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2022-08-31-accounts

Charity registration number 1124507

Company registration number 06525914 (England and Wales)

SOUTH MANCHESTER SYNAGOGUE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

SOUTH MANCHESTER SYNAGOGUE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr A Goodman
Mr D J Cowen
Mr G R A Matz
Mr R Moryoussef
Miss F M Hyman
Mr A R Kingsley
Mr B S Verby
Mr Philip Goldstone
Mrs Sarah Isaacs
Mr J P Bernstein
Mrs Wendy Schweiger
Mrs Jodie Segal (Appointed 17 January
2022)
Charity number 1124507
Company number 06525914
Registered office The Firs
Bowdon
Altrincham
Cheshire
WA14 2TE
Auditor Xeinadin Audit Limited
116 Duke Street
Liverpool
L1 5JW
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 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 22

SOUTH MANCHESTER SYNAGOGUE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2022

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 2022.

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 both online and, once Covid restrictions were lifted, face to face activities for its members in addition to formal religious events such as daily, weekly and High Holy Day services. Even though Covid restricted the Synagogue's activities at the end of last year, beginning of this, concerted efforts have been made to revitalise and refresh social and religious activities to pre-pandemic levels.

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 £479,823 (2021: £509,824) with £529,260 (2021: £508,224) utilised as direct charitable expenditure. The Synagogue had reserves of £4,655,968 (2021: £4,203,813) at the end of the period. £38,220 (2021: £37,038) of these reserves were invested in income producing investments. The increase in the Synagogue's reserves is solely due to a periodical upward revaluation of the two residences owned by the Synagogue. 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 £4,655,968 (2021: £4,203,813) of which £12,590 (2021: £12,517) 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 2022

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 A Goodman Mrs L Engler (Resigned 17 January 2022) Mr A J Hyams (Resigned 17 January 2022) Mrs S Bernstein (Resigned 17 January 2022) Mr D J Cowen Mr G R A Matz Mr R Moryoussef Miss F M Hyman Mr A R Kingsley Mr M L Kuhillow (Resigned 17 January 2022) Mr B S Verby Mr Philip Goldstone Mrs Sarah Isaacs Mr J P Bernstein Mrs Wendy Schweiger Mrs Jodie Segal (Appointed 17 January 2022)

(Appointed 17 January 2022)

SOUTH MANCHESTER SYNAGOGUE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

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 report 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 2022

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 MEMBERS 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 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, 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 MEMBERS 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 directors' report included within the Trustees report.

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 statement of Trustees responsibilities, 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.

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.

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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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 James Taylor (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited .........................
Accountants and Statutory Auditors
116 Duke Street
Liverpool
L1 5JW

SOUTH MANCHESTER SYNAGOGUE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
354,116
43,476
Charitable activities
4
46,245
-
Other trading activities
5
33,705
-
Investments
6
1,481
-
Total income
435,547
43,476
Expenditure on:
Charitable activities
7
485,857
43,403
Net (outgoing)/incoming
resources
(50,310)
73
Other recognised gains and losses
Revaluation of tangible
fixed assets
502,392
-
Net movement in funds
452,082
73
Fund balances at 1 September
2021
4,191,296
12,517
Fund balances at 31 August
2022
4,643,378
12,590		 Total Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
397,592
416,820
21,653
46,245
62,277
-
33,705
7,754
-
1,481
1,320
-
479,023
488,171
21,653
529,260
489,265
18,959
(50,237)
(1,094)
2,694
502,392
2,756
-
452,155
1,662
2,694
4,203,813
4,189,634
9,823
4,655,968
4,191,296
12,517		 Total
2021
£
438,473
62,277
7,754
1,320
509,824
508,224
1,600
2,756
4,356
4,199,457
4,203,813

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 2022

2022
Notes
£
£
Fixed assets
Tangible assets
11
5,069,488
Investments
12
38,220
5,107,708
Current assets
Debtors
14
79,958
Cash at bank and in hand
72,962
152,920
Creditors: amounts falling due within
one year
16
(164,933)
Net current (liabilities)/assets
(12,013)
Total assets less current liabilities
5,095,695
Creditors: amounts falling due after
more than one year
17
(439,727)
Net assets
4,655,968
Income funds
Restricted funds
18
12,590
Unrestricted funds
Designated funds
19
593,658
General unrestricted funds
3,527,285
Revaluation reserve
522,435
4,643,378
4,655,968
The financial statements were approved by the Trustees on .........................
..............................
Mr D J Cowen
Trustee
Company registration number 06525914		 2021
£
£
4,598,845
37,038
4,635,883
91,906
95,027
186,933
(149,263)
37,670
4,673,553
(469,740)
4,203,813
12,517
570,145
3,601,108
20,043
4,191,296
4,203,813

SOUTH MANCHESTER SYNAGOGUE LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
23
Investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
(10,110)
1,481
(32,529)		 £
19,093
(8,629)
(32,529)
(22,065)
95,027
72,962		 2021
£
(26,792)
1,320
(24,325)		 £
(4,017)
(25,472)
(24,325)
(53,814)
148,841
95,027

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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 amounts 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 2022

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 2022

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Derecognition of financial liabilities

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

1.11 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 2022

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
30,673
43,476
Grants receivable
4,486
-
Membership fees
261,577
-
Gift Aid
57,380
-
354,116
43,476		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
74,149
50,554
21,653
4,486
53,108
-
261,577
261,161
-
57,380
51,997
-
397,592
416,820
21,653		 Total
2021
£
72,207
53,108
261,161
51,997
438,473

4 Charitable activities

Charitable Charitable
Income Income
2022 2021
£ £
Wedding fees 715 328
Burial income 44,977 61,198
Other income 553 751
46,245 62,277

5 Other trading activities

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Fundraising events 33,705 7,754
6 Investments
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Income from listed investments 1,481 1,320

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

7 Charitable activities

Charitable
Charitable
Expenditure Expenditure
2022 2021
£ £
Staff Costs 202,227 224,045
Depreciation and impairment 40,677 37,417
Rates & water 2,458 2,006
Light & heat 14,997 13,146
Repairs & maintenance 42,643 33,268
Insurance 9,257 8,017
Laundry & cleaning 16,206 10,268
Travel & subsistence - 223
Affiliation fees 1,444 4,566
Telephone 3,139 3,875
Printing, postage & stationery 12,686 11,864
Burial expenses 24,151 45,862
Security 21,747 14,490
Rabbi expenses 9,233 8,632
Youth Rabbi expenses 3,903 15,628
Miscellaneous Event costs 2,416 7,492
Youth Events 1,946 2,467
Other charitable expenditure 114,608 59,462
523,738 502,728
Share of governance costs (see note 8) 5,522 5,496
529,260 508,224
Analysis by fund
Unrestricted funds 485,857 489,265
Restricted funds 43,403 18,959
529,260 508,224

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

8 Support costs

Audit fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
5,522
-
5,522
-
5,522		 2022
£
5,522
5,522
5,522		 2021
£
5,496
5,496
5,496

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
Office staff
Educational staff
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
1
1
2
1
5
2022
£
197,795
623
3,809
202,227		 2021
Number
1
1
2
1
5
2021
£
205,488
14,622
3,935
224,045

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 2022

11 Tangible fixed assets

Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 September 2021
4,824,505
92,893
Additions
-
6,963
Revaluation
501,210
-
At 31 August 2022
5,325,715
99,856
Depreciation and impairment
At 1 September 2021
271,156
50,518
Depreciation charged in the year
27,088
12,353
At 31 August 2022
298,244
62,871
Carrying amount
At 31 August 2022
5,027,471
36,985
At 31 August 2021
4,553,349
42,375		 Equipment
£
19,882
3,147
-
23,029
16,761
1,236
17,997
5,032
3,121		 Total
£
4,937,280
10,110
501,210
5,448,600
338,435
40,677
379,112
5,069,488
4,598,845

Land and buildings with a net book value of £998,790 were revalued at 31 August 2022 by Homemove Sales and Lettings to £1.5m based on recent market transactions for similar properties.

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 September 2021 37,038
Valuation changes 1,182
At 31 August 2022 38,220
Carrying amount
At 31 August 2022 38,220
At 31 August 2021 37,038
13 Financial instruments 2022 2021
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 38,220 37,038

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2022
£
33,293
35,000
11,665
79,958
2022
£
472,255
32,528
439,727
297,925		 2021
£
32,562
35,000
24,344
91,906
2021
£
504,784
35,044
469,740
305,248

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 85%.

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 2022

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Bank loans
15
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
32,528
4,365
38,067
-
89,973
164,933		 2021
£
35,044
4,491
40,259
729
68,740
149,263

The following liabilities disclosed under creditors falling due within one year are secured by the company: Bank loans and overdrafts - £32,528 (2021: £35,044)

17 Creditors: amounts falling due after more than one year

2022 2021
Notes £ £
Bank loans 15 439,727 469,740

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

Bank loans and overdrafts - £439,727 (2021: £469,740).

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 £297,925 (2021: £305,248) in respect of liabilities repayable by instalments which fall due for payment after more than 5 years from the reporting date.

Loan interest of £21,420 (2021: £17,877) is included in the accounts.

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

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
2020 2021 2022
£ £ £ £ £ £ £
Charities
Fund 1,027 18,334 (14,589) 4,772 28,559 (28,777) 4,554
Tzedakah
Fund 1,731 3,319 (3,852) 1,198 14,917 (14,626) 1,489
Youth Activity
Fund 7,065 - (518) 6,547 - - 6,547
9,823 21,653 (18,959) 12,517 43,476 (43,403) 12,590

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

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
2020
r
£
Decorations and repairs reserve
84,061
Burial Fund reserve
490,204
574,265		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
(14,553)
19,238
(36,805)
19,238
(51,358)		 Transfers
Balance at
1 September
2021
r
£
£
28,000
97,508
-
472,637
28,000
570,145		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
(22,519)
18,032
-
18,032
(22,519)		 Transfers
Balance at
31 August
2022
£
£
28,000
102,989
-
490,669
28,000
593,658		 Transfers
Balance at
31 August
2022
£
£
28,000
102,989
-
490,669
28,000
593,658
593,658

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

20
Analysis of net assets between funds
Unrestricted
Funds
Restricted
Funds
2022
2022
£
£
Fund balances at 31
August 2022 are
represented by:
Tangible assets
5,069,488
-
Investments
38,220
-
Current assets/(liabilities)
(24,603)
12,590
Long term liabilities
(439,727)
-
4,643,378
12,590		 Total
Unrestricted
Funds
2022
2021
£
£
5,069,488
4,598,845
38,220
37,038
(12,013)
37,670
(439,727)
(469,740)
4,655,968
4,203,813		 Restricted
Funds
2021
£
-
-
-
-
-		 Total
2021
£
4,598,845
37,038
37,670
(469,740)
4,203,813

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		 2022
£
2,199
2,877
5,076		 2021
£
2,199
5,077
7,276

During the year the company paid £2,199 (2021: £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 (2021 - none).

SOUTH MANCHESTER SYNAGOGUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

23 Cash generated from operations 2022 2021
£ £
Surplus for the year (50,237) 1,600
Adjustments for:
Investment income recognised in statement of financial activities (1,481) (1,320)
Depreciation and impairment of tangible fixed assets 40,677 37,417
Movements in working capital:
Decrease/(increase) in debtors 11,948 (13,118)
Increase/(decrease) in creditors 18,186 (28,596)
Cash generated from/(absorbed by) operations 19,093 (4,017)
24 Analysis of changes in net (debt)/funds
At 1 September Cash flows At 31 August
2021 2022
£ £ £
Cash at bank and in hand 95,027 (22,065) 72,962
Loans falling due within one year (35,044) 2,516 (32,528)
Loans falling due after more than one year (469,740) 30,013 (439,727)
(409,757) 10,464 (399,293)