

Page 29