Maidenhead Synagogue Limited (A company limited by guarantee) Company Niimber: 5512194 Charity Number: 1110795 Financial Statements for the year ended 31st August 2024 Wenn Townsend Chartered Accountants Oxford
Maidenhead Synagogue Limited Contents Page Trustees report Independent auditor's report Statement of financial activities 10 Balance Sheet Statement of cash flows 12 Notes to the financial statements 13-22
Maidenhead Synagogue Limited Trustees Report for the year ended 31st August 2024 The Trustees are pleased to present their annual report together with the financial statements of the charity for the year ended 3151 August 2024 which are also prepared to meet the requirements of a directors report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (effective 2019). Reference and administrative details Dlrectors and Trustees The directors of the charitable company (the charity) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. No Trustee has an interest in any of the assets of the Synagogue, or in any transaction with the Synagogue other than in and to the extent of their capacity as members. The Trustees setving during the year and at the date of approval were as follows.. Lincoln Ball Jonathan Berman Martin Birch Anna Crollick Robert Gilbert Lauren Gill Till Gins Lucille Henning Susan Henry Oliver Lawton Matthew Loewenthal Sheldon Musiker Elizabeth Prais (Vice-chair) (Chair) Auditors Wenn Townsend Chartered Accountants and Statutory Auditors 30 St Giles Oxford OX13LE
Maidenhead Synagogue Limited Trustees Report (continued) for the year ended 31st August 2024 Reference and administrative details (continued) Bankers HSBC Bank plc 35 High Street Maidenhead SL6 1JQ Lloyds Bank plc Unit 68 Jacobs House Suttons Business Park Suttons Park Avenue Earley Reading RG6 IAZ Registered office Grenfell Lodge Ray Park Road Maidenhead SL6 8QX Charity Number 1110795 Company Number 5512194
aidenhead Synagogue Limited Trustees Report {continuedl for the year ended 31st August 2024 Structure, Governance and Management Governing Document Maidenhead Synagogue Ltd is a charitable company governed by its Memorandum and Articles of Association. The company was incorporated on 1 9th July 2005. Appointment of Trustees As set out in the Articles of Association, all Trustees resign at each AGM except those appointed under clause 3.3 of the Articles of Association. Clause 3.3 of the Articles allows up to four Trustees to be appointed by the other Trustees. New Trustees are then elected or re-eleoted at the AGM. Any Trustee vacancies that the Trustees consider need to be filled during the year are also elected directly by the Trustees. Trustees are members of the community who are elected onto the Council every year at an AGM. When complete, there is a maximum of fifteen and a minimum of six Trustees. Trustee Induction and Training Incoming Trustees receive a hand-over from their outgoing counterparts. In addition, all new Trustees are made aware of their obligations by reference to Charity Commission and Companies House guidance and other key Synagogue documents. Role-specific training, e.g.. on the finance system for the Treasurer, is available when required, as is First Aid training for relevant Trustees and staff. Organisation The Board of Trustees, along with the Rabbi, oversees the charity and meets approximately every months. The Synagogue employs two part~time administrators and an accountant. collectively referred to as the Finance & Administration team, who handle the day~to-day administration and financial record-keeping. The Accountant liaises closely with the Administrators. The Finance & Administration team refer to the Trustees as necessary. pai-ticularly the Chairperson, Vice-chairperson, Treasurer, and Property & Maintenance Trustee who constitute the key management team, as well as the Rabbi. Senior Ivlanagement Remuneration Our Rabbi's remuneration is set by reference to the Movement for Reform Judaism's I"MRJ")'s Rabbinic pay scale. This pay scale is agreed between the Assembly of Reform Rabbis & Cantors and MRJ. This scale is dependent on the size of community that the Rabbi serves and increases incrementally each year of SeiCe over about 40 points for each size of community. There is an annual review of the scale to allow for inflation. At the time of Rabbi Rene's recruitment there were a number Df Reform and Liberal Synagogues looking for new clergy and only a limited number of Rabbis available. His salary was agreed with him and set at what was considered to be the market rate and may have varied from his exact point on the Rabbinic pay scale. Principal risks and uncertainties Overarching risks are discussed at regular Board meetings and the Board of Trustees and all sub-committees obtain professional advice where they perceive this is required for a specific risk or a particularly high risk. Annual inspections are carried out by appropriate health and safety professionals. The outcome of each inspection is presented to the key management team for review and implementation, with outcomes and any substantive items reported to the full Board of Trustees for consideration. Appropriate corrective actions are taken and, where applicable, Health & Safety policies updated accordingly. The charity takes out appropriate insurances to protect its assets and also to protect it from 3rd party liability claims. A Risk Management Survey was carried out by the Synagogue's insurers in March 2020 and all requirements noted therein have been implemented. This survey was carried out because we had changed insurance companies, they are not carried out annually and the next one will be carried out when the insurers request it. Child protection risk5 are primarily dealt with by Trustees with responsibility for Youth and Education. The Charity maintains a Child Protection policy covering all areas of Synagogue's activities involving young people. This policy has been formulated with advice from staff at the Movement for Reform Judaism, RSY- Netzer and UJIAJMakor all professional organisations well-experienced in dealing with child and youth activities. Procedures include Criminal Records Bureaullndependent Safeguarding Authority checks on all staff who may be left unsupervised in a position of responsibility with children. All volunteers are asked to sign a declaration to confirm that they have read and understood the Safeguarding Policy. The Synagogue Child Protection Coordinator is the Religion School Co-ordinator.
Maldenhead Synagogue Limited Trustees Report (continued) for the ended 31st August 2024 Physical security risks to the building and its occupants are managed by the Security Committee which works closely with the national organisation, the Community Security Trust (CST}- This Committee organises security at services and events. A full review of Maidenhead Synagogue's safeguarding policy was conducted in 2019 and, where applicable, changes have been implemented. In consultation with CST the CCTV cameras were upgraded to the latest digital technology and a number of blind spots were eliminated by adding more cameras. This has resulted in better coverage of the site, clearer picture5 and the pictures being retained for a longer period of time. CST provided a grant of 500/0 of the total cost of this project. Financial risks are managed by the Treasurer in consultation with the Chairperson and other reSevant members of the Board of Trustees. Objectives and activities for the public benefit Maidenhead Synagogue shares the values of the Reform tradition of Judaism. It is an open and inclusive community who provide innovative opportunities to connect with like-minded people of all ages and embrace Jewish life via religious services, education and a wide range of cultural event5. The primary objectives of the Synagogue are.. the advancement of the Jewish religion., to meet the Jewish and community needs of our members., to create programs of activities for all age groups.. children, young adults, singles. parents and grandparents., to facilitate a vibrant sense of community., to provide excellent and meaningful educational opportunities for members and non-members of all ages", and, to engage in charitable initiatives as the Trustees and may from time to time decide. The guiding principles that are fo51owed by the Synagogue are.. Worship & Spirituality.. I nclusive, varied, open to all and welcoming Meaningful Education= Relevant and appropriate Community & Connections.. Engaging, mutually supportive, welcoming, informative, energetic Continual Reflection.. Participative, embracing, curious, and supportive Tzedakah & Social Action. Community-focused, generous, enabling and active Innovative Programming.. I nformative, educational, enriching In tune with the world.. Socially aware Fundraising Maidenhead Synagogue organises events and carries out fundraising activities in order to generate funds for the charity- We do not use professional fundraisers or involve commercial participators. Maidenhead Synagogue has due regard to the Code of Fundraising Practice in the UK. Care is taken to limit the level of communications being sent out and to ensure that our fundraising activities are not unreasonably persistent or intrusive. There have been no complaints about fundraising activity this year. The Synagogue has a long-running campaign which has several members covenanted to donate to a Building Fund which was part of the funding for the acquisition of the present building. I n addition, the charity applies for grant aid when it sees opportunities. The charity tries to maximise all income by ensuring that, as far as possible, memberships and donations are covenanted or given through Gift Aid. In addition, the charity raises money for other worthy causes.. most notsbly members are encouraged to give to nominated local and Jewish charities during the High Holy Days. Achievements and performance The Synagogue continues to be successful and membership numbers stable.
Ivlaidenhead Synagogue Limited Trustees Report {continued) for the year ended 31st August 2024 Over the past year the Synagogue has continued to run a wide variety of activities for its members, from formal religious events such as weekly and High Holy Day services through to community-based events such as the communal Passover meal. The Synagogue has also undertaken numerous educational and social events including lectures, discussions, presentations, excursions and youth clubs. It is the Synagogue's practice that if one-off event's organisers charge a fee, it is only to ensure that they cover direct costs as a minimum,. if a SLtrplus is produced it is ploughed back into the respective portfolio for future activities. INhilst Covid restrictions have effectively finished web based religious services and other events have continued as these have proved to be successful in keeping the community in touch with the members and the members with each other. Additionally, many members fi'nd them easier and more convenient than travelling to the synagogue. Financial Review Maidenhead Synagogue Ltd ended the year with unrestricted reserves of £2,648,725 {2023'. £2,705,833) consisting of General Funds of £1,766,082 (2023.. £1,708,852), Restricted Funds of £nil {2023.' £nil} and the aforementioned Building Fund £882,643 (2023.. £996,981 } The income received for the year was £573,462 (2023. £509,864) Income Most of our income comes from members, subscriptions. Other events are intended to cover their costs and modest entry prices are charged for social functions. The Synagogue also runs a Kosher and Judaica shop- this is designed to bring Kosher food to members who otherwise may have to travel far to buy it. As such it is not designed to be profit-making but to break even. Reserves Policy The unrestricted reserves are maintained to support the continLting activities of the Synagogue. The Synagogue aims to maintain approximately 3 months, worth of expenditures in the CLfrrent account 8t all limes. When applicable. the Synagogue will transfer funds between accounts andlor open new accounts to oplimise the balance protected under the Financial SeNices Compensation Scheme IFSCS). In doing so, the Synagogue is mindful to consider the financial strength of the deposit taker. Total reserves held at the year-end were £2,648,725 {2023'. £2.705,8331 which, as previously staled, included Restricted Funds of £nil (2023.. £nil) and the designated reserves of £882,643 (2023.. £996,981) for the Building Fund. Free reserves at the year-end were £176,19212023.' £175,983). Fsnancial Management The Treasurer prepares a detailed budget for the forthcoming financial year that is approved by the Board of Trustees. In addition, a review of the Synagogue's actual v5. budget expenditures and cash position is presented at each Board meeting. The Synagogue has a part-time accountant to produce monthly management accounts, reconcile bank statements and manage payroll. Plans for Future Periods Significant expenditures are planned in FY2024 and future years in a number of areas including.. Buildings & Grounds improvements to the heating system and Gontrols to reduce the carbon footprint and continuing refurbishments to the education block. TIFinance upgrades to internet access and general IT infrastructure, as well as our membership database application. Some of these expenditures will be financed by donations, but most are covered by the Synagogue's current cash balance and cash inflow from the Synagogue's operating activities. Our Rabbi, of 44 years, Jonathan Romain retired on 31 July. The Synagogue's debt to Rabbi Romain is immeasurable. Under him we grew from 70 to 900 families, and he has been the driving force behind many of our achievements.
Maidenhead Synagogue Llmited Trustees Report {continued) for the year ended 31st August 2024 We can only thank Jonathan and wish him and his family much health and happiness for the future. We are delighted to welcome Rabbi Rene Pfertzel who joined us on 1 st September. We also wish Rene much health and happiness for the future and look forward to building the Synagogue's future success with him. Training The Security Team receives help and guidance from the Community Security Trust (CST) and Thames Valley Police on an ongoing basis. Changes to security provisions are taken, as and when required, based on advice from the CST. the Police, the head of the synagogue security team and the Synagogue Council. The Synagogue regularly trains Religion School teachers and classroom assistants. New classroom assistants are given induction training at the beginning of term and then they have support from their teachers through the year. We also attend the DJE training at the Manor House annually and occasionally have Foundation Teacher COLfrses at Maidenhead. Teachers and other staff are also invited to first aid training, which some are able to take up. We maintain adequate ratios of first aid qualified staff. General Data Protection Regulations The Synagogue continues to monitor its compliance with the General Data Protection Regulations (GDPR} that came into effect on 25th May 2018, including.. a periodic review of our internal policies and procedures., the appoilltment of a Data Protection Officer., the formulation of a Privacy Statement which is posted on the Synagogue's website and appended to new membership and subscription renewal letters., and the insertion of a disclaimer link as a base line of all emails. Publicity and Markettng The Synagogue does not generally publicise itself to the general public. Most new members join through personal contacts or referrals from the Movement for Reform Judaism. However, it does encourage contacts with other religions throughout the Thames Valley and hosts visits from schools in Berkshire and Buckinghamshire as part of their religious studies programmes. In addition, the Rabbi ensures that he is informed of Jewish families moving into the area and he treats it as part of his role to reach out to all such families and to make them aware of Maidenhead Synagogue and its services. Trustees, responsibilFties The Trustees {who are also directors of Maidenhead Synagogue Limited for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law 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 charitable company and of the incoming resources 2nd application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
Maidenhead Synagogue Limited Trustees Report (continued) for the year ended 31st August 2024 The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no reSevant audit information ofwhich the charitable company's auditor is unaware., and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Auditors A resolution will be proposed at the forthcoming Annual General Meeting to reappoint Wenn Townsend as auditors to the charity for the forth¢oming year. Small company exemption The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime, On behalf of the Trustees Robert Gilbert (Treasurer} Trustee 2025
Maidenhead Synagogue Limited Independent Auditor's Report to the members of Maidenhead Synagogue Limited Opinlon We have audited the financial slatemenls of Maidenhead Synagogue Limited {the 'charilable company'l for the year ended 31 st August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows, and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as al 31 st August 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Ac¢epied AccoLtnting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) {ISAs (UK)> and applicable law. Our responsibililies under those standards are further described in the Audilor's responsibilities for the audit of the financial statements section of our report. We are independent of Ihe charitable company in accordance with the ethical requirements thal are Televanl to our audil of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfi Iled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo 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 appropiiate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collecb"vely, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised 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 Trustees, annual report, other than the financial statements and our audilorfs report thereon contained within the annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether Ihe other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we a required lo determine whether thi5 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 lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report {incorporating the directors, report) for the financial year for whioh the financial statements are prepared is consistent wilh the financial statements., and the directors, report included in the Trustees, report has been prepared in accordance with applicable legal requirernents. Illatters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the directors. report. We have nothing to report in respect of the following matters in relation lo which the Companiés Act 2006 requires us to report lo you if, in our opinion.,
Maidenhead Synagogue Limited Independent Auditor's Report to the members of Maidenhead Synagogue Llmlted {continued) adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us,. or the financial 5tstemenls are not in agreement wilh the accounting records and retUTn5- or certain disclosures of directors, rernuneralion speclfied by law are not made. or we have not received all Ihe information and explanations we require for our audit. Responslbilities of Trustees As explained more fully in the Trustees, responsibilities statement set out on pages 6 and 7, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 TNslees determine is necessary to enable the preparation of financial slalements that are free from materi81 misstslement, whether due to fraud or error. In preparing the financial statements, the Trustees 8re spOnsIble for assessing the ¢haritable company's ability to continue as a going concern. disck)sing. as applicable. matters related to going concern and using the going concern basis of accounting unless the Truslees eilher intend to liquidate the charitable COFnpany or to cease operations, or have no realistic altemative but to do so. Audltor's responsibllitles for the audit of the financlal 5talernents 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 wllh ISA5 (UK) will always detect a material misstatement when it exists. Misstatements arise from fraud or error and are considered material rf, 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 responsibilitie5, outlined above. to delecl material misstatements in respect of iffegularities, includlng fraud. The spectfic procedu$ for this engagement and the extent to which these are capable of detecting irregularities. including fraud is detailed below: Enquiry of m8nagement and those charged with govemance., Enquiry of enlily staff in tax and compliance functions to identfy any instances of non-compliance with laws and regulation5- Reviewing minutes of meetings of those Charged wrth govemance: Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable law5 and regulations., Performing audit work over the risk of management override of controls. including testing of joumal entTÈes and other adjustments for appropriateness. evaluating the business rationale of signfficanl transactions outside the norm81 course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leading to a malerial misststement in the financial slatements or non-compliance wtth regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transaclions reflected in the financial statements. as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial Statements 1$ located on the Financial Reporting Council's website al- www.frc.org.ukJauditorsresponsibililie¥. This deSiPtion forms part of our auditorfs report. Use of our report This report is made solely lo the ¢harltable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to Ihe charitable company's member5 those matters we are required to state to them in an auditor's report and for no other pU10se. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. Andrew Rodzynskl FCA (Senior Statutory Auditor) For and on behalf of Wenn Townsend Chartered Accountants and Statutory Audltor 30 St Giles Oxford 20103125
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Maidenhead Synagogue Limited Balance Sheet As at 31st August 2024 Note Unrestricted Funds Restricted Total General Designated Funds 2024 Total 2023 Fixed assets Tangible fixed assets 1,589,890 882,643 2.472,533 2,529,850 Current assets Stock Debtors Cash at bank and in hand 4,858 16,664 254,422 4,858 16.664 254,422 2,300 13,223 221,941 275,944 275,944 237,464 Creditors: amounts falling due within one year {99,752) (99,752) (61,481) Net current assets 176,192 176,192 175,983 Total assets less current liabilities 1,766,082 882,643 2,648,725 2,705,833 Net assets 1,766,082 882,843 2,648,725 2,705,833 Funds Unrestricted - General Unrestricted - Designated 1,766,082 1,766,082 1,708,852 882,643 996,981 11 882,643 1,766,082 882,643 2,648,725 2,705,833 The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 applicable to companies subject to the small companies, regime. The financial statements were approved by the Board on 2025 and signed on its behalf by.. Robert Gilbert (Treasurer) Trustee Company registration number: 5512194 {England and Wales) The notes on pages 13 to 22 form part of these accounts 11
Maidenhead Synagogue Limited Statement of Cash Flows for the year ended 31st August 2024 2024 2023 Note Cash flows from operating activities Cash generated by operations 14 25,787 19,828 Investing activities Purchase of tangible fixed assets Proceeds from disposal of investments Investment income received (18,6051 1,500 5,194 1,584 Net increase in cash 32,481 2,807 Cash as at 1st September 2023 221,941 219,134 Cash as at 31st August 2024 254,422 221,94q The notes on pages 13 to 22 form part of these accounts 12-
Maidenhead Synagogue Limited Notes to the Financial Statements (continued) for the year ended 31st August 2024 Accounting policies Charity information Maidenhead Synagogue is a private company limited by guarantee incorporated in England and Wales. The registered office is Grenfell Lodge, Ray Park Road, Maidenhead, SL6 8QX. a) Basis of preparation The financial statements have been prepared in accordance with "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 (FRS102)" effective 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {"FRS 102"), the Charities Act 2011 and the Companies Act 2006. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial ststements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention and present information about the individual charity only. Going concern At the time of approving the financial statements, the Trustees consider that there are no material uncertainties surrounding the Charity's ability to continue as a going concern and the Trustees expect the Charity to continue to operate for at least 12 months from the signing date. As a result, the trustees continue to adopt the going concern basis of accounting in preparing the accounts. The following accounting policies have been used consistently in dealing with items which are considered material to the Charity's financial statements. b) Income Donations and other income are credited as income in the year in which they are receivable. No donations or income are recognised until receipt is probable. Tax recoverable on income received is recognised in the same period that its assooiated income is recognised. Legacies are recognised when the Charity is notified of an impending distribution and the aMOnt receivable is known. Subscription income is deferred when it is received in advance of the accounting period to which it relates. Investment income is recognised when receivable. c) Expendlture Expenditure is recognised when a liability is incurred by the existence of a legal or constructive obligation, it is probable that a settlement will be. required and the amount of the obligation can be measured reliably. The Charity is not registered for VAT and all expenditure includes VAT wherever applicable. Charitable activities include expenditure associated directly in meeting the objects of the Charity along with support costs relating to these activities. Governance costs include those costs incurred in meeting the constitutional and statutory requirements of the Charity- 13
Maidenhead Synagogue Limited Notes to the Financlal Statements (continued) for the year ended 31st August 2024 Accounting policies (continued) Support costs are allocated to activities based on usage of the support functions by the activity as considered by the Trustees {note 3h). d) Tangible Fixed assets Expenditure on fixed assets is recorded at cost. Depreciation is calculated to write off the cost of tangible fixed assets over their expected useful lives as follows-. Furniture and equipment Motor vehicles Freehold property Freehold land 25 1 reducing balance 15 1 reducing balance 20 straight line The gainlloss 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. e) Stock Stock is valued at the lower of cost and net realisable value. f) Debtors Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discotjnts due. g) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity. h) Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. i) Funds Unrestricted fLtnds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by dorlors or which have been raised by the charity for particular purposes. jl Trust property charity Under a Charity Commission Uniting Direction this charitable company and the Trust property charity are united for registration and accounting purposes. This means the Trust property can be and is shown in the charitable company's accounts. The charitable company holds the assets of the Trust on trust for the Trust property charity. The assets of the Trust are largely the Synagogue property. 14-
Maidenhead Synagogue Limited Notes to the Financial Statements (continued) for the year ended 31st August 2024 k) Pension costs The charity makes contributions to defined contribution schemes for some employees. The pension cost represents contributions due by the charity to these schemes. Payments are charged as an expense as they fall due. Income Unrestricted Funds Restricted Total General Designated Funds 2024 Total 2023 As restated 2a Subscriptions Annual subscription (including Gift Aid) 430,799 430,799 404,963 2b Donations and bequests 98,169 98,169 58,291 2c Other income Religious Religious Religious Education Social events Miscellaneous Seder Burial receipts General 3,741 23,918 917 6,956 8,106 5,487 3,741 23,918 917 6,956 8,106 5,487 3,390 22,649 1,025 2,665 3,565 7,832 General 49,125 49,125 41,126 2d Trading income Kosher shop 22,062 22,062 18,200 2e Investment income Interest received 5,194 5,194 1,584 Total income 605.349 605.349 524.164
Maidenhead Synagogue Limited Notes to the Financial Statements (continued) for the year ended 31st August 2024 Expenditure Unrestricted Funds General Designated Restricted Funds Total 2024 Total 2023 As restated 3a Religious affairs Religious affairs Homeless lunches World Jewish Relief- Ukraine appeal Seder expenses Board of deputies Burial costs Support costs (note 3h) 14,322 524 14,322 524 6,844 595 128 3,056 495 14,300 66,752 2,991 2,010 31,887 88,420 2,991 2,010 31,887 88.420 140,154 140,154 92,170 3b Education Teachers, salaries Youth worker salary and expenses Community projects Kaytan IULPAN Cheder expenses Ganon expenses Support costs (note 3hl 28.805 28,805 23,569 304 29,909 3.232 1,454 77 66,753 37,049 325 1,240 128 88,420 37,049 325 1,240 128 88,420 155.967 155,967 125,298 3c Communication Hadashot expenses Support costs (note 3h} 12,731 88,420 12,731 88,420 10,818 66,753 101,151 101,151 77,571 3d Social and welfare Social events Support costs (note 3h) 7,390 88,420 7,390 88,420 4,835 66,753 95,810 95,810 71,588 3e Property and malntenance Salary Heating and lighting Rates Cleaning Security Building maintenance Depreciation - buildings 35,129 12,222 3,014 2,688 35,129 12,222 3,014 2.688 26,609 13,487 2,678 7,967 341 35,469 45,332 15,179 45,332 15,179 45,332 113,564 113,564 131,883 16
Maidenhead Synagogue Limited Notes to the Financial Statements {continued) for the year ended 31st August 2024 Unrestrlcted Funds General Designated Restricted Funds Total 2024 Total 2023 3f Governance costs Audit and accountancy Legal and consultancy Book-keeping Health and safety 7,560 69 24,486 7,5SO 69 24,486 774 6,800 88 23,363 1,047 774 32,115 774 32,889 31,298 3g Kosher shop and other Kosher and Judaica shop costs 22,922 22,922 18,722 3h Support costs Salaries Pension Rabbi's expenses MRJ contributions Postage and stationery Telephone Insurance Training and courses Sundry expenses Office IT expenses Bank charges Bank interest Depreciation - furniture and equipment Depreciation - vehicles 193,543 15,851 37,264 54,670 11,919 526 5,377 193,543 15,851 37,264 54,670 11,919 526 5,377 149,707 12,155 3,130 49,153 13,825 1,170 4,617 5,934 17,642 469 5,934 17,642 469 4,265 15,583 380 233 12,307 486 9,230 9,230 353,679 353,679 267,011 Support costs are allocated evenly beeen the activities in notes 3a, 3b, 3c and 3d on the basis of usage. 31 Net incomellexpenditurel is after charging 2024 2023 Auditors, remuneration audit fees other fees 7,560 6,800 Depreciation 54,562 58,125 17
Maidenhead Synagogue Llmlted Notes to the Financial Statements {continued) for the year ended 31st August 2024 staff and Trustees, remuneration 2024 2023 Salaries Social security costs Pension costs 238,209 19,268 15,581 185,717 14,168 12,155 273,328 212,040 The average weekly number of employees during the year, calculated on a full time equivalent basis, was-. The average monthly head count was: 31 31 Number of employees to whom retirement benefits are accruing under money purchase schemes The number of employees whose total employee benefits were more than £60,000 is as follows.. 2024 Number 2023 Number £100,000- £110,000 £140,000- £150,000 Pension contributions for the year in respect of higher paid staff totalled £10,76612023.' £10.004}. Remuneration of key management personnel for the year was £149,121 (2023.. £117,122). None of the Trustees received any remuneration during the year12023.' £nil), nor were they reimbursed for any expenses during the year (2023.. £nil). Pension costs The charity operates a contributory pension scheme for rtain employees. It is a defined contribution scheme and contributions are charged in the statement of financial activities as they accrue. The charge for the year was £13,160 (2023.. 12,155) and £1,112 was outstanding at the year end (2023.. £1,714). Taxation The company is a registered charity and as such is not liable to pay corporation tax on any surplus applied for charitable purposes. 18
Maidenhead Synagogue Limited Notes to the Financial Statements (continued) for the year ended 31st August 2024 Tangible fixed assets Freehold Furniture & Property equipment Vehicles Total Cost At 1st September 2023 Disposals 3,266,596 237,946 13,995 (13,9951 3,518,537 {13,9951 At 31st August 2024 3,266,596 237,946 3,504,542 Depreciation At 1st September 2023 Eliminated on disposals Charge for the year 776,423 201,024 11,240 (11,240} 988,687 (11,240) 54,562 45,332 9,230 At 31st August 2024 821,755 210,254 1,032,009 Net book value At 31st August 2024 2,448,841 27,692 2,472,533 At 31st August 2023 2,490,173 36,922 2,755 2,529,850 Included within freehold property is land with a cost of £1 million, which is not depreciated. An element of the freehold property's net book value amounting to £882,643 (2023.. £996,981) is shown in designated funds. Debtors: amounts falling due within one year 2024 2023 Tax recoverable Other debtors 10,341 6,323 9,892 3,331 16,664 13,223 AII 2024 and 2023 debtors were unrestricted general funds. 19
Maidenhead Synagogue Limited Notes to the Financial Statements (continued) for the year ended 31st August 2024 Creditors: amounts falling due within one year 2024 2023 Notes Trade and creditors Other taxation & social security Accruals Deferred income Other creditors 13,860 6,796 7,560 25,620 45,916 10,580 3,717 7,200 25,961 14,023 10 99,752 61,481 10. Deferred income Deferred income represents membership subscription fees received in advance. 2024 2023 Movement in the year. Deferred income at I September 2023 Received in year Recognised in SOFA (including Gift Aid) 25,961 430,458 {430,799) 27,186 403,738 (404,9631 Deferred income at 31 August 2023 25,620 25,961 11. Funds The designated funds are as follows'.- At 1st September 2023 At 31st August 2024 Income Expenditure Transfer Building fund 996,981 {114,338) 882,643 Total designated funds 996,981 1114,338) 882,643 At 1st September 2022 At 31st August 2023 Income Expenditure Transfer Building fund 1,129,627 284 {132,930} 996,981 Total designated funds 1,129,627 284 (132,9301 996,981 -20-
Maidenhead Synagogue Limited Notes to the Financial Statements (continued) for the year ended 31st Aiigust 2024 11. Funds (continued) Building fund The building fund is a designated fund and was established to purchase the new building and to fund any required alterations and improvements. The restricted funds of the charity comprise the unexpended balances of donations received subject to specific conditions by donors as to how they may be used. At 1st September 2023 At 31st August 2024 Income Expenditure Transfers World Jewish Relief- Ukraine appeal Total restricted funds At 1st September 2022 At 31st August 2023 Income Expenditure Transfers Vvorld Jewish Relief- Ukraine appeal 128 (128) Total restricted funds 128 (128) World Jewish Relief - Ukraine Appeal The World Jewish Relief Ukraine appeal fund represents donations by members, given to World Jewish Relief to support Jewish Ukrainians impacted by the war with Russia. 12. Legal status The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. 13. Related party transactions During the year, the charity disposed of a motor vehicle to the Rabbi, Jonathan Romain, a member of the charity's key management personnel for £1.50012023.. £nil). During the year, two trustees made donations to the charity amounting to £2,789 (2023.. £nill. 21
Maidenhead Synagogue Limited Notes to the Financial Statements (continued) for the year ended 31st August 2024 14. Cash generated by operations 2024 2023 Net movement in funds for the year {57,108} 124,366) Adjustments for.. Interest receivable Depreciation Loss on disposal of tangible fixed assets (5,194) 54,562 1,254 (1,5841 58,125 Movements in working capital.. (Increaselldecrease in stocks (Increase)Idecrease in debtors Increase/(decrease) in creditors (2,558) (3,440) 38,271 250 22,546 135,1431 Cash generated by operations 25,787 19,828 15. Analysis of changes in net funds The charity had no material debt during the year. 6. Prior period adjustment During the audit it was identified that expenditure relating to burials had previously been offset against the corresponding income from members. As a result the comparative figures have been restated resulting in an increase of £14,300 to burial receipts (see note 2cl and burial costs (see note 3al. The overall net impact on funds carried fonmard is £nil. 22-