CHARITY REGISTRATION NUMBER: 1135569
Manchester Great New & Central Synagogue Unaudited Financial Statements 31 December 2023
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Manchester Great New & Central Synagogue
Financial Statements
Year ended 31 December 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 |
Manchester Great New & Central Synagogue
Trustees' Annual Report
Year ended 31 December 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.
Reference and administrative details
| Registered charity name | Manchester Great New & Central Synagogue |
|---|---|
| Charity registration number | 1135569 |
| Principal office | 30 Singleton Road |
| Salford | |
| Manchester | |
| M7 4LN | |
| The trustees | J J Davies |
| H Gordon | |
| M Jacobs | |
| M Livshin | |
| Independent examiner | Mr Howard Schwalbe ACA |
| 2nd Floor - Parkgates | |
| Bury New Road | |
| Prestwich | |
| Manchester | |
| M25 0TL |
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Manchester Great New & Central Synagogue
Trustees' Annual Report (continued)
Year ended 31 December 2023
Structure, governance and management
Manchester Great New & Central Synagogue is an unincorporated charity that was established by a constitution adopted on 07 September 2009 to advance the Jewish Religion in Greater Manchester for the benefit of the public through the holding of prayer meetings, lectures and public celebration of religious festivals.
Recruitment and appointment of new trustees would be in line with the constitution and with the consent of the trustees.
There is no chief executive officer. The day to day affairs are undertaken by the executive and committee on behalf of the trustees. The executive and committee give of their time freely. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole responsibility of the trustees.
Suitable policies are in place for the induction or training of new trustees.
Risk review
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the charity are principally operational risks in relation to the management of the Synagogue. These risks are managed by the trustees having a management team to which the smooth running of the Synagogue is delegated.
The trustees examine the major strategic and operational risks that the Synagogue faces. The executive, including its treasurer has close control over the financial records and monitors the financial position regularly.
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Manchester Great New & Central Synagogue
Trustees' Annual Report (continued)
Year ended 31 December 2023
Objectives and activities
The objects of the charity are: (i) the advancement of the Jewish religion for the benefit of the public, (ii) the advancement of Jewish religious education and (iii) such other charitable purposes as the trustees shall from time to time decide.
The objectives of the charity are to cater for the religious requirements generally of the Jewish inhabitants of North 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) Religious services on weekdays, Sabbaths and holy days;
-
b) Pastoral support;
-
c) Educational facilities;
-
d) Facilities for burial of the dead;
-
e) Facilities for marriages;
-
f) Social events as appropriate;
-
g) Support for those in need, where appropriate, through other charitable bodies.
There were no significant changes in the principal objectives of the Synagogue for the period under review. The charity's income derives principally from donations and from its membership.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. The trustees consider they have met the public benefit test.
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Manchester Great New & Central Synagogue
Trustees' Annual Report (continued)
Year ended 31 December 2023
Achievements and performance
The Statement of Financial Activities (SoFA) shows that the Synagogue received total income of £314,112 (2022: £358,679). The Synagogue spent £428,949 on direct charitable expenditure (2022: £411,842) and £23,335 on investment management costs (2022: £23,001), leaving a deficit of £138,172 before gains and transfers (2022: £76,164).
There was an unrealised gain on the listed and other investments amounting to £115,648 (2022: (£252,075)). The net expenditure for the year was £22,524 (2022: £328,239) as disclosed on the face of the SoFA.
The net expenditure and movement in funds of £33,401 (2022: £328,239) was made up of £4,946 of expenditure attributable to the restricted fund (burial board) (2022: income £42,844) and £28,455 of expenditure attributable to the unrestricted fund (2022: £371,084).
The Synagogue employs an appropriate level of pastoral, administrative and caretaking staff and relies on unpaid volunteers for backup and other purposes. The direct charitable and support costs were all in line with the stated objects of the charity.
There were no material fundraising costs during the year.
Related party transactions are as disclosed in the notes to the accounts.
Financial review
During the year the trustees disposed of £989,000 listed investments in order to pay off the bank loans. The trustees took this decision in light of recent interest base rate increases.
Reserves policy
The unrestricted fund represents the unrestricted funds arising from past operating results. There is no formal policy to maintain a level of reserves. The trustees constantly monitor the level of reserves to ensure the charity can meet its liabilities.
The trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against expected expenditure.
In considering the limited financial obligations of the charity, the trustees maintain an appropriate level of funding.
The free reserves represented by the net current assets of the charity stand at £53,784 (2022: £21,088).
Investment policy
The charity has investments in quoted companies, property and cash at bank. The trustees consider this diverse portfolio to be appropriate in the context of its objectives and activities.
Plans for future periods
The trustees plan to continue to maintain the Synagogue and burial board in line with the Trust Deed and to pursue those objectives and projects with all the resources available to the charity.
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Manchester Great New & Central Synagogue
Trustees' Annual Report (continued)
Year ended 31 December 2023
The trustees' annual report was approved on 22 May 2024 and signed on behalf of the board of trustees by:
M Livshin Trustee
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Manchester Great New & Central Synagogue
Independent Examiner's Report to the Trustees of Manchester Great New & Central Synagogue
Year ended 31 December 2023
I report to the trustees on my examination of the financial statements of Manchester Great New & Central Synagogue ('the charity') for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
22 May 2024
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Manchester Great New & Central Synagogue
Statement of Financial Activities
Year ended 31 December 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 18,339 | – | 18,339 | 31,878 |
| Charitable activities | 5 | 101,143 | 116,661 | 217,804 | 231,282 |
| Investment income | 6 | 38,306 | – | 38,306 | 54,745 |
| Other income | 7 | 39,663 | – | 39,663 | 40,774 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 197,451 | 116,661 | 314,112 | 358,679 | |
| ================================ | ================================ | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Investment management costs | 8 | 23,335 | – | 23,335 | 23,001 |
| Expenditure on charitable activities | 9,10 | 307,342 | 121,607 | 428,949 | 411,842 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 330,677 | 121,607 | 452,284 | 434,843 | |
| ================================ | ================================ | ================================ | ================================ | ||
| Net gains/(losses) on investments | 12 | 115,648 | – | 115,648 | (252,075) |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net expenditure | (17,578) | (4,946) | (22,524) | (328,239) | |
| ================================ | ================================ | ================================ | ================================ | ||
| Other recognised gains and losses | |||||
| Designated Fund - Silver Ornaments | (10,535) | – | (10,535) | – | |
| Designated Fund - Marga Brodie Fund | (342) | – | (342) | – | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net movement in funds | (28,455) | (4,946) | (33,401) | (328,239) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 2,849,429 | 277,134 | 3,126,563 | 3,454,803 | |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 2,820,974 | 272,188 | 3,093,162 | 3,126,563 | |
| ========================================= | ================================ | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 19 form part of these financial statements.
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Manchester Great New & Central Synagogue
Statement of Financial Position
31 December 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 18 | 1,923,768 | 1,989,446 | |
| Investments | 19 | 1,115,610 | 1,966,851 | |
| ----------------------------------------- | ----------------------------------------- | |||
| 3,039,378 | 3,956,297 | |||
| Current assets | ||||
| Debtors | 20 | 80,945 | 87,841 | |
| Cash at bank and in hand | 22,065 | 39,369 | ||
| -------------------------------- | -------------------------------- | |||
| 103,010 | 127,210 | |||
| Creditors: amounts falling due within one year | 21 | 49,226 | 106,122 | |
| -------------------------------- | -------------------------------- | |||
| Net current assets | 53,784 | 21,088 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total assets less current liabilities | 3,093,162 | 3,977,385 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 22 | – | 850,822 | |
| ----------------------------------------- | ----------------------------------------- | |||
| Net assets | 3,093,162 | 3,126,563 | ||
| ========================================= | ========================================= | |||
| Funds of the charity | ||||
| Restricted funds | 272,188 | 277,134 | ||
| Unrestricted funds | 2,820,974 | 2,849,429 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total charity funds | 24 | 3,093,162 | 3,126,563 | |
| ========================================= | ========================================= |
These financial statements were approved by the board of trustees and authorised for issue on 22 May 2024, and are signed on behalf of the board by:
M Livshin Trustee
The notes on pages 9 to 19 form part of these financial statements.
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Manchester Great New & Central Synagogue
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 30 Singleton Road, Salford, Manchester, M7 4LN.
2. Statement of compliance
The accounts (financial statements) have been prepared in accordance with the relevant version of the 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) and The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain investments measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported besides the revaluation of the investments.
Fund accounting
Unrestricted funds
Unrestricted funds held by the charity are funds that can be used in accordance with the charitable objects at the discretion of the trustees.
Designated funds
Designated funds held by the charity relate to the Sale of Silver Ornaments Fund and the Marga Brodie Fund. The timing of expenditure for both funds is at the discretion of the trustees.
Restricted funds
Restricted funds held by the charity relate to the Burial Board.
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Manchester Great New & Central Synagogue
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Freehold property | - | 2% reducing balance (burial plots reduced by number used) |
|---|---|---|
| Fixtures & fittings | - | 10% reducing balance |
| Motor Vehicles | - | 25% straight line |
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Manchester Great New & Central Synagogue
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Investments
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. The quoted shares are valued at the list price on the LSE at the year end.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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Manchester Great New & Central Synagogue
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations and gifts | 18,339 | 18,339 | 31,878 | 31,878 |
| ============================ | ============================ | ============================ | ============================ |
5. Charitable activities
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Subscriptions | 101,143 | – | 101,143 |
| Burial fees | – | 116,661 | 116,661 |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| 101,143 | 116,661 | 217,804 | |
| ================================ | ================================ | ================================ |
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Manchester Great New & Central Synagogue
Notes to the Financial Statements (continued)
Year ended 31 December 2023
5. Charitable activities (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Subscriptions | 105,160 | – | 105,160 | ||
| Burial fees | – | 126,122 | 126,122 | ||
| -------------------------------- | -------------------------------- | -------------------------------- | |||
| 105,160 | 126,122 | 231,282 | |||
| ================================ | ================================ | ================================ | |||
| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 9,973 | 9,973 | 21,000 | 21,000 | |
| Income from listed investments | 28,333 | 28,333 | 33,706 | 33,706 | |
| Bank interest receivable | – | – | 39 | 39 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ||
| 38,306 | 38,306 | 54,745 | 54,745 | ||
| ============================ | ============================ | ============================ | ============================ | ||
| 7. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Hall hire | 39,663 | 39,663 | 40,774 | 40,774 | |
| ============================ | ============================ | ============================ | ============================ | ||
| 8. | Investment management costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Rent collection | – | – | 1,512 | 1,512 | |
| Property repairs and maintenance | |||||
| charges | 17,349 | 17,349 | 9,173 | 9,173 | |
| Other investment management costs | 5,986 | 5,986 | 12,316 | 12,316 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ||
| 23,335 | 23,335 | 23,001 | 23,001 | ||
| ============================ | ============================ | ============================ | ============================ |
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Manchester Great New & Central Synagogue
Notes to the Financial Statements (continued)
Year ended 31 December 2023
9. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Synagogue expenses | 242,590 | – | 242,590 | ||
| Burial Board expenses | – | 117,620 | 117,620 | ||
| Depreciation | 61,691 | 3,987 | 65,678 | ||
| Support costs | 3,061 | – | 3,061 | ||
| -------------------------------- | -------------------------------- | -------------------------------- | |||
| 307,342 | 121,607 | 428,949 | |||
| ================================ | ================================ | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Synagogue expenses | 255,559 | – | 255,559 | ||
| Burial Board expenses | – | 78,152 | 78,152 | ||
| Depreciation | 65,745 | 5,126 | 70,871 | ||
| Support costs | 7,261 | – | 7,260 | ||
| -------------------------------- | ---------------------------- | -------------------------------- | |||
| 328,565 | 83,278 | 411,842 | |||
| ================================ | ============================ | ================================ | |||
| Expenditure on charitable activities | by activity | type | |||
| Activities | |||||
| undertaken | Support | Total funds | Total fund | ||
| directly | costs | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Synagogue expenses | 242,590 | – | 242,590 | 255,559 | |
| Burial Board expenses | 117,620 | – | 117,620 | 78,152 | |
| Depreciation | 65,678 | – | 65,678 | 70,871 | |
| Governance costs | – | 3,061 | 3,061 | 7,260 | |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| 425,888 | 3,061 | 428,949 | 411,842 | ||
| ================================ | ======================= | ================================ | ================================ | ||
| Analysis of support costs | |||||
| Analysis of | |||||
| support costs | Total 2023 | Total 2022 | |||
| £ | £ | £ | |||
| Governance costs | 3,061 | 3,061 | 7,262 | ||
| ======================= | ======================= | ======================= | |||
| Net gains/(losses) on investments | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on listed investments | (9,352) | (9,352) |
(252,075) | (252,075) |
|
| Gains/(losses) on other investments | 125,000 | 125,000 | – | – | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| 115,648 | 115,648 | (252,075) | (252,075) |
||
| ================================ | ================================ | ================================ | ================================ |
10. Expenditure on charitable activities by activity type
11. Analysis of support costs
12. Net gains/(losses) on investments
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Manchester Great New & Central Synagogue
Notes to the Financial Statements (continued)
Year ended 31 December 2023
| 13. | Net expenditure | ||
|---|---|---|---|
| Net expenditure is stated after charging/(crediting): | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 65,678 | 70,871 | |
| ============================ | ============================ | ||
| 14. | Auditors remuneration | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fees payable for the audit of the financial statements | – | 4,620 | |
| ============== | ======================= | ||
| Fees payable to the charity's auditor and its associates for other services: | |||
| Other non-audit services | – | 2,640 | |
| ============== | ======================= | ||
| 15. | Independent examination fees | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 3,060 | – | |
| ======================= | ============== | ||
| 16. | Staff costs | ||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Wages and salaries | 92,619 | 91,309 | |
| Employer contributions to pension plans | 1,099 | 1,149 | |
| ---------------------------- | ---------------------------- | ||
| 93,718 | 92,458 | ||
| ============================ | ============================ | ||
| The average head count of employees during the year was 10 (2022: 8). | |||
| 2023 | 2022 | ||
| No. | No. | ||
| Number of Rabbinical staff | 5 | 5 | |
| Number of other staff | 3 | 2 | |
| Number of administrative staff | 2 | 1 | |
| -------------- | -------------- | ||
| 10 | 8 | ||
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
17. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees, nor were expenses reimbursed to the trustees.
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Manchester Great New & Central Synagogue
Notes to the Financial Statements (continued)
Year ended 31 December 2023
18. Tangible fixed assets
| Land and | Fixtures and | Motor | ||
|---|---|---|---|---|
| buildings | fittings | vehicles | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 January 2023 and | ||||
| 31 December 2023 | 2,087,515 | 615,933 | 3,900 | 2,707,348 |
| ========================================= | ================================ | ======================= | ========================================= | |
| Depreciation | ||||
| At 1 January 2023 | 381,187 | 332,815 | 3,900 | 717,902 |
| Charge for the year | 37,366 | 28,312 | – | 65,678 |
| ----------------------------------------- | -------------------------------- | ----------------------- | ----------------------------------------- | |
| At 31 December 2023 | 418,553 | 361,127 | 3,900 | 783,580 |
| ========================================= | ================================ | ======================= | ========================================= | |
| Carrying amount | ||||
| At 31 December 2023 | 1,668,962 | 254,806 | – | 1,923,768 |
| ========================================= | ================================ | ======================= | ========================================= | |
| At 31 December 2022 | 1,706,328 | 283,118 | – | 1,989,446 |
| ========================================= | ================================ | ======================= | ========================================= | |
| Investments | ||||
| Listed | Investment | |||
| investments | properties | Total | ||
| £ | £ | £ | ||
| Cost or valuation | ||||
| At 1 January 2023 | 1,316,851 | 650,000 | 1,966,851 | |
| Additions | – | – | – | |
| Disposals | (989,231) | – | (989,231) | |
| Fair value movements | 12,990 | 125,000 | 137,990 | |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ||
| At 31 December 2023 | 340,610 | 775,000 | 1,115,610 | |
| ========================================= | ================================ | ========================================= | ||
| Impairment | ||||
| At 1 January 2023 and 31 December 2023 | – | |||
| ========================================= | ||||
| Carrying amount | ||||
| At 31 December 2023 | 340,610 | 775,000 | 1,115,610 | |
| ========================================= | ================================ | ========================================= | ||
| At 31 December 2022 | 1,316,851 | 650,000 | 1,966,851 | |
| ========================================= | ================================ | ========================================= |
19. Investments
All investments shown above are held at valuation.
Listed investments
The aggregate market value of listed investments is £340,610 (2022: £1,316,851).
Investment properties
The investment property is wholly owned by the charity and the carrying amount is the fair value in the opinion of the trustees based on a recent professional valuation.
Financial assets held at fair value
The listed investments are held at fair value which is market value in the opinion of the trustees.
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Manchester Great New & Central Synagogue
Notes to the Financial Statements (continued)
Year ended 31 December 2023
20. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 40,954 | 43,622 |
| Prepayments and accrued income | 5,991 | 16,111 |
| Other debtors | 34,000 | 28,108 |
| ---------------------------- | ---------------------------- | |
| 80,945 | 87,841 | |
| ============================ | ============================ | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Bank loans and overdrafts | – | 42,417 |
| Trade creditors | 6,197 | 18,667 |
| Accruals and deferred income | 20,657 | 17,950 |
| Social security and other taxes | 1,534 | 1,046 |
| Other creditors | 20,838 | 26,042 |
| ---------------------------- | -------------------------------- | |
| 49,226 | 106,122 | |
| ============================ | ================================ | |
| Creditors: amounts falling due after more than one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Bank loans and overdrafts | – | 850,822 |
| ============== | ================================ |
21. Creditors: amounts falling due within one year
22. Creditors: amounts falling due after more than one year
The bank loans were all repaid during the year. This was financed by the part disposal of the listed investments.
23. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,099 (2022: £1,149).
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Manchester Great New & Central Synagogue
Notes to the Financial Statements (continued)
Year ended 31 December 2023
24. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 January | Gains and | 31 December | |||
| 2023 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 2,734,920 | 197,451 | (330,677) | 115,648 | 2,717,342 |
| Designated Fund - | |||||
| Silver Ornaments | 100,575 | – | – | (10,535) | 90,040 |
| Designated Fund - | |||||
| Marga Brodie Fund | 13,934 | – | – | (342) | 13,592 |
| ----------------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------- | |
| 2,849,429 | 197,451 | (330,677) | 104,771 | 2,820,974 | |
| ========================================= | ================================ | ================================ | ================================ | ========================================= | |
| At | At | ||||
| 1 January | Gains and | 31 December | |||
| 2022 | Income | Expenditure | losses | 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 3,105,462 | 232,557 | (351,024) | (252,075) | 2,734,920 |
| Designated Fund - | |||||
| Silver Ornaments | 100,575 | – | – | – | 100,575 |
| Designated Fund - | |||||
| Marga Brodie Fund | 14,476 | – | (542) | – | 13,934 |
| ----------------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------- | |
| 3,220,513 | 232,557 | (351,566) | (252,075) | 2,849,429 |
|
| ========================================= | ================================ | ================================ | ================================ | ========================================= | |
| Restricted funds | |||||
| At | At | ||||
| 1 January | Gains and | 31 December | |||
| 2023 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | |
| Restricted Fund - Burial | |||||
| Board | 277,134 | 116,661 | (121,607) | – | 272,188 |
| ================================ | ================================ | ================================ | ============== | ================================ | |
| At | At | ||||
| 1 January | Gains and | 31 December | |||
| 2022 | Income | Expenditure | losses | 2022 | |
| £ | £ | £ | £ | £ | |
| Restricted Fund - Burial | |||||
| Board | 234,290 | 126,122 | (83,278) | – | 277,134 |
| ================================ | ================================ | ============================ | ============== | ================================ |
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Manchester Great New & Central Synagogue
Notes to the Financial Statements (continued)
Year ended 31 December 2023
25. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 1,723,768 | 200,000 | 1,923,768 |
| Investments | 1,115,610 | – | 1,115,610 |
| Current assets | 30,822 | 72,188 | 103,010 |
| Creditors less than 1 year | (49,226) | – | (49,226) |
| Creditors greater than 1 year | – | – | – |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| Net assets | 2,820,974 | 272,188 | 3,093,162 |
| ========================================= | ================================ | ========================================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 1,789,446 | 200,000 | 1,989,446 |
| Investments | 1,966,851 | – | 1,966,851 |
| Current assets | 50,076 | 77,134 | 127,210 |
| Creditors less than 1 year | (106,122) | – | (106,122) |
| Creditors greater than 1 year | (850,822) | – | (850,822) |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| Net assets | 2,849,429 | 277,134 | 3,126,563 |
| ========================================= | ================================ | ========================================= |
26. Related parties
There were no related party transactions during the year.
27. Burial board - contingent liability
The trustees are aware of a deficiency in funding future burial liabilities. Whilst the trustees are not able to quantify the deficit with certainty, they are aiming to maintain the Burial Board fund at a suitable level.
28. Taxation
Manchester Great New & Central Synagogue is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
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