Charity registration number: 1055573 Cardiff United Synagogue Annual Report and Financial Statements for the Year Ended 31 December 2024 HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY
Cardiff United Synagogue Contents Reference and Administrative Details Trustees, Report 2to4 Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t019
Cardiff United Synagogue Reference and Administrative D8tai18 Chalrman Mrs. L. Gerson Prlnclpal Office Cyncoed Gardens, Cyncoed Road, Cardiff CF23 SSL Trustee8 Mrs. C. E. Bloom Mr. P. G. Dennis Mrs. L. Gerson Mr S Hamilton Mr N Schwartz Mrs A Lee Mr A Jacobs Mr S Bloom HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY Accountant Bankgrn Lloyds TSB Bank PLC 31 Queen stet City Centre Cardiff CF10 2AQ 1055573 Charlty Regi8tratlon Number Page 1
Cardiff Unlted Synagogue Trustees, Report The Trustees have adopted the provisions of the SORP "Accounting and Reporting by Charities" IFRS 102) in preparing the annual report and financtal statements of the charity. Ach5ev•ments and performance Cardiff United Synagogue continues to provide a Comprehensive range of Jewish religious, educational and social programmes for its membership and the wider Jewish community. The executives and council of the Synagogue have worked tirelessly to ensure a range of activities forall ages is provided. We hope the breadth and scope of facilities and services we provide can be maintained al their present level and eve increased in the coming year, whilst simultaneously keeping costs to a minimum. Flnanclal revlew These financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards, and the Statement of Recommended Practice for Charities (SORP). The Trustees report that the Charity has realised a deficit for the year on Is unrestricted and restricted funds of £56,390 (2023.. £14,241). Totsl incomlng resources of £149,144 (2023: £128,276) Includes voluntary income from various sources of £79,371 (2023: £45.996), Direct charitable expenditure and estsbilshment costs amount to £217,174 (2023: £168,145), the various costs being disclosed in the detailed Statement of Financial Activities. The recurring costs are maintained at reasonable levels reflecting the tireless efforts of all concerned, All of the incoming resources have been applled to further the general objects of the charity. Poll¢y on rnsorves The Executive Council has recognised that an amount should be retained In unrestricted reserves, not committed oi invested in tangible fixed assets ('the free resetves,), in order to conlinue tha current activities of Ihe charity in the event of a drop in income. 11 is the long term goal of the Executive Council to maintain a level of free reseNes, to an amount equal to twenty four months resources expended. Each year Ihe level of funds are vieWed and either increased or used according to the needs at that time. as at 31 December 2024 the unresctn'cted reserves balance stood at £1.231,090 (2023.. £1,287,479). Investment pollcy and obJectlv•s The charity's investments are managed by a recognised Investmenl Management Company outside the control ol the Trustees. The Executive Officers and Council decide the criteria to be followed by the investment managers in relation lo the funds split and ethical requirements. It is noted that during the year ended 31 December 2024 the investment portfolio was subjecl to an annual revaluation surplus of some £11,640. Page 2
Cardiff United Synagogue Trustees. Report Structure• govemance and management Nature of goveming document The organisation is an unincorporated charitable body, registered on 22nd May, 1996. The organisation is governed by it's constitution which was adopted on 21st April, 1996. Recruitment and appolntment of Trusteos New Trustees are recruited by personal introduction, and appointed by a resolution of the existing Trustees, in accordance with the Charity's Constitution. Consideration of appropriate and relevant skills and experience is given when introducing new Trustees to the charity. New Trustees are made aware of their responsibilities under Charity Law,. arranging appropriate induction and training,, and ensuring Criminal Records checks are undertaken, Organlsatlonal structurn The organisation is managed by Executive Officers and a Council whose role is lo further the overall objectives for Cardiff United Synagogue and to ensufe that the organisation is keeping within its legal and moral obligations. The Executive Officers and Council are responsible for ihe organlsation's day to day management together with the implementation of the Charity's strategy and policy framework. There have been no material changes in policy during the year. Major rlsks and management of those rlsks The Executive Officers and Council discuss and respond to risks that the charity may be exposed to on an ad hoc basis as and when these risks are idenlified. The diminishing Jewish community in Cardiff is an ongoing concern for the charity. The constitution has now been amended to adopt a more inclusive attitude towards the encouragement of new members. The annual report was approved by the trustees of the charity on 11 May 2025 and signed on its behalf by.. Mrs. L. Gerson Chairman and tru tee Page 3
Cardiff Unitsd Synagogue Trustees. Report Statsment of Trustee8' Respons5bllltle6 The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires Ihe 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 fi'nancial statements, the trustees are required to.. select suitable accounting polici8s and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and pwdenl., state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial ststements., and prepare the financial statements on Ihe going concern basis unless it Is inappfopfiate to presume thal the charity wlll contlnue In business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posilion of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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. Page 4
Cardiff United Synagogue Independent Examiner'8 Report to the trustees of Cardiff United Synagogue I report to the trustees on my examination of the accounts of Cardiff United Synagogue for the year ended 310ecember 2024. Re8ponslbllOtles and basls of report As the charity trustees of Cardiff United Synagogue you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Cardiff United Synagogue's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5){b) of the Act. Independent examiner's statement I have completed my examination. I confinn that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. 1. accounting records were not kept in respect of Cardlff United Synagogue as required by section 130 of the Act., or 2. the accounts do not accord with those words; or 3. the accounts do not comply with Ihe accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connectlon wlth the examlnatlon to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. dre FCCA ACA DChA BFP Sevem House Hazell Drive Newport South Wales NP10 8FY 11 May 2025 Page 5
Cardiff Unitsd Synagogue Statement of Financlal Activities for the Year Ended 31 December 2024 Unrestricted funds Total 2024 Total 2023 Note Income and Endowm8nts from: Donations and legacies Charitable activities Other Irading activities Investment income 79,371 64,020 79,371 64,020 45,996 78,277 55 3,948 5,753 5,753 Total Income 149,144 149.144 128,276 Expendlture on: Raising funds Governance costs Charitable activities (92) (5,854) 211,228 {92) (5,854) 211,228 (27) (3,417) 162,701 Tolal Expenditure Gainsllosses on investment assets 217,174 11,640 217.174 11,640 166,145 23,628 Net movement in funds (56,390) {56,390) (14,241) Roconclllatlon of funds Total funds brought fopward Total funds carried forward 1287,480 1,287,480 1,231,090 1,301,720 19 1,231,090 1,287,479 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 19. The notes on pages 8 to 19 form an integral part of these financial statements. Page 6
Cardlff Unitsd Synagogue (Registration number: 1055573) Balanc8 Sheet as at 31 December 2024 2024 2023 Note Flxed assets Tangible assets Heritage assets Investments 12 13 14 1,293,739 55,593 203,935 1,295,369 56,261 237,727 1,589,357 1,553,267 Current assets Debtors Cash at bank and in hand 15 16 53,436 12,719 66,155 46.287 6,762 53,049 Credltors: Amount8 falllng due wlthln one yo8r Net Current a889t8 17 38,333 4,926 27,822 48.123 Total assets less current Ilablliti88 1,581,089 1,637.480 350.000 Credltorn: Amounts falling due after more than one year 18 Net as8et8 350.000 1,231,089 1,287,480 Fund• of th• charlty: Unro8trict•d Income funds Unrestricted funds 1,231,089 1,287,480 Total fundg 1,231,089 1.287,480 The financial statements on pages 6 to 19 were approved by the trustees, and authorised for issue on 11May2 and signed on their behalf by: Mrs. L. Gerson Chairman and tru ee The notes on pages 8 to 19 form an integral part of these financlal statements. Page 7
Cardoff Unitsd Synagogue Notes to the Financial Ststements for the Year Ended 31 December 2024 l Accountlng pollcles Statsmont of compllance The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Ba818 of prnparation Cardiff United Synagogue meets Ihe definits'on of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. Exomptlon from preparfng a cash flow ststement The chafity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore nol included a cash fl¢)W Statement in these financial statements. Income and endowments Voluntsry inGome including donations. gifts. legacies and grants that provide core funding or are of a general nature is recognised when the charity has ents'tlement to the income, it is probable that the income will be received and the amount can be measured with suffi'cient reliability. Donatlons and lagaci Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Grants re¢elvabl• Grants are recognised when the charity has an entitlemenl to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment Income Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expendlture All expenditure is recognised once there is a legal or constructive obligalion to that exp&nditure, it is probable settlement 15 required and the amount can be measured reliably. All cost5 are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be direcuy attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the assel's use. Other support costs are allocated based on the spread of staff costs. Page 8
Cardiff United Synagogue Notes to the Financial Ststements for the Year Ended 31 December 2024 Ralslng funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charltable activlties Charitable expenditure comprises those costs incurred by the Charrty in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect necessary to support them. Support costs Support costs inclu(Je central functions and have been allocated to activity cost calegories on a basis consistent with the use of resources, for example, allating piopety costs by floor areas, or per eapita, slaff costs by the time spent and other costs by their usage. Governance costs These include the costs attributablo to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees's meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tanglble f5xed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold land and buildings are carried at reasonable fair value. Valuations are conducted by the Trustees annually based on open market conditions for each property. Independent valuations are obtained as and when required. Herltago assets To meet the requirements of the SORP, disclose the policy for acquisition, preservation, management and disposal of heritage assets. Depreciatlon and amortlsatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Fixtu$ and fittings Scrolls and silver Depreclatlon method and rate 10°/o straight line basis 1 OA straight line basis Page 9
Cardlff United Synagogue Notes to the Financial Statements for the Year Ended 31 December 2024 Flxed asset Investments Fixed asset investments. other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference beknn sales proceeds and their market value at the slart of the year. or their subsequent cost, and are charged or credited to the Ststement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Ststement of Financial Aclivities based on the market value at the year end. Trado debtor8 Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured 81 amortised cost using the effective interest method, less provision for impainnent. A provision for the impairment of trade debtors is estsblished when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivablos. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid Investments that are readily convertible to a known amount of cash and are subject to an insignthcant risk of change In value. Fund structure Unrestricted income funds are general fund5 that are available for use at the trustees's discretion in furtheran of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specrfic purposes, the use of which is restricted to that area or pufpose. Designated funds are unrestricted funds earmarked by the management commitlee for particular purposes. Further details of ea¢h fund are disclosed in note 19. Page 10
Cardiff United Synagogue Notes to the Financial Statements for the Year Ended 31 December 2024 2 Income from donations and legacies Unrestrlctod funds Total 2024 Total 2023 Gonèral Donatlons and legacles; Offerings Sundry donations 14.677 17.750 14,677 17,750 32,427 4.783 21,805 32.427 26,588 Sub8cription8 Tax recoverable under Gift Aid Grants, including capital grants; Grants from other charities 12,257 12,257 13,783 34,687 34,687 5,625 79,371 79,371 45,996 Page 11
Cardiff Unitsd Synagogue Notss to the Financial Statements for the Year Ended 31 December 2024 3 Income from eharftable actlvltles Unrestrlcted funds General Total 2024 Total 2023 Support and advancement of the Jewish Community Burial services 61,957 2,063 61,957 2.063 65,787 12,490 78,277 64,020 64,020 4 Income from other tradlng actlvlil08 T(al 2024 Total 2023 Judalca shop income 55 5 Inve8tm•nt Incomo Unre8trlct•d funds Totsl 2024 Total 2023 General Interest receivable Dividend income 1.615 4.138 1,615 4,138 1,756 2,192 Page 12
Cardiff United Synagogue Notes to the Financial Statements for the Year Ended 31 December 2024 6 Exponditure on charitable actlvltles Unrestrlcted Total 2024 Total 2023 General Note Support and advancement of the Jewish Community Buri81 services Allocated support costs Governance costs 190,409 3,877 16,942 5,854 217,082 190,409 3,877 16,942 5,854 217,082 139,097 7,275 16,329 3,417 166,118 7 Analysls of governance and support costs Governance c08ts Unre8trlcted funds Total 2024 Total 2023 General Independent Examiner's remuneratlon Other governance costs 2,846 2,846 3,008 5,854 2,838 579 3,417 8 Net Incomlngloutgolng re8ource8 Net ouigoing resources for the year include.. 2024 2023 Depreciats'on of fixed assets 1,630 1,490 Page 13
Cardiff Unltsd Synagogue Notes to the Financial Statements for the Year Ended 31 December 2024 9 Trustees remuneratlon and expenses No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 10 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff cosls during the year were: Wages and salaries Pension costs 67,674 542 64,422 516 68,216 64,938 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as full tsme equivalents was as follows: 2024 No 2023 No Rabbl Administration Caretaker Teachers No employee received emoluments of more than £60,000 during the year Page 14
Cardiff United Synagogue Notss to the Financial Statements for the Year Ended 31 December 2024 11 Taxatlon The charity is a registered charity and is therefore exempt from taxats'on. 12 Tanglble flxed assets Land and bulldlngs Furniture and oqulpment Total Cost At 1 January 2024 At 31 December 2024 1.291,426 22.866 1,314,292 1,291,426 22.866 1.314.292 Depreclatlon At 1 January 2024 Charge for the year At 31 December 2024 18,923 1,630 18,923 1,630 20,553 20,553 Net book value At 31 December 2024 1.291,426 2,313 1,293,739 At 31 December 2023 1.291,426 3.943 1,295,369 Page 15
Cardiff United Synagogue Notes to the Financial Statements for the Year Ended 31 December 2024 Revaluatlon The fair value of the company's Land and buildings was revalued on 31 December 2022. An independent valuer was not involved. Freehold land and buildings are held at open market value. Had this class of asset been measured on a historical cost basis, their carrying amount would have been £1.042,225 {2023 - £1,068,054). 13 Herltage a88•ts Artefaets Total Cost At 1 January 2024 At 31 December 2024 66,806 66,806 66,806 86,806 D•prKlatlon At 1 January 2024 Charge for the year At 31 December 2024 10,545 10,545 668 11,213 11,213 Not book value At 310ecember 2024 55,593 55,593 Page 16
Cardiff United Synagogue Notes to the Financial Statements for the Year Ended 31 December 2024 14 Flxed asset investments Other Investment8 2024 2023 Other investments 203,935 237,727 15 Debtors 2024 2023 Trade debtors Prepayments Accrued income Other debtors 43,084 2,949 5,794 1.609 35,570 2,656 6,891 1,170 53,436 46,287 16 Cash and cash equlvalents 2024 2023 Cash on hand Cash at bank 432 140 8,622 6.762 12,719 Page 17
Cardiff Unitsd Synagogue Notes to the Financial Statements for the Year Ended 31 December 2024 17 Credltors: amount8 falling du• wlthln one year 2024 2023 Other taxation and social security Other creditors Accruals 2,261 103 35,969 38.333 724 4,108 4.926 18 Credltor8: amounts falllng due aftor ong year 2024 2023 Other loans 350,000 350,000 The loan is secured against the property for which it was used to purchase. There is a first charge over the propety and the loan will be repaid upon sale of the propety. 19 Fund8 Balance at Other 31 Resources recognlsed Decemb•r expended galnsl(108sesl 2024 Balance at 1 January 2024 Incomlng resources Unr•strlcted funds Unrestricted genernl funds Unrestrlcted incom8 fund 868,244 149,144 (217,1741 11,639 611,853 Unrestrlcted deslgnated funds Endowment Fund 619,236 619,236 Total fund8 1,287,480 149.144 217,174 11,639 1.231,089 Page 18
Cardiff United Synagogue Notes to the Financial Statements for the Year Ended 31 December 2024 Balance at Other 31 Incomlng Resource8 recognised December rosourcè8 expended ga5nsl(losse$) 2023 Balanco at 1 January 2023 Unrestrlcted fvnds General Unrestricted income fund 682,484 125.465 (166,145) 26,440 668,244 Deslgnated Endowment Fund 619,236 619,236 Total funds 1,301,720 125,465 166,145 26,440 1,287,480 20 Analysls of net assets b•tw••n funds Total funds at31 December 2024 Unrestrlct•d fund8 General De8ignated Tangible fixed assets Heritage assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets 878,438 55,593 415,301 1,293.739 55,593 203.935 66,155 (38,333) 350,000 203,935 66,155 (38.333) 350,000 611,853 619,236 1,231,089 Total funds at31 December 2023 Unrestrlcted funds General Deslgnated Tangible fixed assets Heritage assets Fixed asset investments Current assets Current liabilities Credilors over 1 year Totsl net assets 913,860 56,261 381,509 1,295,369 56,261 237.727 53,049 {4,926) 350,000 237.727 53.049 (4,9261 350,000 668,244 619,236 1,287,480 Page 19