2023-08-31-accounts - Finchley Reform Synagogue

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Financial: the risk of being unable	to fully service	A Cost Working Group has been established	A Cost Working Group has been established	to
the interest on our building loan.		identify ways to both reduce operating cost		and
		to increase revenue. Three year financial	plans
		are re ared and a roved annuall .
Financial: The risk offailing to retain sufficient		Income and expenditure is managed by
reserves to maintain our financial	sustainability,	reference to an annual budget and three	year
especially as we begin to service	the loan relating	plan, approved by Council, which aims to
to the Synagogue rebuilding project.		maintain reserves at a satisfactory level.
Financial: the risk ofa reduction	in subscription	Regular tracking ofmembership data to identify
income either throu h tower membershi		earl si ns ofa new downward trend.

numbers	and Ior due to a higher proportion	Strategic planning to ensure that the Synagogue
members	paying reduced fees	continues to offer what our community needs
		and values.
		Annual review ofreduced membership
		subscriptions to move people back to full
		membership iftheir circumstances can support
		this.

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	Notes	31	August 2023	31	August 2022
Fixed Assets
Tangible fixed assets			5,410,743		5,479,216
Current Assets
Debtorsand prepayments		241,392		340,921
Short term deposits		404,753		270,030
Cash at bank and in hand		87,864		236,350
		734,009		847,301
Current Liabilities
Amounts falling due within one year	10A	(370,497)		(322,940)
Net Current Assets			363,512		524,361
			5,774,255		6,003,577
Long Term Uabiiities
Amounts falling due after one year	10B		(2,925,000)		(3,335,000)
Net Assets			2,849,255		2.668,577
Funds
Restricted Fun ds	11		126,061		102,012
Unrestricted Funds	15		2,723,194		2,566,565
			2,!!49,255		2,668,577

	2023	2022
	f.	f
Cash flows from operating activities
Net(expenditure)/incomefor theyear	180,678	899,858
Adjustment for:-
Depreciation charges	92,201	0
Decrease/(increase) in debtors	99,529	(246,762)
(Decrease)/increase in creditors	47,557	139,940
Net cash (utilised)/generated in operating activities	419,965	793,036
Cash flows frominvestingactivities
Purchase ofproperty, plantand equipment	(23,728)	(4,046,928)
Decrease/(increase) in short terminvestments	(134,723)	41,756
Net cash (utllised)/generated ln investing activities	(158,451)	(4,005,172)
Cash flows from financing activities
Drawdown of(repayment of) long term loans	(41O,QOO)	2,900,000
Net cash generated from Snancing activities	(410,000)	2,900,0QO
Change in cash and cash equivalents in the year	(148,486)	(312,136)
Cash and cash equivalents brought forward	236,350	548,486
Cash and cash equivalents carried forward	8?,864	236,350

Reconciliat	ion ofnet debt
			Asat1.9.22	Changesin	Asat31.8.23
				Year
					R
Cash and	cash equivalents		236,350	(148,486)	87,864
Short-term	deposits		270,030	134,723	404,753
Total cash	and short-term	deposits	506,380	(13,763)	492,617
Long term	borrowings		(3,335,000)	410,000	(2,925,QOO)
			(2,828,620)	396,237	(2,432,383)

			Depreciation charged	Depreciation charged
			against
Freehold	land	- None
Freehold	buildings	-1%on cost	See note below
Computer	and audio-
visual equipment		-25%on cost	Designated	Fund - Fixed Assets
Furniture,	fittings and
other equipment		-1096on cost	Designated	Fund - Fixed Assets

2a DONATIONS AND	LEGACIES
					2023	2022
Unrestricted funds					E	E
Membership donations					942,054	831,295
Income tax recoverable					193,'l?9	176,550
Donations					13,226	4,879
Legacies					10,250
					1,158,709	1,012,724
Restricted funds
Donations					369,439	1.073,712
					1,528,148	2,086,436
2b OTHER TRADING	ACTIVITIES
					2023	2022
Unrestricted funds					E	E
Hire of hall					19,499	3,661
Synagogue magazine	advertising				3,996	3,096
Betty's Bike					7,470
					30,965	6,757
2c INVESTMENT INCOME
Shofar Distribution					38,795	27,666
2d CHARITABLE ACTIVITIES
					2023	2022
Unrestricted funds					E
Sale of High Holy Day	tickets				15,595
Second Seder night					2,841	3,641
Marriages					6,350	2,845
Education fees - Kindergarten					213,604	161,288
Income from holiday	schemes				19,095	15,355
					257,485	183,129
3 CHARITABLE ACTIVITIES		Staff	Direct	Support
		Costs	Costs	Costs	2023	2022
		E	E	E	E	E
Services & Festivals		281,796	84,707	170,622	537,125	457,874
Youth 8 education		154,811	14,138	158,195	327,144	241,920
Kin derga r ten		178,009	17,362	111,461	306,832	227,348
Community activity			8,992	124,639	133,631	74,281
		614,616	125,199	564,917	1,304,732	1,001,423


4 SUPPORT COSTS		Services 8	Youth 8	Kinder-	Community	Governance	Total	Total
		Festivals	Education	garten	activities	costs	2023	2022
Premises costs		E	E	E	E	E	E	E
Caretaking costs		14,958	14,958	14,958	2,493	2,494	49,861	28,292
Lighting, heating and rates		9,408	9,408	9,408	1,568	1,569	31,361	33,789
Repairs and maintenance		7,172	7,172	7,172	1,195	1,195	23,906	4,125
Cleaning costs Office costs		2,451	2,451	2,451	409	409	8,171	4,460
Administrative staff	costs	44,462	44,462	8,892	44,462	35,570	177,848	182,867
Printing, postage 8	stationery	1,835	1,835	367	1,835	'l,467	7339	4.108
Telephone		'l,411	1,411		1,411	469	4,702	3,183
Insurance		4,493	4,493	4,493	749	747	14,975	11359
Interest paid		53,127	53,127	53,127	53,127	2	212,506
Bank charges		581	581	581	581	579	2,903	2,513
Equipment repairs	and maintenance	4,934	4,934	4,934	822	821	16,445	15,885
Computer and website consultancy		1,822	1,822	1,822	304	303	6,073	6,496
Legal &professional	fees: Building					5,700	5,700
Legal 8 professional	fees:Other					4,223	4,223	2,772
Security Other Items		20,712 3,256	8,285 3,256		12,427 3,256		41,424 13,023	35,760 5,740
		170,622	158,195	111,461	124,639	55,543	620,460	341,349


S. GOVERNANCE	COSTS	Unrestricted	Funds
		2023	2022
			E
Trustee Indemnity	Insuran ce	477	779
Audit		8,400	6,590
Allocated Support costs		55,543	46,200
		64,420	53,569
6. OTKER COSTS		Unrestricted	Funds
		2023	2022
		E
Reform Judaism		113,807	89,343
Jewish Joint Burial Society		23,989	70,399
Board ofDeputies		19,168	18,942
		156,964	178,684
7. STAFF COSTS		2023	2022
		E	E
Wages and Salaries		743,618	68Q,873
National insurance		61,204	59,694
Pension Costs		53,514	51,98Q
		858,336	792,547

												2023	2022
											FullTime Equivalent
											Number of		Employees
StalT numbers		(f'ull time equivalents)			were	asfollows:
Spirituality												3.50	330
Education												3.25	3.10
Youth												1.35	140
Kindergarten												4.35	4.30
Administrative												5.65	6.20
												18.10	18.30
Average Employee			Numbers
Spirituality													4
Education												26	26
Youth												3	2
Kindergarten												8	7
Administrative												9	11
												50	50
The number	of higher			paid employees
in the band E60,001-670,000
in the band E70,001-680,000
in the band EBO,Q01-690,000
												2023
												E
Total employee		benefits ofkey management				personnel					154,305		144,989
Trustee Remuneration:
Salary paid	to	Emma		Wohl as Head of	Kindergarten							37,303	36,249
Salary paid	to	Shulamit Morris-Evans			as Religion School		Teacher					1,081	1,540
8. TANGIBLE		FIXED		ASSETS
							Freehold	Freehold	ornputer	and	Furniture	and
							Land	Building	tVequipment		Fittings		Total
Cost							E	E		E		E
At1 September		2022					91,040	5,061,964		47,814	278,398		5,479,216
Disposais													0
Additions								5,320		18,408			23,728
Transfers													0
Total cost at 31		August		2023			91,040	5,067,284		66,222	278,398		5,502,944
Accumulated		depreciation
At 1 September		2022
Disposals
Charge for the		period						50,6'I 9		13,742		27,840	92,2Q1
Total depreciation			at 31August 2023				0	50,619		13,742	27,840		92,201
Net BookValues
At 31 August	2023						91,040	5,016,665		52,480	250,558		5,410,743
At 31 August	2022						91,040	5,061,964	47,814		278,398		5,479,216

NOTES TO THE ACCOU	NOTES TO THE ACCOU	NTS FOR THEYEAR ENDED	NTS FOR THEYEAR ENDED	31 AUGUST 2	023
9. DEBTORS AND PREPAYMENTS		comprise		2023	2022
				E	E
Income tax recoverable				51,631	30,903
Capital pledges outstanding				127,628	242,986
Sundry debtors and prepayments				6?133	67,032
				241,392	340,921
10A. CURRENT LIABILITIES - Amounts			falling due within one year.	2023	2022
				E	E
Board ofDeputies levy				15,897	15,563
Kindergarten fees received	in advance			7,702	31,605
Hall hire deposits				6,734	2,280
High Holydays ticketsalesreceived		in advance		3,723
PAYE and NIC for August				15,716	15,987
Audit Fee				7,0QQ	6,100
Pension Contributions				25,750	19,123
Rabbinic Costs				10,288	9,127
JJB5Over-Age Payments				400	2.372
Trade Creditors				37,152	19,623
Capital accruals				150,000	152,168
Other creditors and accruals				90,135	48,992
				370,497	322,940
10B. LONG TERM LIABILITIES ~Amountsfallingdueafteroneyean
Bank Loan				2,925,000	3,335,000

12. AN	ALYSIS OF NETASSETS BBWEEN FUNDS	ALYSIS OF NETASSETS BBWEEN FUNDS
Analysis	ofnet assets between funds- current year		Unrestricted funds	Designated funds	Restricted funds	Total Funds
				F.
Tangible	fixed assets - net ofbuilding	loan ofE2925000		2,485,743		2,485,743
Current	assets		447,948	160,000	410,042	1,0'I 7,990
Creditors	due within one year		(370,497)			(370.497)
			77,451	2,645,743	410,042	3,133,236
Analysis	ofnet assets between funds- prior year		Unrestricted funds	Designated funds	Restricted funds	Total Funds
				E		E
Tangible	fixed assets			2,144,216		2,144,216
Current	assets		384,995	360,294	102,012	847,301
Creditors	due within one year		(322,940)			(322,940)
			62,055	2,504,510	102,012	2,668,577

15. UNRESTRICTED FUNDS	15. UNRESTRICTED FUNDS	Balance at	Amounts		incoming!	Balance at
		01.09.22	received	Transfers	Outgoing	31.0&.23
				E	E	E
General Reserves		62,055		74,275	(58,879)	77,451
		62,055		74,275	(58,879)	77,451
Designated Fund	- Fixed Assets	2,144,216		433,728	(92,201)	2,485,743
Designated Loan	Interest Fund	360,294			(200,294)	1'60,000
Total Unrestricted	Funds	2,566,565		508,003	(351,374)	2,723,194

16.GRANTS PAYABLE	IN FURTHERANCE OF THE CHARITY	'5 OBjECTS
			2023		2023
Fund	Recipients		E		E
FRSCares (grants to	1 amount of62,000			2,000
individuals}	1 amount of6650			650
	2amounts of6600			1,200
	2amounts of6372			744
	1 amount of2200			200
	1 amountof 6160			160
	1 amount off80			80	5,034
High Holyday Appeal	1 amount of63167			3,166
(grants to institutions)	1 amountof 61,000			1,000
	1 amounts of6600			600
	1 amounts of6400			400
	25 amou nts of6200			5,000
	1 amount ofF150			150	10,316
					15,350
17.RELATED PARTY TRANSACTIONS
					E
Salary paid to daughter	ofa Director as Music and Youth/Ed	Employee			6312
5alary paid to daughter	ofa Director as a Scheme Helper				150
Salary paid to son ofa Director asa Scheme Helper					143
Salary paid to son ofa Director asa Scheme Helper					27
					6,632
				2023	2022
				E	E
Total amount ofdonations	received from related parties				44,360