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2022-10-30-accounts

Registered number: 12013004 Charity number: 1184803

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 7
Independent Auditors' Report on the Financial Statements 8 - 12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 - 27

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2022

Trustees

Howard Martin Dr Alan Mendoza Kristine Musikant Jonathan Solomons Hannah Talbot Julian Marland

Company registered number

12013004

Charity registered number

1184803

Registered office

119-121 Brent Street, London, NW4 2DX

Independent auditors

Wilder Coe Ltd, Chartered Accountants and Statutory Auditors, 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL

Bankers

Natwest Bank, 1 Princes Street, London, EC2R 8PA

Page 1

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2022

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 November 2021 to 31 October 2022. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

OBJECTIVES AND ACTIVITIES

a. Policies and objectives

The objectives of the charity are:

b. Strategies for achieving objectives

The main activity of the charity is the conservation and renovation of the Bevis Marks Synagogue through a major National Lottery Heritage Fund ("NLHF") project, alongside other donations, to build an educational centre, exhibiting key heritage and cultural artifacts to provide a centre of learning about the history of the Spanish and Portuguese and wider Jewish community.

c. Activities for achieving objectives

To achieve the objectives funding has to be raised to enable the project to be undertaken. A professional team was appointed to undertake the designs alongside a basebuild contractor and exhibition fit out contractor.

A review of the Trustees skill sets was undertaken, and two Trustees recruited; a professional fundraiser and a professional marketing person.

The strong working partnership established with The Jewish Museum London (JML) continued, delivering a preopening online exhibition, a series of virtual talks and a pre-opening virtual schools programme. Future work will include an onsite schools programme, family activities and a virtual tour. During the year the cataloguing of the collection continued. The collection is now accessible to catalogue, conserve, clean and photograph. A robust business plan is in place with realistic visitor numbers and financial projections.

New staff will be appointed in early summer 2023 to recruit and maintain volunteers, engage with new audiences and the local community, run a retail and cafe offer and oversee the operational aspects of the visitor centre.

d. Public benefit

The Trustees confirm that they have, in the administration of the charity, paid due regard to the public benefit guidance published by the Charity Commission under section 4 of the Charities Act 2011.

Page 2

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

OBJECTIVES AND ACTIVITIES (continued)

e. Volunteers

Volunteers will be a key part of the charity's ability to undertake its activity as a visitor centre. Volunteers will act as guides, room attendants, sell tickets in the ticket office and serve in the cafe and shop. There will be opportunities for volunteers to be trained in a variety of skills

ACHIEVEMENTS AND PERFORMANCE

a. Key financial performance indicators

Success can be measured in a number of ways but the main KPIs are:

b. Review of activities

In pursuit of the objectives listed above, the charity recognised £225,012 of donations ( 2021: £1,649,489 ). Amounts received in the year included £100,000 of the pledged £1million from The Exilarch's Foundation as well as £30,000 of the pledged £120,000 of the Brandon Endowment. The charity also recognised £748,270 in grants from the NLHF during the period with an additional £276,590 of other grants.

During the year we have continued with the oral history project to interview members of the community about their memories of Bevis Marks, which has also involved volunteers who were trained as part of the project to do this continuing to utilise their new skills. We started to put together our virtual schools programme with JML which launched in February 2023. Our online exhibition went live and over the summer we delivered a series of virtual talks with JML.

The cataloguing of the collection is ongoing. Half of the vestments collection was photographed.

The main conservation works in the Synagogue were completed in June 2022 including brickwork repairs, fixing of damp areas, re-decoration, re-wiring and new heating. The existing annexe building which had been demolished is being rebuilt to create a modern visitor centre.

FINANCIAL REVIEW

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

b. Principal risks and uncertainties

The principal risks and uncertainties facing the charity in the year and into future periods are as follows:

Page 3

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

c. Reserves policy

Donations received by the charity are applied for the purposes of the charity as soon as it is practicable. The charity retains sufficient reserve funds to meet expenses.

The total reserves held by the charity at 31 October 2022 were £1,059,405 ( 2021: £1,405,485 ). Of these reserves, there are currently no remaining restricted funds ( 2021: £101,695 ) which specifically relates to the restoration and capital works being undertaken and cannot be used for the general purpose of the charity.

d. Principal funding

The charity is funded through the NLHF grant and other donations. Expenditure during the year is mainly in relation to the fund raising, project management, architect, design team, interpretation team, other professional fees, main contractor fees and surveyors costs which are required to be incurred before the conservation of the collection and exhibition fit out takes place place post year end.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 22 May 2019. The charitable company was registered under the name Bevis Marks Synagogue Heritage Trust from 23 May 2019 until 6 August 2019 when its name was changed to Bevis Marks Synagogue Heritage Foundation.

The number of members of the charity is one, the S&P Sephardi Trustee Ltd (as the trustee for the S&P Charity).

The company's charitable number is 1184803 and its registered company number is 12013004. The company is registered at the following address:

119-121 Brent Street London NW4 2DX

The company's bankers are Natwest, 1 Princes Street, London, EC2R 8PA.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

The member may appoint and remove (by notice in writing) up to two Trustees who shall be directors of S&P Sephardi Trustee Limited and one other Trustee who shall be the Chair of the Bevis Marks Synagogue Committee.

The Trustees have power at any time to appoint any person, who is able and willing to do so, to be a Trustee with written approval from S&P Sephardi Trustee Limited, subject to the maximum of seven. The number of Trustees shall not be less than two.

The number of Trustees shall not be less than two but shall not be more than seven.

There is no set policy in place for the induction and training of new trustees and this is arranged as required.

Page 4

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

c. Policies adopted for the induction and training of Trustees

Trustees are inducted and trained on an as needed basis within a standard framework according to their needs and experience.

d. Pay policy for senior staff

All directors, who are also trustees of the charity, give their time freely and no director received remuneration in the period. There were no other employees during the period.

e. Organisational structure and decision making

The board of Trustees administer the charity.

The Trustees who served during the year were as follows:

Howard Martin Dr Alan Mendoza Adam Musikant (resigned after the year end on 24 November 2022) Kristine Musikant Jonathan Solomons Gideon Wittenberg (resigned after the year end on 5 December 2022)

The following Trustees were appointed after the year end as follows:

Hannah Talbot (appointed 1 November 2022) Julian Marland (appointed 1 November 2022)

f. Related party relationships

The S&P Community are the owners of Bevis Marks and have set up the Foundation to run and manage the project, education and visitor operations. The Foundation keeps the S&P Board updated on the project progress. The Chief Executive of the S&P sits on the Foundation Board as a non voting member. The Bevis Marks Rabbi also sits on the Foundation Board as a non-voting member.

The Weisz Foundation is one of the project major donors and Gideon Wittenberg, who represents the Foundation, was a Trustee of the Bevis Marks Synagogue Heritage Foundation. The Foundation provides in kind support on accounts, IT, Bankline and contract lawyers for the contract with the main contractor. Gideon Wittenberg resigned as a trustee of Bevis Marks Synagogue Heritage Foundation on 5 December 2022.

Bevis Marks Synagogue Heritage Foundation has a partnership agreement with The Jewish Museum London to provide a formal education programme from autumn 2021.

g. Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Page 5

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

PLANS FOR FUTURE PERIODS

a. Future developments

The charity's plans for the future are consistent with the objectives identified within this report. During the next financial year, we hope to be close to opening following completion of the capital works, fit out of the annexe and installation of the exhibition. Staff will be in place and the schools programme partnership with the Jewish Museum, London should be fully operational. The Bevis Marks Synagogue Community will have use of the annexe enjoying the new, multipurpose spaces.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity 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 . 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Page 6

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

Auditors

The auditors, Wilder Coe Ltd, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

In preparing this report, the Trustees (who are also Directors) have taken advantage of the small companies exemption provided by section 415A of the Companies Act 2006.

The report was approved by the Trustees on .......................................................... and signed on their behalf by:

................................................ Howard Martin Trustee

Page 7

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

Opinion

We have audited the financial statements of Bevis Marks Synagogue Heritage Foundation (the 'charity') for the year ended 31 October 2022 which comprise the Statement 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:

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 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 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.

Page 8

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION (CONTINUED)

Other information

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 otherwise 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 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 9

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION (CONTINUED)

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 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 10

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report 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.

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 detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Auditors' Report.

Page 11

BEVIS MARKS SYNAGOGUE HEIUTAGE FOUNDATION IA CLxnpany Limited by Guarantee) IDEPENDENT AUDITORS. REPORT TO THE MEM8ERS OF BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION (CONTINUED) Us• of our report Ttss report Is made solely to the tharitable cornpanys members. as a tr￿y, in accordance wth Chapter 3 of Part 16 of the Ciynpanies Act 2006. Our audit I￿rk has been undertaken 59 Ihat we might state to the charrtable cornpany's mernbers those matters V+t are required to state to U)em in an AudrtDrs' Report and for no other purpose. To the fullest extent pemiiited by law. do not accept or assume respon%blty to anyone other than the charitable company and its rnembers, as 8 boty, for tyjr audit vth. for this report, or for the opinions we have formed. Robert Bra(knan BA CA (Senior Statutory Authtor) I(￿ and on behaw of Lo.iu C, LJ4 Wilder Co• Ltd Chartered Accountants and Statsjtory A￿Artar5 1st Flo￿ Sackville House 143-149 Fenchurch Street London EC3M 6BL 29 March 2023 Pagè12

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2022

Note
INCOME FROM:
Donations and legacies
3
TOTAL INCOME
EXPENDITURE ON:
Raising funds
4
Charitable activities
5
TOTAL EXPENDITURE
NET INCOME BEFORE OTHER
RECOGNISED GAINS AND LOSSES
Transfers between funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
9,411
9,411
1,260
131,078
132,338
(122,927)
(121,458)
(244,385)
1,303,790
(244,385)
1,059,405		 Restricted
funds
2022
£
1,240,461
1,240,461
-
1,463,614
1,463,614
(223,153)
121,458
(101,695)
101,695
(101,695)
-		 Total
funds
2022
£
1,249,872
1,249,872
1,260
1,594,692
1,595,952
(346,080)
-
(346,080)
1,405,485
(346,080)
1,059,405		 Total
funds
2021
£
2,651,276
2,651,276
500
1,795,680
1,796,180
855,096
-
855,096
550,389
855,096
1,405,485

The notes on pages 16 to 27 form part of these financial statements.

Page 13

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 12013004

BALANCE SHEET AS AT 31 OCTOBER 2022

Note
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Restricted funds
11
Unrestricted funds
11
TOTAL FUNDS		 1,090,530
239,509
1,330,039
(270,634)		 2022
£
1,059,405
1,059,405
-
1,059,405
1,059,405		 991,943
498,045
1,489,988
(84,503)		 2021
£
1,405,485
1,405,485
101,695
1,303,790
1,405,485

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

22/02/2023 The financial statements were approved and authorised for issue by the Trustees on .......................................... and signed on their behalf by:_______

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

Howard Martin Trustee

The notes on pages 16 to 27 form part of these financial statements.

Page 14

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2022

Note
Cash flows from operating activities
Net cash used in operating activities
13
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
14		 2022
£
(258,536)
(258,536)
498,045
239,509		 2021
£
(66,050)
(66,050)
564,095
498,045

The notes on pages 16 to 27 form part of these financial statements

Page 15

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

1. General information

Bevis Marks Synagogue Heritage Foundation (company number: 12013004), having its registered office at 119-121 Brent Street, London, NW4 2DX and principal place of business at Bevis Marks Synagogue, Bevis Marks, London, EC3A 5DQ, is a private charitable company limited by guarantee incorporated in England and Wales.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Bevis Marks Synagogue Heritage Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Company status

The company is a company limited by guarantee. There is one member of the company which is S&P Sephardi Trustee Ltd (as the trustee for the S&P Charity). In the event of the company being wound up, the liability in respect of the guarantee is limited to £1.

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.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 activity 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 between 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.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Page 16

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

2. Accounting policies (continued)

2.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered.

2.6 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.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation 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 company anticipates it will pay to settle the debt or the amount it has received as advanced 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 within interest payable and similar charges.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced 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.

2.8 Financial instruments

The 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

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.

Page 17

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

3. Income from donations and legacies

Donations
Grants
Donations
Grants		 Unrestricted
funds
2022
£
9,411
-
9,411
Unrestricted
funds
2021
£
1,063,932
-
1,063,932		 Restricted
funds
2022
£
215,601
1,024,860
1,240,461
Restricted
funds
2021
£
585,557
1,001,787
1,587,344		 Total
funds
2022
£
225,012
1,024,860
1,249,872
Total
funds
2021
£
1,649,489
1,001,787
2,651,276

Page 18

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

4. Expenditure on raising funds

Costs of raising voluntary income

Fundraising retainer
Professional fees
Just Giving fees
Fundraising retainer		 Unrestricted
funds
2022
£
-
1,080
180
1,260
Unrestricted
funds
2021
£
500
500		 Total
funds
2022
£
-
1,080
180
1,260
Total
funds
2021
£
500
500

Page 19

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

5. Analysis of expenditure on charitable activities

Summary by fund type

Restoration / capital works
Visitor centre
Governance
Restoration / capital works
Visitor centre
Governance		 Unrestricted
funds
2022
£
-
111,657
19,421
131,078
Unrestricted
funds
2021
£
-
19,265
20,152
39,417		 Restricted
funds
2022
£
1,463,614
-
-
1,463,614
Restricted
funds
2021
£
1,756,263
-
-
1,756,263		 Total
2022
£
1,463,614
111,657
19,421
1,594,692
Total
2021
£
1,756,263
19,265
20,152
1,795,680

Page 20

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

6. Analysis of expenditure by activities

Restoration / capital works
Visitor centre
Governance
Restoration / capital works
Visitor centre
Governance		 Activities
undertaken
directly
2022
£
1,392,853
107,494
-
1,500,347
Activities
undertaken
directly
2021
£
1,719,608
17,108
-
1,736,716		 Support
costs
2022
£
70,761
4,163
19,421
94,345
Support
costs
2021
£
36,655
2,157
20,152
58,964		 Total
funds
2022
£
1,463,614
111,657
19,421
1,594,692
Total
funds
2021
£
1,756,263
19,265
20,152
1,795,680

Page 21

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Project management
Architect and design
Surveyors
Consultancy
Legal and professional
Insurance
Marketing
Repairs and conservation works
New building works
Subscriptions
Project management
Architect and design
Surveyors
Consultancy
Legal and professional
Insurance
Marketing
Repairs and conservation works
New building works		 Restoration /
capital works
2022
£
35,554
110,143
2,431
-
66,397
8,400
-
389,488
780,440
-
1,392,853
Restoration /
capital works
2021
£
30,708
46,222
-
-
93,683
8,400
-
664,017
876,578
1,719,608		 Visitor
centre
2022
£
-
-
-
17,709
89,720
-
-
-
-
65
107,494
Visitor
centre
2021
£
-
-
-
7,143
9,750
-
215
-
-
17,108		 Total
funds
2022
£
35,554
110,143
2,431
17,709
156,117
8,400
-
389,488
780,440
65
1,500,347
Total
funds
2021
£
30,708
46,222
-
7,143
103,433
8,400
215
664,017
876,578
1,736,716

Page 22

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

Analysis of governance and support costs

The charitable company identifies the costs of its support and governance functions. The costs are then apportioned between the main charitable activities undertaken in the year.

Governance
function
2022
£
Project management
7,111
Legal and professional
-
Bank charges
291
Webhosting
-
Volunteer expenses
-
Sundry
-
Audit fees
3,695
11,097
Governance
function
2021
£
Project management
12,283
Legal and professional
-
Bank charges
56
Webhosting
-
Volunteer expenses
-
Sundry
-
Audit fees
3,500
15,839
7.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts		 General
support
2022
£
28,443
54,094
291
421
-
-
-
83,249
General
support
2021
£
18,425
19,802
56
4,137
393
312
-
43,125
2022
£
3,695		 Total
funds
2022
£
35,554
54,094
582
421
-
-
3,695
94,346
Total
funds
2021
£
30,708
19,802
112
4,137
393
312
3,500
58,964
2021
£
3,500

Page 23

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

8. Staff costs

The average number of persons employed by the Charity during the year was as follows:

Trustees
During the year, no Trustees received any remuneration (2021: Nil).
During the year, no Trustees received any benefits in kind (2021: Nil).		 2022
6		 2021
6

During the year, 1 Trustees received reimbursements of expenses totalling £173 relating to website costs ( 2021: 1 trustee totalling £456 relating to postage fees, website costs and sundry costs ).

9. Debtors

Due after more than one year
Grants and donations receivable
Due within one year
Other debtors
Grants and donations receivable		 2022
£
640,000
24,053
426,477
1,090,530		 2021
£
700,000
17,334
274,609
991,943

Page 24

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

10. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income		 2022
£
106,945
163,689
270,634		 2021
£
14,575
69,928
84,503

11. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at
1 November
2021
£
1,303,790
101,695
1,405,485		 Income
£
9,411
1,240,461
1,249,872
Balance at
1 November
2020
£
279,775
270,614
550,389		 Expenditure
£
(132,338)
(1,463,614)
(1,595,952)
Income
£
1,063,932
1,587,344
2,651,276		 Transfers
between
funds
£
(121,458)
121,458
-
Expenditure
£
(39,917)
(1,756,263)
(1,796,180)		 Balance at
31 October
2021
£
1,059,405
-
1,059,405
Balance at
31 October
2021
£
1,303,790
101,695
Summary of funds - prior year
General funds
Restricted funds
1,405,485

Page 25

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

12. Analysis of net assets between funds

Analysis of net assets between funds - current year

Debtors due after more than one year
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
£
600,000
507,250
(47,845)
1,059,405		 Restricted
funds
2022
£
40,000
182,789
(222,789)
-		 Total
funds
2022
£
640,000
690,039
(270,634)
1,059,405

Analysis of net assets between funds - prior year

Debtors due after more than one year
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
700,000
610,655
(6,865)
1,303,790		 Restricted
funds
2021
£
-
179,333
(77,638)
101,695		 Total
funds
2021
£
700,000
789,988
(84,503)
1,405,485

Purpose of Restricted Funds

This fund is for the purpose of the restoration and capital work being undertaken on the synagogue as referred to in more detail in the Trustees' Report. During the year, there were expenses in excess of the funds that had been shown as restricted therefore a transfer between funds was necessary.

13. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/(expenditure) for the year (as per Statement of Financial
Activities)
Adjustments for:
Increase in debtors
Increase in creditors
Net cash used in operating activities		 2022
£
(346,080)
(98,587)
186,131
(258,536)		 2021
£
855,096
(985,695)
64,549
(66,050)

Page 26

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

14. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2022
£
239,509
239,509		 2021
£
498,045
498,045

15. Analysis of changes in net debt

Cash at bank and in hand At 1
November
2021
£
498,045
498,045		 Cash flows
£
(258,536)
(258,536)		 At 31
October 2022
£
239,509
239,509

16. Related party transactions

Donations were received in the year from charities connected by virtue of shared trustees of £Nil ( 2021: £400,000 ). There were no amounts included within debtors at the year end. These funds were restricted for use in the restoration / capital works project.

Donations were received from trustees of £6,250 ( 2021: £ 6,250). There were no amounts included within debtors at the year end and there were no conditions attached to these donations.

Page 27