Registered number: 09589315 Charity number: 1167711 THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Company, its Trustees and advisers Trustees. report 6-12 Independent auditors. report on the financial statements 13-16 Statement of financial activities 17 Balance sheet 18-19 Statement of cash flows 20 Notes to the financial statements 21-44
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Honorary OlcerS Mr S Factor, President Mrs J Serlin, Vice-President (resigned 23 July 2025) Mr P Faiman, Warden Mr H Richenberg, Warden Mr D Zissman, Treasurer Board Members Mr J Lossos Mr H Pasha Mr M Pasha Mr A Rayden Mrs S Rayden Ms M Regnier-Leigh Mr. J Winton (resigned 10 July 2025) Honorary Life Presidents Mr P Fairman Mr H Pasha Mr S Simmonds Mr D Winton Council of the United Synagogue Mr P Faiman Mr S Factor Drmziff Ms M Reignier-Leigh Company registered number 09589315 Charity registered number 1167711 Registered office 35 Ballards Lane London N3 1XW Principal Address 1 Wallenberg Pla Great Cumberland Pla London W1H7TN Independent auditors BKL Audit LLP 35 Ballards Lane London N3 1XW Page 4
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Natwest Bank PLC 38 Strand London WC2N 5JB Page 5
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial ststements have been prepared in accordan with the accounting policies set out in note 2 of the financial statements and comply with the Charity's goveming document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended practi 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 The objects of the Charity are to advan the orthodox Jewish religion through The Western Marble Arch Synagogue by providing for the religious needs and spiritual growth of its members,. supporting and following the principles of Torah and Halachah,. maintaining regular Sabbath and other religious services- maintaining Hebrew and religious classes and providing communal social and educational events linked to the operation of the Synagogue. Activities The activities currently carried out by the Charity for the public benefit, can be categorised as follows.. The provision of a place of worship. religious activities and support. Arranging communal events and activities. The Charity carries out a wide range of activities in Pursuan of its charitable aims and the Trustees consider that these activities are of benefit to all those who worship at and identify with our Synagogue. Public benefit The Charity has adhered to its stated policy to ensure that while setting standard levels of subscription, these are tailored according to means where necessary. Fundraising for its own needs often includes some provision for other charities in accordance with the general religious obligation for Jews to give to charity- In addition to services to its members, the Charity provides the following to the wider public.. A meeting place for other Jewish organisations, and generally to the wider public. Members of the public are welcome at all the Sabbath and festival services conducted at the Synagogue. They are also invited to and welcome at cultural and social events held at the Synagogue. The Synagogue reaches out to school children regardless of faith in organising educational visits to the Synagogue. The Synagogue provides couples wtth an appropriate location for their Malage. The Trustees have given due considerats.on to Charity Commission published guidance on the public benefit requirements. Achievements and performance We are grateful to The Westem Charitable Foundation for their continued generous support in funding several projects and activities carried out by the Charity. During the year to 31 December 2024, The Westem Charitable Foundation donated £189,663 {2023'. £392.520) to the Charity towards various projects. During the year, a loan balance of £75,000 from the Foundation was converted into a grant which has been reflected in the Statement of Financial Activities. We are grateful to our administrator. Gina Drew-Davis for running the office so efficiently,. to our financial controller, David Grossman for his work in controlling and managing our finances., to our bookkeeper, Ramesh Page 6
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Gosai., and to Sam Powell for his valued work as building manager. The overall activities are considered to be in accordan with the Charity's key objectives. Financial review The Charity made a surplus of £37,850 this year (2023.. deficit of £11,703). The movement in funds for the year are set out on page 17. The Trustees consider the accumulated funds and projected income to be sufficient to meet the Charity's normal expenditure. The Trustees are pleased that the income has remained at a level which has enabled the Charity to meet the relevant associated costs. The main income continues to be from membership subscriptions, donations and gift aid recoverable. The Charity is entirely dependent on contributions and donations from members of its Synagogue. In order to secure its long-term future, it is of paramount importance that there is a continuous programme of improvements to all aspects of our building and operations for the benefit of the membership whilst at the same time endeavouring to introduce activities that will attract new members. Although, sadly, several members were lost during the year, we managed to attract new members showing that our efforts were being rewarded. Total funds as shown on the balan sheet amounted to £85.551 made up of restricted funds of £79,411, designated funds of £200.000 and a deficit of £193,860 on general unrestricted funds. The Board of Management has declared that, for the time being The Hartog Fund is to be classed as a designated fund as part of unrestricted funds. We have a clear policy of financially supporting members who require assistan in meeting their membership contributions. All requests for support have been dealt with. in a compassionate and completely confidential manner. Going concern Religious services continue on a regular basis and several successful events have taken place in the Synagogue building. The Trustees consider that the increase in activities. attendan and fundraising has continued to develop. The Trustees consider that the charity will continue for the foreseeable future and thus adopt the going concern basis in preparing the financial statements. ReseNes The Trustees have considered, with the support of The Western Charitable Foundation, the requirement for reserves which are those funds not invested in fixed assets, designated for specific purposes or othemise committed. The Board considers optimum level of such reseNes to be at least four months expenditure on the management of all synagogue activities and administration costs. The deficit on general unrestricted funds increased from £178.457 in 2023 to £193.860 in 2024. Principal funding sources The Charity raises most of its funds from contributions by Synagogue members and through fund raising activities and donations. Page 7
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Investment policy It is the policy of the Charity to invest financial reserves in Investment Funds and Reserves. Canaccord Genuity Wealth Management have been appointed to invest the Charity's funds in suitable stocks. Financial and property The Charity occupies a prominent and large building resulting in high maintenance and repair costs which constantly need to be reviewed. The Charity does not have a specific sinking fund policy, since it is assumed that general cash reserves, together with the help of The Western Charitable Foundation, are sufficient to cover any unforeseen expenditure on rna1ntenan and repairs. Plans for future periods The plan for the forthcoming year is to continue to promote. presee, and observe orthodox Jewish tradition, increase membership where possible, generate income from other activities, and to continue to retain and increase stability within the community. Structure, governance and management Governing document The organisation is a charitable company limited by guarantee. incorporated on 13 May 2015 and registered as a Charity on 17 June 2016. The registered office address is 35 Ballards Lane, London, N3 1XW. The Charity was established under a Memorandum of Association which sets out the objects and powers of the Charity and is governed under its Articles of Association. In the event of the Charity being wound up members are required to contribute an amount not exceeding £1. The Trustees are members of the Charity. Background The Charity was established for the purposes of assuming the functions of the unincorporated charity, Western Marble Arch Synagogue (Registered Charity Number 1154188) and with effect from midnight on 1 January 2018 took over the assets and liabilities of that Charity, except for a freehold propety that remains the property of the unincorporated Charity pending resolution of legal formalities. Both charities continue to operate from the same premises. Western Marble Arch Synagogue was formed on 25 November 1990 following a successful merger beeen the Western Synagogue (founded in 1761) and the Marble Arch Synagogue (founded in 1957) and was admitted as an Associated Synagogue of the United Synagogue on 25 February 1991. Page 8
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, who are also the directors for the purpose of company law, and who seNed during the year and up to the date of signature of the financial statements were- Mr S Factor Mr P Faiman Mr J Lossos Mr H Pasha Mr M Pasha Mr A Rayden Ms M Regnier-Leigh Mr H Richenberg Mr D Zissman The previous board had considered and agreed that it would be more effective to have a smaller Board that included input from younger members, to encourage efficiency in operations and attract younger members to the Synagogue community. Organisational structure The Board of Management has vested in it all the powers necessary for the conduct and management of the Charity's Synagogue and acts in accordan with the laws of the Synagogue. A Board, elected annually by members of the Synagogue, who are deemed to be Trustees under Charity law, meet regularly, at least four times per annum. and otheNise as required, to administer the affairs of the Congregation. The names of members of the Board of Management are set out on the reference and administrative details page. The Board of Management is appointed by members of the Synagogue or co-opted by the Board in accordance with the Laws of the Synagogue. As such persons will have been members of the Synagogue for some years before election to the Board. they will have the appropriate knowledge of the way the Synagogue is govemed. and they are advised of their responsibilities as Trustees under Charity law. The day-to4ay management of the Synagogue is carried out by the Honorary OffIrS. The day to day running of the secular affairs of the Congregation is managed by the administrator, Gina Drew-Davis, and the financial affairs by the financial controller. David Grossman. Page 9
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 The Board of Management consists ot. Honorary Officers.. President. Vice President, fvrfo Wardens and a Treasurer. Immediate past Honorary OffirS. Board Members.. not less than hvelve, nor more than sixteen, together with up to co-opted members. Honorary Life Presidents. Elders. Principal risks and UnrtaIntieS The Trustees have identified and actively reviewed the following major risks to which the Charity is exposed: Significant loss of membership and the consequential effect on subscription and donation income. Health and safety. Security. Nomal employment and public liability risks. Reputational risks arising from incidents in the above categories. The Trustees are satisfied that systems and prOdureS are in place to mitigate exposure to the major risks wherever possible. Security The major risk to the Charity is that of security, both of its assets and its members. In order to counteract such risks as far as practically possible, the Charity has a continuous programme of review and renewal of its security systems, security staffing and equipment in coordination with the Community Security Trust. Security arrangements are managed by 1st Class Protection. Membership Whilst there has been a fall in membership in the past year, the main challenge for the Charity is not only to attract new members but also to continue to Introdu interesting and exciting initiatives to increase activities and learning opportunities. Membership ststistics The following changes have occurred during the financial period: Members and friends.. 2023 Deceased Resigned Joined Members and friends'.2024 537 (13) (26) 507 Volunteers The Charity has a culture in which many of its activities are conducted by volunteers. Without the efforts of volunteers, the Charity would not be able to continue its work at the volume, complexity and diversity from which all members and visitors benefit. The Trustees thank them for their exceptional generosity. Key management personnel remuneration The Trustees consider the Board of Management, and the administrator as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity Page10
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 on a day to day basis. All Trustees provide their ServIS voluntarily and no remuneration or expenses were paid to them in the current or prior year. Details of related paty transactions are disclosed in note 25 to the financial statements. The remuneration of the administrator is reviewed annually by the Board and normally increased to reflect market rates. The remuneration set is fair and in line with that generally paid for similar roles. Supplier payment policy The company's current policy concerning the payment of trade creditors is to follow the CBI'S Prompt Payment Code {copies are available from the CBI. 78 Cannon Street, London, EC4N 6HN.I The company's current policy concerning the payment of trade creditors is to- settle the terms of payment with suppliers when agreeing the terms of each transaction", ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts- and pay in accordan with the company's contractual and other legal obligations. Trade creditors of the company at the year end were equivalent to 22 day's purchases, based on the average daily amount invoiced by suppliers during the year. Disclosue of information to auditors Each of the trustees has confirmed that there is no infomiation of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant infomiation and to establish that the auditor is aware of such information. ststement of trustees. responsibilities The Trustees {who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming reSoUrS and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently- Observe the methods and principles of the Charities SORP (FRS 102)" Make judgements and accounting estimates that are reasonable and prudent., State whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements" Prepare the financial statements on the going concern basis, unless it is inapproprirate to presume that the Company will continue in business. Page11
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Dekek Derek Zissman (Trustee) Stephen Factor President Date. 25/0912025 25109/2025 Page 12
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTERN MARBLE ARCH SYNAGOGUE Opinion We have audited the financial statements of The Western Marble Arch Synagogue (the 'charitable company'l for the year ended 31 December 2024 which comprise the Ststement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the stste of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordan with United Kingdom Generally ACpted Accounting Practice., and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan with Intemational 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 accordan with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden 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 perfomied, 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 conrn for a period of at least bNelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going cOnM are described in the relevant sections of this report. Page13
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTERN MARBLE ARCH SYNAGOGUE (CONTINUED) Other infonnation The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going cOnM 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 altemative but to do so. Page 14
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTERN MARBLE ARCH SYNAGOGUE (CONTINUED) Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detsiled below.. Enquiring of mangement around actual and potential litigats-on and claims. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. As part of an audit in accordan with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the f nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees. use of the going concern basis of accounting and, based on the audit eviden obtained, whether a material UnrtaInty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material UnrtaInty exists, we are required to draw attention in our Auditors, report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit eviden obtained up to the date of our Auditors, report. However. future events or conditions may cause the charitable company to cease to continue as a going COnM. 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. Page15
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTERN MARBLE ARCH SYNAGOGUE (CONTINUED) We communicate with those charged with govemance regarding. among other matters, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not acpt or assume responsibility to anyone other than the charitable company and its members. as a body, for our audit work, for this report, or for the opinions we have formed. BKL Audit LLP 35 Ballards Lane London N3 1XW Date: 2610912025 BKL Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 16
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities 41.400 82,125 4.657 840,672 115,513 61,587 5,469 882,072 197,638 66,244 5,469 1, 133,569 200,323 63,434 4, 834 Fund raising activities Investments Total income 128,182 1,023,241 1,151,423 1,402,160 Expenditure on: Raising funds Charitable activities 8,388 66.541 8,388 1.124,043 1,216 1,427,291 1.057,502 Total expenditure 74.929 1.057,502 1.132,431 1,428,507 GainllLossl on valuation of investments 18,858 18,858 14,644 Net movement in funds 53,253 115,403) 37,850 (1 I, T03) Reconciliation of funds". Total funds brought forward Net movement in funds 26,158 53.253 21,543 (15,403) 47,701 37,850 59,404 (11, 703) Total funds carried forward 79,411 6,140 85,551 47, 701 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 21 to 44 form part of these financial statements. Page17
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) REGISTERED NUMBER: 09589315 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 28,607 217,214 57, 164 194,075 15 245,821 251,239 Current assets Debtors Cash at bank and in hand 16 112,588 32.330 157,583 48,731 144,918 206,314 Current liabilities Creditors.. amounts falling due within one year 17 (305.188) (409, 852) Net current (liabilities (160,270) (203,538) Total assets less current liabilities 85,551 47,701 Charity funds Restricted funds Unrestricted funds 18 79,411 26,158 Designated funds General funds 18 200.000 (193,860) 200, 000 (178, 457) 18 Total unrestricted funds 18 6,140 21,543 Total funds 85,551 47,701 The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordan with section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial ststements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. Page18
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) REGISTERED NUMBER: 09589315 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Dekek Derek Zissman (Trustee) Stephen Factor President Date. 2510912025 25109/2025 The notes on pages 21 to 44 form part of these financial statements. Page19
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 21 (16.496) 13,001 Cash flows from investing activities Dividends and interest from investments 885 554 Purchase of tangible fixed assets {790) (84,241) Net cash provided byl(used in) investing activities 95 (83.687) Cash flows from financing activities Cash inflows from new borrowing 50,000 Net cash provided by financing activities 50,000 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (16.401) (20.686) 48.731 69,417 Cash and cash equivalents at the end of the year 22 32,330 48,731 The notes on pages 21 to 44 form part of these financial statements Page 20
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information The Western Marble Arch Synagogue is a company limited by guarantee incorporated in England and Wales and a registered charity. The registered office is 35 Ballards Lane, London N3 1XW. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Western Marble Arch Synagogue meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy. Pound Sterling is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 2.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate reSoUrS to continue in operational existen for the foreseeable future. During the year ended 31 December 2024 a surplus of £37.850 (2023: £11,703 deficit) was made and at the balan sheet date there were net current liabilities of £160,270 (2023. £203,538). The Trustees are taking steps to improve financial stability of the Charity, including preparing prudent budgets into 2025 and 2026. The Trustees have also reached out to donors to secure additional funding for the coming years and have reassessed the levels of expenditure required to operate the Charity. In addition. the Charity has reiVed grants and loans from The Western Charitable Foundation, as it has done for many years previously, and the Trustees understand that this support is likely to continue. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Page 21
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.3 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a re1vable basis. The balan of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is reiVed in advan of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Income tax recoverable in relation to donations reiVed under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is re1Vable. 2A Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each acb'vity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beteen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives. as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the Statement of financial activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability. Page 22
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost. No amount is included in the financial statements for heritage assets, because of their unique nature. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following basis- Fixtures, fittings and equipment 20°k or 33.33 /0 per annum on a straight line basis. 2.7 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on valuation of investments, in the Statement of financial activities. Investments held as fixed assets are shown at cost less provision for impairment. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 23
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.10 Liabilities and provisions Liabilities are recognised when there is an obligats-on at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as adVand payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.11 Financial instruments The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.12 Pensions The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year. 2.13 Fund accounting Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company 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. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Page 24
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations and gifts Government grants Membership contributions 41,400 434,195 6,777 399,700 475,595 6.777 399,700 41,400 840,672 882,072 Unrestricted funds 2023 Total funds 2023 Donations and gifts Government grants Membership contributions 686, 684 58, 101 388, 784 686, 684 58, 101 388, 784 1, 133,569 1, 133,569 During the year, the Charity received donations from The Western Charitable Foundation of £189,663 (2023. £392,520). Additionally, the Charity reiVed an interest free loan of £NIL12023'. £50,000) from The Western Charitable Foundation during the year. Income from charitable activities Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Supporting the Synagogue 82,125 115,513 197.638 Page 25
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable activities (continued) Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Supporting the Synagogue 83,093 117,230 200, 323 Income from other trading activities Income from fundraising events Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Brochure - adverts Restricted fundraising events 61,587 61,587 4,657 4,657 4,657 61,587 66.244 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Brochure - adverts 52, 405 52, 405 11,029 Dinner for Ukraine appeal 11,029 11,029 52, 405 63, 434 Page 26
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment income Unrestricted funds 2024 Total funds 2024 Income from investments 4,584 885 4.584 885 Interest receivable 5,469 5,469 Unrestricted funds 2023 Total funds 2023 Income from investments Interest receivable 4,280 554 4,280 554 4, 834 4, 834 Expenditure on raising funds Costs of raising voluntary income Restricted funds 2024 Total funds 2024 Restricted income expenses 8,388 8,388 Page 27
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raising funds (continued) Costs of raising voluntary income (continued) Restricted funds 2023 Total funds 2023 Dinner for Ukraine appeal 1,216 1,216 Analysis of grants Grants to Institutions 2024 Total funds 2024 Supporting the Synagogue 18,767 18,767 Grants to Institutions 2023 Total funds 2023 Supporting the Synagogue 20, 900 20, 900 The Company has made the following material grants to institutions during the year= 2024 2023 Name of institution CST Kol Nidre appeal Gersher Educational Affiliates 18,767 13,900 7,000 18,767 20,900 Page 28
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Supporting the Synagogue 66,541 1,057,502 1,124.043 Restricted Unrestricted funds funds 2023 2023 Total 2023 Supporting the Synagogue 79,015 1,348,276 1,427,291 10. Anatysis of expenditure by activities Activities undertaken directly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Supporting the Synagogue 904.215 18,767 201,061 1,124,043 Activities undertaken directly 2023 Grant funding of activities 2023 Support costs 2023 Total funds 2023 Supporting the Synagogue 1, 191,982 20, 900 214,409 1,427,291 Page 29
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Anatysis of expenditure by activities (continued Anatysis of direct costs Supporting the Synagogue 2024 Total funds 2024 Staff costs 290,842 12,386 3,551 115,875 20,000 990 47,774 13,759 119,261 29,918 34,437 96,563 118,859 290.842 12,386 3.551 115,875 20.000 990 47.774 13,759 119.261 29,918 34.437 96,563 118.859 Ministers, Cantors and administrators Professional fees Choir and religious events United Synagogue membership fees Board of Deputies Hebrew classes Travel expenses Repairs and maintenance Light and heat Cleaning Security Functions and catering 904,215 904.215 Page 30
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Anatysis of expenditure by activities (continued Anatysis of direct costs (continuedl Supporting the Synagogue 2023 Total funds 2023 staff costs 254, 894 13,724 3, 666 154.570 254, 894 13, 724 3,666 154,5TO 20, 000 992 48,225 15,646 18,215 423, 227 28,081 32,631 87,574 90,537 Ministers, Cantors and administrators Professional fees Choir and religious events United Synagogue membership fees Board of Deputies Hebrew classes 20, 000 992 48,225 15.646 18,215 423.227 28,081 32.631 87,574 90,537 Travel expenses Over provision relating to subscriptions Repairs and maintenance Light and heat Cleaning Security Functions and catering 1.191.982 1.191,982 Page 31
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Anatysis of expenditure by activities (continued Anatysis of support costs Supporting the Synagogue 2024 Total funds 2024 Staff costs 26,865 29,347 7,362 52,200 17,358 20,289 19,377 13,486 14,777 26.865 29,347 7.362 52,200 17.358 20,289 19.377 13,486 14.777 Depreciation Printing, postage and stationery Accountancy Computer expenses Sundry Insuran Bad debts written off Governan costs 201,061 201.061 Governan costs are comprised of the Audit fee for the year together with an allocated portion of the administratoffs and financial controllers salary. Supporting the Synagogue 2023 Total funds 2023 Staff costs 24,867 71,059 11,431 48,082 11,367 14,612 19,608 13,383 24,867 71,059 11,431 48,082 11,367 14,612 19,608 13,383 Depreciation Printing, postage and stationery Accountancy Computer expenses Sundry Insurance Governan costs 214.409 214,409 Page 32
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Anatysis of expenditure by activities (continued Anatysis of support costs (continued) Governance costs are comprised of the Audit fee for the year together with an allocated portion of the administratoffs and financial controllers salary. 11. Auditors. remuneration 2024 2023 Fees payable to the Company's auditor for the audit and preparation of the Company's annual accounts 20,600 16,600 12. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 290,698 30,362 3,424 259, 843 23,364 2,937 324,484 286, 144 The average number of persons employed by the Company during the year was as follows.. 2024 No. 2023 No. The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £70,001- £80,000 In the band £80,001- £90,000 The Charity considers the Charity Administrator Mrs Gina Drew-Davis as key management personnel. During the year the aggregate remuneration of Mrs Gina Drew-Davis amounted to £68,524 (2023 - £72,843). Page 33
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 December 2024. no Trustee expenses have been incurred (2023 - £NIL). 14. Tangible fixed assets Fixtures, fittings and equipment Cost or valuation At 1 January 2024 Additions 217,078 790 At 31 December 2024 217,868 Depreciation At 1 January 2024 Charge for the year 159.914 29,347 At 31 December 2024 189.261 Net book value At 31 December 2024 28,607 At 31 December 2023 57,164 The tangible fixed assets are held for fijrtheMan of the chartiy's objects. As described in the charity's accounting policies, no amount is included in the financial statements for heritage assets. Page 34
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Fixed asset investments Listed investments Cash on Portfolio Total Cost or valuation At 1 January 2024 Additions 190,839 2,621 3,236 1.962 {302) 194,075 4.583 (302 18.858 Disposals Revaluations 18,858 At 31 December 2024 212,318 4,896 217,214 Net book value At 31 December 2024 212,318 4.896 217.214 At 31 Dernber 2023 190.839 3, 236 194,075 Page 35
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Debtors 2024 2023 Due within one year Trade debtors 73,202 400 62,423 8, 800 1,768 55,016 29,576 Loan to employee Other debtors 30 Prepayments and accrued income Grant receivable 38.956 112.588 157,583 17. Creditors: Amounts falling due within one year 2024 2023 Other loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income 110,000 45, 144 9,613 88,573 156,522 71,633 9,487 84,326 139,742 305,188 409, 852 Included in Deferred Income is £25.000 grants received by the Charity from the Western Marble Arch Foundation which relates to the year 2025. Page 36
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Ststement of funds Current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Incoming Resources resources expended Transfers inlout Unrestricted funds Designated funds Hartog fund 200,000 200,000 The Hartog fund represents a gift left to the Charity, the fvnd has been designated by the trustees to meet the costs of special projects as and when they occur at the trustees, discretion. Rabbi's discretionary fund - charitable donations collected at servi$ are retained in this fund for use at his discretion for urgent calls from those in need. General funds General Funds all funds 1178,457) 1,023,241 {1,057,502) 18,858 (193,860) Total Unrestricted funds 21.543 1.023.241 {1.057,5021 18,858 6,140 Page 37
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement of funds (continued) Current year (continued) Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Incoming Resources resources expended Transfers inlout Restricted funds Kol Nidre appeal Donation for stained glass windows 18,767 47,625 (18,767) 47,625 41.400 (1,418) 39,982 Sefer Torah appeal Hebrew classes 1,484 34.500 (47,774) 13.274 Cooking for the homeless Interfaith dinner 3,916 1.247 744 3,916 1,247 1,368 Rabbi's fund Israel hostage event 624 4.033 (6,970) (2,937) Unallocated amounts (13,274) {13,274) 26,158 128,182 (74,929) 79,411 Total funds 47,701 1.151.423 (1.132,431) 18,858 85,551 Kol Nidre appeal - this appeal was made for the benefit of The Community Security Trust. Donation for stained glass windows- to purchase stained glass windows for the Synagogue. Sefer Torah appeal - to maintain scrolls for the Synagogue. Hebrew classes - to support religious schools at the Synagogue. Cooking for homeless - to feed the local homeless population. Interfaith Dinner- a communal event to bring members of all faiths together in a social atmosphere. Israel hostage event- a community event to hear from and offer moral support to some of the families directly affected by family members taken hostage on October 7th. Page 38
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement of funds (continued) Prior year Balance at 31 December 2023 Balan at 1 January 2023 Incoming Resources resources expended Transfers in/out Gains/ (Losses) Unrestricted funds Designated funds Hartog fund 200, 000 200. 000 General funds General Funds all funds (164,403) 1,331,638 (1,348,276) (12, 060) 14,644 (178,457) Total Unrestricted funds 35,597 1.331.638 (1,348,276) (12,060) 14,644 21,543 Page 39
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement of funds (continued) Prior year (continued) Balan at 31 December 2023 Balan at l January 2023 Incoming resources ReSoUrS expended Transfers in/out Gain (Losses) Restricted funds Kol Nidre appeal Donation for stained glass windows 10,567 22,100 (13,900) 18,767 6, 000 (8,050) 2, 050 Sefer Torah appeal Hebrew classes 3,324 (1,840) (48.225) 1,484 37.393 10,832 Cooking for the homeless Interfaith dinner Rabbi's fund Israel hostage event 3,916 3,916 1,247 744 1.639 744 (392) 8.646 (7, 824) (822) 23,807 70.522 (80.231) 12,060 26,158 Total funds 59.404 1,402.160 (1.428,507) 14,644 47,701 Page 40
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Summary of funds Current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Incoming Resources resources expended Transfers inlout Designated funds 200,000 1178,457) 200,000 (193,860) General funds 1.023.241 {1.057,502) 18,858 Restricted funds 26,158 128,182 (74,929) 79,411 47,701 1,151,423 {1,132,431) 18,858 85,551 Prior year Balance at 31 December 2023 Balance at 1 January 2023 Incoming Resources resources expended Transfers in/out Gains/ (Losses) Designated funds General funds 200, 000 (164,403) 200, 000 (178,457) 1,331,638 (1,348,276) (12, 060) 14,644 Restricted funds 23,807 70.522 (80.231) 12,060 26,158 59,404 1,402.160 (1,428,507) 14,644 47,701 Page 41
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Analysis of net assets between funds Current year Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments 28,607 217,214 52,233 (305,188) 13,274 28,607 217.214 144,918 1305.188) Current assets Creditors due within one year Difference 92,685 {13,274) Total 79,411 6,140 85,551 Prior year Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 57,164 194,075 180, 156 (409, 852) 57,164 194,075 206,314 (409, 852) 26,158 Total 26,158 21,543 47,701 Page 42
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities) 37.850 (11,703J Adjustments for: Depreciation charges {Gain)ILoss on valuation of investments Dividends and interest from investments 29,347 (18,858) 15,469) 44,996 1104,664) 302 Tt,059 (14, 644) (4, 834) 15,081 (42,222) 264 Decrease in debtors (Decrease)lincrease in creditors other non-cash movements Net cash provided byl(used in) operating activities (16,496) 13,001 22. Analysis of cash and cash equivalents 2024 2023 Cash in hand 32,330 48,731 Total cash and cash equivalents 32,330 48,731 23. Anatysis of changes in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand 48.731 1110,000) 116,401) 110,000 32,330 Debt due within 1 year (61,269) 93,599 32,330 Page 43
THE WESTERN MARBLE ARCH SYNAGOGUE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24. Operating lease commitments At 31 December 2024 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows" 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 3,099 1,426 360 3,099 1,786 25. Related party transactions Western Marble Arch Synagogue (Unincorporated Charity) and the Westem Charitable Foundation are considered as related parties due to their association with the Charity. as explained in the Trustees, report. The Charity occupies, rent-free, the propety owned by Western Marble Arch Synagogue{Uninorporated Charity) and furthermore, the latter donated £40.684 (2023. £36.569) to the Charity in relations to rent. All running costs of the propety are bome by the Charity. The Charity received a total grant of £214,663 (2023= £392,520) from the Western Charitable Foundation in respect of repairs works. The Charity recognised £189,663 in the current year and deferred £25,000 to the following year. Donations received from the Trustees totalled £24,470 (2023: £97.967>. Page 44