COMPANY REGISTRATION NUMBER: 04311665 CHARITY REGISTRATION NUMBER: 1089467 MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Unaudited Financial Statements 31 October 2023 WHITESIDE AND DAVIES LTD Chartered Certified Accountants 158 Cromwell Road Salford M6 6DE
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Financial Statements Year ended 31 October 2023 Page Trustees. annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial ststements 10 The following pages do not fonn part of the financial statements Detailed statement of financial activities 21 Notes to the detailed statement of financial activities 23
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 October 2023 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 October 2023. Reference and administrative details Registered charity name MANCHESTER JEWISH COMMUNITY CENTRE Charity registration number 1089467 Company registration number 04311665 Principal office and registered Jubilee School office Bury Old Road Manchester M7 4QY The trustees B While MBE M Clifton Independent examlner H Davies FCCA 158 Cromwell Road Salford M6 6DE Structure. governance and management The charity is constituted as a company limited by guarantee and was incorporated on 26th October 2001. It is therefore governed by a Memorandum and Articles of Association. Objectives and activities The charity's objects and ils principal activities are to act as a community centre and lo spread knowledge of the Jewish religion and culture. The centre provides Offi accommodation for charities, religious services, kosher catering facilities, facilities for Jewish studies, social, leisure, recreational and residential facilities lo enable Jewish students and youth to study and relax in suitable and congenial surroundings and lo enable Jews and Jewesses to meet together in a pleasant and attractive environment. The ntre also provides facilities for a special needs school, Jewish Courts of Justice and the Representative Couneil. It is therefore at the core of the community.
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 October 2023 Objectlves and actlvities (contlnued) The charity is grateful lo ils volunteer helpers who greatly enhance the activities provided by the charity. These include.. the provision of a swimming pool with disabled facilities and adventure playground. housing a special needs school and religious Court., classes for religious education and training, social leadership, $e1f4efen, selfesteem, yoga, and dance. Our policy is lo continue lo develop our land and building and lo explore new ways of expanding our activities lo fill the increasing demand and interest shown in acquiring knowledge of the Jewish religion and culture. The charity is organised so that the Trustees meet annually to manage its affairs. The day-t(Fday administration is handled by a management committee. The remaining part lime staff are employed lo develop, monitor, supervise and conduct the charity's activities. Some also assist with fund raising activities as appropriate. Public benefit The Charity carries out a wide range of activities in pursuance of ils charitable aims. The Trustees consider that these activities, summarised below, provide benefit both lo those who attend the charities activities and the wider community of Manchester. The charity provides accommodation for various charities and community organisations either rent free or at reduced rents including the following.. Religious services, Jewish studies, and social recreational facilities, Facilities for a Jewish Special Needs School, Jewish Courts of Justi and Representative Council. The charity also provides the following aclivilies.. A swimming pool with disabled facilities, Adventure playground and, Library. Although the charity has a focus on the Jewish Community il is open to all communities. Rental charges and fees are charged based on the ability of the individual or organisations ability lo contribute. No one is excluded based on an inability lo contribute. strategic report The following sections for achievements and performance and financial review form the strategic report of the charity.
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 October 2023 Achlevements and performance The cenlre's activities have been recognised by the CST Charity who agreed to fund Security services for the centre. The centre's 30,000 square feet have been fulty ulilised during the year. The trustees consider this major achievement. The Iruslees have continued to improve the car park and further extended the adventure playground with new equipment. Over 2,500 people per week use the various facilities in the community centre and it has become the centre of the entire community. A business Incubator lo encourage and generate local employment has continued in the community Trntre and ils facilities are fully taken up. Many small micro businesses have started from here. Financial review The Statement of Financial Activity show net income 1£23,1411 that is significanuy lower than the previous year 1103,9731 as grants of approximately £90.000 received in the previous year were not received this year. Unrestricted funds (excluding revaluation reservel stand al £251,419. The trustees are taking necessary steps to ensure the charity continues to cover its expenditure in the coming year. We expect lo generate funds al a sufficient level to enable the charity to continue to fund its activities and liabilities. The trustees are looking al ways to maximise income from other activities and rental income from the use of the building. The charity is reliant on Trust Funds supporting its activities and the benefits of the centre have been recognised as such during the year. Reserves policy The present level of funding is adequate to support the continuation of the Manchester Jewish Community Centre and its activities in the medium term and the Iruslees consider the financial position of the charity to be satisfactory. The Freehold land and building was revalued in 2017 and the revaluation reserve amounted lo £803,458 as at the year end. Risk management The Iruslees actively review the major risks which the charity faces on a regular basis and believes that maintaining reserves at the current level, combined with an annual review of controls over the key financial systems will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks fad by the charity and confirm that they have established systems lo mitigate the significant risks. The charity has also Implemented policies including those relating to environmental, access and child protection. Copies of the policies are available on request. Plans for future periods Future plans include the opening of a community focused restaurant, development of a website and further expansion of the special needs school.
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 October 2023 The trustees, annual report and the strategic report were approved on 6 August 2024 and signed on behalf of the board of trustees by.. B White MBE Trustee
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Independent Examiner's Report to the Trustees of MANCHESTER JEWISH COMMUNITY CENTRE Year ended 31 October 2023 I report to the Iruslees on my examination of the financial statements of MANCHESTER JEVMSH COMMUNITY CENTRE I'the charily'l for the year ended 31 October 2023. Responsibilities and basis of report As the trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'the 2006 Acl'l. Having satisfied myself that the accounts of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for Independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as part of an independent examination., or the financial slalements have not been prepared in accordan with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordanTr with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Independent Examiner's Report to the Trustees of MANCHESTER JEWISH COMMUNITY CENTRE (contsnued) Year ended 31 October 2023 I have no concerns and have come across no other matters in connection with the examination lo which allenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. H Davies FCCA Independent Examiner 158 Cromwell Road Salford M6 6DE
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 October 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Not• Income and endowments Donations and legacies Other trading activities Investment Income Other income 16,159 234,055 529 100 124,269 140,428 234,055 529 100 238,912 226,783 76 Total income 250,843 124,269 375,112 465,771 Expenditure Expenditure on charitsble activities Total expenditure 9.10 227,702 124,269 351,971 361,798 227,702 124,269 351,971 361,798 Net income and net movernent in funds 23,141 23,141 103,973 Reconciliation of funds Total funds brought forward Total funds carried forward 1,031,736 1,031,736 927,763 1,054,877 1,054,877 1,031,736 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 10 to 19 form part of these flnanclal statements.
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Statement of Financial Position 31 October 2023 2023 2022 Note Fixed assets Tangible fixed assets 17 1,604,452 1,613,031 Current assets Debtors Cash at bank and in hand 18 5,192 163,041 5,292 130,240 168,233 135,532 Croditors: amounts falling dug Within one year Net current assets 19 14,9261 163,307 13,945} 131,587 Total assets less current liabilities 1,767,759 1.744,618 Creditors: amounts falling due after more than one year Net assets 20 1712,8821 1712,8821 1,054,877 1,031,736 Funds ofthe charity Unreslricled funds". Revaluation reserve Other unrestricted income funds 803,458 251,419 803,458 228,278 Total unrestricted funds 1,054,877 1,031,736 Total charity funds 22 1,054,877 1,031,736 For the year ending 31 October 2023 the charity was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors. responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question in accordan with section 476., The direelors acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies, regime. The statement of financial position continues on the following page. The notes on pages 10 to 19 form part of these financial statements.
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Statement of Financial Position (¢ontltrJuedJ 31 October 2023 These financial statements were approved by the board of Iruslees and authorised for issue on 6 August 2024, and are signed on behalf of the board by.. B White MBE Trustee The notes on pages 10 to 19 form part of these flnanclal statements.
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Notes to the Financial Statements Year ended 31 October 2023 General Information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered Offi is Jubilee School, Bury Old Road, Manchester, M7 4QY. statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's abilty lo continue. Judgements and key sources of estlmatlon uncertalnty The preparation of the financial ststemenls requires management to make judgements, eslimales and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unreslricled funds are available for use at the dIretIOn of the trustees lo further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrirtions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. reslri¢led income funds or endowment funds. 10
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Notes to the Financial Statements (conllnue Year ended 31 October 2023 Accounting policies iconllnued) Incoming resources All incoming reSoUrS are included in the statement of financial activities when entillemenl has passed to the charity., it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is eviden of entitlement lo the gift, receipt is probable and ils amount can be measured reliably. legacy income is recognised when receipt is probable and enlillement is established. income from donated goods is measured at the fair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a conlraclual requirement for il lo be spent on a particular purpose and returned if unspent, in which case il may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which il relates-. expenditure on raising funds inclLJdes the costs of all fundraising activities, evenl$, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs Incurred by a charity in undertaking activities that further ils charitable aims for the benefit of ils beneficiaries. including those support costs and costs relating lo the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs atlribulable lo a single activity are allocated directly lo that activity. Shared costs are apportioned beeen the activities they contribute lo on a reasonable, justifiable and consislenl basis. Tangible assets Tangible assets are Initially recorded al cost, and subsequently staled at cost less any a¢cumulaled depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded al the fair value at the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 11
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Notes to the Financial Statements (conllnue Year ended 31 October 2023 Accounting policies iconllnued) Tangible assets (conrfnuedj An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless il reverses a charge for Impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except lo which Il offsets any previous revaluation gain, in which case the loss Is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the c05t or valuation of an asset, le5S Its residual value, over the useful economic life of that asset as follows.. Freehold property Plant and machinery 20/0 straight line 15 /0 Straight line Impairment of fixed assets A review for indicators of impairment is carried out al each reporting date, with the recoverable amount being estimated where such indicators exist. vin)ere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting dale. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unit to which the asset belongs. The cash*enerating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment lesling of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected lo benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned lo those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basi¢ financial instruments are initially recognised at the amount reTrivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured at amortised cosL 12
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Notes to the Financial Statements (conllnue Year ended 31 October 2023 Accounting policies iconllnued) Financial instruments (contlnuedj Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised al fair value, unless payment for an asset is deferred beyond normal business terms or financed al a rate of interest that is not a market rate, in which case the asset Is measured al the present value of the future payments discounted al a market rate of interest for a similar debt Instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial aclivilies, with the exception of hedging Instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impairment, an impaiment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of signifi'cance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions lo defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be sellled wholly within 12 months of the end of the reporting dale in which the employees render the related servi, the liability is measured on discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which il arises. Limited by guarantee The organisalion is a charitable company limited by guarantee, in the event of the company being wound up members are required to contribute an amount not exceeding £10. 13
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Notes to the Financial Statements (conllnue Year ended 31 October 2023 Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations 16,159 16,159 Grants Grants receivable CST security grant 124,269 124,269 16,159 124,269 140,428 Unrestricted Funds Restricted Total Funds Funds 2022 Donations Donations 24,694 24,694 Grants Grants receivable CST security grant 90,817 90,817 123,401 123,401 115,511 123,401 238,912 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Rental income Swimming income 113,871 120,184 113,871 120,184 138,831 87,952 138,831 87,952 234,055 234,055 226,783 226,783 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 529 529 76 76 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other income 100 100 14
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Notes to the Financial Statements (conllnue Year ended 31 October 2023 Expenditure on charitable actlvities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Direct expenditure on charitable activities Support costs 146,243 81,459 124,269 270,512 81,459 227,702 124,269 351,971 Unrestricted Funds Restricted Total Funds Funds 2022 Direct expenditure on charitsble acb'vities Support costs 185,858 52,539 238,397 123,401 309,259 52,539 361,798 123,401 10. Expenditure on Charitable activities by activity type Activities undertaken Grant funding directly of activities Support Total funds costs 2023 Total fund 2022 Direct expenditure on charitsble activities Governance costs 254,503 1 6,009 79,659 1,800 350,171 1,800 360,098 1,700 254,503 16,009 81,459 351,971 361,798 11. Analysis of support costs Analysis of support costs Total 2023 Total 2022 Staff costs Premises Communications and IT General office Finance costs Governan costs Professional fees 12,587 21,037 1,246 2,825 38,558 1,800 3,406 81,459 12,587 21,037 1,246 2,825 38,558 1,800 3,406 12,815 15,997 689 2,724 14,412 1,700 4,202 81,459 52,539 15
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Notes to the Financial Statements (conllnue Year ended 31 October 2023 12. Analysls of grants 2023 2022 Grants to individuals Grants to individuals 16,009 23,172 Total grants 16,009 23,172 13. Net income Nel income is stated after chargingllcreditingl.. 2023 2022 Depreciation of tangible fixed assets 8,579 8,579 14. Independent examination fees 2023 2022 Fees payable to the independent examiner for". Independent examination of the financial statements 1,800 1,200 15. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2023 2022 Wages and salaries Employer contributions lo pension plans 47,760 119 32,773 47,879 32,773 The average head count of employees during the year was 812022.. 41. The average number of full-time equivalent employees during the year is analysed as follows.. 2023 No. 2022 No. Swimming instructors Administration No employee received employee benefits of more than £60,000 during the year12022.. Nill. 16. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees 16
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Notes to the Financial Statements (conllnue Year ended 31 October 2023 17. Tangible fixed assets Freehold propety Plant and Fixtures and machinery fittings Total Cost At 1 November 2022 and 31 October 2023 1,704,270 33,660 113,025 1,850,955 Depreciation Al 1 November 2022 Charge for the year At 31 October 2023 204,274 8,579 33,650 237,924 8,579 212,853 33,650 246,503 Carrying amount At 31 October 2023 1,491,417 1,499,996 10 113,025 113,025 1.604,452 1,613,031 At 31 October 2022 10 The freehold propety was revalued by the trustees in a previous period. The trustees are of the opinion that the current carrying value is al fair value. 18. Debtors 2023 2022 Other debtors 5,192 5,292 19. Creditors.. amounts falling due within one year 2023 2022 Accruals and deferred income Social security and other taxes 4,279 647 3,945 4,926 3,945 20. Creditors.. amounts falling due after more than one year 2023 2022 Bank loans and overdrafts 712,882 712,882 17
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Notes to the Financial Statements (conllnue Year ended 31 October 2023 21. Penslons and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation lo defined contribution plans was £11912022.. £Nill. 22. Analysis of charitable funds Unrestricted funds At 1 November 2022 At 31 October 2023 Income Expenditure Transfers General funds Revaluation reserve Refurbishment fund 228,278 803,458 250,843 1227,7021 251,419 803,458 1,031,736 250,843 1227,7021 1,054,877 At 1 November 2021 At 31 October 2022 Income Expenditure Transfers Genefftl funds Revaluation reserve Refurbishment fund 44,305 803,458 80,000 342,370 1238,3971 80,000 228,278 803,458 180,0001 927,763 342,370 1238,3971 1,031,736 Restricted funds Al 1 November 2022 At 31 October 2023 Income Expenditure Transfers Restricted fund 124,269 1124,2691 At 1 November 2021 At 31 October 2022 Income Expenditure Transfers Restricted fund 123,401 1123,4011 18
MANCHESTER JEWISH COMMUNITY CENTRE Company Limited by Guarantee Notes to the Financial Statements (conllnue Year ended 31 October 2023 23. Analysls of net assets between funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,604,452 1,604,452 168,233 168,233 14,9261 {4,9261 1712,8821 1712,8821 1,054,877 1,054,877 Unrestricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,613,031 1,613,031 135,532 135,532 13,9451 13.9451 1712,8821 1712,882} 1,031,736 1,031,736 24. Taxatlon MANCHESTER JEVMSH COMMUNITY CENTRE is a registered charity and therefore is not liable to income lax on income derived from ils charitable activities, as it falls within the various exemptions available to registered charities. 19