Company registration nuirjber.. 08370403 Cbarity registration number: 11543 53 Manchester Jewish Museum (A company limited by guarantee) Annual Report and Financial Ststements for the Year Ended 31 March 2024
Manchester Jewish Museum Contents Rcference and Administration Details Tnistees, Report and Stateinent of Responsibility Independent Auditor's Report 9-12 Statement of Financial Activities 13- 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Financial Statements 17-29
Manchester Jewish Museum
Reference and Administration Details
| Chairman | Mr R H Chapman KC |
|---|---|
| Chief Executive Officer | Mr G L Redston |
| Trustees | |
| Mr R H Chapman | |
| Mrs C V Birchall | |
| Mr D Jaffa (resigned 10/5/2023) | |
| Mrs H Jenkins | |
| Mr P M Shapiro | |
| Mr G L Redston | |
| Dr B Kasstan-Dabush | |
| Ms E Hirst | |
| Mr G Leventhall | |
| Mr J Blakey | |
| Ms J Scorah | |
| Mr K Bolton | |
| Ms L A McNally | |
| Executive Management | Mr G L Redston, Chief Executive Officer |
| Principal Office | 190 Cheetham Hill Road |
| Manchester | |
| M8 8LW | |
| The charity is incorporated in England & Wales. | |
| Company Registration Number | 08370403 |
| Charity Registration Number | 1154353 |
| External Auditor | Beever and Struthers |
| Suite 16b, The Beehive | |
| Lions Drive | |
| Shadsworth Business Park | |
| Blackburn, BB1 2QS | |
| Principal Bankers | Santander UK plc |
| Bootle | |
| Merseyside | |
| L30 4GB | |
| Solicitors | Robin Burman |
| 446 Barlow Moor Road | |
| Manchester | |
| M21 0BQ |
1
Manchester JeTrvish Museum Trustee's Report The trustees, who are directors foT the purpose5 of company law, present the annu21 report together with the financial statements of the charitable company for the year ended 31 March 2024. Structure? goveTnance and management Jvllture ofgoverning documenl The full name of the Charity is Manchester Jewish Museum. The Charity is governed by the Board of Tiustees and inanaged by the museum's CEO. The CEO leads a team comprising: FinaT]ce Maiiagei", Prograinines Manager, Crealive Producer (x 2). Curator, Marketing & ComTnunications Manager, Café and Retail Operations Manager, Café Team Leader and Safety and Security Staff {x2). The museum also has over 60 volunteers. 'I]]e Trustees who have acted durtng tbe year are list¢d on page l. The Charity's assets are available and adequate to fulfil the obligations of the Charity. Recruitnienl and appoinlmepil of Iruslees Trustees are appointed by invitation trom the existing Trustees and by majority vote of the Trustees of the Charity. Arrangementsfor selling key pnnnagemenipersonnel reniuneralion The trustees, including the CEO, Comprise the key management personnel of the charity who oversee directing and controlling, runlling and operating the Charity on a day-to-day basis. The pay ofthe CEO is reviewed annually by the Trustees. Orgaiii¥alional Siru¢lure Trustees meet quarterly at which time the museum Chief Executive, who is appoinled by thein and is responsible for the day to day running of the museum, reports on all matters of museum policy and strategy. Trustees are infonTAed of strategies to increase and diversify audiences. These meetings also include the presentation of management accounts and cash flow by the museum's Treasurer. Any Changes in strategy are discusse(L amended and when agreed, adopted &s written museum policy by trustees and implemented by the CEO. Where risks are identified particularly regarding funding, step5 are taken as described below (see Risk management), including reference to how the museuin has rnet its aiills in the advancemeni of learning, citizenship, heritage, arts and culture. Since opening in 1984, the museum has been housed in a fonner Spanish and Portuguese Synagogue, dating back to 1874, maJ(Tng it the oldest surviving synagogue building in Manchester. It is now a Grade Il* listed building. Work started on a major capital project in 2019 and was completed Tn April 2021. The museum's synagogue building was repaired and refurbished. and a major new extension built to accommodate a new gallery, café, r¢tail and visitor centre. Risk Mnnugement The inuseutn CEO 15 charged with notifying trustees of any risks facing the museum and of important inco]ne and expenditure matters including.. . Possible future deficits to main revenue Thnts particularly from core funders. Capital projects. . Any fundraisitlg successes and the project involved. Any major changes to museum funding structure, assessing both the negative and positive effects of these changes on the organisation. A detailed Risk Register is reviewed by all Trn5tee5 at each Board meeting. Any high risks are discussed. and any appropriate action taken to mitigate these risks. The Trustee5 are aware of staff structure and responsibilities and are notified of staff changes. All staff are paid at Local Government rates and nationally agreed collditions of service apply. All staff and volunteers are DBS
Manchester Jewish Museum Trnstee's Report Risk Managepnenl (eontinued) checked and participate in relevant training programrnes. objectiv andAclivilies The principal activity of th¢ Charity 2nd Company is that of a museuTn. The Trustees bave paid due regard to the Charity Comillission's guidance on public benefit and the follO'1ng parwaphs describe the activities undcrtaken to deliver public benefit. To advance education for the publTC benefit by managing and maintaining 2 museum Collection and historic synagogue and by bringing totyether people of all ages, faiths and backgrounds to share stories of Jewish Manchester and other faiths in order lo promote tolerance and a cultllrllly diverse society foT the benefit of the public. These aims continu¢ to fom] the basis for all museum policy and are avaitable for th¢ widest nu]nb¢r of audiences, In 2023124 we continued to deliver an innovative and thought-provoking programme of events and activities airned at bringing together our four key target audiences.. Diverse local residents of Cheetham and Crumpsall Diverse Jewish audiences Schools and adult learning groups CulNrally engaged audiences Some programming highlights from the year iDclud¢: 5571 young people took part in our learning programmes. These immersive and entertaining sessions help participants lo better understand Jewish faith and culture and have been very well received by both staff and pupils. In total, we worked with 109 schoo15 and delivered 362 hours of teaching. 1228 People attended our evening events, artistic perfonnances and family-friendly workshops. Our adult participatory groups continued to be extremely popular. 43 sessions took place and we engaged with 567 people. We experimented with seven different crafts, wrote three new original songs 8nd cooked and ate 12 original recipes together, all inspired by stories from our collection and delivered via a co- h05ting model with our communities. Our M8 Membership Scheme, which offers free entry to the museum for local residents continues to grow. We ended the year with 149 members. Our Café continues to play an important Tole in connecting our visitors with Jewish culture through a delicious range of vegetarian dishes. This year we created two new seasonal menus, alongside two additional menus designed to compliment our Synagogue Nigbts perfonnaThce seasons. We also created 13 specials inspired by stories from our collection and served alongside the se&sonal menus. Support for local ESOL learn¢rs continue5 to be a key part of our work. This year we held 14 sessions at the museum, wel¢otning 159 participants. Ill Spring 2024 the ESOL students created a temporary exhibition which showcased artworks they created in response to objects from the museum's collection. One of our ESOL students ha5 been supported to tran51tion into a role as a museum volunteer and is now regularly working in our cafe where they bring a unique perspective to the interpretation of Jewish food culture in Teference to their own story of arrival and settling in Manchester. Our Creative Activists project was a great success again. This group of young people (18-25) met regularly at the museum for three inonths in the lead up to Holocaust Memorial Day 2024. They
Manchester Jewish Museum Trustee's Report Objectives ondActivities (continued) worked with the museum team to co-curate the museum's response and hosted 189 visitors who attended the open day that they plamled. Visitors got chatLce to Ineet the Creative Activists, learn more about their worK visit the exhibition they created aDd take part Èn activities planned and delivered by the young people. The Creative Activists also worked with the cafe team to cr¢&te thTee new dishes inspired by the stories they had been rnost moved by and these were served to visitors at the open day. This year, wc accessioned 497 new items into our collection from a total of 53 donations. Soine li111]ghts include- New material about Emily Rydz Inee Levine) who was bom in Warsaw in 1899 and inade a huge ttnpact on Jewish social services here in Manchester. Ernily was the founder of the Jewish W¢lfare Service in 1950 and Chairperson for 16 years between 1950 and 1966. She was an tnstigator of the coinmunity Meals on Wheels Service and was an executive Inemb¢r ofthe National Council of Women. The donation includ¢s her OBE and associated documentation. newspaper cuttings about her work and photographs and gives Emily's remarkable work permanent recognition in OLLr collection. A letter from American President John F Kennedy - certainly a firsi for the museum's collection. JFK (then a Senator) had written to Miss Mary Wall of Thoina5 Street. Salford on 4th November 1960, thanking Miss Wall for her letter and support for his Presidenlial cpaign. 'The letter is hand signed by Senator Kennedy. Mary Wall was a bus conductor who lived in Salford for her whole life and never visited America yet wished to show support for the senator. A collection of 84 items related to the Manchester Jewish Male Voice Choir- an organization previously not represented within our collection. The incredible archive, donated by a former rnember of the choir, dates from the 1960s to the 1990s and includes concert programmes, posters, baages membership details, meeting minutes and letters. A large collection of material about teacher and scholar Judah Slotki (1903-1988). Many people who grew up in Manchesier's Jewish communitTes will remember Dr. Slotki. Born in Jerusale1 in 1903, he arrived in England as a child with his family. During his professional life he held several prestigious positions in a variety of coinmunal and educational organisations including the Erneritus Dtrector of Hebrew Education for Greater Manchester. The collection donated by his daughter includes Dr Slotki's writings, including hTs children's educational books, personal documents and an incredible scrapbook documenting his career and the development of Jewish religious education in Manchester. Another huge highlight was the research done by our fonner curator Alex Cropper, together with archive voluuteer5, QD the history of our 150-year-old synagogue. 2024 marked the 150th anniversary of thi5 Tearkable, now grade ll* listed building. so in the year preceding the celebrations, Alex and the volunteers, spent many hours going through the synagogue rniJJute books to unearth interesting facts and stories from the building's past. Their research resulted a te]nporary exhibition, launched as part of the anniversary celebrations in May 2024. Finally, the opening of the museum's historic time capsule also deserves a separate mention. Our museum's fornier curator and DeFwty Chief. Alex Cropper. together with Conservation Officer from Manchester Central Library, Eugenie Karen, opened the time capsule. which was found in the synagogue's wa115 during our redevelopTnent in 2021. The glass jar was filled with old coins, synagogue document5 and newspapers dating from the week ofthe cap5ule'5 burial. It contained copies of prominent title5, including 'The Time5" "The Jewish Chronicle" which was founded in l 841 and remains the oldest continuously published Jewish newspaper in the world and "The Manchester Guardian" which later gained national recognition and became"The Guardian". Despite its old age. most of the documents were in a Surprisingly good condition and required little restoration. The jar and its contents now feature as part of a permanent display at the museum. In total, we engaged with 14,31 O people this year. Our comprehensive evaluation neWork provides (L5 With a range of qualitative and quantitative data and enables us to monitor the impact and success of our work.
Manchester Jewish Museum Trustee's Report Objectrve5 andAelivilles (continued) Some highlight5 of this evaluation include: 840/0 of our visitors strongly agree that Manchester Jewisb Museuin is open to all communities and 870/0 agree that the museum is a place for all ages. Our NPS Score (a measure of how likely someone is to recommend a vi5lt to somebody else) reinains extremely high at 91 (increased from 85.4 last year). When asked to describe the experience of visiting the museulll in three words, our visitOTS used words like. warm" 'uplifting" and"welcotTJing" but also "powerful" "relevant" and "empathetic" Visiting the museum proved to positively impact our visitors, wellbeing. with 640/0 of visitors feeling that they were doing something really worthwhile all of the time. Visiiors also declared a stronger connection to their own or another community. &8 a result of visit. They also sald they felt rnore relaxed, optlllllstic and energised to make a positive difference in the world. 440/0 of visitors expect this positive impact to last mor¢ than l year. We received very p05ltive feedback after our Synagogue Nights season in autumn with audiences highlighting "the sense of belonging, wannth and hospitslity" and describing the programme as "something positive to enjoy at a troubling time for many" (Synagogue Nights began in October 2023, a few weeks after the events of October 7th and during the intensifying conflict in the Middle East). Our school sessions were rdted l 011 O on quality and ease of access and 9110 on value for money, with 100 % of teachers saying that they would bring their cl$ for a trip to the museum again. Our free participatory groups also proved to have a positive iinpact on our participants, lives and their wellbeing. In one-on-one interviews, members emphasized that being part of the groups gives them "a strong sense of belonging" "sense of participation with others" and an opportunity to meet new friends. Others highllghted the importance of "staying active when retiring" and the positive iinpact the monthly sessions at the museum have for their physical and mental health. The groups also proved to be "Comfortable spaces" where our participants could learn new skills and develop their Creativity. One of the inembers of our song-writing gTOUP emphasized that being part of the group and working on new music projects with other people aLlowed them to'see collaboration differently" and feel proud of the final project ("I just you know, I got goosebumps. Et was fascinating. Like. all of us had made this, and then they're all going to sing and hopefully learn it and teach other people."). 35 % of our visitors identify as Jewish tlLrough their culture, 290/0 through their ethnicity and 16010 through religion, which is a reassuring indicator of the important role the museum b&$, not only as a cultural venue but also a social space and culttwal hub for the diverse Jewish comrnunities. Alongside the data summaTiSed above. our evalualion framework provides our audiences with an opportunity to lell us more about their experiences. Some exknples of this feedback include: "My ability to link with tlly personal p&8t. I was born in Manchester and my parentslgrandparents bad a nutnber of Jewish friends." "I lived in Manchestey for 3 and a half years. on the edge of the Jewish coinmunity on Lower Broughton Road, il was so wonderfu] to finaIly leam about their history in the city and their culre., "The staff who work there bring the ffjuseum alive with stories and explanations. Love ttle fact it covers women's contribution5 as well as men, food in the café is divine."
Manchester Jewish Museum Trustee's Report Ohjeeiives and Aeiivities (continued) 'I've visited mmy museums. Some of thetn are old. and I don't think they have necessarily moved with the times" In order to Jnake a museum interesting, particularly with young people, there needs to be a certain amount of "interactivity" This was achieved here. I like the 51idiiig section which allowed you to bTing focus to a particular object. It worked well." "Besides the integration of oral histories, which allows to feel connected with the archives through the experience ot-people, I really enjoyed the two guides I met in the museum. They were two nice ladi¢s who told me about the collection but also about Jewish life in Manchester and it was a real time of exchange. I loved it." "A strong sense of connectedness, community, solidarity and culture. and the wannth of shared humour, family and love." "Acceplance" In 2023124 the museum has received grants from various ndIng bodies. including Arts Council England, Greater Manchester Combined Authority. Manchester City Council. The Oglesby Charitable Trust, Clore Duffield Foundation and Garfield Weston Foundation. Additional income has been generated through private donations. We are extremely grate1 io all of our supporters, with whom we would not be able to continue our important work. Flnancial Review The Statement of Financial Activities for the year ts set out on page 13. During the year, the museum unrestricted reserves have decreased by L?6.844 to £73,939. The total funds carried torward al 31 March 2024 amounted to £4,304.962 of which £4,231,023 is restricted Annual budgets are approved and monitored by trustees with variances highlighted and discussed at board meetings. In the opinion of the Trustees, the Charitable Company's assets are sufficient to ]rI] the obligations of the Charity. Reserves Policy StatellJeTht The purpose of the operating Reserves Policy of Manchester Jewish Museum is to ensure the stability of the ongoing operations of the organisation. The reserves are intended to provide internal source of ndS for emergency situations and enable cash flow when high value grant income is paid in arrears. The CEO will infonn the Trustees. as part of the Quarterly reporting of budgets and figures at board meetings if and when the use of reserves is likely. An amount will then be agreed for use ID the present crisi5. Should any additional reserves be required at very short notice this will be cleared by the Cbair of Trustees and Trustee Treasurer. The Trustees have agreed that the reserves target should represent an ability to run the organi5ation for 3 inonths whilst alternative tsnding and income is identified. The current target figure for 3 Inonth5 runniu(F Costs based on the Busines5 Plan estiinates for 2023-2024 is £126,592 (based on estimated annual expenditure £506,367). The current unrestricted free reserves are £80,463 and will be used as aTJd when necessary. The challenges of opening the new museum during the covid epidemic, uncertainties around predicted visitor numbers and the impact of the conflict in the "ddle East have resulted in the museum not being able to reach its reserves target for 21124. In order to continue our valuable work we are taking a strategic approach to building up reserves, this includes the forming of a new fundraising working group and a revised reserves policy is ill development which is to be implemented in 2024125.
Manebester Jewish Museum Trustee's Report Objectives andAcliviiies (Lonlinuéd) Fundraising and unrestricted illcome generation will be continued to enable us to achieve and maintain the Teserves target. Future Plans In 2024125 w¢ will continue to deliver our activity plan and audience development plan. We continue to explore work which encourages empathy between groups who would otherwise have limited oppornitIeS to Ineet ana seek connection. This work feels particularly important as we attempt to aid our COiT)inunities in healing from the damage caused by the terrorist attacks of October 7th and the resulting conflict in Gaza. This conflict ha5 a signif)cant impact on our work in 2023124 and we are keen to be proactive in being a posltive force in helping prevent furtheT conflict locally and helping our communities fd common ground and understanding at a difficult time. Provision of information to auditor Each of the persons who are Director5 at the time when this DirectOTS' and Trusiees, Report is approved has conf]rnied thal.. there is no r¢l¢vant infonnation, being infonnation needed by the auditor ID connection with preparing their report, of which the company's auditor is unaware, and the trustees, having made enquiries of fellow directors and the company's auditor that they ought to have individually taken, have each taken all sieps that helshe is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that inforniation.
Manchester Jewish Museum Statement of Trustee's Responsibilities The trustees (who are also the directors of Manchester Jewish Museum for the purposes of Company law) are responsible for preparing the trustee's report and the fuJan¢ial statements in accordance with the United Kingdotn Accountlng Stalldards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Coinpany law reqiiires the trustees to prepare financial statements for each financial year. UndeT coinpany law the trustees must not approve the financial statements unless they are satisfied that they give a true and falr view of the state of affairs of the charitable company and of its incoming resources and application of Tesources, iiicluding its incoine and eXpendire, for that period. In preparing these financial slateinent. the trustees are requiTed to.. Select suitable accounting policies and apply them con515tently" observe the methods and principles of the Charities SORP. Inake judgments and estimates thal are reasonable and prudent. state whether applicable UK accounting standarits have been followed subject to any material departures disclosed and e.¥plained in ihe fujancial statements- and prepare the financial statements on the goillg Concern basis unless it 15 inappropriate to presume that the Charity will conlinue in operation. Approved by trustees of the Charity on 9th December 2024 and slgned on its behalf by: Mr R Fl Chapman KC Chairman
Ma]Jchester Jewish MuseuDJ Year ended 31 March 2024 Independent Auditor's Report to the trustees Opinion We have audited the financial statements of Manchester Jewish Museum "the charitable company" for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Balance Sheet. the Statement of Cash Flows and the Notes to th¢ Financial Statements. The financial reporting framework that has been applied in their preparation is applicable law United Kingdom Accounting Standards, including FRS 102 "The Finaiickal Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion. the fmanciaj staternents: give a true and fair view of the state of the chlble company's affairs &8 at 3 l Mch 2024 and of its outgoing resources and application of resources for the year ended 31 March 2024 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prep&red An accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in acoordance with International Standards on auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditor's responsibilities for the audit of the f)naDcial stacements section of our report. We are independent of the charitable cornpany in accordance with the ethical requirements that are relevant to our audit of the fmancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accoTdance with Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriai'e to provide a basis tor our opinion. Coi)clusions relating to going eoneern In auditing the financial stateinents, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the fjnancial statements is appropriate. Based on the work we have perfornled, we have not identified any material uncertLinties relating to events or conditions that, individually or collectively, may casl significant doubt on Ihe group's or parent charity's ability to continue as a going concern for a period of at least twelve moJ)ths frorn when the fancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee5 with respect to going concern are described in the relevant sections of this report. Other information The other infonnation comprises the infornia on included in the annual reporl other than the financial 5talements and our auditor's report ther¢on. The trustees (who are also the dtrectors of the charitable company for the purposes of company law) are responsible for the other inforniation. Our opinion on the fancial statements does not cover the other infomlation and, except to the extent otherwise explicitly stated in our reporL we do not express any fortn of assurance conclusiotl thereon.
Manchester Jeiyish Museum Year ended 31 March 2024 llldependent Auditor's Report to the trustees In cotLnection with our audit of th¢ financial statements our responsibility is to read the other inforniation &nd, in doing so, consider whether the other infortnation 15 materially inconsistent with the financial statements, or our knowledge obtained in the audit or othenvise appears to be inaterially misscated. If we identify such Inaterial incon51Stencies or apparent material misstatements. we are required to deierniine whether there is a tn8terial misstatement in the financial statements or a inaterial misstatement of the other infomation. If, based on the work we have perfonne(L we Gonclude that there is a material misstatement of ihis other infonnation, we are requtred to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 Jn our opinion, based on the work undertaken in the course of the audit: the infomiation given tn the trnstees, Teport. which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the f)nancial statements. and the directors, report included within the trustees. report have been prepared in accordance with applicable legal requir¢m¢nts. Matters on which we are required to report by exeeption In the light of the l(nowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the dixectors, report included within the trustees, report. We have nothing to report in respect of the following matters in relatioTJ to which Companies Act 2006 requires us to i'eport to you if, in our opinion: adequate accounting records have not been kepL or returns adeqiiate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and rern$. or certain disclosures of trustees, remuneration specified by law are not made; or the trustee5' were not entitled to prepare the fmancial statements in accordance with the sinall companies regime and take advantage of the Small companies exemptions in preparing the trustees, report and froin the requiTements to prepar¢ a strategic report" or we have not received all the infonnation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilitie5 Statement set out on page 8. the tNstees (who are also the directors of the charitable company for the purposes 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 tTuslees detennine is necessary to enable the prepardtion of financial statements that are free from mateTial misstatement, whether due to fraud or e0[. io
Manchester Jewish Museum Year ended 31 March 2024 Independent Auditor's Report to the trustees In preparing the financial statements the tnlstees are responsible for assessing the charitable cornpany's ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accountillE unless the trustees eitber intend to liquidate the charitable company or to cease operations, or have no realistic alternalive but lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements a whole are free froizj Inaterial misstatement. whether due to fraud OT error. and lo issue an auditor's report that includes our opinion, Reasonable assurance is & high level of assurance but is not a guaralltee that an audÈl conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or en'oi. and are considered mat¢rial if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of us¢rs taken on the basis ofthese flnancial statements. Irregul<illes. including fraud, are instances of non-compliance with laws and regulations. We design procedures line with our responsibilities. outlined above, to detect material misstateinents in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is delailed below.. The extent to which the audit was considered capable of detecting irregularitie5 including fraud Our appToach to identifying and assessing the risk-s of material misstatemenl in respect of irregularities, including fraud atLd non-compliance with laws and regulations, was follows.. the engagement partner ensured that the engagement team colleciively had the appropriate coinpetence, capabilities and sk-ills to identify or recognise non-cotnpliance with applicable laws and regulations. we identified the laws and regulatÉons applicable to the company through discussions with directors and other managernent, and from our commercial knowledge and experience of the computer component manufacturing and supply s¢ctor. we focused on specific laws and regulations which we Considered may have a direct material effect on the fmancial statements or the operations of the company, including the Companies Act 2006. the Charities Act 201 I, IalL0 legislation, data protectio anti-bribery, employment. environmenlal and health and safety legislation. we assessed the eKtent of complian¢e with the laws and regulations identified above through making enquirie5 of ManaQeent and inspecting lega] correspondence. identified laws and regularions were communicated within the audit team regularly and the tearn remained alert to instances of non-compliance throughout the audit. lye ussessed¢he st4scepfibility ofthe company'3financialslulements to material miYx£alemenl, including obtoining understanding ofhowfraud mighi occtsr, by." aking enquiries of managetnent as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 11
Manchester Jewish Museum Year ended 31 March 2024 Independent Auditor's Report to the trustees To address the risk offraudthrough management bias and override ofconlrols. we." performed analytical procedures to identify any unusual or unexpected relationshTps. tested journal entries to identify unusual transactions. assessed whether judgements and a55umptions made in determining the accounting estllnates set out in were indicative of potential bias. investigated the rationale behind significant or unusual trdnsactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from fanCIal trall5actions, the less likely il is that we would become aware of non-coinpliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to delect than Ihose that arise from error as they inay involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Council's website at.. www. c.or -uk/auditorsres nsibilities. This descripiion fom]s part of our aiiditor's report. Use of our report This report is made solely lo the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State lo the charitable company's members those matters we are required to state lo them in an auditor's report and for no other purpose. To the lIest extent pennitted by law, we do not accept or assuine responsibility to anyone other tlian the charitable company and the charitable company's members as a body for our audit work, for this report, or for the opinions we have formed. Suzanne Lomax FCA (Senior Statutory Auditor) For and on behalf of Beevers and Struthers Suite 16b, The Beehive Lions Drive Shadsworth Business Park Blackburn BBI 2QS Date.. I l December 2024 12
Manchester Jewish Museum Statement of Financial Activities for the Year Ended 31 March 2024 (Iucluding Income and Expenditure Account) Unrestricted Restricted Endowment funds funds funds Total Total Note 2024 2023 Income from: Donations and legacies Charitable activities 344.101 62.178 48.593 552 35,914 380,015 62,178 48.593 552 528.124 65,553 48.266 209 Other trading activities Investment income Other incoime Total InGome 455.424 35,914 491,338 642,152 Expenditure on.. Raising funds Charitable activities (30,956) (432.856) (304,961) (463,813) (304,961) (30,956) (40.954) (737,817) (782,955) (768,774) (823,909) Total Expenditure Net Expenditure Transfers b¢tw¢¢n nds (8,389) (269,047) (277,436) (181,757) (18,455} 18.455 Net movement in funds Reconciliation of funds Total funds brought fonvard (26,844) (250,592) {277,436) (181.757) 20 100,783 4.481.615 4,582,398 4,764,155 Total funds carried forward 21 73,939 4231,023 4,304,962 4,582,398 All of the charity's activities derive from continuing operations during the above period. The notes on pages 17 to 29 fonn part of these fmancial 5tstemeuts. 13
Manchester Jewish Museum Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account) Unrestrieted Restricted Endowment funds funds funds Total Total Note 2023 2022 Income from,. Donations and legaci¢$ Charitable activities Other trading activities Investment income 317.093 65.553 48.266 209 211,031 528,124 65,553 48,266 209 451,032 63,538 52,652 14 Other income 51,687 618,923 Total Income Expenditure on: Raising fijnds Charitable activities Total Expenditure 431,121 211,031 642,152 (31.219) (9.735) (429,248) {353,707) (460,467) {363.442) (40,954) (99,104) (782,955) (798,4731 1823,909) (897.577) Net income Transfers between funds (29,346) (152,411) (181,757) (278,655) Net inovement in funds Reconciliation of funds Total funds brought forward Total funds Caled forward (29,346) (152,411) (181.757) (278,655) 130,129 4,634,026 4,764,155 5,042.810 21 100.783 4,481,615 4,582,398 4,764,155 All of the charity's activities derive from continuing operations during the above period. The notes on pages 17 to 29 fonn part of these financial statements 14
Manchester Jeivish Museum (Registration number: 08370403) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Current assets 15 4.240.766 4,507,213 Stocks Debtors Cash at bank and in hand 16 4,260 25,067 60.371 4,246 23,604 72,435 100,286 17 89,698 Creditors: Atllounts falling du¢ within one year Net current assets (25,501) (25,101) 64,196 75,185 4,304.962 4.582.398 et assets Funds of the charity: Restricted funds 4,231,023 4,481,615 Unrestricted income funds Uiuestricted funds 73,939 100,783 Total funds 20 4.304,962 4,582,398 The financial statements on pages 13 to 29 were approved by the trustees. and authorised for issue on 9 Deceinber 2024 and signed on their behalf by: Mr R Chapman KC Chairnian J Scorah Trustee CoEnpany Registration Number: 08370403 The notes on pages 17 to 29 fomi part of these financial ststements 15
Manchester Jewish Museu Statement of Cash Flows for the Year Ended 31 Mareh 2024 Note 2024 2023 Cash flows from operating activities Net cash income (277.436) (181,757) Adjustments to cash flows from non-cash items Investment incorne Interest payable (551) 2,710 (275,277) 1209) 10,506 (171,460) Working capital adjustments Depreciation of tangible assets Increase in stocks Increase in debtOTS Increase in creditors Net cash flows from operating activities Cash fIows frotn investing activities Interest receivable and similar income Purchase of tangible fixed assets Net cash flows from Ènvesling activities Cash flows from financing activities Interest payable and similar charges Nel decrease in cash and cash equivalents Cash and Lash equivalents at l April Cash and cash equivalents at 31 March 15 268,645 (13) (1.463) 400 268,854 (690) 76,945 (375,832) (202,185) 16 17 18 {7,708) 551 (2,198) (1,647) 209 15 209 (2,710) (12,065) 72,436 60,371 (10,506) (212,481) 284,917 22 72,436 All of the cash flows are derived from continuing operdtions during the above two periods. 16
Manchester Jewish Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Charity statu5 The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of tbe registered ofFJce is.. 190 Cheetharn Hill Road, Manchester, M8 8L W. 2. Accounting Policies Summary of significant aceountiDg policies and key accounting estimates The principal accounting policie5 applied in the preparation of these fin2ncial st8tements are set out below. These policies have been consistently applied to the years PTesenteQ unLess otherwise stated. Basis of Preparation The financial statements have been prepared in accordance with Accounting and Reporting by ChaTilies.' Statement of Recommended Practice applicable to charÈties preparing their accounts in accordance with the FinanciaE Reporting Standard applicable in the UK andJR public of Iieland (FRS 102) (effective l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Manchester Jewish Museum meets ihe definition of a public benefit entity linder fRS 102. Assets and liabilities are initially recognised at historical cost or transaciion value unle&s otherwise stated in the relevant accounting policy notes. The financial staternenls are presented in sterling and are rounded to the nearest pouThd. Preparation of Accounts on 3 going concern basis The trustees consider that there are no rnalerial uncertaTnties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income from charitable activitie5 All income is recogni5ed once the charity has entitlement to the incorne, it is probable that the income will be receive<L and the amount of the income receivable can be measured reliably. Donallons and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to condition5 that require a level of perfonnance by the charity before the charity is entitled to the llds, the income is deferred and not recognised until either those condition5 are fully meL or the fulfilmellt of those conditions is wholly within the control of the charity, and it is probable that these ¢onditions will be fulfilled in the reporting period. Grants receivable Grants are recognised when the charity bas an entitlement to the fullds and any conditions linked to the grants have been met. Mthere performance condition5 are attached to the grallt and are yet to be Jnet. the income is recognised as a liability and included on the balallce sheet &$ deferred income to be released. 17
lanchester Jewish Museum Notes to the Financial StateJJJents for the Year Ended 31 March 2024 Jnvestpnenl income Jntere5t is included when receivable and the amount can be measured reliably by the charity; this is nonnally upon notitication of the interest paid or payable by the Bank. I xpenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading those aggregate sitnilar costs to that category. Where costs cannot be directly attributed to headings, they bave been allocated on a basis ¢onsistent with the use of resources, with central staff cosis allocated based on tttne sp¢nt, and depreLiation charges allocated on the portion of the se1'S use. Other support costs are allocated based on the spread of staff costs, Raisingfunds These are costs inCued in attracting voluntary income, the managemenl of investments and those incurred in trading aLtivities that raise funds. Cliarilable aciliiitles Charitable expendIre comprises those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an illdirect nature necessary to support them. Support costs Support costs include central tunctions and have been allocated to activity cost categories on a basis consistent with th use of resources, for ex&mple, allocating property costs by floor areas, or per capit4 staff costs by the time spenl and other costs by their usage. Governance costs These include the costs attribuiable to the charity's compliance with COnstiri0naI and statutory requirements, including audit, strategic manag¢ment and trustees, rneelings and reitnbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 201 O and therefore it rneels the defltiOn of a charitable company for UK Co0[all0n tax purposes. Accordingly, the charity 15 Potentially exempt from t&xation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Cbargeable Gain5 Act 1992, to the extent that such income or gains are applied exclusively to charitabl% purposes. Tangible fixed assets Individual fLxed assets costiJ)g £1,000 or more are initially r¢corded at cost less any accumulated depreciation and llnpaiment losses. A55ets are capitalised wh¢D it is probable that future economic benefits associated with the item will flow to the entity and costs can be measured Teliably. Debtors Trade and other debtors are recognised at the settlement atllount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 18
Manchester Jewish Museum Notes to the Financial Statements for the Year Ended 31 Marcb 2024 Creditors Creditors are recognised where the charitable COTnpany has a present obligation resulting frorn a past event that will probably result in the transfer of fimds to a third party and the amount due can be measured or estiinated reliably. CredRto are noTtnally recognised at their SettIeellt amount after allowiug for any trade discounts due. Cash at Bank and in hand Cash at bank and cash in hand includes cash and short terni highly liquid inve5linents with a short maturity of three inonths or less from the date of acquisition or opening of the deposit OT similar accounts. Operating Lease Agreement Operating leases are leases in which the title to the assets and the risks and rewards of ownership remain with the Icssoi.. Rental charges are Charged on a straight-line basis over the teFRtofthe lease. Depreciation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over iheir expected usefvl economic life as follows.. Asset class Freehold land and buildings Fixtures, fittings and equipment Software Depreciation tnethod and rate 50/0 straight line 330/0 straight line l O % straight Itne Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow-moving stocks. Donaled items of stock are recognised at fair value, which is the amount the chariiy would have been willing to pay for the items on the open market. Fund structure Unrestricted income fLuJds are general fimds that are available for use at the trustee's discretion in fttrtherance of the objectives of the charity. Such ndS may be held in order to fLllall both working capital and capital investment. Restricted income funds are th05e donated for use in a particular area or for specific purposes, the use of which is Testricted to that area or purpose. Financial instrum¢nts Classifiealion Flnancial assets and fmancial liabilities are recognised when the charity becomes a party to the Contractual pmvisions of the instrument. Financial liabilities and eqiiity instrnments are classified according to the substance of the contracwal arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assels of the charity after deducting all its liabilities. 19
Manchester Jewish Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Judgements and Key Sourees of Estimation Uncertainty The preparation of the financial statements requires Tnanagement to inake judgements, esttinates and assumptions that affect the amounts reported. These estimates and judgments ale continually reviewed and based on experience and other factors., including expectations of fumre events that are believed to be re&sonable under I'he CiTCUrnStances. Significani Judgements 'rhe judgements (apart from those involving estimations) tbat inanagement has made in the Process of applying the Charity's accounting policies and that have the most SirICant effect on the amouThts recognised in the fmwicial statements are.. Detennination of whether there 8re indicatOTS of impainnent of Ihe Charity's tangible fixed assets. Factors tsken into consideration include the economic viability and expected future fmancial performance of the asset Determinalion of the recoverability of trade debtors. A specific provision is made againsi debts where in the opillion of the trustees the debt is not Considered to be fijlly recoveTabl Key Sfpurces of Estimnlion Uneertalnty 'rhe judg¢ments (apart frozn those involving estimations) that management has made in the process of applying the Charity's accounting policies and that have the most significant effeci on the amounts recognised i the fmancial slaleinents are.. Accounting estimates and assumptions are made concerning the fubjre and. by their llare, will rarely equal the related actual outcome. The key assumptions and otheT sources of esltmation uncertainty that have a Significant risk of causing a material adjustmenl to the carrying amounts of assets and liabilities within the next financial year are as follows- Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. I'he actual lives of the assets and residual values are assessed annually and may vary depending on a nwnber of factors. Re5Ldual value as5essrnents consid¢r issues such as future market C(pndilions, the remaiJ]ing life of the asset and projected disposal values. The carrying atuount of such assets is £4.240,766 (2023:£4,507,213). Recovery of trade debtors. A specific provision is made against certain debts where in the opinion of the trLLgtees the debt is not considered to be fully recoverable. The provision reflected at the balance sheet date is £215 (2023.. £1000). 20
Manchester Jewish Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Jncome from donations and legacies Unrestricted funds Total Total General Restricted fud5 2024 2023 Donations and legacies Gift aid reclaimed Arts Council England Governinent grants Heritage Lottery Fund Other grants 74,319 2,146 76.465 60,745 4,509 4.509 2.514 112,024 112,024 112,024 61,989 61,989 51,300 l53,230 91, 344,1 60 33.768 125,028 380,015 148.311 35,914 528.124 Ineome from charitable activities Unrestrieted funds Total Total General 2024 2023 Admission & Events income 62.178 62,178 65,553 Ineome from other trading activities Unrestricted funds Re.%tricted funds Total Total 2023 General 2024 Sale of goods and services Meinbership subscriptions Other income from other trading activities 40,316 36,246 36,246 4.860 3.783 4,860 7,487 7,487 4,167 48,593 48,593 21
Manchester Jewish Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Investment income Unrestricled funds Totsl 2024 Total 2023 General Restrieted fund5 Interest receivable on bank deposits 552 552 209 Other income Ullrestricted runds Total 2024 Total 2023 General Restricted funds Exhibilion tax relief Expenditure on raisiug funds a) Costs of generating donations and legacies Unrestricted funds General Total 2024 Total 2023 Restricted funds Fundraising costs Marketing and publicity 120 6,182 6,182 6,463 6,182 6,182 6,583 b) Costs of trading activities uArestricted funds Gener21 Total 2024 Tot81 2023 Restricted funds Costs of goods sold 22.064 22,064 23,866 22
Manchester Jewish Museum Notes to the Financial Statements for the Year Ended 31 March 2024 Investment m2nagement costs Unrestricted funds Total Total Restricted funds General 2024 2023 Finance charges.. Bank interest 2,710 2,710 10.506 Expenditure on eharitable activities Unre5tric(ed funds Total Total Note Restricted rund5 General 2024 2023 Development Project Activity Costs Security 5,000 17,145 54,005 l4.884 628 17291 6.178 2,238 19,529 6,178 Oslo Staff costs Allocated support costs Governance costs Bad Debt 13 277,062 34,078 311,139 298,629 io 124.784 268,645 393,430 385,359 io 8,075 (533) 432.856 8,075 (533) 737,817 6.305 1,000 304.961 78?,955 23
Manchester Jewish Museum Notes to the Financial Statements for the Year Ended 31 March 2024 io Analysis of governance and support costs Support costs allocated to charitabl¢ activitie5 Information technology Siafr costs Administration costs Premises costs ineluding depreciation Total 2024 Total 2023 General 5,300 .536 16.829 101,I19 124,784 125,910 Developinent Project 268,645 268,645 259,448 5,300 1,536 16.829 369,764 393,429 385,359 The support costs detailed above have been allocated on an invoice basis to the relevant activity. Staff costs have been allocated by time spent. Governance costs Unrestricted funds Total Tot81 General 2024 2023 Audit and Accountancy Fees 8.075 8,075 8,075 6,305 8,075 6,305 li Net outgoing resources Net outgoing resources for the year include: 2024 2023 Depreciation Accountancy & Auditofs fees Finance interest payable Staff pension contribution 268,645 8,075 2,710 5,669 268,854 6,305 10,506 5,245 Audit & accountancy fees relate to an audit fee of £8,075. 12 Trustees retn uneration and expenses and re12ted transactions During the year the charity made the following transactions with trustees: Mr G Red5ton Mr G Redston received remuneration for his role as Chief Executive Officer of £48,777 {2023- £42,500) during the ye, He received no remuneration for his role as a trustee. 24
Manchester Jewish Museum Notes Éo the Financial Statements for the Year Ended 31 March 2024 12 Trllstees retlluneration and expellses and related transactions (ConL) There are no donations from related parties which are outside the nomial course of business and no restricted donations from related parties No trustees hav¢ received any reimbursed expenses or any other benefits from the charity during the year. 13 Staff eosts and key management personnel The aggregate payroll costs were as follows.. 2024 2023 Staff costs were: Wages & Salaries Social Security Pension costs 285,467 19,317 5.669 686 272.399 19,623 5,245 1,362 298,629 Other staff costs 311,139 The monthly averdge number of persons (including senior management team) employed by the charity during the year expressed &s full time equivalents was &s follows.. 2024 2023 Manageinent & administration io 12 No employee received emoluments of more than £60,0(Ki during the year. The average number of employees is 12 in 2023-2024 (12 in 2022-2023). The key management personDel are considered to be the Trustees and Chief Executive Officer. The total employee benefits of the key management personnel of the charity were £48,777 (2023 - £42,5(10). The chief executive officer, as the highest laid mefflber of Staff, received benefits totalling £48,777 (2023- £42,500). 14 Taxatlon The charity is a registered charity and is therefore exempt from taxation. 25
Manchester Jewish Museum Notes to the Financial Statements for tbe Year Ended 31 March 2024 15 Tangible fixed assets Land and buildings Furniture and equipment Software Total Cost At l April 2023 5,083.425 120,340 5,000 5,208,765 Additions 2.199 At 31 March 2024 5,083,425 122,539 5,210 964 Depreciatlon At l April 2023 609.440 90,612 ,500 701,552 Depn Charge in Year 245,150 22.995 500 268 645 At 31 March 2024 854 590 113607 970 197 Net book valu¢ At 31 March 2024 4,228.835 8.931 4.240,766 At 31 March 2023 4 473 985 4 507 213 16 Finished Goods 2024 2023 Stocks 17 Debtors 2024 2023 Trade debtors 17.722 11,645 2,53 3 9,426 23,604 VAT recoverable Other debtors & prepayments 7,345 25,067 18 Creditors: amounts falling due within one year 2024 2023 Trade creditors 9,208 5.348 290 11,560 6,340 295 Other taxation and social security Other Creditors Accruals 10,655 25.501 6.905 25,101 26
Manchester Jewish Museum Notes to the Financial Statements for the Year Ended 31 March 2024 19 Obligations under leases and hire purchase CODtracts Operating lease commitments Total future rninimum lease payment5 under non-cancellable operating leases are as follows.. 2024 2023 Other Within one y¢ar 2,686 5527 Between one and fiv¢ y¢ars 658 3.344 20 Funds Balance at I April 2023 Incoming resources Resources expended Balance at 31 March 2024 Transfers Unrestricted funds Arts Council England General 112,024 (112,024) 100,783 343.400 (351,789) (18,455) 73,939 Restricted funds Cheetham Fest 1.696 (1,696) (268,645) HI.F Development 4,495,223 1,839 (16,199) 750 2.257 4,228,835 1,839 Security Walk in tour 33,768 450 (33,768) (852) 16,199 348 Oslo Total restriet¢d funds 4.481,615 35.914 (304.961) 18,455 4,231,023 Total fllnds 4,582,398 491,338 (768,774) 4,304,962 Manchester Jewish Museum security costs covered by a grant received by CST. At the end of the fmancial year these costs had only been partly funded. An accrual for a potential payment from CST was made in 2022- 2023. This was not received, therefore an adjusknent wa5 made ID 2023-2024 by a transfer of £16,199 from reslyicted ftinds to unrestricted funds. 27
Manchester Jewish Museum Notes to the FinanciLal Statements for the Year Ended 31 March 2024 Balance at l April 2022 Balance xt 31 March 2023 IneomiDg resources Resources expended Transfers Unrc5tricted fiinds Arts Council England General Restricted funds HLF Development IWM 112.024 319,097 (112.024) (348.443) 130.129 100,783 4,616.264 32.064.00 (14.301) 153.230 4,314 52,107 750 (274.270) (34,539) (54.005) 4,495,224 1,839 (16,199) 750 Security Walk in tour Oslo 630 (628) (363,442) Total restricted funds 4,634,027 211,031 4,481,616 Total funds 4,764.156 642.152 (823,909) 4,582,399 Restricted funds The specific purposes for which the fvnd5 ar¢ to be applied are as follows: Security This ftind w&$ for the provision of protectRve Security measures. HLF Development Project The balance of the nd al the yeat end is £4,226,578. This fund is for the museuro developTnent projecL Cheetham Fest I'hi5 funding was for delivering activities as part of Cheetham Cultural Festival IWM This is a Grant towards the costs of the Second World War & Holo¢au5t Partnership Progranune project. Walk in tour This is fvnding for thc walking tour audio cquipment. Oslo I'his funding was for statTto attend a ¢onfer¢ncc 28
Manchester Jewish Museum Notes to the Financial Statements for the Year Ended 31 March 2024 21 AnAIysis of net assets between funds Unrestricted funds Tot41 funds 2024 Total fund5 2023 General Restricted funds Tangible fixed assets Current assets 11.931 62,008 4,228,835 27.689 4,240,766 89,098 4,507,2J 3 100,286 25,101 4,582,398 Current liabilitie5 25.501 4231,023 25,501 4,304,962 Tot&1 net assets 73.939 22 Analysi5 of changes in net debt At l April 2023 Cash Flow At 31 March 2024 Cash 72.436 (12,065) 60,371 29