2022-12-31-accounts

Charity number: 254951

FEDERATION OF SYNAGOGUES

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FEDERATION OF SYNAGOGUES

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees, and advisers	1
Trustees' report	2 - 6
Independent auditors' report on the financial statements	7 - 10
Consolidated statement of financial activities	11
Consolidated balance sheet	12
Charity balance sheet	13
Consolidated statement of cash flows	14
Notes to the financial statements	15 - 39

FEDERATION OF SYNAGOGUES

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

Trustees	M. Itzinger,Vice President
	M. Winegarten,Burial SocietyTreasurer
	J. Weg,Vice President
	L. Newmark,Treasurer
	S. Gertner – retired 19/06/2022
	G. Douek – retired 19/06/2022
	A. S. Cohen, President E. J Rashbass, Treasurer – retired 28/09/2022 G. Rokash, Burial Society Treasurer – appointed 19/06/2022 A. T Gold – appointed 25/01/2023
Charity registered number 254951 Principal office 65 Watford Way London NW4 3AQ Chief executive officer Rabbi A. Lazarus Independent auditors Landau Morley LLP 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX Bankers HSBC 165 Fleet Street London EC4A 2DY Solicitors Bircham Dyson Bell 50 Broadway London SW1H 0BL Fladgate LLP 25 North Row London W1K 6DJ

Page 1

FEDERATION OF SYNAGOGUES

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

The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 31st December 2022. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity’s Constitution, the Charities Act 2011 and 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) (as amended for accounting periods commencing from 1 January 2019).

LEGAL AND ADMINISTRATIVE DETAILS

Legal and administrative details as set out on the information page form part of this Report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Federation of Synagogues (FOS) is an unincorporated association governed by its Constitution, which is updated from time to time.

Under the framework set out in the 2013 Laws, the organisational structure is headed by seven Trustees. The Trustees are elected by the Federation Council for a three-year term.

The Council consists of delegates elected by Constituent and Affiliated synagogues. In addition, up to six Elders can be appointed. The number of delegates allowed for Constituent synagogues depends on the size of membership in that for every 25 male members one delegate is allowed with a maximum of 7 elected delegates per synagogue. In addition, the President, two Wardens and a Financial Representative of each Constituent synagogue are also members of Council ex officio. Similarly, up to 7 women for each constituent synagogue can be appointed to serve on Council. Affiliated synagogues are represented by their President and by up to 3 male and 3 female representatives.

Trustees can also co-opt not more than 10 other Federation members to the Council with a view to broadening the pool of skills and expertise available to them.

The distinction between a Constituent and an Affiliated synagogue is set out in the Constitution. Normally, a Constituent synagogue is fully owned by the Federation, its employees are paid through the Head Office payroll, its budgets have to be approved by Head Office and all items of income and expenditure pass through the Head Office accounts department. An Affiliated synagogue is where either all or some of its members are members of the Federation Burial Society. The premises are not necessarily owned by the Federation and the only financial transactions are the payment by the Affiliated synagogue to the Federation Head Office of Federation dues. All other items of income and expenditure are the responsibility of the Affiliated synagogue.

Further to the Council meeting on 19th June 2022 the Trustee body for the next triennial is:

President: Andrew S Cohen Vice President: Jacob Weg Vice President: Meir Itzinger Treasurer: Leon Newmark Burial Society Treasurer: Gavriel Rokash Burial Society Treasurer: Moshe Winegarten

Elie Rashbass was initially elected as a Treasurer on 19th June 2022 however he retired on 28th September 2022. Alexander Gold was elected in his place on 25th January 2023.

When new Trustees are elected, they are generally already familiar with the Federation’s practices. As a means of induction, they visit Head Office to meet with the Chief Executive and key staff members as well as visiting other significant sites such as the synagogues and burial grounds.

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FEDERATION OF SYNAGOGUES

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

There are four Council meetings each year and, under the new Laws, the Council of the Federation acts as a consultative body. The Trustees have an obligation to seek the views of Council on matters of special business, defined as:

• (a) the level of Federation dues payable;

• (b) the admission of new synagogues to and the disaffiliation of existing synagogues from the Federation;

• (c) the expenditure of a sum in excess of £250,000 (except in a situation which, in the reasonable opinion of the Trustees, is an emergency);

• (d) the appointment or dismissal of Federation Beth Din Dayanim

• (e) the continuing operations of the Beth Din;

• (f) the continuing operations of any trading subsidiary of the Federation.

The Council has the following core powers:

• 1) To elect and remove the Trustees

• 2) To propose and vote on amendments to the Constitution

On the operational side, the Trustees delegate the day-to-day responsibility for organising the charity’s activities to a Chief Executive and Head Office staff. Rabbi Avi Lazarus has occupied the position of Chief Executive since September 2014.

The charity has two subsidiaries, Kosher Foods Supervisory Services Limited and Watford Way Investments Limited.

Kosher Foods Supervisory Services Limited (KFSS) provides supervised Kosher food production in the UK and overseas. It had a turnover of £2,060,774 (2021 £1,837,447) with a profit for the year of £112,643 before tax (2021 loss £15,254), as shown in the notes to the Financial Statements. Watford Way Investments Limited holds property for investment purposes which was financed out of the proceeds from the sale of West Hackney synagogue. The subsidiary commenced trading on the 21[st of] December 2006. The company owns a commercial property in Coventry which includes two office suites. Watford Way’s profit for the year was £1,204 (2021 - loss £627 before re-valuation). The Trustees believe that the property in Coventry remains a good medium to long term investment.

Risk management

The Trustees have identified the major risks to which the charity is exposed and are satisfied that systems are in place to manage those risks. Normally, Federation constituent Synagogues are given the flexibility to manage their own affairs, provided that they achieve a neutral budget or a surplus at the end of each year.

Remuneration

During the Federation’s restructure at the end of 2015, the Chief Executive and Trustees considered the remuneration of all staff by comparing to remuneration levels of similar charities. They will continue to monitor changes in market forces and other factors that may affect this.

OBJECTIVES AND ACTIVITIES

A summary of the objects of the charity as set out in the governing document:

The FOS is a Synagogal body that seeks to serve, represent, and lead members of the Orthodox Jewish community. As such, it provides places of worship, facilities for education and orthodox burial for its members. It maintains a Beth Din and provides Rabbis and Ministers. Through its subsidiary, the charity is involved in the supervision and provision of food, serving the Jewish public by facilitating the provision of Kosher food for retail outlets and restaurants.

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FEDERATION OF SYNAGOGUES

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

The vast majority of the activity of the Federation is at local community level. Federation synagogues provide a highly valued and quality service to their members. Federation synagogues are friendly, warm, and welcoming to both members and guests. The structure and atmosphere in a Federation synagogue is designed to enable members to achieve their religious potential. The small size of membership of a Federation synagogue enables the Rabbi to know most of the congregants and to be able to have a personal influence on their religious growth. Federation synagogues arrange a large number of education and social programmes and members are given every opportunity not only to participate but also volunteer in the organisation of synagogal activities. Each synagogue reports on its own activities to its members on an annual basis at its Annual General Meeting as well as through websites, newsletters, and magazines. The Federation of Synagogues recognises the importance of sharing the responsibility for the organisation with Head Office and a level of commitment by local boards of management is extremely high. The Federation’s success can be largely measured by its ability to attract new members to its synagogues and new synagogues to join the organisation.

ACHIEVEMENTS AND PERFORMANCE

In 2022 a number of key events took place at the Federation. For the purpose of this report, these have been grouped under the headings of Communities, Burial Society, Kashrus & Beis Din, Finance & Head Office, and Projects.

COMMUNITIES

The Trustees have worked closely with all communities to support their development at whichever point they find themselves. Newcomers and notable projects include:

• Eitz HaChaim in Edgware joined as a Constituent synagogue.

• Four new Affiliate synagogues joined during the year:

• Anshei Shlomo in Hendon

• Hashkoma Minyan at EAYC in Edgware

• Chabad of Borehamwood

• Torat Moshe in Golders Green

• Finchley Fed completed its refurbishment and moved back to its premises.

• KNY in Edgware undertook a major refurbishment of 207-209 Hale Lane (previously the Edgware Torah Centre) and then moved into its new home there.

BURIAL SOCIETY

The Burial Society has gone through some significant changes as follows:

• By the end of 2022 20 burials had taken place at the recently opened cemetery in Edgware.

• A project to create a new cemetery prayer book has begun and it due come to fruition in 2023.

BEIS DIN & KASHRUS

• The Federation Beis Din, led on this issue by Dayan Hool, continued to liaise with government ministers and senior civil servants regarding draft legislation that could potentially impact the validity of certain Gets.

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FEDERATION OF SYNAGOGUES

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

FINANCE & HEAD OFFICE

• Planning permission has been secured to build 4 flats on land adjacent to Nelson Street Shul in East London and we will go to tender in 2023.

• Head office ran separate training sessions for Shul representatives on GDPR and Safeguarding compliance.

PROJECTS

• A new project – Shemitta Live – was launched for the current Shemitta year, which advises on the permissibility of purchase and use of Israeli produce in real time, as it changes during the year.

• Rabbi Zimmerman now gives regular shiurim in Northwest London on a variety of topics including Parsha, Pirkei Ovos and contemporary halachic issues.

• Our Shailatext, Maasertext, Sheimos L’Geniza and Fedtech services continued to thrive, all increasing in number of users during the year. Shailatext is now used reqularly by over 10,000 individual users.

Public Benefit

The trustees confirm that they have had due regard to the guidance published by the Charity Commission. The benefit to the public is manifestly demonstrated by the achievements contained in this report.

FINANCIAL REVIEW

The financial position of the charity and its subsidiaries was strong during the year. Assets available were sufficient to fulfil its obligations and permit the charity to continue in operation in the medium term, given the continued support of the Constituent synagogues.

The group shared net assets of £28,839,509 (2021 £28,512,235). The group had a surplus of £105,535 (2021 £195,568) before revaluation surplus and taxes.

The Federation had a deficit of £8,313 (2021 – surplus £211,452) before revaluation surplus and taxes.

Policy on reserves

At the year-end there are no free reserves (2021 £nil). This includes creditors due in more than one year which relate to mortgages secured on fixed assets which amount to £2,705,424 (2021 £2,784,804). It is the policy of the charity to maintain unrestricted funds, which are free reserves of the charity, at a level which provides sufficient resources to fund the charitable commitments and the cost of management and administration. The Trustees carefully monitor the reserves of the charity and when considering their adequacy, they take into consideration that a large proportion of liabilities are longer term.

There are no restrictions on the power of the charity to invest. The trust deed authorises the trustees to make and hold investments using the general funds of the charity.

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FEDERATION OF SYNAGOGUES

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

PLANS FOR FUTURE PERIODS

Moving forward the Trustees of the Federation plan to further their aims of repositioning the Federation as the powerhouse of Orthodoxy in the United Kingdom. Their long-term goals include:

• Increasing the income and profit from KFSS, particularly from licensing food production factories and Shechita.

• Increasing service of and engagement with members of UK Orthodox community via its many ‘Kehilla Services’ such as Shailatext, Maasertext and FedTech.

• Investment in current and new synagogues both in London and Manchester.

These Financial Statements show that the organisation has strength in depth and, throughout the year under review, the Trustees together with the Chief Executive, have continued to exercise due diligence in order to reduce overheads and counter the negative effects of the difficult economic conditions.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity 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 in the Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable Accounting Standards 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 inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on 31 October 2023 and signed on their behalf by:

A. S. Cohen, President

L. Newmark, Treasurer

Page 6

FEDERATION OF SYNAGOGUES

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FEDERATION OF SYNAGOGUES (CONTINUED)

Opinion

We have audited the financial statements of Federation of Synagogues (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated statement of financial activities, the consolidated balance sheet, the charity balance sheet, the consolidated 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 state of the Group's and of the parent charity's affairs as at 31 December 2022 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 Group 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 Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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FEDERATION OF SYNAGOGUES

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FEDERATION OF SYNAGOGUES (CONTINUED)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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

• the parent Charity has not kept sufficient accounting records; or

• the parent Charity 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 are responsible for the preparation of the financial statements which 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 Group's and the parent charity'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 Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 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 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:

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FEDERATION OF SYNAGOGUES

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FEDERATION OF SYNAGOGUES (CONTINUED)

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the directors.

The extent to which our procedures can detect irregularities, including fraud, is detailed below.

• We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with management (as required by auditing standards).

• We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

• Except for any known or possible non-compliance, and as required by auditing standards, our work in respect of these included enquiry of management about company's policies, procedures, and related controls regarding compliance with laws and regulations and if there are any known instances of noncompliance

.

• We tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

• We performed analytical procedures to identify any unusual or unexpected relationships.

• We reviewed the minutes of the meetings of the Board of Trustees.

• We examined supporting documents for all material balances, transactions, and disclosures.

• We evaluated the selection and application of accounting policies related to subjective measurements and complex transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

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.

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FEDERATION OF SYNAGOGUES

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FEDERATION OF SYNAGOGUES (CONTINUED)

Use of our report

This report is made solely to the charity'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 charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Landau Morley LLP

325-327 Oldfield Lane North Greenford Middlesex UB6 0FX

Date: 31 October 2023

Landau Morley LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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FEDERATION OF SYNAGOGUES

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Incoming from: Donations and legacies Charitable activities Other trading activities Investments Other income Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net income/(expenditure) before taxation Taxation Net income/(expenditure) after taxation Transfer between funds NET MOVEMENT IN FUNDS FUNDS, brought forward FUNDS, carried forward	Notes	Unrestricted Funds £ 1,292,656 631,029 2,060,774 273,204 -	Restricted Funds £ 418,270 - - - -	Total 2022 £ 1,710,926 631,029 2,060,774 273,204 -	Total 2021 £ 1,587,118 554,809 1,837,447 306,408 300,592
	3 4 5 6 7 8 9 15 22
		4,257,663	418,270	4,675,933	4,586,374
		1,964,736 2,332,258	- 273,404	1,964,736 2,605,662	1,978,206 2,412,600
		4,296,994	273,404	4,570,398	4,390,806
		(39,331) 223,813	144,866 -	105,535 223,813	195,568 -
		184,482 (2,074)	144,866 -	329,348 (2,074)	195,568 5,553
		182,408 338,149	144,866 (338,149)	327,274 -	201,121 -
		520,557 26,388,689	(193,283) 2,123,546	327,274 28,512,235	201,121 28,311,114
		26,909,246	1,930,263	28,839,509	28,512,235

The notes on pages 15 to 39 form part of these financial statements.

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FEDERATION OF SYNAGOGUES

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2022

FIXED ASSETS Tangible assets Investment property CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS: amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: amounts falling due after one year NET ASSETS FUNDS Restricted funds Unrestricted funds - general fund - Revaluation Reserve	Notes £ 16 27,544,062 17 3,370,000 18 636,869 1,614,201 2,251,070 19 (1,620,199) 20 21 21 26,539,082 21 370,164 2022	£ £ £ 27,731,544 1,900,000 30,914,062 29,631,544 721,439 3,533,364 4,254,803 (2,589,308) 630,871 1,665,495 31,544,933 31,297,039 (2,705,424) (2,784,804) 28,839,509 28,512,235 1,930,263 2,123,546 26,242,338 26,909,246 146,351 26,388,689 28,839,509 28,512,235 2021	£ £ £ 27,731,544 1,900,000 30,914,062 29,631,544 721,439 3,533,364 4,254,803 (2,589,308) 630,871 1,665,495 31,544,933 31,297,039 (2,705,424) (2,784,804) 28,839,509 28,512,235 1,930,263 2,123,546 26,242,338 26,909,246 146,351 26,388,689 28,839,509 28,512,235 2021
	16 17 18 19 20 21 21 21
			31,297,039 (2,784,804)
			28,512,235 2,123,546 26,388,689
			28,512,235

The financial statements were approved and authorised for issue by the Trustees on 31 October 2023 and signed on their behalf by:

A.S Cohen L Newmark Trustee Trustee

The notes on pages 15 to 39 form part of these financial statements.

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FEDERATION OF SYNAGOGUES

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2022

FIXED ASSETS Tangible assets Investment property CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS: amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: amounts falling due after one year NET ASSETS FUNDS Restricted funds Unrestricted funds - General fund - Revaluation Reserve	Notes	£ 27,524,405 1,970,000 2,705,817 1,433,462 4,139,279 (1,184,966) 26,936,963 623,116 2022	£ £ 27,718,895 500,000 29,494,405 3,422,421 2,938,074 6,360,495 (2,266,793) 2,954,313 32,448,718 (2,958,376) 29,490,342 1,930,263 26,751,992 399,303 27,560,079 29,490,342 2021	£ 28,218,895 4,093,702
	16 17 18 19 20 21 21 21
				32,312,597 (3,037,756)
				29,274,841 2,123,546 27,151,295
				29,274,841

The financial statements were approved and authorised for issue by the Trustees on 31 October 2023 and signed on their behalf by:

A.S Cohen L Newmark Trustee Trustee

The notes on pages 15 to 39 form part of these financial statements.

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FEDERATION OF SYNAGOGUES

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Proceeds from the sale of tangible fixed assets Rent from investment properties Purchase of tangible assets Net cash (used in)/provided by investing activities Cash flows from financing activities Repayments of borrowing Net cash (used in)/provided by financing activities 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	Notes 24	2022 £ (1,016,584) 280,000 270,174 (1,359,990) (809,816) (92,763) (92,763) (1,919,163) 3,533,364 1,614,201	2021 £ 1,200,874
			- 305,028 (1,364,593)
			(1,059,565)
			(107,033)
			(107,033)
			34,276 3,499,088
			3,533,364

The notes on pages 15 to 39 form part of these financial statements

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FEDERATION OF SYNAGOGUES

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

1. General information

The charity is registered in England and Wales and is unincorporated. The address of the principal office is 65 Watford Way, Hendon, London NW4 3AQ.

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 Charities Act 2011.

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

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

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line-by-line basis.

2.2 Going concern

At the time of approving the Financial Statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the Financial Statements.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the consolidated 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

FEDERATION OF SYNAGOGUES

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

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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.

Expenditure on raising funds includes all expenditure incurred by the Group 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 Group'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 consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the consolidated statement of financial activities as the related expenditure is incurred.

2.6 Research and development

Research and development expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial, and financial feasibility can be demonstrated.

Page 16

FEDERATION OF SYNAGOGUES

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

2.7 Tangible fixed assets and depreciation

Tangible fixed assets 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 should be included in the measurement of cost.

No amortisation has been provided on freehold land and buildings and long leaseholds as the assets are kept in good repair and their useful lives and estimated residual values are such that depreciation is not material. Assets are reviewed annually for any impairment. The trustees are of the opinion that the recoverable amount is in excess of the carrying amount and feel that no provision for impairment is required.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Motor vehicles - 25% straight line - Equipment 25% straight line

2.8 Investment Properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

2.9 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 ‘Gains/(Losses) on investments’ in the consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 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.

2.11 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.

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FEDERATION OF SYNAGOGUES

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

2.12 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 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 consolidated statement of financial activities as a finance cost.

2.13 Financial instruments

The Group 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.

2.14 Pensions

The Group operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.15 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 Group 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 Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.16 Affiliated synagogues

The Charity does not exercise day to day control of Affiliated Synagogues and, therefore, the results of these entities, their assets and liabilities are not consolidated.

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FEDERATION OF SYNAGOGUES

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

3. Income from donations and legacies

Synagogue membership Federation dues Other synagogue income including donations Synagogue membership Federation dues Other synagogue income including donations	Unrestricted Funds £ 365,165 269,875 657,616 1,292,656 Unrestricted Funds £ 358,265 247,716 587,383 1,193,364	Restricted Funds £ - - 418,270 418,270 Restricted Funds £ - - 393,754 393,754	Total 2022 £ 365,165 269,875 1,075,885 1,710,926 Total 2021 £ 358,265 247,716 981,137 1,587,118	Total 2022

4. Income from charitable activities

4. Income from charitable activities
Burial Society Beth Din Burial Society Beth Din	Unrestricted Funds £ 446,837 184,192 631,029 Unrestricted Funds £ 467,507 87,302 554,809	Total 2022 £ 446,837 184,192
		631,029 Total 2021 £ 467,507 87,302
		554,809

Page 19

FEDERATION OF SYNAGOGUES

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

.

5. Income from other trading activities

Kashrus licensing Kashrus licensing 6.Investment income Rental income Interest receivable Rental income Interest receivable		Unrestricted Funds £ 2,060,774 2,060,774 Unrestricted Funds £ 1,837,447 1,837,447 Unrestricted Funds £ 270,174 3,030		Total 2022 £ 2,060,774 2,060,774 Total 2021 £ 1,837,447 1,837,447 Total 2022 £ 270,174 3,030
		273,204 Unrestricted Funds £ 305,028 1,380		273,204 Total 2021 £ 305,028 1,380
		306,408		306,408

6 . Investment income

Page 20

FEDERATION OF SYNAGOGUES

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

.

7. Other incoming resources

Other property income Coronavirus job retention scheme grant Other property income Coronavirus job retention scheme grant 8. Expenditure on raising funds Kashrus licensing Investment management costs Staff costs Depreciation, amortisation and impairment Kashrus licensing Investment management costs Staff costs Depreciation, amortisation and impairment	Unrestricted Funds £ - - - Unrestricted Funds £ 20,586 280,006 300,592 Unrestricted Funds £ 1,367,516 13,121 577,537 6,562 1,964,736 Unrestricted Funds £ 1,186,827 37,413 750,448 3,518 1,978,206		Total 2022
			£ - -
		- Total 2021 £ 20,586 280,006	- Total 2021
		300,592 Total 2022 £ 1,367,516 13,121 577,537 6,562
		1,964,736 Total 2021 £ 1,186,827 37,413 750,448 3,518
		1,978,206

Page 21

FEDERATION OF SYNAGOGUES

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

.

9. Analysis of expenditure on charitable activities

Summary by fund type Burial Society Beth Din Synagogues Other grants payable Summary by fund type Burial Society Beth Din Synagogues Other grants payable Summary by expenditure type Burial Society Beth Din Synagogues Other grants payable Summary by expenditure type Burial Society Beth Din Synagogues Other grants payable		Staff costs £ 235,545 428,810 583,401 - 1,247,756 Staff costs £ 235,929 393,638 649,124 - 1,278,691		Unrestricted Funds £ 483,889 509,673 1,313,196 25,500 2,332,258 Unrestricted Funds £ 454,080 477,476 1,359,756 6,150 2,297,462 Depreciation £ 3,929 - 5,517 - 9,446 Depreciation £ 3,771 1,404 10,704 - 15,879		Restricted Funds £ - - 273,404 - 273,404 Restricted Funds £ - - 115,138 - 115,138 Other cost £ 244,414 80,864 997,682 25,500 1,348,460 Other cost £ 214,380 82,434 815,066 6,150 1,118,030	Total 2022 £ 483,889 509,673 1,586,600 25,500
							2,605,662 Total 2021 £ 454,080 477,476 1,474,894 6,150
							2,412,600 Total 2022 £ 483,889 509,673 1,586,600 25,500
							2,605,662 Total 2021 £ 454,080 477,476 1,474,894 6,150
							2,412,600

Page 22

FEDERATION OF SYNAGOGUES

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

10. Analysis of expenditure by activities

10. Analysis of expenditure by activities
Burial Society Beth Din Synagogues Other grants payable Burial Society Beth Din Synagogues Other grants payable Analysis of direct costs Staff costs Depreciation Other costs Staff costs Depreciation Other costs	Activities undertaken directly £ 432,323 458,107 1,211,156 - 2,101,586 Activities undertaken directly £ 404,040 427,436 1,043,623 - 1,875,099 Burial Society £ 200,712 3,929 227,682 432,323 Burial Society £ 203,499 3,771 196,770 404,040	Grant funding of activities £ - - - 25,500 25,500 Grant funding of activities £ - - 4,450 1,700 6,150 Beth Din £ 393,976 - 64,131 458,107 Beth Din £ 361,208 1,404 64,824 427,436		Support cost £ 51,566 51,566 375,444 - 478,576 Support cost £ 50,040 50,040 426,821 - 526,901 Synagogues £ 360,467 5,517 845,171 1,211,156 Synagogues £ 439,618 10,704 593,301 1,043,623	Total 2022 £ 483,889 509,673 1,586,600 25,500	Total 2022
					2,605,662 Total 2021 £ 454,080 477,476 1,474,894 1,700
					2,408,150 Total 2022 £ 955,155 9,446 1,136,985
					2,101,586 Total 2021 £ 1,004,325 15,879 854,895
					1,875,099

Page 23

FEDERATION OF SYNAGOGUES

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

10. Analysis of expenditure by activities (continued)

Analysis of support costs Staff costs Other costs Staff costs Other costs		Burial Society £ 34,833 16,733 51,566 Burial Society £ 32,430 17,610 50,040		Beth Din £ 34,833 16,733 51,566 Beth Din £ 32,430 17,610 50,040		Synagogues £ 222,934 152,510 375,444 Synagogues £ 209,506 217,315 426,821	Total 2022 £ 292,600 185,976	Total 2022
							478,576 Total 2021 £ 274,366 252,535
							526,901

Support costs include governance cost of £83.973 (2021 £77,595)

11. Analysis of grants

Grants to institutions Grants to institutions Name of institution Milah UK Jewish Home Network Initiation Society Other grants < £5,000

Institutional grants are made to institutions which share the same objectives and ethos as the charity and contribute to further communal development.

Page 24

FEDERATION OF SYNAGOGUES

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

12. Auditors’ remuneration

Fees payable to the Charity's auditor for the audit of the Charity's annual accounts Fees payable to the Charity's auditor in respect of: The auditing of the accounts of the subsidiaries of the Charity All non-audit services not included above 13. Staff costs Group 2022 2021 £ £ Wages and salaries 1,627,604 1,781,440 Social security costs 154,941 156,840 Redundancy - 60,000 Contribution to defined contribution pension schemes 42,749 30,859 1,825,294 2,029,139	2022 2021 £ £ 21,000 23,579 25,140 17,475 5,600 5,465 Charity 2022 2021 £ £ 1,104,159 1,142,566 111,370 114,034 - - 32,227 22,091 1,247,756 1,278,691	2022 2021 £ £ 21,000 23,579 25,140 17,475 5,600 5,465 Charity 2022 2021 £ £ 1,104,159 1,142,566 111,370 114,034 - - 32,227 22,091 1,247,756 1,278,691
		1,278,691

13. Staff costs

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

Synagogues Burial Society Beth Din Kashrus Administration In the band £60,001 - £70,000 In the band £70,001 - £80,000 In the band £80,001 - £90,000 In the band £90,001 - £100,000		Group No. 2022 29 8 10 21 9 77 Group No. 2022 2 - - 2	2021
			26 8 11 22 9
			76 2021
			3 - 2 -

The key management personnel of the charity comprise the Chief Executive. The total employee benefits of the key management personnel of the Charity were £107,001 (2021 £106,772).

Of the employees whose emoluments exceed £60,000, four (2021 five) have retirement benefits accruing under defined contribution pension schemes, totalling £9,686 (2021 £14,593).

Page 25

FEDERATION OF SYNAGOGUES

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

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 £NIL). During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 £NIL).

15. Taxation

15. Taxation
Corporation tax Current tax on net income/(expenditure) for the year Taxation on net income/(expenditure)	2022 £ 2,074 2,074	2021 £ (5,553)	2021
		(5,553)

Page 26

FEDERATION OF SYNAGOGUES

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

16. Tangible fixed assets

Group NET BOOK VALUES Freehold property Motor vehicles Office equipment MOVEMENTS IN YEAR Cost Freehold property Motor vehicles Office equipment Depreciation Freehold property Motor vehicles Office equipment Charity NET BOOK VALUES Freehold property Motor vehicles Office equipment MOVEMENTS IN YEAR Cost Freehold property Motor vehicles Office equipment Depreciation Freehold property Motor vehicles Office equipment	Opening Balances £ 27,691,404 30,609 343,176 28,065,189 Opening Balances £ - 29,413 304,232 333,645 Opening Balances £ 27,691,404 24,959 278,757 27,995,120 Opening Balances £ - 23,763 252,462 276,225		Additions £ 1,343,857 - 16,133 1,359,990 Charge For Year £ - 1,196 15,097 16,293 Additions £ 1,343,857 - 2,564 1,346,421 Charge For Year £ - 1,196 8,536 9,732		Disposals £ (284,992) - - (284,992) Disposals £ - - - - Disposals £ (284,992) - - (284,992) Disposals £ - - - -		2022 £ 27,504,082 - 39,980 27,544,062 Transfer to Investment property £ (1,246,187) - - (1,246,187) Transfer to Investment property £ - - - - 2022 £ 27,504,082 - 20,323 27,524,405 Transfer to Investment property £ (1,246,187) - - (1,246,187) Transfer to Investment property £ - - - -	2021 £ 27,691,404 1,196 38,944	2021 £ 27,691,404 1,196 38,944
								27,731,544 Closing Balances £ 27,504,082 30,609 359,309
								27,894,000 Closing Balances £ - 30,609 319,329
									£ - 30,609 319,329
								349,938 2021 £ 27,691,404 1,196 26,295
								27,718,895 Closing Balances £ 27,504,082 24,959 281,321
								27,810,362 Closing Balances £ - 24,959 260,998
									£ - 24,959 260,998
									285,957

All the assets are used for charitable purposes.

Page 27

FEDERATION OF SYNAGOGUES

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

17. Investment property

----- Start of picture text -----
|||| |---|---|---| |Group|Charity| |Freehold investment property.|2022|2022| |£|£| |Valuation| |At 1 January 2022|1,900,000|500,000| |Transfer from freehold property|1,246,187|1,246,187| |Net gains on fair value adjustment|223,813|223,813| |At 31 December 2022|3,370,000|1,970,000| |Group|Charity| |Freehold investment property.|2021|2021| |£|£| |Valuation| |At 1 January 2021 and 31 December 2021|1,900,000|500,000|

----- End of picture text -----

The investment property of the subsidiary was valued in 2022 at fair value by an independent valuer holding a recognised and relevant qualification with recent experience in the location and class of the property being valued. The investment property of the parent was revalued by the trustees on a fair value basis as at 31 December 2022.

The historical cost of the properties above was £2,999,836 (2021 £1,753,649).

18. Debtors

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group|Charity| |Due after more than one year|2022|2021|2022|2021| |£|£|£|£| |Amounts owed by group undertakings|-|-|1,601,812|1,603,737| |-|-|1,601,812|1,603,737| |Due within one year| |Trade debtors|432,951|447,509|-|-| |Amounts owed by group undertakings|-|-|902,587|1,610,267| |Other debtors|201,418|208,417|201,418|208,417| |Prepayments and accrued income|2,500|7,461|-|-| |Tax recoverable|-|58,052|-|-| |636,869|721,439|2,705,817|3,422,421|

----- End of picture text -----

The charity loaned the sum of £1,657,568 to Watford Way Investments Limited to purchase the investment property in 2006. The loan is secured by a fixed and floating charge over the assets of the company (including property). The loan facility is for a period of 25 years. This loan is included within long term debtors to reflect the fact that the loan is not considered to be recoverable within the 12 months following the year end.

As at 31 December 2022, there is a provision of £252,952 (2021 £252,952) against this loan in order to offset the reduction in value of the property. This is included in creditors due after more than one year.

As at the balance sheet date, the balance outstanding on this loan was £1,601,812 (2021 £1,603,737).

As at the balance sheet date, debtors due within one year include £44,027 (2021 £40,075) and £858,560 (2021 £1,570,192) due from Watford Way Investments Limited and Kosher Foods Supervisory Services Limited respectively, both of which are wholly owned subsidiaries of the charity.

Page 28

FEDERATION OF SYNAGOGUES

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

19. Creditors: Amounts falling due within one year

Bank Loans Trade creditors Other taxation and social security Other Creditors Accruals and deferred income	2022 2021 £ £ 93,650 107,033 336,677 152,470 108,081 126,092 839,807 2,105,317 241,984 98,396 1,620,199 2,589,308 Group	Charity 2022 2021 £ £ 93,650 107,033 142,544 75,295 33,296 29,576 763,006 1,991,207 152,470 63,682 1,184,966 2,266,793	Charity 2022 2021 £ £ 93,650 107,033 142,544 75,295 33,296 29,576 763,006 1,991,207 152,470 63,682 1,184,966 2,266,793
			2,266,793

Bank loans are secured on the respective properties for which the financing was provided.

20. Creditors: Amounts falling due after more than one year

Bank Loans Provision against group debtor	2022 2021 £ £ 2,705,424 2,784,804 - - 2,705,424 2,784,804 Group	2022 2021 £ £ 2,705,424 2,784,804 252,952 252,952 2,958,376 3,037,756 Charity	2022 2021 £ £ 2,705,424 2,784,804 252,952 252,952 2,958,376 3,037,756 Charity
			3,037,756

Bank loans are secured on the respective properties for which the financing was provided.

Page 29

FEDERATION OF SYNAGOGUES

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

21. Statement of funds - Group

Statement of funds - current year Unrestricted funds General fund Revaluation reserve Restricted funds Proceeds from sale of synagogues (Federation of Synagogues formerly Amalgamated Fund) Philpot Street Sphardish Synagogue Designated Synagogue funds Total of funds		Balance as at 01.01.2022 £ 26,242,338 146,351 26,388,689 1,100,006 562,843 460,697 2,123,546 28,512,235	Income £ 4,257,663 - 4,257,663 - - 418,270 418,270 4,675,933		Expenditure £ (4,296,994) - (4,296,994) - - (273,404) (273,404) (4,570,398)		Taxation £ (2,074) - (2,074) - - - - (2,074)	Transfers in/(out) £ 338,149 - 338,149 - - (338,149) (338,149) -		Gains/ (Losses) £ - 223,813 223,813 - - - - 223,813	Balance as at 31.12.2022 £ 26,539,082 370,164
											26,909,246 1,100,006 562,843 267,414
											1,930,263 28,839,509

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FEDERATION OF SYNAGOGUES

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

21. Statement of funds (continued) - Group

Statement of funds - prior year Unrestricted funds General fund Revaluation reserve Restricted funds Proceeds from sale of synagogues (Federation of Synagogues formerly Amalgamated Fund) Philpot Street Sphardish Synagogue Designated Synagogue funds Total of funds		at 01.01.2021 £ 26,162,754 146,351 26,309,105 1,100,006 562,843 339,160 2,002,009 28,311,114	Income £ 4,192,620 - 4,192,620 - - 393,754 393,754 4,586,374		Expenditure £ (4,275,668) - (4,275,668) - - (115,138) (115,138) (4,390,806)		Taxation £ 5,553 - 5,553 - - - - 5,553	in/(out) £ 157,079 - 157,079 - - (157,079) (157,079) -		(Losses) £ - - - - - - - -	at 31.12.2021 £ 26,242,338 146,351
											26,388,689 1,100,006 562,843 460,697
											2,123,546 28,512,235

Page 31

FEDERATION OF SYNAGOGUES

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

21. Statement of funds (continued) – Charity

Statement of funds - current year Unrestricted funds General fund Revaluation reserve Restricted funds Proceeds from sale of synagogues (Federation of Synagogues formerly Amalgamated Fund) Philpot Street Sphardish Synagogue Designated Synagogue funds Total of funds Statement of funds - prior year		Balance as at 01.01.2022 £ 26,751,992 399,303 27,151,295 1,100,006 562,843 460,697 2,123,546 29,274,841 Balance as at 01.01.2021	Income £ 2,179,080 - 2,179,080 - - 418,270 418,270 2,597,349 Income		Expenditure £ (2,332,257) - (2,332,257) - - (273,404) (273,404) (2,605,660) Expenditure		Taxation £ - - - - - - - - Taxation	Transfers in/(out) £ 338,149 - 338,149 - - (338,149) (338,149) - Transfers in/(out)		Gains/ (Losses) £ - 223,813 223,813 - - - - 223,813 Gains/ (Losses)	Balance as at 31.12.2022 £ 26,936,963 623,116
											27,560,079 1,100,006 562,843 267,414
											1,930,263 29,490,342 Balance as at 31.12.2021

Page 32

FEDERATION OF SYNAGOGUES

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

21. Statement of funds (continued) – Charity

Unrestricted funds General fund Revaluation reserve Restricted funds Proceeds from sale of synagogues (Federation of Synagogues formerly Amalgamated Fund) Philpot Street Sphardish Synagogue Designated Synagogue funds Total of funds	£ 26,662,077 399,303 27,061,380 1,100,006 562,843 339,160 2,002,009 29,063,389	£ 2,222,300 - 2,222,300 - - 393,754 393,754 2,616,054	£ (2,289,464) - (2,289,464) - - (115,138) (115,138) (2,404,602)	£ - - - - - - - -	£ 157,079 - 157,079 - - (157,079) (157,079) -	£ - - - - - - - -	£ 26,751,992 399,303
							27,151,295 1,100,006 562,843 460,697
							2,123,546 29,274,841

Page 33

FEDERATION OF SYNAGOGUES

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

21. Statement of funds (continued)

The restricted fund represents the proceeds from the sale of four synagogues (Alie Street, Vine Court, Canning Town, and Philpot Street Sphardish).

The Federation of Synagogues (Former Synagogues and other sites amalgamated fund), charity number 1084833 is governed by a Scheme of the Commissioners dated 19 December 2000. The objects of the charity are the advancement of the religious and other charitable purposes of the Federation and the advancement of the general purposes of the Federation within the area of London falling within the London Orbital Motorway (M25).

The Philpot Street Sphardish Synagogue Fund, charity number 260871, is governed by a scheme dated 17 May 2006. The objects are the provision of a place of worship for the congregation of the East London Central Synagogue, its upkeep and maintenance of services. If insofar as the income is not required for those purposes, it shall be applied for the general purposes of the Federation of Synagogues.

The Designated synagogues funds are collections from the individual shuls to be used for specific projects.

Page 34

FEDERATION OF SYNAGOGUES

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

22. Summary of funds – Group

22. Summary of funds – Group
Summary of funds - current year General fund Restricted funds Summary of funds - prior year General fund Restricted funds		Balance as at 01.01.2022 £ 26,388,689 2,123,546 28,512,235 Balance as at 01.01.2021 £ 26,309,105 2,002,009 28,311,114	Income £ 4,257,663 418,270 4,675,933 Income £ 4,192,620 393,754 4,586,374		Expenditure £ (4,296,994) (273,404) (4,570,398) Expenditure £ (4,275,668) (115,138) (4,390,806)		Taxation £ (2,074) - (2,074) Taxation £ 5,553 - 5,553	Transfers in/(out) £ 338,149 (338,149) - Transfers in/(out) £ 157,079 (157,079) -		Gains/ (Losses) £ 223,813 - 223,813 Gains/ (Losses) £ - - -	Balance as at 31.12.2022 £ 26,909,246 1,930,263
											28,839,509 Balance as at 31.12.2021 £ 26,388,689 2,123,546
											28,512,235

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

22. Summary of funds – Charity

22. Summary of funds – Charity
Summary of funds - current year General fund Restricted funds Summary of funds - prior year General fund Restricted funds		Balance as at 01.01.2022 £ 27,151,295 2,123,546 29,274,841 Balance as at 01.01.2021 £ 27,061,380 2,002,009 29,063,389	Income £ 2,179,080 418,270 2,597,349 Income £ 2,222,300 393,754 2,616,054		Expenditure £ (2,332,257) (273,404) (2,605,660) Expenditure £ (2,289,464) (115,138) (2,404,602)		Taxation £ - - - Taxation £ - - -	Transfers in/(out) £ 338,149 (338,149) - Transfers in/(out) £ 157,079 (157,079) -		Gains/ (Losses) £ 223,813 - 223,813 Gains/ (Losses) £ - - -	Balance as at 31.12.2022 £ 27,560,079 1,930,263
											29,490,342 Balance as at 31.12.2021 £ 27,151,295 2,123,546
											29,274,841

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

23. Analysis of net assets between funds

Analysis of net assets between funds Fixed assets Net current assets / (liabilities) Creditors due after more than one year Analysis of net assets between funds Fixed assets Net current assets / (liabilities) Creditors due after more than one year	- current year Unrestricted £ 29,294,366 320,304 (2,705,424)	- current year Unrestricted £ 29,294,366 320,304 (2,705,424)	Restricted	Group Total £ 30,914,062 630,871 (2,705,424)	Group	Group	Unrestricted £ 27,874,709 2,643,746 (2,958,376)		Restricted	Charity Total £ 29,494,405 2,954,313 (2,958,376)
						Total
			£ 1,619,696 310,567 -						£ 1,619,696 310,567 -
	26,909,247 - prior year Unrestricted £ 28,011,848 1,161,645 (2,784,804)		1,930,263 Restricted	28,839,509 Group Total £ 29,631,544 1,665,495 (2,784,804)			27,560,079 Unrestricted £ 26,599,199 3,589,852 (3,037,756)		1,930,263 Restricted	29,490,342 Charity Total £ 28,218,895 4,093,702 (3,037,756)
			£ 1,619,696 503,850 -						£ 1,619,696 503,850 -
	26,388,689		2,123,546	28,512,235			27,151,295		2,123,546	29,274,841

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

Net income/(expenditure) for the period (as per Statement of Financial Activities) Adjusted for: Depreciation charges Amortisation charges Less rent received on investment property Loss/(Gains) on investments Loss/(profit) on the sale of fixed assets (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash used in operating activities	Group 2022 2021 £ £ 327,274 201,121 16,293 19,398 - - (270,174) (305,028) (223,813) - 4,992 - 84,570 158,480 (955,726) 1,126,903 (1,016,584) 1,200,874	Group 2022 2021 £ £ 327,274 201,121 16,293 19,398 - - (270,174) (305,028) (223,813) - 4,992 - 84,570 158,480 (955,726) 1,126,903 (1,016,584) 1,200,874
		1,200,874

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

25. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	2022 £ 1,614,201 1,614,201	Group	2021 £ 3,533,364	2021
			3,533,364

26. Analysis of changes in net debt

Cash at bank and in hand Debt due within 1 year Debt due after 1 year		Balance as at 01.01.2022 £ 3,533,364 (107,033) (2,784,804) 641,527		Cash flows £ (1,919,163) 13,383 79,380 (1,826,400)	Balance as at 31.12.2022 £ 1,614,201 (93,650) (2,705,424)
					(1,184,873)

27. Capital commitments

At the year end, the charity had capital commitments of £Nil (2021 £305,272) in respect of contracted building works.

29. Related party transactions

During the year, a company connected with one of the Trustees provided cleaning services to Kosher Foods Supervisory Services Ltd, a subsidiary of the charity. The company was paid £7,914 (2021 £6,784). There are no outstanding balances owing between related parties and the Charity at 31 December 2022.

29. Controlling party

The charity is under the control of the trustees. The Federation of Synagogues Trust Corporation Limited (Company number 03327382) holds a number of the properties of the Federation of Synagogues as a nominee. This is to avoid the need to transfer title to the Federation's properties when there are changes in the trustees. This company was dormant in the year.

The relevant figures for the single entity charity Federation of Synagogues are:

Total income and gains £2,821,162 (2021 £2,616,054)

Total expenditure £2,605,662 (2021 £2,404,602)

Net movement in funds £215,500 (2021 - surplus £211,452)

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

30. Principal subsidiaries

The following were subsidiary undertakings of the Charity:

	Company
Names	Number	Control by the Charity
Kosher Foods Supervisory services Limited	04138362	100%
Watford Way Investments Limited	05777108	100%

The subsidiary companies noted above are limited by guarantee without share capital. Their registered office address in England and Wales is 65 Watford Way, London, NW4 3AQ.

The financial results of the subsidiaries for the year were:

			Profit/(Loss)/
			Surplus/
			(deficit) for	Net
Names	Income	Expenditure	the year	liabilities
	£	£	£	£
Kosher Foods Supervisory services Limited	2,060,774	(1,950,205)	110,569	(650,705)
Watford Way Investments Limited	56,275	(55,071)	1,204	(253,078)

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