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2021-08-31-accounts

Charity Registration No. 1124507

Company Registration No. 06525914 (England and Wales)

SOUTH MANCHESTER SYNAGOGUE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

SOUTH MANCHESTER SYNAGOGUE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr A Goodman
Mrs L Engler
Mr A J Hyams
Mrs S Bernstein
Mr D J Cowen
Mr G R A Matz
Mr R Moryoussef
Miss F M Hyman
Mr A R Kingsley
Mr M L Kuhillow
Mr B S Verby
Mr Philip Goldstone
Mrs Sarah Isaacs
Mr J P Bernstein (Appointed 7 September
2020)
Charity number 1124507
Company number 06525914
Registered office The Firs
Bowdon
Altrincham
Cheshire
WA14 2TE
Auditor Topping Partnership (Accountants) Limited
Incom House
Waterside
Trafford Park
Manchester
M17 1WD
Bankers Barclays Bank plc
Mosley Street
Manchester
M60 2AU
Solicitors Kuit Steinart Levy
3 St Mary's Parsonage
Manchester
M3 2RD

SOUTH MANCHESTER SYNAGOGUE LIMITED

CONTENTS

Page
Trustees report 1 - 3
Statement of Trustees responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 24

SOUTH MANCHESTER SYNAGOGUE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

The trustees, who are also directors for the purposes of company law, present their report and the financial statements for the charity for the year ended 31 August 2021.

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 Memorandum & Articles of Association , the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The objectives of the charity are to cater for the religious requirements generally of the Jewish inhabitants of Manchester and the surrounding districts, and in particular, to provide its members, and where appropriate for others, the normal facilities of a Synagogue in accordance with orthodox Jewish tradition, principally: a) daily religious services on weekdays, Sabbaths and Holy Days; b) pastoral services; c) educational facilities including a Sunday School for children; d) facilities for the burial of the dead; e) facilities for marriage; f) social events as appropriate; g) facilities for appropriate private social events; h) support for those in need, where appropriate, through other charitable bodies. In addition, the needs of the wider community are also catered for in terms of our annual civic remembrance service, outreach and educational activities for the non-Jewish community eg school visits for local children and participation in interfaith committees.

There were no significant changes in the principal objectives of the Synagogue for the period under review.

The directors confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's objectives and in planning future activities.

Achievements and performance

Over the past year the Synagogue has run a wide variety of online activities for its members in addition to formal religious events such as daily, weekly and High Holy Day services when permitted. Due to Covid restrictions the Synagogue has not been able to undertake their usual educational and social events.

The Synagogue employs an adequate number of pastoral, administrative and teaching staff necessary to ensure its smooth functioning and also relies heavily on the services of unpaid volunteers for backup and other purposes.

Financial review

During the period under review the Synagogue received income of £ 509,824 (20 20 : £ 588,892 ) with £ 508,224 (20 20 : £ 556,983 ) utilised as direct charitable expenditure. The Synagogue had reserves of £ 4,203,813 (20 20 : £4, 199,457 ) at the end of the period. £ 37,038 (20 20 : £ 34,284 ) of these reserves were invested in income producing investments.

The unrestricted reserves are maintained to support the continuing activities of the Synagogue. There is no formal policy to maintain a specific level of reserves. The directors constantly monitor the level of reserves to ensure the Charity can meet its liabilities.

The Charity had reserves at the year end of £ 4,203,813 (20 20 : £4, 199,457 ) of which £ 12,517 (20 20 : £ 9,823 )

were restricted.

The Synagogue's principal income comes from members subscriptions. Other activities and events are intended to cover their costs and modest entry prices are charged for social functions. Gift Aid Relief is claimed on eligible donations .

The charity has a number of investments in several quoted companies.

SOUTH MANCHESTER SYNAGOGUE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Overarching risks are discussed at regular Executive and Directors' Board Meetings and where considered necessary appropriate professional advice is obtained where they perceive this is required for a specific risk or a particularly high risk. The Synagogue takes out appropriate insurances to protect its assets and also to protect it from third party liability claims.

Child protection risks are primarily dealt with by the Directors with responsibility for Youth and Education. The Synagogue maintains a Child Protection policy covering all areas of the Synagogue's activities involving young people and is reviewed annually by the Board. Procedures include Disclosure and Barring Service checks on all staff who work with children.

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 , and the local Police . This Committee organises security at services and events. Financial risks are managed by the Treasurer in consultation with the Finance Committee which consists of past treasurers and directors.

The Charity has established a sound financial basis upon which to build for the future. The directors continue to seek further contributions and donations to help achieve its objectives now and in the future .

Structure, governance and management

The company was incorporated on 6 March 2008 and commenced its activities on 1 September 2008. The company was registered with the Charities Commission on 16 June 2008 and is governed by its Memorandum and Articles of Association. The company is limited by guarantee.

The charity has a Board of Directors, which delegates the day-to-day responsibility of the management and control of the charity to its Executive.

The President, Secretary, Treasurer and Warden who sit on the Board of Directors constitute the Executive and are elected at the Annual Meeting.

All expenditure is approved by the Board of Directors acting as a body and the directors ensure that full accounting records are maintained with management accounting records to ensure that all criteria for spending the funds of the Charity are fully met.

Appointment of the directors is by election at the Annual Meeting of the charity.

New directors are required to undergo an induction programme including an introduction to the objectives, scope and policies of the charity, Charity Commission information and director responsibilities.

Mr G Bloch Mr A Goodman Mrs L Engler Mr A J Hyams Mrs S Bernstein Mr D J Cowen Mr G R A Matz Mr R Moryoussef Miss F M Hyman Mr A R Kingsley Mr M L Kuhillow Mr B S Verby Mr Philip Goldstone Mrs Sarah Isaacs Mr J P Bernstein

(Resigned 14 January 2021)

(Appointed 7 September 2020)

SOUTH MANCHESTER SYNAGOGUE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Auditor

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Small Company Provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The Trustees r eport was approved by the Board of Directors.

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

Mr D J Cowen

Trustee Dated: .........................

SOUTH MANCHESTER SYNAGOGUE LIMITED

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2021

The Trustees, who are also the directors of South Manchester Synagogue Limited for the purpose of company law, 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).

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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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

The Trustees are responsible for keeping adequate 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 Companies Act 2006. 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.

Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the income and expenditure for the period.

SOUTH MANCHESTER SYNAGOGUE LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF SOUTH MANCHESTER SYNAGOGUE LIMITED

Opinion

We have audited the financial statements of South Manchester Synagogue Limited (the ‘charity’) for the year ended 31 August 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 FRS 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 , except to the extent otherwise explicitly stated 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SOUTH MANCHESTER SYNAGOGUE LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SOUTH MANCHESTER SYNAGOGUE LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors ' r eport included within the Trustees r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the s tatement of Trustees r esponsibilities, the Trustees, who are also the directors of the charity for the purpose 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 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 liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 .

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.

SOUTH MANCHESTER SYNAGOGUE LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SOUTH MANCHESTER SYNAGOGUE LIMITED

Use of our report

This report is made solely to the charitable 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 the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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.

Daniel Bowles (Senior Statutory Auditor) for and on behalf of Topping Partnership (Accountants) Limited

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

Chartered Accountants Statutory Auditor

Incom House Waterside Trafford Park Manchester M17 1WD

SOUTH MANCHESTER SYNAGOGUE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
3
416,820
21,653
Charitable activities
4
62,277
-
Other trading activities
5
7,754
-
Investments
6
1,320
-
Total income
488,171
21,653
Expenditure on:
Charitable activities
7
489,265
18,959
Net (outgoing)/incoming
resources
(1,094)
2,694
Other recognised gains and losses
Revaluation of tangible
fixed assets
2,756
-
Net movement in funds
1,662
2,694
Fund balances at 1
September 2020
4,189,634
9,823
Fund balances at 31 August
2021
4,191,296
12,517		 Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
438,473
447,027
19,974
62,277
66,502
-
7,754
53,942
-
1,320
1,447
-
509,824
568,918
19,974
508,224
537,718
19,265
1,600
31,200
709
2,756
246
-
4,356
31,446
709
4,199,457
4,158,188
9,114
4,203,813
4,189,634
9,823		 Total
2020
£
467,001
66,502
53,942
1,447
588,892
556,983
31,909
246
32,155
4,167,302
4,199,457

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

SOUTH MANCHESTER SYNAGOGUE LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2021

2021
Notes
£
£
Fixed assets
Tangible assets
11
4,598,845
Investments
12
37,038
4,635,883
Current assets
Debtors
14
91,906
Cash at bank and in hand
95,027
186,933
Creditors: amounts falling due within
one year
16
(149,263)
Net current assets
37,670
Total assets less current liabilities
4,673,553
Creditors: amounts falling due after
more than one year
17
(469,740)
Net assets
4,203,813
Income funds
Restricted funds
18
12,517
Unrestricted funds
Designated funds
19
570,145
General unrestricted funds
3,601,108
Revaluation reserve
20,043
4,191,296
4,203,813
The financial statements were approved by the Trustees on .........................
..............................
Mrs L Engler
Trustee		 2020
£
£
4,609,470
34,284
4,643,754
78,788
148,841
227,629
(158,285)
69,344
4,713,098
(513,641)
4,199,457
9,823
574,264
3,598,082
17,288
4,189,634
4,199,457

Company Registration No. 06525914

SOUTH MANCHESTER SYNAGOGUE LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
23
Investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Financing activities
Proceeds of new bank loans
Repayment of bank loans
Net cash (used in)/generated from
financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
(26,792)
1,320
-
(24,325)		 £
(4,017)
(25,472)
(24,325)
(53,814)
148,841
95,027		 2020
£
(18,462)
1,447
50,000
(7,790)		 £
115,688
(17,015)
42,210
140,883
7,958
148,841

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

Charity information

South Manchester Synagogue Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Firs, Bowdon, Altrincham, Cheshire, WA14 2TE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum & Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is 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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. 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 unless the funds have been designated for other purposes.

The investment revaluation reserve shows the accumulated revaluations on the investments to date.

The decorations and repairs reserve relates to funds which are put aside to maintain and repair the fabric of the building.

The Synagogue has a burial fund whereby participating members contribute and on death their burial fees are covered.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

All funds are unrestricted with the exception of the Charities Fund, Tzedakah Fund and Youth Fund which are restricted.

The Charities Fund and Tzedakah Fund relate to monies collected specifically for onward donation.

The Youth Fund relates to monies to be spent on Youth activities only .

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.

Donations and gifts represent amounts received during the year .

Grants received are recognised as monies are received. This is ongoing throughout the year as expenses are incurred for which the grants are received.

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

Subscriptions represent amounts receivable for the accounting year. Any amounts received in advance for future years are deferred and released in following years as appropriate.

Investment income is recognised on a receivable basis.

1.5 Expenditure

Resources expended are included in the accounts when the goods or services are received. This applies to expenditure in all categories on the SOFA. The accounts are prepared on an accruals basis.

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 1% straight line on the Synagogue building only Fixtures and fittings 25% reducing balance Equipment 25% reducing balance

Depreciation on land and buildings is on the Synagogue building only. The land element and residential properties used by the Rabbis are not depreciated.

1.7 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.

1.8 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 ) .

1.9 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.

1.10 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.

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

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 p aymen ts 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.

1.11 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.

1.12 Retirement benefits

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

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.

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.

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
50,554
21,653
Grants receivable
53,108
-
Membership fees
261,161
-
Gift Aid
51,997
-
416,820
21,653		 TotalUnrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
72,207
97,733
19,974
53,108
3,818
-
261,161
272,938
-
51,997
72,538
-
438,473
447,027
19,974		 Total
2020
£
117,707
3,818
272,938
72,538
467,001

4 Charitable activities

Charitable Charitable
Income Income
2021 2020
£ £
Wedding fees 328 500
Burial income 61,198 66,002
Other income 751 -
62,277 66,502

5 Other trading activities

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fundraising events 7,754 53,942

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

6 Investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Income from listed investments 1,320 1,447

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

7 Charitable activities

Charitable
Charitable
Expenditure
Expenditure
2021
2020
£
£
Staff Costs 224,045
204,721
Depreciation and impairment 37,417
36,627
Rates & water 2,006
3,751
Light & heat 13,146
14,374
Repairs & maintenance 33,268
39,613
Insurance 8,017
7,755
Laundry & cleaning 10,268
13,726
Sefer Torah -
22,500
Travel & subsistence 223
18,917
Affiliation fees 4,566
3,863
Telephone 3,875
3,516
Printing, postage & stationery 11,864
13,706
Burial expenses 45,862
37,755
Security 14,490
10,997
Rabbi expenses 8,632
8,346
Youth Rabbi expenses 15,628
9,345
Miscellaneous Event costs 7,492
4,258
Youth Events 2,467
4,845
Other charitable expenditure 59,462
92,859
502,728
551,474
Share of governance costs (see note 8) 5,496
5,509
508,224
556,983
Analysis by fund
Unrestricted funds 489,265
537,718
Restricted funds 18,959
19,265
508,224
556,983

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

8 Support costs

Support
costs
Governance
costs
£
£
Audit fees
-
5,496
-
5,496
Analysed between
Charitable activities
-
5,496		 2021
£
5,496
5,496
5,496		 Support
costs
Governance
costs
£
£
-
5,509
-
5,509
-
5,509		 2020
£
5,509
5,509
5,509

9 Trustees

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

None of the Trustees have had any expenses reimbursed during the year.

10 Employees

The average monthly number of employees during the year was:

Rabbis
Chazan
Caretaker
Office staff
Educational staff
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
1
1
-
2
1
5
2021
£
205,488
14,622
3,935
224,045		 2020
Number
1
1
1
2
1
6
2020
£
193,818
732
10,171
204,721

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

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

11
Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 September 2020
4,824,505
66,101
Additions
-
26,792
At 31 August 2021
4,824,505
92,893
Depreciation and impairment
At 1 September 2020
244,068
41,225
Depreciation charged in the year
27,088
9,293
At 31 August 2021
271,156
50,518
Carrying amount
At 31 August 2021
4,553,349
42,375
At 31 August 2020
4,580,437
24,876
12
Fixed asset investments
Cost or valuation
At 1 September 2020
Valuation changes
At 31 August 2021
Carrying amount
At 31 August 2021
At 31 August 2020
13
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss		 Equipment
Total
£
£
19,882
4,910,488
-
26,792
19,882
4,937,280
15,725
301,018
1,036
37,417
16,761
338,435
3,121
4,598,845
4,157
4,609,470
Listed
investments
£
34,284
2,754
37,038
37,038
34,284
2021
2020
£
£
37,038
34,284

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

14 Debtors

2021
Amounts falling due within one year:
£
Trade debtors
32,562
Other debtors
35,000
Prepayments and accrued income
24,344
91,906
Loans and overdrafts
2021
£
Bank loans
504,784
Payable within one year
35,044
Payable after one year
469,740
Amounts included above which fall due after five years:
Payable by instalments
(305,248)		 2020
£
21,462
35,000
22,326
78,788
2020
£
529,111
15,470
513,641
380,473

15 Loans and overdrafts

There are two secured loans, both are secured on the properties to which they relate included within fixed assets.

The first original loan value was £250,000. At the end of the year the percentage of loan outstanding to the value of the asset included in the accounts was 29%.

This loan is a commercial mortgage that is due to finish in July 2033. It is a flexible mortgage with variable monthly repayments. The interest rate payable on this loan is base rate plus 3.55%.

The second original loan value was £310,000. At the end of the year the percentage of loan outstanding to the value of the asset included in the accounts was 8 5 %.

This loan is a commercial mortgage that is due to finish in June 2038. It is a fixed rate mortgage with fixed monthly payments for 10 years. The current interest rate is 5.09%.

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

16 Creditors: amounts falling due within one year

Notes
Bank loans
15
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2021
£
35,044
4,491
40,259
729
68,740
149,263		 2020
£
15,470
4,882
92,758
661
44,514
158,285

The following liabilities disclosed under creditors falling due within one year are secured by the company:

Bank loans and overdrafts - £ 35,044 (20 20 : £ 15 , 470 )

17 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
2021 2020
Notes £ £
Bank loans 15 469,740 513,641

The following liabilities disclosed under creditors falling due over one year are secured by the company:

Bank loans and overdrafts - £ 455 , 617 (20 20 : £464,474).

Included within creditors due over 1 year are amounts due on a commercial mortgage due to finish in July 2033, this is a flexible mortgage with variable rate monthly loan repayments and is secured on a property included within the accounts. The interest rate payable on this loan is 3.8%, being base rate plus 3.55%.

A further commercial mortgage is also included in creditors due over one year. This is due to finish in May 2038 and is a flexible mortgage with variable rate monthly loan repayments and is secured on a property included within the accounts. The interest rate payable on this loan is 5.09%.

Included within creditors due after more than one year is an amount of £ 305,248 (20 20 : £38 0 ,4 73 ) in respect of liabilities repayable by instalments which fall due for payment after more than 5 years from the reporting date.

Loan interest of £ 17 , 877 (20 20 : £ 2 2 , 599 ) is included in the accounts.

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 September resources expended 1 September resources expended 31 August
2019 2020 2021
£ £ £ £ £ £ £
Charities
Fund 551 17,226 (16,750) 1,027 18,334 (14,589) 4,772
Tzedakah
Fund 1,498 2,748 (2,515) 1,731 3,319 (3,852) 1,198
Youth Activity
Fund 7,065 - - 7,065 - (518) 6,547
9,114 19,974 (19,265) 9,823 21,653 (18,959) 12,517

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 September
2019

£
Decorations and repairs reserve
69,494
Burial Fund reserve
444,943
514,437		 Movement in funds
Incoming
resources
Resources
expended
£
£
-
(13,433)
60,975
(15,715)
60,975
(29,148)		 Transfers
Balance at
1 September
2020

£
£
28,000
84,061
-
490,204
28,000
574,265		 Movement in funds
Incoming
resources
Resources
expended
£
£
-
(14,553)
19,238
(36,805)
19,238
(51,358)		 Transfers
Balance at
31 August
2021
£
£
28,000
97,508
-
472,637
28,000
570,145

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

20
Analysis of net assets between funds
Unrestricted
Funds
Restricted
Funds
2021
2021
£
£
Fund balances at 31
August 2021 are
represented by:
Tangible assets
4,598,845
-
Investments
37,038
-
Current assets/
(liabilities)
37,670
-
Long term liabilities
(469,740)
-
4,203,813
-		 TotalUnrestricted
Funds
2021
2020
£
£
4,598,845
4,609,470
37,038
34,284
37,670
59,521
(469,740)
(513,641)
4,203,813
4,189,634		 Restricted
Funds
2020
£
-
-
9,823
-
9,823		 Total
2020
£
4,609,470
34,284
69,344
(513,641)
4,199,457

21 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
2,199
5,077
7,276		 2020
£
2,199
7,276
9,475

During the year the company paid £2,199 (2020: £ 2 , 199 ) in lease payments included as an expense in the accounts.

22 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

23 Cash generated from operations 2021 2020
£ £
Surplus for the year 1,600 31,909
Adjustments for:
Investment income recognised in statement of financial activities (1,320) (1,447)
Depreciation and impairment of tangible fixed assets 37,417 36,627
Movements in working capital:
(Increase) in debtors (13,118) (11,857)
(Decrease)/increase in creditors (28,596) 60,456
Cash (absorbed by)/generated from operations (4,017) 115,688
24 Analysis of changes in net (debt)/funds
At 1 September Cash flows At 31 August
2020 2021
£ £ £
Cash at bank and in hand 148,841 (53,814) 95,027
Loans falling due within one year (15,470) (19,574) (35,044)
Loans falling due after more than one year (513,641) 43,901 (469,740)
(380,270) (29,487) (409,757)