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2023-03-31-accounts

Registered number: 10514105 Charity number: 1171418

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

INDEPENDENTLY EXAMINED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 25

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees

L Gold

J Khedoory R Woolf A Laurence K Harris (resigned 19 August 2022) B Carne A Mitchell N Franks J Hyams (appointed 19 August 2022) S Ingle (appointed 4 December 2022, resigned 21 June 2023)

Company registered number

10514105

Charity registered number

1171418

Registered office

120 Oakleigh Road North Whetstone London N20 9EZ

Accountants

Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS

Bankers

Barclays Bank plc 1250 High Road London N20 0PB

Page 1

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the financial statements of the Company for the year ended 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The objects of the charity are as follows:

The aims of the charity are to put in place and monitor the various policies and activities outlined in the Strategic and Operational Plan.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

We continued to provide the charities main activities of religion services, worship and education.

The core activity of the charity is the provision of religious services by our rabbinic team, supported by our lay members.

We used both online and in person innovation to invest in Jewish education through our religion school, the B’nei Mitzvah classes and informal adult education classes.

Alonim kindergarten continued to thrive and provide outstanding support and education for pre-school children.

In addition to the trustees Members' Report and Annual Report and Financial Accounts, a separate booklet is available to members detailing the specific activities of the sub-committees and functions of the charity.

Volunteers from the membership play a crucial role. Without their support and goodwill, the charity would not be able to carry on its activities.

Page 2

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

a. Review of activities

This year, for the first time in over 20 years, we came together as one community at JCoSS. This enabled the choir and service leaders to be together. We held a range of services that were well attended. We also held a range of events for festivals that were well attended. The choir and Koleinu band have been active.

The Synagogue is running a number of adult education courses, including 'Gateways to Judaism, Introduction to Leyning and Modern Hebrew. A number of social clubs take place, including Community Hub, Lunch & Chat, Bridge Club, Book Club, Art Group and Cuppa & Chat.

Enquiries from prospective members remain steady. Sha’arei Tsedek is well placed in the area to attract potential families as it is the only synagogue with three good Jewish primary schools close by. We welcomed 31 adult and 30 child members in 2022. We celebrated 22 B’nei Mitzvah in the past academic year and have started the new term with 34 children in the 2 year course enrolled for 2023-2024. At the start of the new term in September 2023 there were 21 students enrolled in Religion School, and this number is likely to increase in the coming months.

In March 2023 our community held a fundraising concert to support the war in Ukraine. Dementia Club UK continues to use our synagogue for one of their most successful monthly meetings.

Alonim continues to go from strength to strength despite the challenges it faces with the ‘cost of living crisis’ and the proposed extended government childcare funding for children aged 9 months and above from April 2024. There has been a huge interest in nursery places for the coming academic year. At the end of 2022 Alonim launched a new independent website www.alonimpreschool.co.uk and social media platforms with a new name, logo and branding and this year has introduced a new uniform.

Financial review

a. Overview

The charity made a deficit of £2,316 for the year (2022: a deficit of £46,526). The deficit excludes a net surplus for restricted purposes of £3,948 (2022: net surplus of £3,087). The unrestricted deficit arose from income of £714,232 (2022: £738,749) less expenditure of £720,496 (2022: £781,283).

At 31 March 2023 the unrestricted funds of the charity were £886,991 (2022: £893,254) which is more than accounted for by the amount represented by land and buildings and fixtures and fittings.

Incoming resources

The two main components of unrestricted income were membership subscriptions of £291,280 (2022: £283,946) including related gift aid and Alonim income of £169,311 (2022: £152,512).

Membership subscriptions were 3% higher than last year and Alonim income was 11% higher.

Resources expended

Total unrestricted expenditure of the charity was 8% lower than the previous year.

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Page 3

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

c. Reserves policy

The reserves are set out in the balance sheet and accompanying notes. The charity's principal asset is its building which has no loans outstanding on it. The present level of funding is generally sufficient to support the activities of the charity which depends on the level of membership fees and income from Alonim. The trustees have also secured bank facilities to secure the charity to ensure that reserves are maintained at levels to try and maintain positive cash flow and to meet any contingencies requiring immediate expenditure. The financial statements for the period are set out in the attached documents.

Building reserves to secure the long term future of the charity is a major challenge which the trustees acknowledge and appropriate measures will continue to be taken to achieve this.

The investment in education is predominantly paid for by Shul reserves and is getting more expensive every year. The trustees voted to increase membership fees by inflation only this year for the first time in a number of years.

The trustees have identified the need to increase income from other sources including fund raising and legacy marketing to build much needed reserves.

At 31 March 2023 the charity's unrestricted reserves were £886,991 (2022: £893,254). The restricted and unrestricted funds are shown in note 17.

d. Principal risks and uncertainties

At trustees' meetings risks faced by the charity are reviewed relative to their significance. The primary risks are considered to be:

• Security of people attending the premises. Security is regularly reviewed in conjunction with the external advisers and appropriate action taken based on an assessment of perceived risk.

• Trustees are mindful that the ageing demographic profile of the membership is impacting membership income generation.

• Regular attention to cash flow. The excess of current liabilities over current assets is considered an important risk to the sustainability of the charity's current activities. This risk is being addressed by regular financial reporting and cost control.

Structure, governance and management

a. Constitution

Sha'arei Tsedek North London Reform Synagogue is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 6 December 2016.

The company is constituted under a Memorandum of Association dated 6 December 2016 and is a registered charity number 1171418.

The charity is a company limited by guarantee and was registered with the Charity Commission on 1 February 2017. The members of the company are the members of the Synagogue as defined in the Articles of Association. The liability of each member is limited to a sum not exceeding £1, being the amount each member undertakes to contribute to the assets of the charity in the event of its dissolution whilst they are members or within one year of them ceasing to be a member.

Page 4

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

Plans for future periods

We plan to raise funds to repair the fabric of the Synagogue building and to develop further our high quality Religion School and B’nei Mitzvah programmes.

Alonim will be opening an additional classroom from January 2024. Alonim has listened to feedback from parents/carers and has extended its hours to accommodate longer childcare hours that many families need.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ B Carne Treasurer Date: 28 November 2023

Page 5

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023

Independent examiner's report to the Trustees of Sha'arei Tsedek North London Reform Synagogue ('the Company')

I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.

Signed: Dated: 28 November 2023 Robert Smith ACA Griffin Stone Moscrop & Co Chartered Accountants

Page 6

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2023
£
500,225
201,591
8,292
260
3,864
714,232
18,517
701,979
720,496
(6,264)
893,255
886,991		 Restricted
funds
2023
£
8,323
-
-
-
-
8,323
-
4,375
4,375
3,948
39,081
43,029		 Total
funds
2023
£
508,548
201,591
8,292
260
3,864
722,555
18,517
706,354
724,871
(2,316)
932,336
930,020		 Total
funds
2022
£
563,829
168,229
1,886
169
4,622
738,735
2,879
782,382
785,261
(46,526)
978,862
932,336

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 25 form part of these financial statements.

Page 7

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee) REGISTERED NUMBER: 10514105

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current liabilities
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 35,667
33,245
68,912
(77,593)		 2023
£
938,701
938,701
(8,681)
930,020
930,020
930,020
43,029
886,991
930,020		 58,930
53,305
112,235
(126,169)		 2022
£
946,270
946,270
(13,934)
932,336
932,336
932,336
39,081
893,255
932,336

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

B Carne Treasurer Date: 28 November 2023

The notes on pages 10 to 25 form part of these financial statements.

Page 8

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 10 to 25 form part of these financial statements		 2023
£
(17,620)
260
(2,700)
(2,440)
-
(20,060)
53,305
33,245		 2022
£
(2,821)
169
(10,615)
(10,446)
-
(13,267)
66,572
53,305

Page 9

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

Sha'arei Tsedek North London Reform Synagogue is a company limited by guarantee and was incorporated in England, and is registered as a charity with the Charity Commission of England and Wales. The registered office is displayed on the reference and administrative details of the charity page together with the registered number and charity number.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Sha'arei Tsedek North London Reform Synagogue meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 10

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Freehold property - 10 years on a straight line basis
Fixtures and fittings - 5 to 10 years on a straight line basis

2.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Page 11

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.8 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.9 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 12

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
420,872
Grants
79,353
Total 2023
500,225
Unrestricted
funds
2022
£
Donations
427,125
Grants
129,638
Total 2022
556,763		 Restricted
funds
2023
£
8,323
-
8,323
Restricted
funds
2022
£
7,065
-
7,065		 Total
funds
2023
£
429,195
79,353
508,548
Total
funds
2022
£
434,190
129,638
563,828

4. Income from charitable activities

Unrestricted
funds
2023
£
Alonim Kindergarten
169,311
Religious Education & Youth
9,438
Community events
75
Religious Services & Activities
22,767
Total 2023
201,591		 Total
funds
2023
£
169,311
9,438
75
22,767
201,591

Page 13

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from charitable activities (continued)

Alonim Kindergarten
Religious Education & Youth
Community events
Religious Services & Activities
Total 2022		 Unrestricted
funds
2022
£
152,512
8,350
1,278
6,089
168,229		 Total
funds
2022
£
152,512
8,350
1,278
6,089
168,229

5. Income from other trading activities

Income from fundraising events

Unrestricted
funds
2023
£
Activities generating funds
8,292
Total 2023
8,292
Unrestricted
funds
2022
£
Activities generating funds
1,886
Total 2022
1,886		 Total
funds
2023
£
8,292
8,292
Total
funds
2022
£
1,886
1,886

Page 14

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Investment income

Unrestricted
funds
2023
£
Interest receivable
260
Total 2023
260
Unrestricted
funds
2022
£
Interest receivable
169
Total 2022
169		 Total
funds
2023
£
260
260
Total
funds
2022
£
169
169

7. Other incoming resources

Other income
Total 2023
Other income
Total 2022		 Unrestricted
funds
2023
£
3,864
3,864
Unrestricted
funds
2022
£
4,622
4,622		 Total
funds
2023
£
3,864
3,864
Total
funds
2022
£
4,622
4,622

Page 15

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Alonim Kindergarten
139,563
Religious Education & Youth
2,676
Religious Services & Activities
496,358
Affiliated parties
63,382
Total 2023
701,979
Unrestricted
funds
2022
£
Alonim Kindergarten
166,243
Religious Education & Youth
4,179
Religious Services & Activities
533,337
Affiliated parties
74,645
Total 2022
778,404
9.
Analysis of expenditure by activities
Activities
undertaken
directly
2023
£
Alonim Kindergarten
72,276
Religious Education & Youth
2,676
Religious Services & Activities
332,933
Affiliated parties
63,382
Total 2023
471,267		 Restricted
funds
2023
£
-
-
4,375
-
4,375
Restricted
funds
2022
£
-
-
3,978
-
3,978
Support
costs
2023
£
67,287
-
167,800
-
235,087		 Total
2023
£
139,563
2,676
500,733
63,382
706,354
Total
2022
£
166,243
4,179
537,315
74,645
782,382
Total
funds
2023
£
139,563
2,676
500,733
63,382
706,354

Page 16

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure by activities (continued)

Alonim Kindergarten
Religious Education & Youth
Religious Services & Activities
Affiliated parties
Total 2022		 Activities
undertaken
directly
2022
£
92,058
4,179
376,579
74,645
547,461		 Support
costs
2022
£
74,185
-
160,736
-
234,921		 Total
funds
2022
£
166,243
4,179
537,315
74,645
782,382

Analysis of support costs

Staff costs
Depreciation
Administrative & property costs
Events costs
Governance costs
Total 2023		 Alonim
Kindergarte
n
2023
£
12,273
4,108
47,026
-
3,880
67,287		 Religious
Services &
Activities
2023
£
67,516
6,161
92,853
1,270
-
167,800		 Total
funds
2023
£
79,789
10,269
139,879
1,270
3,880
235,087

Page 17

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Administrative & property costs
Event costs
Governance costs		 Alonim
Kindergarten
2022
£
11,081
5,668
54,236
-
3,200
74,185		 Religious
Services &
Activities
2022
£
54,177
8,503
95,222
2,834
-
160,736		 Total
funds
2022
£
65,258
14,171
149,458
2,834
3,200
234,921

10. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £3,540 (2022 - £3,200).

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
376,142
20,746
18,993
415,881		 2022
£
441,115
23,322
13,335
477,772

The average number of persons employed by the Company during the year was as follows:

2023 2022
No. No.
employees 35 39

Page 18

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
In the band £70,001 - £80,000 1 -

The key management personnel of the charity consist of the board of trustees and the Synagogue Manager. Total employee benefits paid to key management personnel during the year was £49,395 (2022 - £46,237).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).

13. Tangible fixed assets

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
property
£
1,027,750
-
1,027,750
91,593
6,750
98,343
929,407
936,157		 Fixtures and
fittings
£
136,697
2,700
139,397
126,584
3,519
130,103
9,294
10,113		 Total
£
1,164,447
2,700
1,167,147
218,177
10,269
228,446
938,701
946,270

Page 19

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
20,159
9,352
6,156
35,667		 2022
£
14,816
7,978
36,136
58,930

15. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Pension costs
Other creditors
Accruals		 2023
£
15,089
6,689
2,156
25,910
27,749
77,593		 2022
£
68,261
6,389
3,064
33,956
14,499
126,169

16. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 33,245 53,305

Financial assets measured at fair value through income and expenditure comprises cash at bank and in hand.

Page 20

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Statement of funds

Statement of funds - current year

Unrestricted funds
General Fund
Restricted funds
Gemach Fund / Rabbi's Discretionary
Fund
High Holy Days Appeal
Batesheva Trust
Total of funds		 Balance at 1
April 2022
£
893,255
14,658
8,195
16,228
39,081
932,336		 Income
£
714,232
3,948
4,375
-
8,323
722,555		 Expenditure
£
(720,496)
-
(4,375)
-
(4,375)
(724,871)		 Balance at
31 March
2023
£
886,991
18,606
8,195
16,228
43,029
930,020

The High Holy Days Appeal relates to donations received for charitable giving.

The Gemach Fund is overseen by the Rabbis and has been set up to be used:

(a) 75% to support educational and cultural projects within the synagogue; and

(b) 25% to provide subsidies for members and their children who cannot afford Jewish educational or cultural programmes.

Batsheva Trust is a fund for the education of members' orphaned children.

Page 21

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Fund
Restricted funds
Gemach Fund / Rabbi's
Discretionary
Fund
High Holy Days Appeal
BAATH Fund
Batesheva Trust
Total of funds		 Balance at
1 April 2021
£
912,868
11,464
1,476
36,719
16,335
65,994
978,862		 Income
£
731,670
3,194
3,870
-
1
7,065
738,735		 Expenditure
£
(781,283)
-
(3,870)
-
(108)
(3,978)
(785,261)		 Transfers
in/out
£
30,000
-
6,719
(36,719)
-
(30,000)
-		 Balance at
31 March
2022
£
893,255
14,658
8,195
-
16,228
39,081
932,336

Page 22

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
April 2022
£
893,255
39,081
932,336		 Income
£
714,232
8,323
722,555		 Expenditure
£
(720,496)
(4,375)
(724,871)		 Balance at
31 March
2023
£
886,991
43,029
930,020

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 April 2021
£
912,868
65,994
978,862		 Income
£
731,670
7,065
738,735		 Expenditure
£
(781,283)
(3,978)
(785,261)		 Transfers
in/out
£
30,000
(30,000)
-		 Balance at
31 March
2022
£
893,255
39,081
932,336

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
938,701
Current assets
25,883
Creditors due within one year
(77,593)
Total
886,991		 Restricted
funds
2023
£
-
43,029
-
43,029		 Total
funds
2023
£
938,701
68,912
(77,593)
930,020

Page 23

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 2023
£
(2,316)
10,269
(260)
23,264
(48,577)
(17,620)		 2022
£
(46,526)
14,171
(169)
3,798
25,906
(2,820)

21. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2023
£
33,245
33,245		 2022
£
53,305
53,305

22. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year		 At 1 April
2022
£
53,305
(3,064)
50,241		 Cash flows
£
(20,060)
908
(19,152)		 At 31 March
2023
£
33,245
(2,156)
31,089

23. Pension commitments

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £18,993 (2022 - £13,335). Contributions totalling £2,156 (2022 - £3,064) were payable to the fund at the balance sheet date and are included in creditors.

Page 24

SHA'AREI TSEDEK NORTH LONDON REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

24. Operating lease commitments

At 31 March 2023 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
2,311
-
2,311		 2022
£
3,082
2,311
5,393

25. Related party transactions

Total donations received in the year from trustees totalled £915 (2022 - £20,795) and membership donations £7,436 (2022 - £12,125).

Page 25