Charity registration number 1124507 Company reglstrotlon number 06525914 (England and Wale81 SOUTH MANCHESTER SYNAGOGUE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
SOUTH MANCHESTER SYNAGOGUE LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees MrA Goodman Mr D J Cow•n MrG RAMatz Mr R Moryoussef MrA R ng$leY Mr B S Verby Mr P Goldstone Mrs S Isaacs Mr J P Bernstein Mrs W Sd)w*ger Mrs J Segal Charlty number 1124507 Company number 06525914 R•gl$ler•d offlco The Firs 8owdon Allrlncham Cheshire WA14 2TE Audttor Xelnadln Aud6t Llmlted 116 Duka Stre•t Liverpool Ll 5JW Bank6rs Barclays Bank plc Mosley Street Manch88ter M60 2AU Sollcllors Kult steinart Levy 3 St Mary's Parsonage Manchester M3 2RD
SOUTH MANCHESTER SYNAGOGUE LIMITED CONTENTS Page Trustees report Statement of Truslees responslbililies Independent audrtorfs report siatement of financ1 activitles Balanc• $h6•t Statement of cash flows Notes to the financial statements 10-21
SOUTH MANCHESTER SYNAGOGUE LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The trustees, who are also directors for the purposes ol company law, present their report and Ihe financial statements for the charity for the year erKled 31 August 2024. The financial $tatem•nts have be•n prepared in accordanea with Ihe aceounting policies sot out in note 1 to the financial statements and comply with the Charity's Memorandum & Artides of Association, the Companies Act 2008 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). (as amended for accounting perlods commencing from 1 January 2016) Oblectlves and actlvltles The objecllves of the charity are lo cater for the religious requirements generally of the Jewlsh Inhabitants of Manchester and the surrounding distrlds, and in particular, to provide its members, and where appropriate for otheryJ, the norrnal facilities of a Synagogue in accordance with ortlKJdox Jewish Iradilion, principalty.. a) daily religious services on weekdays, Sabbaths and Holy Days,. b) pastoral s8rvices', c) educotional facilities Includlng a Sunday School for children; d) facilities for the burial of th8 dead. e) facilities for marriage,. Q sooal •v8nts a$ appropriate,. g) facilities for appropriate private social events., h) support for those in need, where appropriate. through olher ¢harrtable bodies. In addition, the needs of the wider community are also Calered for In lemis of our annual civlc remembrance servlce. outreach and educatlonal actlvltles ft)r the nonwJewlsh community eg school visits for local children and participation in interfaith committoas. There were no significant changes in the principal objectiV85 of the Synagogue for the period under review. The directors confirm that they have referred to the guldance contained in Ihe Charity Commission's 9onèral guidance on public benefit when reviewing the Charity's objectives and In planning fulure activitles. Achlgvements and p•rformanco Over th• past year the Synagogue has run a wid• variety of social and r•¢r•alional activities lor ils members In addition to formal religious events such as daity, weekly and High Holy Day services. The Exewtive and Board continue to make concerted efforts to maintaln vibrant social and religious activities for all age group$. The Synagogue employs an adequate number of pastoral. admlnlstrallve and leachlng staff necessary to •nsuro its smoolh functioning and a180 relies heavity on the Services of unpaid volunteer3 fol backup and other purposes. Flnanclal rnvlow During the period under review the Synagogue received income of £544,020 {2023'. £574,404) with £540,279 (2023: £618,752) ulilised as dired charitable expendilure. The Synagogue had reseNes of £4,616.522 12023.. £4,612,781) at the end of the period. None (2023: None) ol these reserves were invested In Income producing investments. The increase in the Synagogue'8 reserves 13 soleFy due to the surplus lor the year, The unr8Stricted reserves are mainlained to support th8 continuing activities of th8 Synagogu8. There is no fomial policy to maintain a specffic level of reseNes. The directors constsntly monitor the level of reserves to ensure the Charity can meet its liabililies. Th6 Charily had res8rves at the year end of £4.616.522 (2023.. £4.612,781) of vthich £25.130 (2023.. £14.9921 were restricted. The Synagogue's principal income comes Irom members subscriptions. Other acts'vities and events are inlended to cover their costs and modesl entry prices are charged lor social fvn¢lions. Gift Aid Reliaf is daimad on eligible donatlons.
SOUTH MANCHESTER SYNAGOGUE LIMITED TRUSTEES REPORT IINCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Overarchlng risks are discussed at regular Executive and Dirèctors, Board Meetings and where considered necessary appropriate professional advice is obtained where they perceive this is required for a specific risk or particularly high risk. The Synagogue takes out appropriate insurances to prolect its assets and also to Pfolecl it from third party liabilty claims. Child protection risk8 are primarily dealt with by the Diweclors with responsibility for Youth and Education. The Synagoguè mainlalns a Child PtotectKJn policy covering all areas of Ihe Synagogue's activities involving young peopl& and 1$ reviewed annually by the Board. Proceduras irud@ Disclosur8 and Bafring SeNice checks on all staff who work with children. Physical Secunty risks to the building and its occupants are managed by the Security Committee which works dosely wlth Ihe national organisalion. th8 Communlly Securoty Trust, and the local Pollce. Th18 Committee organises security at sep4i¢es and events. Financial risks awe managod by the Tieasurer in consultation with tha Finance Commlttee which consists of past treasurers and directors. The Charlty has established a sound financial basis upon whlch to bulld for the fLrture. The direclors contlnue to seek further contributions and donations to help achieve its objectives now and in the futur•. Stru¢tur•, governance and management The company was incorporated on 6 March 2008 and comm•nced its acliviti•s on 1 September 2008. The company was reglslered wilh Ihe Charlties Commission on 16 Jun8 2008 and is governed by ily Memorandum and Artlcles of Associalion. The company is limited by guarantee. The charily has a Board ol Directors, vthich d•lagates the day-ttsday responsibllity of the management and control of the charlty to Its Executive. The Prèsident, Secretary. Treasurer and Warden who sit on the Board of Director5 constitute Ihe Executive and are elected at the Annual Meeting. All expendlture Is approved by the Board of Directors actlng as a body and the dlrectors ensure thal full accounting records are maintained wjlh management accounting records lo ensure that all criteria for spendin9 the funds of th• Charty are futy met. Appolntment of the directors is by electson at the Annual Meeting of the chanty. New directors are reqred to undergo an indu¢ti¢)n programme including an introduction to the objectives, scope and poliaes of th• ch8rity. Chanty Commission Information and director r8sponsibiliti•s. MrA Goodman Mr D J Cow•n MrG RAMatz Mr R Moryoussef Miss F M Hyman MrA R Klngsley Mr B S Verby Mr P Goldslone Mrs S Isaa¢s Mr J P Bemslein Mrs W Schweiger Mrs J Segal {D8ceased 26 November 2024) AudSlor Tho audilor 1$ deemed lo havè been r8-appJnt8d in accordance with section 487 of the Companies Act 2006.
SOUTH MANCHESTER SYNAGOGUE LIMITED TRUSTEES REPORT IINCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Dls¢losur• of Infomiatlon to audltor Each of the Trustees has confirmed that there 15 no Snfomiation of which they are aware 1¢h is relevant lo the audit. but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to Identlfy such relevanl information and to establtsh that the audltoi is aware of such informalion. Small Company Provlslon• This report has been pr•pared In accordance with the provislons applicable lo companies entrtl8d to the small companies exemption. The Trustee$ rèport was approved by th& Board of Directors. Mr D J Cowen Truslee Daled 23 January 2025
SOUTH MANCHESTER SYNAGOGUE LIMITED STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees, who are a150 the directors of South Manchester Synagogue Limitèd for the purpose of company law. ar8 responsible ft)r preparing the Trustees Report and the finan¢ial slalements in accordance with applicable law and Unit8d Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice). Company Law requires the TNstees to prepare financial statements for each financlal year whlch give a true and fair view of the slate of affairs of the charity and of the Incoming resources and application of resources, Including the income and expenditure, of th8 charitable company for that year. In preparing these financial $tatements, the Trustees are roquired to. select suitabl8 accounting policies and then apply them consislently, - ob8erve Ihe methods and principles in the Charities SORP: - make judgem8nts and estlmate8 that are reasonable and prudenl". Stale whether applicable UK Accountlng Standards have been followed. subject to any material departures disdo8ed and explained in the finanaal stalemen18. and prepare Ihe financial 8talements on th8 going conc•m basis unle68 It 18 inapproprlate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records Ihat dl8close with reasonable accuracy at any time the financi81 position of the charily and enable them to ensure Ihal the Ilnanclal slatements comply with the Companies Act 2006, They are also responsible for safeguarding Ihe assels of the charity and hence lor taking asonable sleps for the preventlon and detection of fraud and other irre9ularities. Under company law, the directors musl nol approve the financial slatements unless they are satisfied that they give true and falr view of the state of affairs of tha company and the Income and expenditure for thé perit)d.
SOUTH MANCHESTER SYNAGOGUE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOUTH MANCHESTER SYNAGOGUE LIMITED Oplnlon We have audited the financial st8tem8nts of South Manchester Synagogue Limited {the 'charily') for the year ended 31 August 2024 which comprise Ihe slalement of financial activities, the balance sheet, the statement of cash flows and noles to the financlal 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 Stand8rd applicable in the UK and Republ of Ireland (Unlted Kingdom Generally Acc8Pted Accounting Practlce). In our opinlon, the financial 31atements'. give a true and fair view of the state of Ihe charitable company's affaiTs as at 31 August 2024 and of its incoming resources and application ol r690uree$, Including its income and expenditure, for th8 year then ended., have been properfy prepared in accordance with United Kingdom Generally A¢¢epted A¢counlin9 Practi¢e,' and have been prepared in accordance wilh the requirements of th• Companies Act 2006. Basls for oplnlon We conducted our audlt in accordance with International Standards on Auditlng (UK) (ISAS {UKI) and appllcable law. Our re5ponsibllllles under those standard$ are further described in Iho Audftofs msponslbilltios lor th• audll of the financial statements section ol 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 hav& fulfilled our other olhlcal re$pon$ibllitle$ In accordance wilh Ih8S8 requirements. W8 believe that the audit evidence we have obtained is sulficient and appropriat8 to provide a basis for our opinion. Concluglong r•latlng to golng Concern In auditing the financial slalements, have conduded that tha Trustees use of the goins Concern basis of accountlng in the preparation of the financial statements is appropriat•. Based on the work we have perforrned. we have not identrfied any material uncertainties relating to events or conditions that, individually or comectively. may cast sgnificanl doubt on Ihe charity's ability to continue as a going concern for a period of at least Iwelve months fiom when the Ilnandal statements are authorised for issue. Our re$ponsibllltses and the responsibilities of the Trustees with respecl to golng Concern are desuibed in the relevant sections of this report, Other Inforniallon The other Information comprises Ihe information included In the annual report other than the financial statements and our audllor's report thereon. The Tru5tee5 are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the olher information and, ex¢ept to Ihe extent otherwisa explicrtly slated in our report. we do not express any fonn of assurance conclusion thereon. Our responsibility is lo read the other informalion and. in doing so, considar wh8lher the other information Is materially inconsistent with Ihe financial statements or our knowledge obtained In the course of the audil, or otherwise appears to be materially misstatèd. If we identify such material inconsislencies or apparent material misslatements, we are requ*ed to delèrmine whether this gives rise to a material mis81alement in the financial statements thems81ves. If. based on the work we have performed. we conclude that there is a material mlsslatoment of thls other Information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the ccwrse of our audit.. the nformation givan in the Trustees report for the financial year for which the financial statements are prepared, which includes the direGtors' report prepared for the purposes of company law. is consistent with the financial stalements,. and the directors. report included within the Tru$teo$ report has been prepared in accordanc8 with applicable legal requirements.
SOUTH MANCHESTER SYNAGOGUE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SOUTH MANCHESTER SYNAGOGUE LIMITED Matters on whlch we are requlred to report by exceptlon In the light of the knedge and understanding of the charity and its environment obtained in the course of the audlt, we have not Identlfied material misstatements in the directors. feport included wilhin the Trustees report. We have nothing lo report in respect of the following matter5 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting r•eords have not been kept, or returns adequate for our audrt have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and retums., or cèrtain disclosure8 of trustees, remuneration specified by law are not madè or we have not re1Ved all the information and explanatlons we requlre for oui audlt., or Ihe Truslees were not entilled to prepare Ihe linancial 5taternenls in aceordance viith the small companies r8glm8 and take advantage of th8 small companies, exemptions in prepaTing the Trustees report and from the requirement to prepare a strategic report. RpOnSIbIlItI of Trustees As explained morè fulty in the statement of Trustees responsibilities, the Trustees, who are also the directors of Ihe charity for the purpose of company law, are rèspon$iblo for tho preparation of the financial statements and for being 8atisfied that Ihey give a true and fair view, and for such internal control as the Trustees determine is necessary io enabl8 the preparation of fir)ancial statements that are free from material misstatement, whether due to fraud or error. In preparing the Ilnancial statements, the Trustees are responsible for assessing the charrty's ability to Continue ag a going concein, discloslng, as applicable, matters related to 90ing concern and using the going concem basis of accounting unless the Tfuslees either Intend to liquidate the tharilable company or to cease ¢peration$, or have no realistic alternative bul to do so. Audltorfs r•spon8lbllltl•$ for th• audlt of lh• flninclal $lat•m•nig Our objectives are lo obtain reasonable assuranc6 about whelher the financial stalements as a WI10 are Iree from malerlal misstatement. Ythether due to fraud or error, and to issue an auditor's report thal Includes our opinion. Reasonablo assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misstatement when rt exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonabty be expected lo Influence the economic decisions ol users taken on the basbs of these financlal Statements. The extenl to wtrdch our procedures are capable of deteding irregUllties, induding fraud, 1$ detailed below, A further descrlptlon of our responslbllSties is avallable on the Flnanclal Reportlng Councll's webslte at.. https'.11 www.frc.org.ukJaudilorsresponsibilities. This description fom)s part of our auditor's report. Us• of our report This report is made solely to the charitable companvs members. as a body, in accordance with Chapter 3 of Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so that we might state to the charilable companls memb8rs those matters we are required to stste to them in an auditorfs 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 ¢hantable company s members as a body, for our audit work. for this report. or for the opinions w6 have formed. Andrew James Taylor 4Senlor Slatutory Audttor) for and on behalf of Xolnadln Audlt Llmlted Accountants and Statutory Audltorg 116 Duke Street Llverpool L15JW
SOUTH MANCHESTER SYNAGOGUE LIMITED STATEMENT OF FINANCIAL ACTWITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrfcted Rèstrlctod fund$ funds 2024 2024 Total Unrestrlcted Restrfcted funds nds 2023 2023 Total 2024 2023 Not08 Incom8 from: Donations and legaaes Charllable activllies Other trading acts'vlties Investments 368,813 32,438 91.957 18,228 32.584 401.397 32.438 91,957 18,228 342.054 72.520 109.043 13,804 36.983 379.037 72.520 109.043 13,804 Total InGome 511.436 32,584 544,020 537.421 36.983 574.404 Expendlturo on: Charitable activities 517,834 22,445 540.279 582.171 34,581 616,752 Total expendltum 517,834 22,445 540,279 582,171 34,581 616.752 Net gainsl{losses} on Investments 12 (839) (839) N•t Incomellexp•ndltur•l and mov•m•nt In lunds (6,398) 10.139 3.741 <45,589) (43,187) Reconclllallon of funds: Fund balances al 1 September 2023 4,597,790 14,991 4,612,781 4,643.378 12,590 4.655.988 Fund balan¢•8 4131 August 2024 4.591,392 25,130 4,618,522 4,597,789 14.992 4,612,781 Thg statement of financial activltles includes all gains and losses recognlsed In the year. All income and expenditure derive from conlinuing activities.
SOUTH MANCHESTER SYNAGOGUE LIMITED BALANCE SHEET ASAT31 AUGUST2024 2024 2023 Notes Flxed assets Tangible asset8 14 5,000.653 5.034.237 Current assets Debtors Cash at bank and m hand 1S 83.393 44.416 97,281 51.021 127,809 148 302 Credliors; amounts falllng due wlthln one year 17 {130.160) (164.191) Net curront Ilabllltlos (2,351) {15,889) Total usets le•• curront Ilabllltlo9 4.998.302 5,018,348 Credltorn.. amounts lalllng due after more than one year (381,7801 (405,5671 Net assets excludlng ponslon Ilablllty 4,616.522 4.612.781 N•1 ag$0ts 4,616.522 4,612,781 The funds of th• charlty Restricted Income funds Unrestricted lunds - general Unrestricted funds - Revaluatson Reserie 25.130 4,090.182 501,210 14,992 4,096,579 501,210 4,816,522 4,612,781 The financlal statements were approved by the Trustees on 23 January 2025 Mr D J Cowen Tru8ts8 Company regislration number 06525914 (England and Wales)
SOUTH MANCHESTER SYNAGOGUE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2024 2024 2023 Not08 Cash flows from oporatlng actlvlt108 Cash generated fromllabsorbed by) operations 25 5.497 137,364) Inve$tlng actlvltles Purchase of tangible fixed assets Proceads from disposal of investments Investment income réceived (1.764) (2,4191 37.381 13.804 18.228 Net cash gonerated from Inve$llng actlvltl•$ 16,464 48.768 Flnanclng actlvltl•B R8payment of bank loans (28, 5661 (33,3431 Ngt cash used In flnanclng actlvhles {28,%6) 133,343) Net decreas• In cash and cash equlvalents (6,e05) 121,941) Cash and cash equivalents at beginnjng of year 51.021 72,962 Cash and ¢a¥h equlvalents at end of y•ar 44.416 51,021
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng poll¢les Charlty Informatlon South Manchester Synagogue Limlled Is a private company limit by guarantee incorporalad in England and Wales. The registered office 1$ The Fir5. Bowdon, Altrincham. Cheshire. VVA14 2TE. 1.1 Aceountlng Conventlon The financial slatements have been prepared In accordan¢e with Ihe chority's Memorandum & Arncles of Association, the Companles Act 2006 and 'Accounting and Reportlng by Charities: Stalement of Recommended Practice appllcable to Charit preparing their accounts in accordance with the Finan¢lal Reportlng Standard applicatle In the UK and Republic of Ireland {FRS 102). las amended for accounting poriods commencing from 1 January 2016). The charity Is a Public Benefit Entity as defined by FRS 102. Th8 financlal statements are prepared in sterllng, which Is the functlonal currency of the charity. Monelary amounts in these financial statements are rounded lo the nearest £. The finanrjal statements have been prepared under the historlcal cost conventSon. The principal accounting policies adopted are sel out below. 1.2 Golng con¢ern Al the time ol approving the financial statements, the Trustees have a reasonable expectalion that the charity has adequate resources to contsnue in operatlonal existence fof Ihe loreseeable future. Thus Ihe Truslee8 onlinue lo adopt the going concern basis of accounting In prepanng Ihe financial stat8ment8. 1.3 Charltabl• lunds UnTe5tri¢led funds are avallable for use at the discretion of the Trustees in furtherance of their charltable objectives unless the funds have been designated for olher purposes. The investment ievaluation reserve shows th8 acCumated revaluallons on the Investments to date. The decorations and repairs reserve relates to funds whh are put aslde to malntaln and rapair the fabnc of th8 bulldlng. Th8 Synagogue ha6 a bunal fund whereby participating mernber$ ¢onlfibute and on death their burial fees aro ¢over•d. Restricted funds are subjed to specific eondrtions by dorr8 as lo how they may be used. The purposes and uses of the restrtted funds are set out in tho noies lo the financlal statements. All lunds are unrestricted with the exception of the Charities Fund. Tzedakah Fund and Youth Fund which are restricted. The Charities Fund and Tzadakah Fund relate to monies coll8Cted specifically for onward donation. The Youth Fund relates to mon$ to be spenl on Youth aclfv"th'es onty. 1.4 Incom• Income Is rQgnIsed when the charlty Is legally entlued to it after any performance condillons have been met. the amount$ can be measured relbly, and it Is probable that income will be received. Donations and gifts represent amounts received during the y•8r. Grants recebied are recognised as monies are recelved. Thls is ongoing throughout Ihe year as expenses are curred for whKh the grants are received. SubScnptns represent amounts receivable for Ihe accounting year. Any amounts received In advance for future years are deferred and released In followlng years as appropriate. Investmont ¥)¢ome is recognised on a receivable basis. 1.5 Expèndlture Resources expended are included in the accounts when the good5 or services are received. This applies lo expenditure li all categOrS on the SOFA. The accounts are prepared on an accruals basis. 10-
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles (Contlnued 1.6 Tanglble flxed assets Tangible fix8d assets are knitolly measured at Cost and subsequently measured at cost or valuatlon. net of depreciatDn any impairment losses. D6preciatlon o recognised so as lo vffite off the c08t or valuation of 888ets less their residual values over their useful INes on the folbwing bases= Freehold land and buildings Fixtures and fillings Equipment 1% straight line on the Synagogue building only 25¥0 redudng balanGe 25Qh reducing balance Depreciation on land and buldings is on the Synagogua building only. The land element and resldentlal propert$ used by the Rabbis are nol depreciated. 1.7 Impalrni•nt of Ilxed a88ats At each reporting end date, the charity reviews the carrying amounts of ils tangible assets to determine whether Ihere Is any Indication that those assels have suffered an impeirment loss. If any such Indication exists. the recoverable amount of tha asset is estimated in ordef to determine the extent of the Impairment loss (if any), 1.8 Cash and ca¥h equlvahnts Cesh and cash equalentS Include cash in hand, deposits hèld at call With banks. other short-term Ilquid Investments wilh orlginal maturitses of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowkngs il current Ilablllles. 1.9 Flnanclal Instrument8 Finanaal strumentS are recognised kn the charit$ balance sheet when the thanty becomes paty to the contractual provislons of tho Instrument. Finanrjal asgels and Ilabilities are offset. wth the net amounts presented in the financlal statements. when there is a legaly enlorceable right to set off the recognlsed amoun15 and there is an Intention to settle on a net b88is or to realisè the asset and settle the liability simultaneously. Baslc Ilnanclal assets Basic financial assets, which include debtors and cash and bank balances. are Inrtially measured at tranSactn ple Including transaction costs and are subsequenlty carried at amortis8d cost uswig the effective Inleresl method unless the arrangement constitutes a finan¢ing transaction. where the transaction Is measured at the present value of the firture receipts discounted at a market rale of Interest. Financial asselg das$rf*d as receivable within on8 year are not amortised. Bask flnanclal Ilabllltles Basic financial labilrtts, including creditors and bank loans are initially recognised al transa¢tson price unless the arrangement constrtutes a financing transaction. where the d8bl Instrument Is measured al the present value of the future payments discounted at a markel rale ol interest. Financial liabilities classified as payable wlhin one year ar8 not amortised. Debt Instruments are subsequendy carried at amortised cost. usyig the effective interest rate melhod. Trade creditors are OblatiOnS to pay for goods or services that have been acquired in the ordinary course of Operatn$ trom SupplrS. Amounts payable are classified as current Iiab,Iities If payment Is due within one year or less. If nol. they are presented as non-currenl liabilities. Trade creditors are recognised initially al transactL)n prre and subsequently measured at amortised cosl using Ihe effective int8rest method. 11
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles (Contlnuedl DerKognftlon of flnanclal liabiliti•$ Finanoal liabilltses are derecognised when the Gharity's fA)ntractual obllgallons expire or are discharged or cancelled. 1.10 Employoe ben•llts The cost of any unused hoth'day entitlement is recognised in the period in which Ihe employee's semces are received. Termination benefits are recognised immediately as an expense when the charity Is demonstrably committed 10 18rminatè the employment of an employee or to provide temination benefits. 1.11 Retlrgment ben?flts Payments lo defined contrlbution retlrement benefit schemes are charged as an expense as they fall due. Crltl¢al accounllng •stlmatos and ludgom•nts In the 8ppllcation of the charity's accountlng policie5, the Trustees are required to make judgements, estimates and 8ssumptions about the carrying amounl of assets and liabilitles Ihal are nol readily appar8nl from other sources. The estsmates and assotsaled asSUmptn$ are based on historical experience and other laclors that are considered to be relevant. Actual re8ulls may differ from these eslimales. The e$timates and und8rlyin9 a$$umpiion$ are reviewèd on an ongoing basis. Revisions to accounting eslimates are recognised in the penod in whlch the estimote Is revised where the revision affects only that period, or In the per.od of Ihe revision and future periods where the revis¢on affects both current and future periods. Incom• Irorn donatlons and legaclos Unro$lrl¢tod Restrfctad funds funds 2024 2024 Tolal Unrestrlcled Rostrlctod fvnds funds 2023 2023 Total 2024 2023 Donatlons and glfts Membership fees GiftAid 36.072 270,361 62.380 32,584 68,656 270,361 62,380 24,201 260,074 57,779 36,983 61,184 260,074 57.779 368,813 32,584 401,397 342.054 36,983 379,037 12-
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Incom• from charltable actlvltles Unrestrfctsd Unrestrlcted funds funds 2024 2023 Wedding fees Burial income Other ineorne (84) 72.287 297 32.438 32,438 72,520 Analysls by fund Unrestricted lunds- general 32,438 72,520 Income from other tradlng •ctlvltle• Unre¥trl¢ted Unregtrlclod lunds lunds 2024 2023 Fundraising events 91,957 109.043 In£om• from Investments Unr•$trlct•d Unr•slrl¢l•d fund8 fund• 2024 2023 Rental hncome Income from listed investments 17.300 928 12,395 1,409 18,228 13.804 13-
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Charltable actlvltles Charltable Charltable Expendlture Expendlture 2024 2023 Staff Costs Depreciatlon and impaimient Rates & water Llghl & heal Repalrs & rnalntenance Insuranco Laundry & deaning Motor vehide expenses Travel & subsislence Affiliation fees Telephone Printsng, postage & stationery Burial expenses Security Rabbl •xpen£ei Youth Rabbi expense8 Mi5cellaneou$ Evenl costs Youth Events Other chanlable expendrture 178,751 35,348 815 30.702 20,802 9,328 22,347 182,714 37,670 2,708 22,793 42,415 8,480 19,540 390 403 2.535 219 13,163 74,841 24,230 10,594 8,762 2,605 640 1 $6,94S 2,303 2,530 87S 12,392 36,149 24,219 9,875 1,869 (845) 147,226 534,685 611.64S Share of governanGe CQSts (see note 8) 5,594 5,107 540,279 616,752 Analysls by fund Unrestrlcted funds- general Restricled fund$ 517,834 22,445 582.171 34.581 540,279 616,752 14-
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support costs allocated to actlvltle9 2024 2023 Govemance costs 5.594 5,107 Analysed between: Audit Fees 5,594 5.107 Net mov•mgnt In funds 2024 2023 The nel movement In fund8 is stated after chargInty(critlng) Fees payable for Ihe audlt of Ihe ¢harlty's financ4al statements Dopreciation of owned tangible fixed assets 5,594 35,348 5,107 37,670 10 Truste•s None of th• Trustees (or any persons connected with them) recelved any remuneration or benefits from the hanly during the year. None of the Trustoes have had any expenses relmbursed durlng Ihe year. 11 Employee8 The average monthly number of employees dunng the year was.. 2024 Numb•r 2023 Number Rabbis Offico staff Educational staff Total Employm•nt Costs 2024 2023 Wages and salarie8 Social secunty cosls Other pension cosls 167.431 8,354 2,966 169.918 9.047 3,751 178,751 182,714 There were no employees whose annual remuneration was more than £60,000. 15-
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 Galng and losses on Investments Unrgslrlcted Unrestrlctod fund• funds 2024 2023 Gainsl(losses) arisln9 on Salo of investments (839) 13 Taxatlon The ch¥lty Is exempt from lax on Income and gain$ falllng vthIn section 505 of the Taxas Act 1988 or 8ection 252 of tha Taxatlon of Charg8abl8 Gains Act 1992 to the extent that these are applled to Its chaiitable objecls. 14 Tanglble Ilxed assets Froehold lind Flxlurns and •nd bulldlng• Ilttlng• Equlwn•nt Tot•1 C081 At 1 September 2023 Additions 5.327.505 100.485 1.764 23.029 5.451,019 1,764 At 31 August 2024 5.327.505 102.249 23.029 5.452,783 Depreclatlon and Impalmi•nt At 1 September 2023 Depreciation charged in the year 325,332 27.088 72 205 7.312 19,245 948 416,782 35,348 Al 31 August 2024 352,420 79.517 20,193 452.130 Carrylng amount At 31 August 2024 4.975.085 22,732 2,836 5,000.653 At 31 August 2023 5,002,173 28,280 3,784 5,034.237 Land and buildings wlth a net book value of £998.790 were revalued al 31 August 2022 by Homemove Sales and Letting5 10 £1.5m based on recent market tran5actsons for similar properties. The Twstees believe this Is a reasonable valuation for the properties al 31 Augusl 2024. 15 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepayments and a¢¢rued income 29,733 35,000 18,660 41,987 35.000 20,294 83,393 97.281 16-
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 16 Loan8 and ovefdrafts 2024 2023 Bank loans 410,346 438,912 Payable wlhn one year Payable after one year 28,566 381.780 33.345 405,567 Amounts included abovo which fall due aft8r five years,. Psyable by instalmonts 280,156 275,064 There are hvo secured loans, l)olh are secured on the propertles to whlch they relate includéd withln fixed assets. The fir8t origln81 loan value was £250,000. Al tha end of the year the percentage of loan outstanding to the value of Ihe asset included in the accounts was 14%. Thls loan Is a commercial mortgage that is due to finlsh In July 2033. It Is a flexlble mortgage wlth variable monthly repayments. The current Interest rate on th's loan IS 3.55% over bose rate. The second original loan value wa8 £310,000. At the end of Ihe year the percentage of loan outstandlng to the value ofthe asset Induded in the accounls was 49%, This loan is a commercial mortgage that Is due to finlsh in June 2038. It is a fixed rote mortgage hmth fixed monthly payments for 10 years. The current interest rate 1$ 4.920 17 Credltors: amounts falllng du• wlthln on• year 2024 2023 Notes Bank loans Other taxation and social security Trade creditors Othei Cfedilors Accruals and d•f•rfed income 16 28,566 1,913 35,571 1.271 62.839 33.345 2,338 67,697 24 60.787 130,160 164,191 The fdlowing Iiabilrtles disclosed under créditors falllng due wilhin one yèar are sécured by the company.. Bank loans and overdraft5- £18,504 (2023. £23.407) 17-
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18 Credltors: amounts falllng duo after more than one year 2024 2023 Notes Bank loans 381,780 405.567 The followng liabilits'e5 disclosed under creditors falllng due over one year are secured by the Mpany. Bank loans and overdrafts- £372,675 (2023. £386,276). Included wllhin Creditors due over 1 year are amounts due on a commercial mortgage due to finish In July 2033. thi$ Is a flexible mortgage with variable rate monthly loan repayments and is secured on a propety Included within the accounts. The Interest rate payable on this loan 18 3.8%, being base rate plus 3.55%. A further commercial mortgage is also includ8d in Creditors due over one year. This is due lo finish in May 2038 and Is a flexible mortgage with variabl8 rale monthly loan rfrpayments and Is 5ured on a property included within th• accounts. The inter•st rate payable on this loan Is S.09%. Included wilhln creditors due after more than one year is an amount of £280,156 <2023: £275.064) In respect ol babilities repayable by Instalments which fall due for payment after more than 5 year8 from the reporting Loan Interest of £29.566 (2023. £21.518) Is included in the account$. 19 Rptlremont beneflt 8ch•m•• 2024 2023 Defined contrlbutlon schemes Charge to profft or loss In respect of defined contrlbutson 8¢heme8 2,966 3,751 The Charty operate$ a defined contnbution pension scheme for all qualifylng ernployee8. The assets of lh• scheme are held Separately from those ol the Charity in an Independently adn*nistered lund. 20 Rggtrlcted fund$ The restncted funds of the charrty comprise the unexpended balances of donations and grants held on trust subject to spedfic conditlons by donors as to how they may be use At1 Septembèr 2023 In¢omlng Resources At 31 August resources expènded 2024 Charities Fund Tzedakah Fund Youlh Activity Fund 7.490 1.640 5.862 17,894 14,690 (12,000) (10,445) 13,384 5,885 5,862 14,992 32,584 (22,445) 25,131 18-
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 20 Rostrlctsd lunds (Contlnuod) Prevlous yoar: Ineomlng Rosourc8s At 31 August r•sources •XPonded 2023 September 2022 Charits'e8 Fund Tzedakah Fund Youth Activlty Fund 4,554 1,489 6,547 29,538 7.445 (26.602) (7.294> (6851 7,490 1,640 5,862 12.590 36,983 (34.581) 14,992 21 Unre¥trlct•d funds The unrèstrictad fundg of thè charity comprise the unexpended balances of donallons and granls whlch are not subiect to specific condltsons by donors and grantors as to how they may be us8d. These Include designated funds which have been set aside out of unrostncted fund8 by the truslee8 for speofic purposes. At1 S•ptember 2023 Incomlng ROurCes I•re•l •xp•nd•d Transfers Galn8 and At 31 August 1089•8 2024 Decorations and repalrs reserve Burial Fund reserv• General lunds 1Q9.414 (2.488) 28,000 134,926 476,374 4,012,002 23,316 488,120 (25,024) (490.322) 474,666 3,981,800 128,000) 4,S97,790 511,438 (517.834) 4,591,392 Pr•vlou$ year: At1 Septembor 2022 Incomlng r¢90urce8 Resources expended Transf•rs Galns and At 31 August 1088e8 2023 Decorations and repairs reserve Burial Fund reserve General funds 102.989 114,575) 21,000 109,414 490,669 4,049.720 35.879 501,542 150,174) (517,4221 478,374 4,012,001 (21.000> (839) 4,643,378 537,421 (582,171) (839) 4,597,789 19-
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 22 Anatysls of net as8el8 bètween funds Unrestrlcted funds 2024 Restrlcted funds 2024 Tolal 2024 At 31 August 2024: Tangible assets Current asselsl{Iiabilities) Long term liabilities 4,975,523 {2,351) 1381,780) 25,130 5,000.653 (2,351) (381,780) 4,591,392 25,130 4,616,522 Unrostrlcted funds 2023 Restdcted funds 2023 Total 2023 At 31 Augu812023: Tanglble assets Current assetsl(liabilits'es) Long term liabil11188 5,034,237 130,881) (405,567} 5,034,237 115.889) (405,567) 14.992 4,597.789 14.992 4,612,781 23 Operating lea8e commltments Lo$8oe At the reportlng end d8le the charlty had outslandlng commitments lor future mlnlmum lease paymonts undar non4ancèllable operating leases, which fall due as follcws 2024 2023 lfjthln one year Between two and five years 678 678 2,199 678 1,356 2,877 Lessor Duting the year the company paid £1,439 (2023. £2,199) in lease payments included as an expense In the accounts. 24 Related party transaclions There were no disclosable related parly transactlons during the year (2023 - none). -20-
SOUTH MANCHESTER SYNAGOGUE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 26 Cash gonerated from operatlons 2024 2023 Surplusl(d8fidtl for tha year 3.741 <43,187) Adjustments for,. Inve5trDent Income recognlsed In Statement of finanual actlwtles (Gainllloss on disposal of Investments Depreclatlon and Imp*rment of langible fixed assets (18,228) (13.8041 839 37.670 35,348 Movemenls in working capital.. D8creas81{Increase) in debtors (Decrease) In creditors 13.888 (29,252) {17.323) (1 .S59) Cash generatsd froml{abgorbed by) operatlons 5,497 (37,384) 26 Anatysls of Ghanges In nel Idebt)Ilunds At 1 S•pt•mb•r 2023 Cash Al 31 Augu•t 2024 Cash at bank and in hand 51,021 (6.605) 44,418 Loan8 falling due within one year Loans falling due aft6r mor• than one year {33,34S) (405,567) 4,779 23,787 <28,568) 1381,780) (387.891) 21,961 1365,930) 21