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2024-12-31-accounts

Charity number: 254951

FEDERATION OF SYNAGOGUES

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 - 40

FEDERATION OF SYNAGOGUES

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees M. Itzinger,Vice President
M. Winegarten,Burial SocietyTreasurer
A. S. Cohen, President
G. Rokach, Burial Society Treasurer
A. T Gold
G.J. Frankel(Appointed 15 June 2025)
L.M. Harris(Appointed 15 June 2025)
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
BBS Law
2ndFloor, Winston House
2 Dollis Park
London
N3 1HF

Page 1

FEDERATION OF SYNAGOGUES

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

The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 31st December 2024. 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).

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details as set out on the information page 1 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 one 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 (Resigned 15/06/2025) Vice President: Meir Itzinger Treasurer: Alexander Gold Burial Society Treasurer: Gavriel Rokach Burial Society Treasurer: Moshe Winegarten Gerald Joshua Frankel (Appointed 15/06/2025) Lester Max Harris (Appointed 15/06/2025)

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.

Page 2

FEDERATION OF SYNAGOGUES

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

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:

The Council has the following core powers:

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 £2,038,825 (2023: £2,354,468) with a loss for the year of £1,397 (2023: profit of £199,207), 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 made a loss in the year of £5,667 (2023: loss of £58,697). 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

The Chief Executive and Trustees undertake a salaries’ review of all staff at the beginning of every calendar year, by comparing to remuneration levels of similar charities and monitoring 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.

Page 3

FEDERATION OF SYNAGOGUES

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

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 educational 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 2024 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:

There were no changes of rabbinic personnel during the year:

BURIAL SOCIETY

The Burial Society continues to operate using four cemetery sites: Rainham, Edmonton, Edgware and Beit Shemesh, Israel.

BEIS DIN & KASHRUS

FINANCE, PROPERTY & HEAD OFFICE

Page 4

FEDERATION OF SYNAGOGUES

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

PROJECTS

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.

At 31 December 2024, the group shared net assets of £29,785,932 (2023: £29,504,769) and in 2024, the Federation had a surplus £281,162 (2023: £20,968) before revaluation surplus and taxes.

Policy on reserves

At the year-end there are no free reserves (2023: £nil). This is affected by creditors due in more than one year which relate to mortgages secured on fixed assets which amount to £2,616,278 (2023: £2,726,215). 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.

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:

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.

Page 5

FEDERATION OF SYNAGOGUES

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

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:

• 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 25 Sept 2025 and signed on their behalf by:

A. S. Cohen, President

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 2024 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:

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.

Page 7

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:

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:

Page 8

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 trustees.

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

.

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.

Page 9

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: 26 Sept 2025

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

Page 10

FEDERATION OF SYNAGOGUES

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Incoming from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Other
Total expenditure
Net income/(expenditure) before net
gains/(losses) on investments
Net gains/(losses) on investments
Net income/(expenditure) before
taxation
Net income/(expenditure) after
taxation
Transfer between funds
NET MOVEMENT IN FUNDS
FUNDS, brought forward
FUNDS, carried forward		 2024
Unrestricted
Notes
Funds
£
3
1,791,801
4
550,523
5
2,038,825
6
609,105
4,990,254
7
2,049,792
8
3,187,535
11
15,378
5,252,705
(262,451)
-
(262,451)
(262,451)
20
508,261
245,810
27,593,619
27,839,429		 2024
Unrestricted
Notes
Funds
£
3
1,791,801
4
550,523
5
2,038,825
6
609,105
4,990,254
7
2,049,792
8
3,187,535
11
15,378
5,252,705
(262,451)
-
(262,451)
(262,451)
20
508,261
245,810
27,593,619
27,839,429		 2024
Restricted
Funds
£
563,108
-
-		 Total
2024
£
2,354,909
550,523
2,038,825
609,105		 2023
Unrestricted
Funds
1,504,042
639,189
2,354,469
383,980
4,881,681
2,195,456
2,741,338
118,493
5,055,287
(173,606)
644,293
470,687
470,687
213,687
684,374
26,909,245
27,593,619		 2023
Restricted
Total
Funds
2023
£
194,574
1,698,616
639,189
-
2,354,469
-
383,980
3
4
5
6
7
8
11
20
4,990,254 563,108 5,553,362 194,574
5,076,254
2,049,792
3,187,535
15,378		 -
19,494		 2,049,792
3,207,029
15,378		 -
2,195,456
-
2,741,338
-
118,493
-
5,055,287
5,252,705 19,494 5,272,199
(262,451)
-		 543,614
-		 281,163
-		 194,574
20,968
-
644,293
(262,451)
(262,451)
508,261		 543,614
543,614
(508,261)		 281,163
281,163
-		 194,574
665,261
194,574
665,261
(213,687)
-
245,810
27,593,619		 35,353
1,911,150		 281,163
29,504,769		 (19,113)
665,260
1,930,263 28,839,509
27,839,429 1,946,503 29,785,932 1,911,150 29,504,769

The notes on pages 15 to 40 form part of these financial statements.

Page 11

FEDERATION OF SYNAGOGUES

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024


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
£
£
15
27,442,095
16
4,400,000
31,842,097
17
589,911
1,353,733
1,943,644
18
(1,383,531)
560,113
32,402,210
19
(2,616,278)
29,785,932
20
1,946,503

20
26,874,973
20
964,456
27,839,429
29,785,932
2024		 £
£
27,020,613
4,400,000
31,420,613
558,212
1,627,184
2,185,396
(1,375,027)
810,369
32,230,982
(2,726,215)
29,504,769
1,911,150
26,579,163
1,014,456
27,593,619
29,504,769
2023
15
16
17
18
19
20
20
20

signed on their behalf by:

A.S Cohen Trustee

The notes on pages 15 to 40 form part of these financial statements.

Page 12

FEDERATION OF SYNAGOGUES

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024

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
Provisions for liabilities
NET ASSETS
FUNDS
Restricted funds
Unrestricted funds - General fund
- Revaluation Reserve		 Notes £
27,428,573
3,050,000
2,468,778
1,313,342
3,782,120
(1,088,145)
27,039,407
1,267,408
2024		 £
£
£
27,003,861
3,050,000
30,478,573
30,053,861
2,601,548
1,429,317
4,030,865
(1,040,473)
2,693,975
2,990,398
33,172,548
33,044,259
(2,616,278)
(2,726,215)
(302,952)
(302,952)
30,253,318
30,015,092
1,946,503
1,911,150
26,836,534
1,267,408
28,306,815
28,103,942
30,253,318
30,015,092
2023
15
16
17
18
19
20
20
20

The financial statements were approved and authorised for issue by the Trustees on 25 Sept 2025 and signed on their behalf by:

A.S Cohen Trustee

The notes on pages 15 to 40 form part of these financial statements.

Page 13

FEDERATION OF SYNAGOGUES

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024


Notes
Cash flows from operating activities
Net cash used in operating activities
24
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
2024
£
(344,193)
91,000
595,761
(542,824)
143,937
(73,194)
(73,194)
(273,450)
1,627,183
1,353,733		 2023
£
(276,587)
235,000
374,529
(283,528)
326,001
(36,432)
(36,432)
12,982
1,614,201
1,627,183

The notes on pages 15 to 40 form part of these financial statements

Page 14

FEDERATION OF SYNAGOGUES

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

.

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 2024

.

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 2024

.

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.

No depreciation is provided on the Torah Scroll as it is kept in good repair and their useful lives and estimated residual values are such that depreciation is not material.

Depreciation is provided on the following bases:

Motor vehicles - 25% straight line Office 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 SOFA.

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

Page 17

FEDERATION OF SYNAGOGUES

.

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

of three months or less from the date of acquisition or opening of the deposit or similar account.

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.

Page 18

FEDERATION OF SYNAGOGUES

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

.

3. Income from donations and legacies

Membership Contributions and Federation Dues
Other synagogue income including donations
Membership Contributions and Federation Dues
Other synagogue income including donations		 Unrestricted
Funds
£
628,303
1,163,498
1,791,801
Unrestricted
Funds
£
577,422
926,620
1,504,042		 Restricted
Total
Funds
2024
£
£
-
628,303
563,108
1,726,606
563,108
2,354,909
Restricted
Total
Funds
2023
£
£
-
577,422
194,574
1,121,194
194,574
1,698,616

4. Income from charitable activities

Burial Society
Beth Din
Burial Society
Beth Din		 Unrestricted
Total
Funds
2024
£
£
403,931
403,931
146,593
146,593
550,523
550,523
Unrestricted
Total
Funds
2023
£
£
490,708
490,708
148,482
148,482
639,190
639,190

Page 19

FEDERATION OF SYNAGOGUES

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

.

5. Income from other trading activities

Kashrus licensing
Kashrus licensing
6.Investment income
Rental income
Interest receivable
Rental income
Interest receivable		 Unrestricted
Funds
£
2,038,825
2,038,825
Unrestricted
Funds
£
2,354,469
2,354,469
Unrestricted
Funds
£
595,761
13,344
609,105
Unrestricted
Funds
£
374,529
9,451
383,980		 Total
2024
£
2,038,825
2,038,825
Total
2023
£
2,354,469
2,354,469
Total
2024
£
595,761
13,344
609,105
Total
2023
£
374,529
9,451
383,980

6 . Investment income

Page 20

FEDERATION OF SYNAGOGUES

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

.

7. 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
£
1,466,879
41,121
536,877
4,915
2,049,792
Unrestricted
Funds
£
1,422,680
76,048
689,469
7,259
2,195,456		 Total
2024
£
1,466,879
41,121
536,877
4,915		 Total
2024
2,049,792
Total
2023
£
1,422,680
76,048
689,469
7,259
2,195,456

Page 21

FEDERATION OF SYNAGOGUES

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

.

8. 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		 Unrestricted
Funds
£
520,235
580,310
2,063,489
23,500
3,187,534
Unrestricted
Funds
£
499,373
559,182
1,656,379
26,400
2,741,334		 Restricted
Total
Funds
2024
£
£
-
520,235
-
580,310
19,494
2,082,983
-
23,500
19,494
3,207,028
Restricted
Total
Funds
2023
£
£
-
499,373
-
559,182
-
1,656,379
-
26,400
-
2,741,334		 Total
2024

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
£
265,287
465,175
476,581
-
1,207,043
Staff costs
£
249,104
472,585
490,276
-
1,211,965		 Depreciation
£
6,124
-
3,927
-
10,051
Depreciation
£
4,794
-
5,438
-
10,231		 Total
Other cost
2024
£
£
248,824
520,235
115,135
580,310
1,602,475
2,082,983
23,500
23,500
1,989,934
3,207,028
Total
Other cost
2023
£
£
245,476
499,374
86,597
559,182
1,160,665
1,656,379
26,400
26,400
1,519,138
2,741,334		 Total
2024

Page 22

FEDERATION OF SYNAGOGUES

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

9. 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
£
458,211
518,286
1,636,067
-
2,612,564
Activities
undertaken
directly
£
440,737
500,546
1,261,742
-
2,203,025
Burial
Society
£
221,534
6,124
230,553
458,211
Burial
Society
£
209,553
4,794
226,390
440,737		 Grant
funding of
activities
£
-
-
-
23,500
23,500
Grant
funding of
activities
£
-
-
-
26,400
26,400
Beth Din
£
421,422
-
96,864
518,286
Beth Din
£
433,034
-
67,512
500,546		 Support
Total
cost
2024
£
£
62,024
520,235
62,024
580,310
446,916
2,082,983
-
23,500
570,964
3,207,028
Support
Total
cost
2023
£
£
58,636
499,373
58,636
559,182
394,637
1,656,379
-
26,400
511,909
2,741,334
Total
Synagogues
2024
£
£
309,687
952,643
3,927
10,051
1,322,453
1,649,870
1,636,067
2,612,564
Total
Synagogues
2023
£
£
237,145
879,732
5,437
10,230
1,019,162
1,313,064
1,261,744
2,203,026		 Total
2024

Page 23

FEDERATION OF SYNAGOGUES

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

9. Analysis of expenditure by activities (continued)

Analysis of support costs
Staff costs
Other costs
Staff costs
Other costs		 Burial
Society
£
43,753
18,271
62,024
Burial
Society
£
39,551
19,085
58,636		 Beth Din
£
43,753
18,271
62,024
Beth Din
£
39,551
19,085
58,636		 Synagogues
£
166,894
280,022
446,916
Synagogues
£
253,129
141,508
394,637		 Total
2024
£
254,400
316,564
570,964
Total
2023
£
332,232
179,677
511,909

10. Analysis of grants

10. Analysis of grants
Grants to Total
Institutions 2024
£ £
Grants to institutions 23,500 23,500
23,500 23,500
Unrestricted Total
Funds 2023
£ £
Grants to institutions 26,400 26,400
26,400 26,400
2024 2023
Name of institution £ £
Jewish Home Network 20,500 25,750
Other grants < £5,000 3,000 650
23,500 26,400

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 2024

11. Other

Loss on Disposal of Fixed Assets
Loss on Disposal of Fixed Assets
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		 Unrestricted
Funds
£
15,378
15,378
Unrestricted
Funds
£
118,493
118,493
2024
£
21,000
25,340
-
46,340		 Total
2024
£
15,378
15,378
Total
2023
£
118,493
118,493
2023
£
21,000
25,340
2,500
48,840

12. Auditors’ remuneration

Page 25

FEDERATION OF SYNAGOGUES

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

13. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
Charity
2024
2023
2024
2023
£
£
£
£
1,798,866
1,757,678
1,257,614
1,138,961
147,210
144,528
127,292
116,763
30,609
36,660
26,266
30,946
1,976,685
1,938,866
1,411,172
1,286,670

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 £100,001 - £110,000
In the band £110,001 - £120,000		 2024 Group No. Group No. 2023
41
8
12
25
9
44
8
10
20
10
92 95
2023
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 £115,090 (2023 £112,835).

Key management personnel that have retirement benefits accruing under defined contribution pension schemes, total £9,321 (2023 £9,321).

14. Trustees' remuneration and expenses

During the year ended 31 December 2024, no Trustee received any remuneration or other benefits (2023 £NIL).

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 £NIL).

Page 26

FEDERATION OF SYNAGOGUES

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

15. Tangible fixed assets Group

15. Tangible fixed assets
Group
NET BOOK VALUES
Freehold property
Motor vehicles
Office equipment
Torah Scroll
MOVEMENTS IN YEAR
Cost
Freehold property
Motor vehicles
Office equipment
Torah Scroll
Depreciation
Freehold property
Motor vehicles
Office equipment
Torah Scroll
Charity
NET BOOK VALUES
Freehold property
Motor vehicles
Office equipment
Torah Scroll
MOVEMENTS IN YEAR
Cost
Freehold property
Motor vehicles
Office equipment
Torah Scroll
Depreciation
Freehold property
Motor vehicles
Office equipment
Torah Scroll		 Opening
Balances
£
26,985,346
24,959
372,372
-
27,382,677
Opening
Balances
£
-
24,959
337,106
-
362,065
Opening
Balances
£
26,985,346
24,959
290,029
27,300,334
Opening
Balances
£
-
24,959
271,514
-
296,473		 Additions
£
482,073
-
2,753
58,000
542,826
Charge
For Year
£
-
-
14,966
-
14,966
Additions
£
482,073
-
1,068
58,000
541,141
Charge
For Year
£
-
-
10,051
-
10,051		 Disposals
£
(106,378)
(7,560)
-
-
(113,938)
Disposals
£
-
(7,560)
-
-
(7,560)
Disposals
£
(106,378)
(7,560)
-
(113,938)
Disposals
£
-
(7,560)
-
-
(7,560)		 2024
£
27,361,041
-
23,053
58,000
27,442,094
Transfer to
Investment property
£
-
-
-
-
-
Transfer to
Investment property
£
-
-
-
-
-
2024
£
27,361,041
-
9,532
58,000
27,428,573
Transfer to
Investment property
£
-
-
-
-
Transfer to
Investment property
£
-
-
-
-
-		 2023
£
26,985,346
-
35,266
27,020,612
Closing
Balances
£
27,361,041
17,399
375,125
58,000
27,811,565
Closing
Balances
£
-
17,399
352,072
-
369,471
2023
£
26,985,346
-
18,515
-
27,003,861
Closing
Balances
£
27,361,041
17,399
291,097
58,000		 Closing
Balances
27,727,537
Closing
Balances
£
-
17,399
281,565
-
298,964

All the assets are used for charitable purposes.

Page 27

FEDERATION OF SYNAGOGUES

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

16. Investment property

16. Investment property
Freehold investment property.
Valuation
At 1 January 2024
Transfer from freehold property
Net gains on fair value adjustment
At 31 December 2024
Freehold investment property
Valuation
At 1 January 2023 and 31 December 2023		 Group
2024
£
4,400,000
4,400,000
Group
2023
£
4,400,000		 Charity
2024
£
3,050,000
3,050,000
Charity
2023
£
3,050,000

The investment property of the subsidiary was valued in 2024 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 2024.

The historical cost of the properties above was £2,999,836 (2023 £2,999,836).

Page 28

FEDERATION OF SYNAGOGUES

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

17. Debtors
Due after more than one year
Amounts owed by group undertakings
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 2024
£
-
-
387,559
-
193,769
8,583		 Group
589,911

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 2024, there is a provision of £302,952 (2023: £302,952) 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 £1,595,207 (2023: £1,621,839).

As at the balance sheet date, debtors due within one year include £43,439 (2023 £45,108) and £636,362 (2023 £575,637) due from Watford Way Investments Limited and Kosher Foods Supervisory Services Limited respectively, both of which are wholly owned subsidiaries of the charity.

18. Creditors: Amounts falling due within one year

Bank Loans
Trade creditors
Other taxation and social security
Other Creditors
Accruals and deferred income		 2024
2023
£
£
73,173
36,430
233,300
262,278
99,584
102,345
847,563
826,674
129,911
147,301
1,383,531
1,375,027
Group		 Charity
2024
2023
£
£
73,173
36,433
89,788
75,417
34,084
33,368
829,150
815,589
61,950
79,666
1,088,145
1,040,473

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 2024

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

Bank Loans
Provision against group debtor		 2024
2023
£
£
2,616,278
2,726,215
2,616,278
2,726,215
Group		 2024
2023
£
£
2,616,278
2,726,215
302,952
302,952
2,919,230
3,029,167
Charity		 2023

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

Page 30

FEDERATION OF SYNAGOGUES

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

20. 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 01.01.2024
£
26,579,163
1,014,456
27,593,619
1,100,006
562,844
248,300
1,911,150
29,504,769		 Income
£
4,990,254
-
4,990,254
-
-
563,108
563,108
5,553,362		 Expenditure
£
(5,252,705)
-
(5,252,705)
-
-
(19,494)
(19,494)
(5,272,199)		 Taxation
£
-
-
-
-
-
-
-
-		 Transfers
in/(out)
£
558,261
(50,000)
508,261
-
-
(508,261)
(508,261)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-		 Balance as
at 31.12.2024
£
26,874,973
964,456
27,839,429
1,100,006
562,844
283,653
1,946,503
29,785,932

Page 31

FEDERATION OF SYNAGOGUES

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

20. 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		 Balance as
at 01.01.2023
£
26,539,082
370,164
26,909,246
1,100,006
562,844
267,413
1,930,263
28,839,509		 Income
£
4,881,682
-
4,881,682
-
-
194,573
194,573
5,076,255		 Expenditure
£
(5,055,287)
-
(5,055,287)
-
-
-
-
(5,055,287)		 Taxation
£
-
-
-
-
-
-
-
-		 Transfers
in/(out)
£
213,687
-
213,687
-
-
(213,687)
(213,687)
-		 Gains/
(Losses)
£
644,292
644,292
-
-
-
-
644,292		 Balance as
at 31.12.2023
£
26,579,163
1,014,456
27,593,619
1,100,006
562,844
248,300
1,911,150
29,504,769

Page 32

FEDERATION OF SYNAGOGUES

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

20. 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		 Balance as
at 01.01.2024
£
26,836,534
1,267,408
28,103,942
1,100,006
562,844
248,300
1,911,150
30,015,092		 Income
£
2,947,525
-
2,947,525
-
-
563,108
563,108
3,510,632		 Expenditure
£
(3,252,913)
-
(3,252,913)
-
-
(19,494)
(19,494)
(3,272,406)		 Taxation
£
-
-
-
-
-
-
-
-		 Transfers
in/(out)
£
508,261
-
508,261
-
-
(508,261)
(508,261)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-		 Balance as
at 31.12.2024
£
27,039,407
1,267,408
28,306,815
1,100,006
562,844
283,653
1,946,503
30,253,318

Page 33

FEDERATION OF SYNAGOGUES

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

20. Statement of funds (continued) – Charity

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		 Balance as
at 01.01.2023
£
26,936,962
623,116
27,560,078
1,100,006
562,844
267,414
1,930,264
29,490,342		 Income
£
2,545,712
-
2,545,712
-
-
194,573
194,573
2,740,285		 Expenditure
£
(2,859,827)
-
(2,859,827)
-
-
-
-
(2,859,827)		 Taxation
£
-
-
-
-
-
-
-
-		 Transfers
in/(out)
£
213,687
-
213,687
-
-
(213,687)
(213,687)
-		 Gains/
(Losses)
£
-
644,292
644,292
-
-
-
-
644,292		 Balance as
at 31.12.2023
£
26,836,534
1,267,408
28,103,942
1,100,006
562,844
248,300
1,911,150
30,015,092

Page 34

FEDERATION OF SYNAGOGUES

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

20. 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 35

FEDERATION OF SYNAGOGUES

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

21. 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 01.01.2024
£
27,593,619
1,911,150
29,504,769
Balance as
at 01.01.2023
£
26,909,246
1,930,263
28,839,509		 Income
£
4,990,254
563,108
5,553,362
Income
£
4,881,682
194,573
5,076,255		 Expenditure
£
(5,252,705)
(19,494)
(5,272,199)
Expenditure
£
(5,055,287)
-
(5,055,287)		 Taxation
£
-
-
-
Taxation
£
-
-
-		 Transfers
in/(out)
£
508,261
(508,261)
-
Transfers
in/(out)
£
213,687
(213,687)
-		 Gains/
(Losses)
£
-
-
-
Gains/
(Losses)
£
644,292
-
644,292		 Balance as
at 31.12.2024
£
27,839,429
1,946,503
29,785,932
Balance as
at 31.12.2023
£
27,593,619
1,911,150
29,504,769

Page 36

FEDERATION OF SYNAGOGUES

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

21. 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 01.01.2024
£
28,103,942
1,911,150
30,015,092
Balance as
at 01.01.2024
£
27,560,078
1,930,264
29,490,342		 Income
£
2,947,525
563,108
3,510,633
Income
£
2,545,712
194,573
2,740,285		 Expenditure
£
(3,252,913)
(19,494)
(3,272,406)
Expenditure
£
(2,859,827)
-
(2,859,827)		 Taxation
£
-
-
-
Taxation
£
-
-
-		 Transfers
in/(out)
£
508,261
(508,261)
-
Transfers
in/(out)
£
213,687
(213,687)
-		 Gains/
(Losses)
£
-
-
-
Gains/
(Losses)
£
644,292
-
644,292		 Balance as
at 31.12.2024
£
28,306,815
1,946,503
30,253,318
Balance as
at 31.12.2023
£
28,103,942
1,911,150
30,015,092

Page 37

FEDERATION OF SYNAGOGUES

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

22. Analysis of net assets between funds

Analysis of net assets between funds - current year
Unrestricted
£
Fixed assets
30,222,401
Net current assets / (liabilities)
233,306
Creditors due after more than one year
(2,616,278)
27,839,429
Analysis of net assets between funds - prior year
Unrestricted
£
Fixed assets
29,800,917
Net current assets / (liabilities)
518,915
Creditors due after more than one year
(2,726,215)
27,593,619		 Analysis of net assets between funds - current year
Unrestricted
£
Fixed assets
30,222,401
Net current assets / (liabilities)
233,306
Creditors due after more than one year
(2,616,278)
27,839,429
Analysis of net assets between funds - prior year
Unrestricted
£
Fixed assets
29,800,917
Net current assets / (liabilities)
518,915
Creditors due after more than one year
(2,726,215)
27,593,619		 Analysis of net assets between funds - current year
Unrestricted
£
Fixed assets
30,222,401
Net current assets / (liabilities)
233,306
Creditors due after more than one year
(2,616,278)
27,839,429
Analysis of net assets between funds - prior year
Unrestricted
£
Fixed assets
29,800,917
Net current assets / (liabilities)
518,915
Creditors due after more than one year
(2,726,215)
27,593,619		 Restricted Group
Total
£
31,842,097
560,113
(2,616,278)		 Group Group Unrestricted Restricted
£
1,619,696
326,807
-		 Charity
Total
£
30,478,573
2,693,975
(2,919,230)		 Charity Charity
Total Total
£
30,222,401
233,306
(2,616,278)		 £
1,619,696
326,807
-		 £
28,858,877
2,367,168
(2,919,230)
27,839,429 1,946,503 29,785,932 28,306,815 1,946,503 30,253,318
Restricted Group
Total
£
31,420,613
810,369
(2,726,215)		 Group Unrestricted Restricted Charity
Total
£
30,053,861
2,990,395
(3,029,167)		 Charity
Total
£
29,800,917
518,915
(2,726,215)		 £
1,619,696
291,454
-		 £
28,434,165
2,698,942
(3,029,167)		 £
1,619,696
291,453
-
27,593,619 1,911,150 29,504,769 28,103,939 1,911,149 30,015,090

23. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents
24. Reconciliation of cash flows 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
2024
2023
£
£
1,353,733
1,627,184
1,353,733
1,627,184
Group
2024
2023
£
£
281,163
665,260
14,966
17,775
-
-
(595,761)
(374,528)
-
(594,293)
15,378
118,493
(31,699)
78,657
(28,240)
(187,951)
(344,193)
(276,587)		 2023
1,353,733

24. Reconciliation of cash flows from operating activities

Page 38

FEDERATION OF SYNAGOGUES

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

25. 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 01.01.2024
£
1,627,184
(36,430)
(2,726,215)
(1,135,461)		 Balance as
Cash flows
at 31.12.2024
£
£
(273,450)
1,353,734
(36,743)
(73,173)
109,937
(2,616,278)
(200,255)
(1,335,716)

26. Capital commitments

At the year end, the charity had capital commitments of £Nil (2023 £Nil) in respect of contracted building works.

27. 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 £7,206 (2023 £3,536). There are no outstanding balances owing between related parties and the Charity at 31 December 2024.

28. Taxation

The Federation of Synagogues is able to take advantage of the exemptions from taxation on income and gains available to charities and accordingly no taxation is payable on the net incoming resources.

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 £3,510,633 (2023: £2,740,285)

Total expenditure £3,272,406 (2023: £2,859,827)

Net movement in funds £238,227 (2023: £524,750)

Page 39

FEDERATION OF SYNAGOGUES

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

30. Principal subsidiaries

The following were subsidiary undertakings of the Charity:

Company
Names Number Control by t
Kosher Foods Supervisory Services Limited 04138362 100%
Watford Way Investments Limited 05777108 100%

Control by the Charity

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 2,038,825 (2,040,222) (1,397) (452,894)
Watford Way Investments Limited 72,118 (77,785) (5,667) (317,442)

Page 40