**Charity Registration No. 1136453**
**Company Registration No. 7186887 (England and Wales)**
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
# **ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Michael Davidson Rose Edmands MA Henry Freedman FCA Harvey Rifkind Barbara Shafran Andrew Donn MRICS Barry Kafka Zack Fortag
(Appointed 9 May 2021) (Appointed 6 July 2021)
**Charity number** 1136453 **Company number** 7186887 **Registered office** Suite 206, Balfour House 741 High Road North Finchley London N12 0BP
**Auditor** Accura Accountants Ltd Langley House Park Road East Finchley London N2 8EY
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Statement of Trustees' responsibilities|3|
|Independent auditor's report|4 - 7|
|Statement of financial activities|8|
|Statement of financial position|9|
|Notes to the financial statements|10 - 15|
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021**
The Trustees present their report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Charitable Company's governing document, 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) (effective 1 January 2019)".
## **Objectives and activities**
- The charitable purposes of the Charity Company are as follows:
- a. To maintain and advance the Jewish faith by the continued operation of Sandys Row Synagogue for Jewish religious worship in accordance with Ashkenazi practice laid down by the London Beth Din.
- b. To ensure the maintenance and upkeep of the Synagogue.
- c. To promote, sustain and increase individual and collective knowledge and understanding of the Jewish religion, culture and its heritage together with knowledge and understanding of other faiths.
- d. To create and operate at the Synagogue a Jewish cultural and religious centre to promote, sustain and increase knowledge among Jews and other faiths of the Jewish religion, culture and heritage.
- e. To promote, maintain and enhance harmonious community relations between Jews and the diverse faiths in the Greater London area.
- f. To prevent and relieve poverty among members of the Synagogue, other Jews and all other needy people in the Greater London area.
- g. To provide relief to those members of the Synagogue and other Jews who are in need by reason of youth, age, ill health, financial hardship or other disadvantage.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charitable Company should undertake.
## **Achievements and performance**
## **Financial review**
It is the policy of the Charitable Company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charitable Company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees has assessed the major risks to which the Charitable Company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The Charitable Company is a company limited by guarantee.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Michael Davidson
Rose Edmands MA Henry Freedman FCA Harvey Rifkind Barbara Shafran Andrew Donn MRICS David Parlons (Deceased 27 January 2021) Barry Kafka (Appointed 9 May 2021) Zack Fortag (Appointed 6 July 2021)
- 1 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
## **Auditor**
In accordance with the company's articles, a resolution proposing that Accura Accountants Ltd be reappointed as auditor of the company will be put at a General Meeting.
## **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.
The Trustees' report was approved by the Board of Trustees.
## **Harvey Rifkind**
Trustee Dated: 12 May 2022
- 2 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
The Trustees, who are also the directors of Sandys Row Synagogue Spitalfields Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 3 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE MEMBERS OF SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **Opinion**
We have audited the financial statements of Sandys Row Synagogue Spitalfields Limited (the ‘Charitable Company’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
## In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our 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 Charitable Company 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**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charitable Company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. 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.
In our opinion, based on the work undertaken in the course of our audit:
- 4 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements ; or
- the charitable company has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charitable Company 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 Charitable Company’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**
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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:
## **Fraud - Identifying and responding to risks of material misstatement due to fraud Fraud risk assessment**
To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure by management to commit, or provide an opportunity to commit, fraud. Our risk assessment procedures included:
- Enquiries of management and internal accounting staff, concerning the company's policies and procedures
- relating to:
- detecting and responding to the risks of fraud; and
- internal controls established to mitigate risks related to fraud;
- Enquiries of management and internal accounting staff as to whether they had knowledge of any actual,
- suspected or alleged fraud;
- Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes the audit partner, managers and staff who have extensive experience of working with companies in the Charity sector, and this experience was relevant to the discussion about where fraud risks may arise.
## **Risk communications**
We communicated the identified fraud and laws and regulation risks throughout the audit, the team remained alert to any indications of fraud or non-compliance throughout the process.
- 5 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **Fraud risks**
As required by auditing standards we addressed the risk of management override of controls and the risk of fraudulent revenue recognition. In particular we considered the risk that revenue is recorded in the wrong period and the risk that the management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgments.
## **Procedures to address fraud risks**
Our audit procedures included substantive audit procedures relevant to mitigate these risks including:
- Comparing journal entries to supporting documentation and review for any unusual journal descriptions;
- Assessing significant accounting estimates for bias;
- Obtaining third party confirmations for all bank balances; and
- Assessing when revenue was recognised, focusing on revenue recognised in the days before and after the
- year end date, and whether it was recognised in the correct year.
## **Laws and regulations**
- Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
## **Risk assessment**
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. For this risk assessment, matters considered included the following:
- our general Charity industry sector experience;
- discussion with the management of the company (as required by auditing standards);
- inspection of the company's regulatory and legal correspondence; and
- discussions with the management about the policies and procedures regarding compliance with laws and
- regulations.
## **Direct laws context and link to audit**
The potential effect of laws and regulations on the financial statements varies considerably. The company is subject to United Kingdom laws and regulations, such as the Companies Act 2006. Other relevant rules and regulations include the following:
- financial reporting legislation (including related UK companies' legislation)
- taxation legislation (direct and indirect) in the company's countries of operation.
- general data protection regulations (Data Protection Act 2018)
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
## **Most significant indirect law/ regulation areas**
The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or harm to the company's ability to operate. We identified the following areas as those most likely to have such an effect:
- health, safety, welfare and fire safety
- anti-bribery fraud and corruption
- anti-money laundering regulations
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of law or regulations is not disclosed to us or evident from relevant correspondence, our audit will not detect that breach.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
- 6 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Accura Accountants Ltd**
12 May 2022
## **Statutory Auditor**
Langley House Park Road East Finchley London N2 8EY
Accura Accountants Ltd is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
- 7 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
41,467
-
Charitable activities
**6**
60,677
-
Other trading activities
**5**
-
-
Investments
**4**
9
-
**Total income**
102,153
-
**Expenditure on:**
Administration expenses
102,030
10,676
**Net income/(expenditure) for the year/**
**Net movement in funds**
123
(10,676)
Fund balances at 1 January 2021
2,763,159
16,119
**Fund balances at 31 December 2021**
2,763,282
5,443|**Total**
**2021**
**£**
41,467
60,677
-
9
102,153
112,706
(10,553)
2,779,278
2,768,725|**Total**
**2020**
**£**
5,963
56,322
1,662
9
63,956
70,806
(6,850)
2,786,128
2,779,278|
|---|---|---|
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.
- 8 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **STATEMENT OF FINANCIAL POSITION**
## **AS AT 31 DECEMBER 2021**
|**Notes**
**Fixed assets**
Tangible assets
**11**
**Current assets**
Debtors
**10**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**14**
Unrestricted funds|**2021**
**£**
**£**
2,755,724
15,345
94,188
109,533
(96,532)
13,001
2,768,725
5,443
2,763,282
2,768,725|**2020**
**£**
**£**
2,755,879
6,476
102,705
109,181
(85,782)
23,399
2,779,278
16,119
2,763,159
2,779,278|**2020**
**£**
**£**
2,755,879
6,476
102,705
109,181
(85,782)
23,399
2,779,278
16,119
2,763,159
2,779,278|
|---|---|---|---|
||||2,779,278|
||||16,119
2,763,159|
||||2,779,278|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021, although an audit has been carried out under section 144 of the Charities Act 2011. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.
The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime, but without a profit and loss account.
The financial statements were approved by the Trustees on 12 May 2022
Henry Freedman FCA Harvey Rifkind **Trustee Trustee**
**Company Registration No. 7186887**
- 9 -
**SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **STATEMENT OF FINANCIAL POSITION (CONTINUED)**
## **AS AT 31 DECEMBER 2021**
## **1 Critical accounting estimates and judgements**
In the application of the Charitable Company’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.
## **2 Accounting policies**
## **Charity information**
Sandys Row Synagogue Spitalfields Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 206, Balfour House, 741 High Road, North Finchley, London, N12 0BP.
## **2.1 Accounting convention**
The financial statements have been prepared in accordance with 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) (effective 1 January 2019)". The Charitable Company is a Public Benefit Entity as defined by FRS 102.
The Charitable Company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charitable Company. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **2.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charitable Company 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.
## **2.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
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.
## **2.4 Incoming resources**
Income is recognised when the Charitable Company 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.
- 10 -
**SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2 Accounting policies**
## **(Continued)**
Cash donations are recognised on receipt. Other donations are recognised once the Charitable Company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid are recognised on receipt.
Legacies are recognised on receipt or otherwise if the Charitable Company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **2.5 Resources expended**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **2.6 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:
Land and buildings Fixtures, fittings and equipment 2% per annum on a straight line basis Religious Ornaments
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
No depreciation is provided in respect of freehold land and buildings. The Synagogue was revalued in 2016 and is held at its open market value. It is the intention of the Board of Management to revalue the Synagogue on a regular basis and therefore they do not consider that any depreciation should be charged on the buildings.
No depreciation is provided in respect of religious appurtenances and ornaments as in the opinion of the Board of Management there is no reduction in value of these items over time. It is the intention of the Board of Management to revalue the religious appurtenances and ornaments on a regular basis and therefore they do not consider that any depreciation should be charged on these items. The items are maintained and repaired so that there is no reduction in value with usage over time.
## **2.7 Impairment of fixed assets**
At each reporting end date, the Charitable Company 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).
## **2.8 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.
- 11 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2 Accounting policies**
## **(Continued)**
## **2.9 Financial instruments**
The Charitable Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charitable Company's balance sheet when the Charitable Company 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.
## _**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 Charitable Company’s contractual obligations expire or are discharged or cancelled.
## **2.10 Taxation**
The company is exempt from corporation tax on its charitable activities.
## **3 Donations and legacies**
|**Unrestricted**
**funds**
**2021**
**£**
Donations and gifts
7,310
Grant
34,157
41,467|Total
2020
£
5,963
-|
|---|---|
||5,963|
- 12 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **4 Investments**
|||**Unrestricted**|**Unrestricted**|Unrestricted|Unrestricted|
|---|---|---|---|---|---|
||||**funds**||funds|
||||**2021**||2020|
||||**£**||£|
||Interest receivable||9||9|
|**5**|**Other trading activities**|||||
|||**Unrestricted**|||Total|
||||**funds**|||
||||**2021**||2020|
||||**£**||£|
||Weddings and events||-||1,662|
|**6**|**Charitable activities**|||||
||||**2021**||**2020**|
||||**£**||**£**|
||Membership subscriptions|50,025|||47,763|
||Media income|8,100|||-|
||Sponsored kiddush||-||396|
||Rent Receivable||550||6,000|
||Gift aid repayments|2,002|||2,163|
|||60,677|||56,322|
## **7 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charitable Company during the year.
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## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8 Employees**
The average monthly number of employees during the year was:
|Total
**9**
**Net movement in funds**
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's
financial statements
Depreciation of owned tangible fixed assets
**10**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**11**
**Tangible fixed assets**
**Land and**
**buildings**
**Fixtures,**
**fittings and**
**equipment**
**£**
**£**
**Cost**
At 1 January 2021
2,250,000
6,654
At 31 December 2021
2,250,000
6,654
**Depreciation and impairment**
At 1 January 2021
-
775
Depreciation charged in the year
-
155
At 31 December 2021
-
930
**Carrying amount**
At 31 December 2021
2,250,000
5,724
At 31 December 2020
2,250,000
5,879|**2021**
**Number**
-
**2021**
**£**
2,400
155
**2021**
**£**
3,383
9,157
2,805
15,345
**Religious**
**Ornaments**
**£**
500,000
500,000
-
-
-
500,000
500,000|**2020**
**Number**
-|
|---|---|---|
|||**2020**
**£**
2,220
155|
|||**2020**
**£**
4,104
-
2,372|
|||6,476|
|||**Total**
**£**
2,756,654|
|||2,756,654|
|||775
155|
|||930|
|||2,755,724|
|||2,755,879|
- 14 -
## **SANDYS ROW SYNAGOGUE SPITALFIELDS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **12 Creditors: amounts falling due within one year**
|**12**
**Creditors: amounts falling due within one year**|||||
|---|---|---|---|---|
|Payments received on account
Trade creditors
Designated reserve
Other creditors
Accruals and deferred income
**13**
**Analysis of net assets between funds**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2021**
**2021**
**£**
**£**
Fund balances at 31
December 2021 are
represented by:
Tangible assets
2,755,724
-
Current assets/
(liabilities)
13,001
-
2,768,725
-|**Total** Unrestricted
Funds
**2021**
2020
**£**
£
2,755,724
2,755,879
13,001
7,280
2,768,725
2,763,159||**2021**
**£**
3,651
2,800
78,000
1,000
11,081
96,532
Restricted
Funds
2020
£
-
16,119
16,119|**2020**
**£**
1,391
1,400
79,500
1,000
2,491|
|||||85,782|
|||||Total
2020
£
2,755,879
23,399|
|||||2,779,278|
## **14 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:
|**Balance at**
**1 January 2020**
**£**
Grant
12,952
Restricted fund from Sandys Row
Synangogue, Spitalfields
10,375
23,327|**Resources**
**expended**
**Balance at**
**1 January 2021**
**£**
**£**
(7,208)
5,744
-
10,375
(7,208)
16,119|**Resources**
**expended**
**Balance at**
**31 December**
**2021**
**£**
**£**
(301)
5,443
(10,375)
-
(10,676)
5,443|**Resources**
**expended**
**Balance at**
**31 December**
**2021**
**£**
**£**
(301)
5,443
(10,375)
-
(10,676)
5,443|
|---|---|---|---|
||||5,443|
The restricted funds at 31 December 2021 are held for specific purposes in restoring various different parts of Sandys Row Synagogue, Spitalfields as specified by the different donors.
## **15 Related party transactions**
There were no disclosable related party transactions during the year (2020 - none).
- 15 -