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2024-10-30-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 2024

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charitable Company, its Trustees and 1
Advisers
Trustees' Report 2 - 7
Independent Auditors' Report on the Financial Statements 8 - 11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15 - 26

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024

Trustees

Melody Salem (Chair) Howard Martin Dr Alan Mendoza Audrey Mizrahi Benjamin Crowne Jonathan Solomons Hannah Talbot

Company registered number

12013004

Charity registered number

1184803

Registered office

2 Ashworth Road, London, W9 1JY

Independent auditors

Wilder Coe Ltd, Chartered Accountants & 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 2024

The Trustees present their annual report together with the audited financial statements of the Bevis Marks Synagogue Heritage Foundation (the "charitable company") for the year 1 November 2023 to 31 October 2024. 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 charitable Company 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:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

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 undertaken to achieve objectives

The Foundation’s activities were focused on the major works on the synagogue and educational centre, which continued throughout the year. Restoration of the main sanctuary having been completed in the previous year, substantive work continued on the construction and fit-out of the centre.

The professional and trustee teams were active across a range of portfolios to advance, oversee and promote the Foundation’s work. These included fundraising, promotion, co-ordination with the Spanish & Portuguese Jewish Community, oversight of the restoration and construction works, and preparation for the opening of the centre in 2025.

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 2024

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 performance indicators

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

b. Review of activities

During the prior financial year restoration of the Synagogue and sanctuary was completed, and practical completion was issued. The operation of the space has been returned to the synagogue’s congregation for prayer services and other religious functions. Works continue in the Synagogue's courtyard. This element of the project was in the defect liability period for much of the financial year but snagging was not completed by the main contractor for reasons discussed below.

The works to the annexe are ongoing, to construct and fit out a modern visitor centre with an exhibition that will tell the story of the S&P Sephardi Community. Elements completed in the year include mechanical work, electrics and the installation of two kitchens, toilets, offices, floor tiles, café, staircase, joinery and lighting. Work on the main exhibition spaces was in progress at the year-end.

The progress of work was slow for much of the year, culminating with the main contractor leaving site in September and indicating that they would enter liquidation (which took place in November 2024). After the appropriate notice period their contract was terminated in October 2024. Subsequent to the year-end a new main contractor has been appointed and work progressed at a substantially increased pace. A claim has been against the terminated contractor for liquidated damages but there is as yet no indication as to whether any amount will be recoverable.

Two full time employees – a Facilities Manager and a Heritage Operations Manager – were appointed during the year. Family and Learning Consultants were retained to draw up an education and workshops programme to deliver in our first year of opening. Work also continued on the audio guides and the AV elements of the project.

A review of the Trustees skill sets was undertaken, and two new Trustees are currently being sought for specific portfolios..

In pursuit of the objectives listed above, the charity recognised £193,137 of donations ( 2023 : £778,225 ). Amounts received in the year included £100,000 of the pledged £1 million from The Exilarch's Foundation previously recognised as income. The charity also recognised £511,633 in grants from the NLHF during the period ( 2023: £458,390 ). There were no other grants received this year ( 2023 : £3,162 ).

Page 3

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

FINANCIAL REVIEW

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable Company has or will be able to obtain adequate resources to complete its current construction works and continue as operation entity 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. Reserves policy

The Trustees have previously examined the requirement for free reserves (being unrestricted funds not invested in fixed assets, designated for specific purposes, or otherwise committed). The Trustees consider that, under normal circumstances and given the nature of the Foundation’s work, this should be between 3 and 6 months of budgeted expenditure.

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 2024 were £1,255,508 ( 2023: £1,388,312 ). Of these reserves, there are £517,869 of restricted funds (2023 : £ 437,885 ) which specifically relates to the restoration and capital works being undertaken and cannot be used for the general purpose of the charity. Unrestricted reserves are therefore £737,639, compared to projected activity and overhead costs for the 2025 year-end of £325,000.

The reserves policy will be reviewed once the major works are completed and the visitors’ centre opened in 2025.

c. Principal risks and uncertainties

d. Principal funding

The charity has primarily been funded through grants and donations. In the current year the largest grant was from the NLHF and the largest donation from the Exilarch Foundation, both reflecting long-term commitments. Expenditure during the year was mainly in relation to the fund raising, project management, architect, design team, interpretation team, other professional fees, main contractor fees and surveyors costs in relation to the construction work and exhibition fit out.

Page 4

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

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.

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.

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 key management personnel

All directors, who are also trustees of the charity, give their time freely and no director received remuneration in the period. One employee was recruited during the year following a competitive process at a market rate salary.

e. Organisational structure and decision making

The board of Trustees administer the charity.

The Trustees who served during the year were as follows:

Melody Salem (chair) Howard Martin Dr Alan Mendoza Jonathan Solomons Hannah Talbot Audrey Mizrahi Benjamin Crowne Julian Marland (resigned 15 May 2024)

Page 5

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

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.

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.

PLANS FOR FUTURE PERIODS

The charity's plans for the future are consistent with the objectives identified within this report. We hope to have completed the capital works before the end of of the next financial year (October 2025) and be in the final stages of the fit out of the annexe and installation of the exhibition. Staff will be in place and the schools programme operational. After opening, 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 charitable 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 . 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 charitable Company 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 charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

DISCLOSURE OF INFORMATION TO AUDITORS

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

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.

24 July 2025

Approved by order of the members of the board of Trustees on ........................................................................ and signed on their behalf by: _______

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

Melody Salem

(Chair of Trustees)

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 'charitable company') for the year ended 31 October 2024 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:

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 9

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 10

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION IA Company Limlted by Guarants81 INDEPENDENT AUDITORS. REPORT TO YHE MEMBERS OF BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION ICONTINUEDI Use ofour report This report is made solely to the charitable company's members, as a body, in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charltsble company's members those mallers we are required to state to them in an Audilors, Report and for no other purpose. To the fullesl exlenl permitted by law, we do nol accept or assume responsibility lo anyone other than the charilable company and its members, as a body, for our audit work, lor this reporL or for the upinions we have formed. Robert Bradman BA CA (Senior Statutory Audltorl for and on behalf of Wlldar Coe Ltd Chartered Accountants & Slalutory Auditors 1st Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL Date.. 29 July 2025 Page11

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 2024

Note
INCOME FROM:
Donations and legacies
3
Other trading activities
4
TOTAL INCOME
EXPENDITURE ON:
Raising funds
5
Charitable activities
6
TOTAL EXPENDITURE
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2024
£
153,137
345
153,482
1,246
365,024
366,270
(212,788)
950,427
(212,788)
737,639		 Restricted
funds
2024
£
551,633
-
551,633
-
471,649
471,649
79,984
437,885
79,984
517,869		 Total
funds
2024
£
704,770
345
705,115
1,246
836,673
837,919
(132,804)
1,388,312
(132,804)
1,255,508		 Total
funds
2023
£
1,239,777
13,439
1,253,216
1,293
923,016
924,309
328,907
1,059,405
328,907
1,388,312

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 26 form part of these financial statements.

Page 12

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

BALANCE SHEET AS AT 31 OCTOBER 2024

Note
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Restricted funds
Unrestricted funds
TOTAL FUNDS		 611,320
733,946
1,345,266
(89,758)		 2024
£
1,255,508
1,255,508
517,869
737,639
1,255,508		 739,603
859,276
1,598,879
(210,567)		 2023
£
1,388,312
1,388,312
437,885
950,427
1,388,312

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.

24 July 2025

The financial statements were approved and authorised for issue by the Trustees on ........................................ and signed on their behalf by:

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

Melody Salem

(Chair of Trustees)

The notes on pages 15 to 26 form part of these financial statements.

Page 13

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2024

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
15
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
16		 2024
£
(125,330)
(125,330)
859,276
733,946		 2023
£
619,767
619,767
239,509
859,276

The notes on pages 15 to 26 form part of these financial statements

Page 14

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

1. GENERAL INFORMATION

Bevis Marks Synagogue Heritage Foundation (company number: 12013004), having its registered office at 2 Ashworth Road, London, W9 1JY 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 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.

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 charitable 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 receivable basis. The balance 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 received in advance 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.

Page 15

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES (CONTINUED)

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.

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 charitable 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 in the Statement of Financial Activities as a finance cost.

Page 16

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES (CONTINUED)

2.8 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 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 charitable 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 charitable 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.

3. INCOME FROM DONATIONS AND LEGACIES

Donations
Grants
Donations
Grants		 Unrestricted
funds
2024
£
153,137
-
153,137
Unrestricted
funds
2023
£
89,225
-
89,225		 Restricted
funds
2024
£
40,000
511,633
551,633
Restricted
funds
2023
£
689,000
461,552
1,150,552		 Total
funds
2024
£
193,137
511,633
704,770
Total
funds
2023
£
778,225
461,552
1,239,777

Page 17

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

4. INCOME FROM OTHER TRADING ACTIVITIES

Income from non charitable trading activities

Visitor tour income received
5.
EXPENDITURE ON RAISING FUNDS
COSTS OF RAISING VOLUNTARY INCOME
Professional fees
Just Giving fees
Literature
Professional fees
Just Giving fees
Literature		 Unrestricted
funds
2024
£
345		 Total
funds
2024
£
345
Unrestricted
funds
2024
£
1,066
180
-
1,246
Unrestricted
funds
2023
£
270
180
843
1,293		 Total
funds
2023
£
13,439
Total
funds
2024
£
1,066
180
-
1,246
Total
funds
2023
£
270
180
843
1,293

Page 18

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Restoration / capital works
Visitor centre
Governance
Restoration / capital works
Visitor centre
Governance		 Unrestricted
funds
2024
£
-
342,827
22,197
365,024
Unrestricted
funds
2023
£
-
192,341
18,008
210,349		 Restricted
funds
2024
£
471,649
-
-
471,649
Restricted
funds
2023
£
712,667
-
-
712,667		 Total
2024
£
471,649
342,827
22,197
836,673
Total
2023
£
712,667
192,341
18,008
923,016

Page 19

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Restoration / capital works
Visitor centre
Governance
Restoration / capital works
Visitor centre
Governance		 Activities
undertaken
directly
2024
£
382,286
337,569
-
719,855
Activities
undertaken
directly
2023
£
649,369
188,618
-
837,987		 Support
costs
2024
£
89,363
5,258
22,197
116,818
Support costs
2023
£
63,298
3,723
18,008
85,029		 Total
funds
2024
£
471,649
342,827
22,197
836,673
Total
funds
2023
£
712,667
192,341
18,008
923,016

Page 20

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS


Project management
Architect and design
Consultancy
Legal and professional
Insurance
Repairs and conservation work
New building works
Subscriptions
Exhibition fit out
Collection costs
Marketing
Project management
Architect and design
Consultancy
Legal and professional
Insurance
Repairs and conservation works
New building works
Subscriptions
Exhibition fit out
Collection costs		 Restoration /
capital works
2024
Visitor centre
2024
£
£
35,464
-
54,434
-
-
49,046
68,054
37,825
13,673
6,710
46,064
-
164,597
-
-
2,162
-
238,526
-
-
-
3,300
382,286
337,569
Restoration /
capital works
2023
Visitor centre
2023
£
£
31,716
-
65,318
-
-
31,968
33,472
29,066
13,451
2,033
114,708
-
390,704
-
-
4,318
-
108,390
-
12,843
649,369
188,618		 Total
funds
2024
£
35,464
54,434
49,046
105,879
20,383
46,064
164,597
2,162
238,526
-
3,300
719,855
Total
funds
2023
£
31,716
65,318
31,968
62,538
15,484
114,708
390,704
4,318
108,390
12,843
837,987

Page 21

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

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.

Project management
Legal and professional
Bank charges
Webhosting and computer costs
Audit fees
Accountancy fees
Telephone costs
Sundry
Wages and salaries
Pension costs
Recruitment costs
Project management
Legal and professional
Bank charges
Webhosting and computer costs
Audit fees
Accountancy fees
Telephone costs
Sundry		 Governance
function
2024
£
7,093
-
261
-
4,331
-
-
-
-
-
-
11,685
Governance
function
2023
£
5,374
-
301
-
4,886
-
-
-
10,561		 General
support
2024
£
28,372
38,384
261
9,013
-
4,534
4,334
670
17,905
483
1,177
105,133
General
support
2023
£
26,342
34,434
301
5,226
-
3,388
3,316
1,461
74,468		 Total
funds
2024
£
35,465
38,384
522
9,013
4,331
4,534
4,334
670
17,905
483
1,177
116,818
Total
funds
2023
£
31,716
34,434
602
5,226
4,886
3,388
3,316
1,461
85,029

Page 22

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

8. AUDITORS' REMUNERATION

2024 2023
£ £
Fees payable to the charitable Company's auditor for the audit of the
charitable Company's annual accounts 4,331 4,886

9. STAFF COSTS

Wages and salaries
Contribution to defined contribution pension schemes		 2024
£
17,905
483
18,388		 2023
£
-
-
-

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

2024 2023
No. No.
Employees 1 -

No employee received remuneration amounting to more than £60,000 in either year.

10. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits ( 2023: £Nil

During the year ended 31 October 2024, expenses totalling £ 210 were reimbursed or paid directly to 1 Trustee relating to website costs ( 2023: £3,585 to 4 Trustee relating to website costs ).

11. DEBTORS

DUE AFTER MORE THAN ONE YEAR
Grants and donations receivable
DUE WITHIN ONE YEAR
Other debtors
Prepayments and accrued income
Grants and donations receivable		 2024
£
400,000
35,220
8,600
167,500
611,320		 2023
£
500,000
29,603
-
210,000
739,603

Page 23

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Pension fund loan payable
Accruals and deferred income		 2024
£
50,451
512
38,795
89,758		 2023
£
24,411
-
186,156
210,567

13. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR

General funds
Restricted funds
SUMMARY OF FUNDS - PRIOR YEAR
General funds
Restricted funds		 Balance at 1
November
2023
£
950,427
437,885
1,388,312
Balance at
1 November
2022
£
1,059,405
-
1,059,405		 Income
£
153,482
551,633
705,115
Income
£
102,664
1,150,552
1,253,216		 Expenditure
£
Balance at 31
October 2024
£
(366,270)
737,639
(471,649)
517,869
(837,919)
1,255,508
Expenditure
£
Balance at
31 October
2023
£
(211,642)
950,427
(712,667)
437,885
(924,309)
1,388,312

Page 24

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Debtors due after more than one year
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
2024
£
400,000
427,398
(89,759)
737,639		 Restricted
funds
2024
£
-
517,869
-
517,869		 Total
funds
2024
£
400,000
945,267
(89,759)
1,255,508

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Debtors due after more than one year
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
2023
£
500,000
566,486
(116,059)
950,427		 Restricted
funds
2023
£
-
532,393
(94,508)
437,885		 Total
funds
2023
£
500,000
1,098,879
(210,567)
1,388,312

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.

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 15. ACTIVITIES

Net income/expenditure for the period (as per Statement of Financial
Activities)
ADJUSTMENTS FOR:
Decrease in debtors
Decrease in creditors
NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES		 2024
£
(132,804)
128,282
(120,808)
(125,330)		 2023
£
328,907
350,927
(60,067)
619,767

Page 25

BEVIS MARKS SYNAGOGUE HERITAGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

16. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
ANALYSIS OF CHANGES IN NET DEBT
At 1
November
2023
£
Cash at bank and in hand
859,276
Debt due within 1 year
-		 2024
2023
£
£
733,946
859,276
Cash flows
At 31
October 2024
£
£
(125,330)
733,946
-
-		 2023
£
859,276

17. ANALYSIS OF CHANGES IN NET DEBT

18. RELATED PARTY TRANSACTIONS

Donations were received from trustees and their related parties of £25,000 ( 2023: £6,250 ). There were no amounts included within debtors at the year end ( 2023: £Nil ) and there were no conditions attached to these donations.

There were amounts totalling Nil ( 2023: £16,515 ) paid to S&P as reimbursement of expenses paid on behalf of the charitable company or for shared costs.

At the year end, there is £9,997 within other debtors ( 2023: £9,997 ) due from S&P in relation to repair works completed as part of the overall project but to be reimbursed by S&P.

Page 26