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← The Shaare Hayim Congregation

2024-12-31-accounts

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

Charity registration number 1067759 (England and Wales)

THE SHAARE HAYIM CONGREGATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Judith Amosi-Khodadad (Appointed 9 June 2024)
Stephen Blank
Jonathan Dwek
Clement Goldstone
Philip Hodari
Jack Shalom (Appointed 9 June 2024)
Jonathan Shasha
Richard Simon
Reuben Solomon
Anthony Sultan
Charity number (England and Wales) 1067759
Principal address 24 Wicker Lane
Hale Barns
Altrincham
Cheshire
WA15 0HQ
Auditor Royce Peeling Green Limited
The Copper Room
Deva City Office Park
Trinity Way
Manchester
M3 7BG

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

CONTENTS

Page
Trustees' report 1 - 8
Independent auditor's report 9 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 32

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Reference and administrative details

The Charity name

The legal name of the Charity is: - The Shaare Hayim Congregation (“the Congregation”) and it is known as The Sephardi Congregation of South Manchester.

The Charity's areas operation and UK charitable registration

The Charity is registered in England & Wales with the Charity Commission for England & Wales (CCEW) with Charity number 1067759.

Legal structure of the charity

The governing document of the charity is the Trust Deed dated 3rd December 1997 as amended 11th December 2022. Management of the charity is delegated under the Trust Deed to the Council whose actions are governed by the Ascamot adopted 20th May 2007 as amended 16th May 2010, 13th December 2015 and 11th December 2022. The Trustees are all individuals.

The principal operating address, telephone number, email and web addresses of the Charity are: -

24 Wicker Lane, Hale Barns, WA15 0HQ Telephone 0161 980 1877 Email Address: admin@shaarehayim.org.uk Website (under construction): www.shaarehayim.org.uk

The following Trustees served during the year ended 31 December 2024: - served during the year ended 31 December 2024: -
Name Position, Committees Appointed Re-election
Judith Amosi-Khodadad Risk, Child and Adult s/g trustee 2024 2029
Stephen Blank Chair of Trustees, Risk, Audit 2018 2026
Jonathan Dwek Ex-officio as Chair of Council, Risk 2023 N/A
Clement Goldstone 2018 2027
Philip Hodari 2023 2028
Jack Shalom Secretary 2024 2029
Jonathan Shasha Risk 2018 2026
Richard Simon Adult safeguarding lead 2022 2025**
Reuben Solomon Audit 2011 2025
Anthony Sultan 2011 2029*

Simone Shammah stood down as a Trustee due to family reasons. The Trustees acknowledge her service to the Congregation as a whole and as a Trustee in particular, especially in creation of our Safeguarding Policies & Procedures.

**Richard Simon has indicated he does not wish to stand, and the Chair of Trustees will propose Mrs Judith Moryoussef as a Trustee at the AGM. Richard’s wealth of experience will not be lost as he will be invited to attend Trustees meetings.

Secretary

The Trustees re-appointed Jack Shalom as Secretary to the Trustees as permitted under the Trust Deed.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

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

The following persons served on the Council during the year ended 31 December 2024: - Name Position, Committees Jonathan Dwek Chair of Council, Executive Reuben Solomon Vice Chair Stephen Elias Treasurer, Executive Tracey Kingsley Hon Secretary, Executive Michael Khodadad President, Executive David Adams Ed Gee Paul Goldsmith Shir Todd Ben Whiteman Co-opted Danny Wolfson Co-opted

The following persons served on the President’s Committee during the year ended 31 December 2024: -

Name Position Appointed Michael Khodadad President 2024 Jonathan Dwek (Hale) Warden/Chair of Council 2024 Reuben Solomon (Hale) Warden/Vice Chair of Council 2024 Anthony Sultan (Hale) Warden 2023 Eli Cohen (Didsbury) Warden 2023 Danny Wolfson (Didsbury) Warden 2023 Victor Hassan (Didsbury) Warden 2023

Objects and activities of the Charity

The purposes of the Charity as set out in its governing document

The principal objects of the Congregation are to facilitate Jewish worship in the Sephardi tradition and rituals formerly practiced by the Shaare Sedek Synagogue Congregation and the Withington Congregation (Shaare Rahamim) and for such other congregational educational and charitable purposes as the Congregation shall from time to time direct including the right to appoint a minister or reader who is Jewish and conforms with the said tradition and rituals.

The Trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the Charity as well as management of conflicts and complaints.

Under the Trust Deed, the Trustees are empowered:

To permit the Charity to be managed in accordance with the Ascamot by a committee ("the Council” formerly known as the Mahamad) and for this purpose to delegate to the Council power to invite and accept applications from persons of the Jewish religion to become members of the Congregation, to levy an annual donation or fee for such membership, to accept contributions to raise money by appeals and other similar means and to perform such acts (not required by law to be performed by the Trustees) as are necessary in order to conduct the ordinary business of the Charity in accordance with the Objects and with the Ascamot.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

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

The main achievements and performance of the Charity during the year

The Chair of Trustees, Stephen Blank, has committed himself to look carefully for new Trustees who would add diversity and relevant experience. The first ever woman Trustee, Mrs Simone Shammah, unfortunately had to stand down, but Mrs Judith Amosi-Khodadad was appointed in her place. Mrs Judith Moryoussef will be proposed by the Chair as a new Trustee at the AGM replacing Richard Simon who is not standing for re-election. The Congregation has great deal to thank Richard for over many years and it is to be hoped that his wealth of experience and wisdom will remain available to the Trustees in particular and the Congregation as a whole/

Jonathan Dwek who is Council Chair continues as a Trustee ex-officio.

Real Estate

Our real estate at Wicker Lane, Hale Barns continues to generate an income stream for the Congregation. 22 Wicker Lane continues to be rented out, Partington Farm continues to be used by Rabbi Amir Ellituv, 20 Wicker Lane is used by our Shlichot and 8 Queenston Road is used by Rabbi Fries.

Following the marketing process for the development and downsize of Queenston Road Didsbury, discussions have continued with a preferred developer on the recommendation of Savills, our advisers in this matter. Any formal proposal that eventually results will require the approval of 60% of the Trustees and 60% of the Congregation in a General Meeting. Preliminary resolutions relating to this and the construction of a replacement synagogue in Didsbury were passed by a majority in excess of the required 60% at an EGM on 15 October 2023.

Risk Management

Last year, the Risk Committee which then comprised Trustees Stephen Blank, Jonathan Dwek, Victor Hassan and Simone Shammah undertook a complete review of the Charity’s Risk Management. Having compiled a High-Level Risk Assessment - including necessary actions to mitigate risks deemed to be important - a Risk Register and a comprehensive suite of Policies and Procedures were produced and adopted by the Trustees on 18[th] January 2024. After further review two more Policies and Procedures were produced and these, as well as the existing ones, were reviewed and approved by the Trustees on 2[nd] February 2025. The production of Health & Safety Manual and associated procedures was delegated to the Council and had been published on 21 July 2023 at which point Mr Adi Dean, of Ensure Safety & Training, was appointed ‘Competent Person’ with overall responsibility for overseeing health and safety matters. The Congregation’s Complaints, Whistleblowing and Safeguarding policies are publicly available on our website. Members have been advised of the other Policies & Procedures via our newsletter, and it is hoped that in the not-too-distant future these will be available on a members section of our website.

Internal Financial Controls

The Trustees and Executive are well aware of the requirements of CCEW Guidance document CC8 “Internal Financial Controls” and this year are pleased that compliance can be demonstrated in particular with production of accurate Management Accounts, within six weeks of the period end. Grateful thanks are due to Council Member Ed Gee and his work assistant as well as our Bookkeeper/Office Administrator, who commenced employment with us in May 2024, for her bookkeeping work on behalf of the Charity.

Structure, governance and management of the Charity

The methods used to recruit and appoint new Charity Trustees

These have been comprehensively revised in the new Trust Deed effective 11th December 2022.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

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

There shall be at least four Trustees and a maximum of ten Trustees. Every future Trustee shall be appointed by a resolution of the Members of the Congregation requesting such appointment passed at a General Meeting called in accordance with the Ascamot.

Any Full Member seeking election as a Trustee shall apply to the Chair of Trustees for consideration. If the candidate is deemed a worthy applicant by the Trustees, the Chair of Trustees shall recommend the applicant for election at the General Meeting of the Members, whose election shall be appointed by a simple majority vote.

No person shall be appointed as a Trustee:

The Charity's organisational structure

The Congregation has a two-tier decision-making process. The duties of the Council are set out in the Ascamot which were adopted (replacing the previous Ascamot) at an Extraordinary General Meeting of the Congregation held on 11th December 2022. The Council has responsibility for the business affairs, management and administration of the Congregation.

The President's Committee is responsible for religious, cultural and social functions of the Congregation and for all its rituals and ceremonies. The Honorary Officers and President's Committee, and from 2009, the Council are appointed annually by the Congregation.

The assets of the Congregation are vested in the Trustees, who are appointed by the Congregation and are responsible for strategy, risk management and compliance with the Charities Acts 2011 and 2022 as well as CCEW Guidance.

At the Council Meeting held on 20th June 2016, the Council unanimously adopted a formalised modus operandi for the operation of the Yom Kippur Appeal, in order that the Congregation should have greater visibility of the application of funds raised by the Appeal and in accordance with the principles of sound governance.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

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

The Congregation’s principal bankers are NatWest plc, 19 Market Street, Manchester, M1 1WR

The donations for this year are listed in note 3 to the accounts.

The Charity's relationships with related parties

The Congregation is directly related to: -

Financial review

At last year’s AGM it was agreed on the recommendation of the Trustees to appoint RPG Chartered Accountants as auditors for the year ended 31st December 2024, replacing Langer & Co Chartered Accountant (“Langers”). Langers had been the Congregation’s auditors for many years and were thanked personally and in writing by the Chair of Trustees on behalf of the Charity. RPG’s reappointment will be proposed at the forthcoming AGM.

The Charity's financial position as at 31 December 2024

The financial position of the Charity at 31 December 2024 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

2024
2023
£
£
Net income 9,694
74,307
Unrestricted Revenue Funds available
for the general purposes of the Charity
Restricted Revenue Funds		 5,760,767
153,838
5,779,243
125,668
Total Funds 5,914,605
5,904,911

Financial review of the position at the reporting date, 31 December 2024

The deficit for the year on the unrestricted funds before revaluations was £21,911. The combined net movement in funds was a surplus before revaluations of £10,302. The Congregation remains reliant on unrestricted income from annual subscriptions, which amounted to £220,520 (net of bad debts) and donations, legacies and grants which total £97,110.

Policies on reserves

The Congregation aims to hold reserves sufficient to ensure that it is a going concern. Specifically, the Council aims to maintain cash reserves in unrestricted funds at a level which equates to at least three months of unrestricted expenditure that is one quarter of £394,648 which is £98,662. At the 31 December 2024, the Congregation held £62,149 in unrestricted cash reserves.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

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

Availability and adequacy of assets of each of the funds

The Trustees are satisfied that the Charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

Investment policy and investment objectives

The Trustees may invest the funds in any manner in accordance with the prevailing law in connection with the investment of trust funds. The Council, so enabled by the Trustees, makes all significant investment decisions. All significant cash spend decisions are made by the Council or by the Congregation as required by the Ascamot.

The major risks to which the Charity is exposed and reviews and systems to mitigate them

The Council and Trustees of the Congregation have considered the major risks to which the Congregation is exposed and, having reviewed those risks, established systems and procedures to manage them. Certain policies and procedures were published on the Congregation’s website, namely: Safeguarding, Whistleblowing; and Complaints. Others are available for members and employees such as Health & Safety at Work; Cyber; and Data Protection.

A major update of our Adult and Child Safeguarding Policies and Procedures was completed in consultation with Rabbi Amir Ellituv and Mrs Tova Ellituv. Mrs Judith Amosi-Khodadad is Designated Adult and Child Safeguarding Trustee and Mrs Tova Ellituv is Designated Child Safeguarding Lead. Mr Richard Simon and Rabbi Amir Ellituv are joint Designated Adult Safeguarding Leads.

The Trustees do not perceive that the Congregation is vulnerable to any major financial risks in view of its

current financial position.

The Congregation has significantly upgraded its IT estate but next year should see an equally significant reduction in its cost. The central system is Microsoft® (“MS”) 365 at charity rates, giving all Trustees, Council members and staff secure access to email and data via MS SharePoint. The system is secured with two-factor authorisation and is backed up. At present, anniversaries are dealt with using upgraded synagogue software RakefetOnline. Mailshots and weekly newsletters are sent using the Congregation’s Constant Contact subscription with secure access available to specific people. Our cloud-based Accounting system – also at charity rates - allows members instant payment via Stripe and the Congregation can now for the first time in many years produce year-end quality Management Accounts on a timely basis with very limited (but still valuable) external support. Events can be booked via Ticket Tailor also linked to Stripe.

All volunteers and employees have available an email address on the Shaare Hayim organisation. This also provides them with access to relevant sections of the SharePoint data repository. Some have been reluctant to make use of this when dealing with Congregational matters and the Trustees have pointed out the consequential risk of breaching Data Protection regulations that this raises.

Plans For the Future

Summary of plans for the future and the Trustees' perspective of the future direction of the Charity

Location

Notwithstanding any decision on the future permanent location of services, the Trustees (and Council) are committed to ensuring that there are services available to our members in the Didsbury area, provided that the congregation there remains viable. The frequency of the Minyan is 3 days a week plus Shabbat and Yom Tovim. In view of the possible sale and the fact that the very large size of the building made it no longer suitable for the reduced number of worshippers, the Council closed Queenston Road Synagogue and relocated services to the adjoining Congregational Hall where they have been led by Rabbi Yair Fries since August 2023.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

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

The South Manchester Community Cheder

Since its opening in September 2023, the Sunday Cheder has continued at the Wicker Lane Synagogue thanks to Rabbi Amir Ellituv and with the assistance of Ed Gee. The Cheder welcomes every child in the South Manchester community. The head of the Cheder is Sari Moscovits and the administrator is Trustee Judith Amosi-Khodadad. The cheder ran three classes where the children get basic education on Judaism, learning Hebrew reading using the Aleph Champ program. The children also learn about the Chagim, the Shabbat and the prayers. Each subject is taught in a clear appealing way, using visual learning, different activities and Arts and Crafts.

IT

The Congregation has moved its members data to the ShulCloud system which provides a website having a public and members-only section. The website gives general information about services and the facility for members to update their own personal data. Soon it will provide a mailing system, events calendar, and booking service, completely replacing the three separate systems currently in use, namely RakefetOnline, Constant Contact and Ticket Tailor.

Youth

Our two energetic Shlichot, Hanit and Prielle, have been a great asset to the Congregation since arriving in September 2023, and have arranged numerous exciting weekly events for our youth throughout the year. Amongst other initiatives, they have hosted the ‘Shmooze over Sushi’ for the female teenagers, a Ladies’ Learning Group on Shabbat mornings, and created a fledgling Youth Committee. Joey Elias ably supported by Saadya Ellituv have organised the weekly ‘Chat over a Chinese’ every Wednesday night and continued the popular Table Tennis club.

Ben Whiteman has chaired the Events Committee and has been instrumental in galvanizing the younger members of the Congregation to participate in social activities and themed Shabbats. We have an enthusiastic and capable group of members who it is hoped will form the nucleus of the leadership of the Congregation in years to come.

Security

Thanks to all those who have helped with security in both locations, in particular Ben Whiteman, Head of Security, Danny Wolfson and Paddy Wagon.

Statement of trustees' responsibilities

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 and 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 year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that 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.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

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

The trustees' report was approved by the Board of Trustees.

.............................. Stephen Blank

25 April 2025 Date: .............................................

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SHAARE HAYIM CONGREGATION

Opinion

We have audited the financial statements of The Shaare Hayim Congregation (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SHAARE HAYIM CONGREGATION

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the 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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 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 auditor's 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.

We evaluated the Trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SHAARE HAYIM CONGREGATION

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor’s 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Royce Peeling Green Limited, Statutory Auditor Chartered Accountants The Copper Room Deva City Office Park Trinity Way Manchester M3 7BG 25 April 2025 Date: .........................

Royce Peeling Green Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
317,630
61,525
Charitable activities
4
34,660
-
Other trading activities
5
-
22
Investments
6
18,147
646
Other income
7
2,300
-
Total income
372,737
62,193
Expenditure on:
Raising funds
8
-
-
Charitable activities
9
394,648
29,980
Total expenditure
394,648
29,980
Net gains/(losses) on
investments
15
(608)
-
Net income/(expenditure)
(22,519)
32,213
Transfers between
funds
4,043
(4,043)
Net movement in
funds
12
(18,476)
28,170
Reconciliation of funds:
Fund balances at 1 January
2024
5,779,243
125,668
Fund balances at 31
December 2024
5,760,767
153,838		 Total
Unrestricted
Restricted
Total
funds
funds
as restated
as restated
2024
2023
2023
2023
£
£
£
£
379,155
332,479
99,659
432,138
34,660
54,989
-
54,989
22
255
-
255
18,793
24,935
870
25,805
2,300
27,639
-
27,639
434,930
440,297
100,529
540,826
-
137
-
137
424,628
414,273
53,738
468,011
424,628
414,410
53,738
468,148
(608)
647
982
1,629
9,694
26,534
47,773
74,307
-
21,977
(21,977)
-
9,694
48,511
25,796
74,307
5,904,911
5,730,732
99,872
5,830,604
5,914,605
5,779,243
125,668
5,904,911		 Total
Unrestricted
Restricted
Total
funds
funds
as restated
as restated
2024
2023
2023
2023
£
£
£
£
379,155
332,479
99,659
432,138
34,660
54,989
-
54,989
22
255
-
255
18,793
24,935
870
25,805
2,300
27,639
-
27,639
434,930
440,297
100,529
540,826
-
137
-
137
424,628
414,273
53,738
468,011
424,628
414,410
53,738
468,148
(608)
647
982
1,629
9,694
26,534
47,773
74,307
-
21,977
(21,977)
-
9,694
48,511
25,796
74,307
5,904,911
5,730,732
99,872
5,830,604
5,914,605
5,779,243
125,668
5,904,911
540,826
137
468,011
468,148
1,629
74,307
-
74,307
5,830,604
5,904,911

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

BALANCE SHEET

AS AT 31 DECEMBER 2024

2024 2023
as restated
Notes £ £ £ £
Fixed assets
Tangible assets 17 6,059,041 6,050,410
Investment property 18 624,000 624,000
Investments 19 1,275 38,426
6,684,316 6,712,836
Current assets
Debtors 20 128,659 136,576
Cash at bank and in hand 190,657 163,258
319,316 299,834
Creditors: amounts falling due within 22
one year (49,027) (67,759)
Net current assets 270,289 232,075
Total assets less current liabilities 6,954,605 6,944,911
Creditors: amounts falling due after
more than one year 23 (1,040,000) (1,040,000)
Net assets 5,914,605 5,904,911
The funds of the charity
Restricted income funds 25 153,838 125,668
Unrestricted funds 26 5,760,767 5,779,243
5,914,605 5,904,911

25 April 2025

The financial statements were approved by the trustees on .........................

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

Stephen Blank Chair of the Trustees

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

Stephen Elias Treasurer

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
31
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from/(used in) investing
activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(11,943)
-
36,543
18,793		 £
(15,994)
43,393
-
27,399
163,258
190,657		 2023
£
-
(27,520)
-
25,805		 £
46,606
(1,715)
-
44,891
118,367
163,258

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

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

1 Accounting policies

Charity information

The Shaare Hayim Congregation ('the charity') is an unincorporated charity registered in England. The principal address of the charity is 24 Wicker Lane, Hale Barns, Altrincham, Cheshire, WA15 0HQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific restrictions as to how they may be used imposed by the donor or grantor or through the terms of an appeal. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Membership subscriptions are treated as donations and are accounted for when receivable. A provision is recognised if, after initial recognition of the income, it becomes unlikely that the charity will receive the money.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Legacies are included when the charity is advised by the personal representative of an estate that payment will be made or property transferred and the amount involved can be quantified.

Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.

Income from investments is recognised when it becomes receivable.

1.5 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.

Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly allocated to such activities and those costs of an indirect nature necessary to support them.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Not depreciated Fixtures, fittings and office equipment 15 & 33% straight line Computers 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment property

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. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Critical accounting estimates and assumptions:

Further details are provided in the accounting policies and in the relevant notes to the accounts.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
55,458
61,525
Grants
41,652
-
Membership fees
220,520
-
317,630
61,525
Grants
Board of Elders
32,500
-
CST
9,152
-
Other non-public entities
-
-
Small grants individually
less than £1,000
-
-
41,652
-		 Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
as restated
as restated
£
£
£
£
116,983
73,118
99,659
172,777
41,652
65,890
-
65,890
220,520
193,471
-
193,471
379,155
332,479
99,659
432,138
32,500
49,875
-
49,875
9,152
11,310
-
11,310
-
2,880
-
2,880
-
1,825
-
1,825
41,652
65,890
-
65,890		 Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
as restated
as restated
£
£
£
£
116,983
73,118
99,659
172,777
41,652
65,890
-
65,890
220,520
193,471
-
193,471
379,155
332,479
99,659
432,138
32,500
49,875
-
49,875
9,152
11,310
-
11,310
-
2,880
-
2,880
-
1,825
-
1,825
41,652
65,890
-
65,890
432,138
49,875
11,310
2,880
1,825
65,890

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Income from charitable activities

Wedding fees
Hire of hall
Kiddush income/ special events
Bar Mitzvah lessons
Contribution to Bnei Akiva expenditure
Stone cleaning
Analysis by fund
Unrestricted funds
Income from other trading activities
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Lydia Collins book
income
-
22
Income from investments
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Rental income
17,580
-
Income from listed
investments
346
-
Interest receivable
221
646
18,147
646		 2024
£
2,200
1,000
15,203
5,831
8,326
2,100
34,660
34,660
Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
22
255
-
Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
17,580
23,670
-
346
1,265
870
867
-
-
18,793
24,935
870		 2023
£
2,005
21,973
24,756
6,255
-
-
54,989
54,989
Total
2023
£
255
Total
2023
£
23,670
2,135
-
25,805

5 Income from other trading activities

6 Income from investments

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Keren Hatorah Transfer - 27,639
Other income 2,300 -
2,300 27,639

8 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Lydia Collins expenses - 137

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Rabbi expenses
Youth worker
Special events
Kiddush and festival expenditure
Cheder costs
Books for presentation
Stone cleaning
Bnei Akiva expenditure
Hall hire
Building fund expenses
Webber expenditure
Bad debt write off
Grant funding of activities (see note 10)
Share of support and governance costs (see note 11)
Support
Governance
Analysis by fund
Unrestricted funds
Restricted funds		 2024
£
129,822
3,312
4,396
-
867
20,570
9,758
-
2,220
4,621
100
6,831
882
(8,247)
175,132
24,500
204,367
20,629
424,628
394,648
29,980
424,628		 2023
£
110,270
390
5,761
2,000
15,245
20,476
4,226
806
-
-
-
-
-
931
160,105
14,000
278,576
15,330
468,011
414,273
53,738
468,011

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Grants payable
Restricted Restricted
funds funds
2024 2023
£ £
Grants to institutions:
Ohr Meir & Bracha 6,000 2,000
Chai Cancer Care 3,000 2,000
Camp Simcha 4,000 1,500
Kolel Chabad - 1,500
Chabad Manchester University 2,250 2,000
HMD Llandudno 1,000 500
Kisharon Langdon 2,000 1,500
Jewish Blind & Disabled 2,000 1,500
L'Chaim Foodbank 1,500 1,500
The Fed 2,000 -
LF Foodbank 750 -
24,500 14,000
11 Support costs allocated to charitable activities
Support costs allocated to charitable activities
2024 2023
£ £
Staff training - 1,984
Rates and water charges 16,351 14,503
Light, heat and power 54,517 83,121
Cleaning (including laundry) 10,909 8,008
Premises repairs, renewals and maintenance 23,745 89,505
Insurance 39,242 35,990
Security 21,701 20,189
Gardening 8,743 7,176
Telephone, fax and internet 5,567 4,030
Printing, postage and stationery 4,091 4,661
Software licences and expenses 6,363 5,004
Advertising and marketing 406 212
Health and safety 1,132 -
Sundry expenses 8,954 1,684
Levies 1,291 1,489
Bank charges 1,355 1,020
204,367 278,576
Analysed between:
Unrestricted funds 202,322 243,528
Restricted funds 2,045 35,048
204,367 278,576

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11
Support costs allocated to charitable activities
Governance costs comprise:
Audit fees
Accountancy
Legal and professional
12
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements
- for other financial services
Depreciation of owned tangible fixed assets		 (Continued)
2024
2023
£
£
8,000
7,800
282
4,860
12,347
2,670
20,629
15,330
2024
2023
£
£
7,000
4,860
1,000
2,940
3,312
390		 (Continued)
2024
2023
£
£
8,000
7,800
282
4,860
12,347
2,670
20,629
15,330
2024
2023
£
£
7,000
4,860
1,000
2,940
3,312
390
15,330
2023
£
4,860
2,940
390

13 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

14 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
6
2024
£
121,636
2,070
6,116
129,822		 2023
Number
5
2023
£
106,025
2,306
1,939
110,270

There were no employees whose annual remuneration was more than £60,000.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15 Gains and losses on investments

Unrestricted
Restricted
funds
funds
2024
2024
Gains/(losses) arising on:
£
£
Revaluation of
investments
-
-
Sale of investments
(608)
-
(608)
-		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
-
647
982
(608)
-
-
(608)
647
982		 Total
2023
£
1,629
-
1,629

16 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

17 Tangible fixed assets

Freehold land
and buildings
£
Cost
At 1 January 2024
6,048,590
Additions
-
Disposals
-
At 31 December 2024
6,048,590
Depreciation and impairment
At 1 January 2024
-
Depreciation charged in the year
-
Eliminated in respect of disposals
-
At 31 December 2024
-
Carrying amount
At 31 December 2024
6,048,590
At 31 December 2023
6,048,590		 Fixtures,
fittings and
office
equipment
£
33,044
10,011
(15,238)
27,817
31,224
3,134
(15,238)
19,120
8,697
1,820		 Computers
£
10,293
1,932
-
12,225
10,293
178
-
10,471
1,754
-		 Total
£
6,091,927
11,943
(15,238
6,088,632
41,517
3,312
(15,238
29,591
6,059,041
6,050,410
18 Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024 624,000

The investment properties have been valued at open market value by the Treasurer.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

19 Fixed asset investments

Listed
investments
Other
investments
£
£
Cost or valuation
At 1 January 2024
1,275
37,151
Disposals
-
(37,151)
At 31 December 2024
1,275
-
Carrying amount
At 31 December 2024
1,275
-
At 31 December 2023
1,275
37,151
20
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
100,843
Other debtors
1,850
Prepayments and accrued income
25,966
128,659
21
Loans and overdrafts
2024
£
Other loans
1,040,000
Payable after one year
1,040,000		 Total
£
38,426
(37,151)
1,275
1,275
38,426
2023
£
107,406
1,850
27,320
136,576
2023
£
1,040,000
1,040,000

The Congregation has the following concessionary loans;

Safra Foundation. The loan is interest free. The loan outstanding at 31 December 2024 is £400,000 and is repayable on 31 May 2026, or earlier if the Congregation sells any or all of the land and buildings. If repayment is not made on time the loan converts to an investment and a profit not exceeding 5% shall accrue.

Wilbraham Road (Manchester) Trust Limited. The loan is interest free and secured against the land and buildings of the Congregation. The loan outstanding at 31 December 2024 is £640,000 and is repayable 8 May 2026 or earlier if the Congregation sells any or all of the land and buildings. This loan is secured by fixed charges over all of the Congregation's land and buildings.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
23
Creditors: amounts falling due after more than one year
Borrowings
24
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
2023
as restated
£
£
1,520
1,822
16,191
23,803
3,196
2,735
28,120
39,399
49,027
67,759
2024
2023
£
£
1,040,000
1,040,000
2024
2023
£
£
6,116
1,939		 2024
2023
as restated
£
£
1,520
1,822
16,191
23,803
3,196
2,735
28,120
39,399
49,027
67,759
2024
2023
£
£
1,040,000
1,040,000
2024
2023
£
£
6,116
1,939
67,759
2023
£
1,040,000
2023
£
1,939

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Yom Kippur
Appeal
Shaare
Rahamim
Charitable Trust
Webber Fund
Hale
Synagogue
Building Fund
Pre Bar Mitzvah
Haftorah
Esther Ellituv
Prize Fund
Rabbi Car
Lydia Collins
Book Fund
Cooker Fund
Wedding Fund
Other		 January
2024
Incoming
resources
Resources
expended
Transfers
Gains and
losses
At 31
December
2024
£
£
£
£
£
£
30,115
34,155
(19,355)
-
-
44,915
20,961
-
-
-
-
20,961
10,590
646
(882)
-
-
10,354
54,054
15,415
(6,831)
-
-
62,638
1,198
-
-
-
-
1,198
3,250
-
-
-
-
3,250
5,500
5,000
-
-
-
10,500
-
22
-
-
-
22
-
3,655
(2,045)
(1,610)
-
-
-
482
(420)
(62)
-
-
-
2,818
(447)
(2,371)
-
-
125,668
62,193
(29,980)
(4,043)
-
153,838

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25
Restricted funds
Previous year:
At 1
Yom Kippur
Appeal
Shaare
Rahamim
Charitable Trust
Webber Fund
Hale
Synagogue
Building Fund
Pre Bar Mitzvah
Haftorah
Esther Ellituv
Prize Fund
Cheder Fund
Rabbi Car		 (Continued)
January
2023
Incoming
resources
Resources
expended
Transfers
Gains and
losses
At 31
December
2023
£
£
£
£
£
£
38,659
28,659
(14,000)
(23,203)
-
30,115
19,721
542
-
-
698
20,961
10,442
328
(464)
-
284
10,590
26,602
62,500
(35,048)
-
-
54,054
1,198
-
-
-
-
1,198
3,250
-
-
-
-
3,250
-
3,000
(4,226)
1,226
-
-
-
5,500
-
-
-
5,500
99,872
100,529
(53,738)
(21,977)
982
125,668

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25 Restricted funds

(Continued)

Restricted funds are specified for a particular use by the funder or by the terms of an appeal. Details of material restricted funds are listed below:

Yom Kippur Appeal

The monies collected at Yom Kippur which are held on trust for onward donation do not form part of the congregation's general fund.

Shaare Rahamim Charitable Trust

To make loans to poor or necessitous Jews, to make grants to poor or necessitous Jews on apprenticeship to any trade, profession or honourable vocation to enable them to qualify or on marriage or for such other purposes the Trustees think proper and for any other charitable purposes in such manner and on such terms as the Trustees in their absolute discretion think proper provided always that a preference is given to the members of the Shaare Hayim Congregation and their families.

At an EGM on 15th October 2023, the following Resolution was passed with regard to the Shaare Rahamim Charitable Trust ("SRCT"):

The Trustees unanimously propose that SRCT should remain a restricted fund but that Chair of Trustees, Vice Chair of Council and the Treasurer be empowered to transfer funds from SRCT to The Shaare Hayim Congregation in cases of non-payment from members due to distressed circumstances, at their unanimous discretion.

Webber Fund

In 1984 the Webber family made a donation of £5,000 to The Withington Congregation of Spanish and Portuguese Jews in memory of the late Mr. Alfred D. Webber. The sum was to be invested, and the income was to be used for the purchase of bar and bat mitzvah presentations. The term of endowment came to an end in January 2006 and a transfer from endowment funds to restricted funds was made to reflect this.

Hale Synagogue Building Fund

Donations and stained glass window dedications to be used for renovations and improvements to the synagogue in Hale.

Rabbi Car

Restricted donations for the provision of a car for the Rabbi.

26 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January Incoming Resources Transfers Gains and At 31
2024 resources expended losses December
2024
as restated
£ £ £ £ £ £
General funds 5,779,243 372,737 (394,648) 4,043 (608) 5,760,767

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26 Unrestricted funds Unrestricted funds (Continued)
Previous year: At 1 January Incoming Resources Transfers Gains and At 31
2023 resources expended losses December
2023
as restated as restated as restated
£ £ £ £ £ £
General funds 5,730,732 440,297 (414,410) 21,977 647 5,779,243
27 Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 December 2024:
Tangible assets 6,059,041 - 6,059,041
Investment properties 624,000 - 624,000
Investments - 1,275 1,275
Bank 62,149 128,508 190,657
Other current assets/(liabilities) 55,577 24,055 79,632
Long term liabilities (1,040,000) - (1,040,000)
5,760,767 153,838 5,914,605
Unrestricted Restricted Total
funds funds
2023 2023 2023
as restated as restated
£ £ £
At 31 December 2023:
Tangible assets 6,050,410 - 6,050,410
Investment properties 624,000 - 624,000
Investments 28,168 10,258 38,426
Current assets/(liabilities) 116,665 115,410 232,075
Long term liabilities (1,040,000) - (1,040,000)
5,779,243 125,668 5,904,911

28 Reserves policy

The congregation aims to hold reserves sufficient to ensure that it is a going concern. Specifically, the congregation aims to maintain cash reserves in unrestricted funds at a level which equates to at least three months of expenditure.

29 Related party transactions

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

29 Related party transactions

(Continued)

Wilbraham Road (Manchester) Trust Limited (Charity number: 1094271)

The congregation has an outstanding loan balance at 31 December 2024 of £640,000 (2023: £640,000) owed to the Trust, a related party due to a Council member being a trustee. The loan is repayable 8 May 2026 or earlier if the congregation sells any or all of its land and buildings.

The Board of Elders of the Manchester Congregations of Spanish and Portuguese Jews (Charity number: 500074)

During the period the congregation received a donation of £32,500 (2023: £49,875) for the General Fund from this charity which it is associated with through a common Trustee and whose Trustees are appointed by the Congregation jointly with The Manchester Congregation of Spanish and Portuguese Jews (Shaare Tefillah).

Higham Construction Limited (Company number: 03179347)

The congregation made purchases from the company of £388 (2023: £400) during the year, of which £263 is outstanding at year-end. Purchases relate to recharges for expenses that the company has paid on behalf of the congregation. The company is a related party due to a council member being a director and shareholder.

30 Prior year restatement

Restatements to the prior year have been made due to an error where unrestricted donations were incorrectly deferred.

The impact of the restatement in the prior period is that the deferred income creditor as at 31 December 2023 is reduced by £95,548 to £Nil, income from donations and legacies for the year ended 31 December 2023 is £7,412 higher and the surplus for the period correspondingly higher and unrestricted funds brought forward at 1 January 2023 are £88,136 higher than previously reported.

31 Cash (absorbed by)/generated from operations 2024 2023
£ £
Surplus for the year 9,694 74,307
Adjustments for:
Investment income recognised in statement of financial activities (18,793) (25,805)
Loss on disposal of investments 608 -
Fair value gains and losses on investments - (1,629)
Depreciation and impairment of tangible fixed assets 3,312 390
Movements in working capital:
Decrease/(increase) in debtors 7,917 (22,270)
(Decrease)/increase in creditors (18,732) 21,613
Cash (absorbed by)/generated from operations (15,994) 46,606

Docusign Envelope ID: 418AE861-F3AE-4D43-B308-AEE238B3BD00

THE SHAARE HAYIM CONGREGATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

32
Analysis of changes in net (debt)/funds
At 1 January
2024
£
Cash at bank and in hand
163,258
Loans falling due after more than one year
(1,040,000)
(876,742)		 Cash flows At 31 December
2024
£
£
27,399
190,657
-
(1,040,000)
27,399
(849,343)