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2021-08-31-accounts

Alth LYTH TRUSTEES, REPORT 2021 For the period: 1 January to 31 August 2021

Report from the Trustees

Three important events occurred which give rise to these financial statements for period 1 January - 31 August 2021: (i) the unincorporated charity ‘NWRS’ was incorporated, (ii) the transfer of the assets and liabilities of ‘old’ NWRS were transferred to the Incorporated Charitable Company ‘new’ NWRS and (iii) the financial year end was changed from December to August. In order to reflect these three events the Trustees’ Report and Financial Statements reflect the operation of the incorporated charity NWRS (Company No. 12336110 and Charity No. 1186738). The company was dormant for the first five months (to 31 May). The transfer of the assets and liabilities of the Unincorporated Charity to the Incorporated Charitable Company took place on 1 June 2021.

The Trustees’ Report is the first for both the newly registered charity and for the company limited by guarantee. The background information in the report informs the accounts, whilst also referencing the financial statements of the old charity, registered with the Charity Commission (No. 247081). Click here to see them.

Background:

The Synagogue, known as Alyth, was established in 1933. Services and activities have been taking place in the current building since 1936. Many of the original families were refugees, fleeing Germany in the wake of rising fascism, fearing the worst for their families and their future.

Alyth is one of the three largest Reform Jewish communities in Europe, and an innovator and leading light in the development of prayer and programming in Jewish communities, and new models of synagogue leadership.

Membership:

The membership of Alyth represents the diversity in age and stage of the Jewish Community to which Alyth is so central. Our members range in age from newborn to centenarians, with a third of our members being over the age of 60, a third under the age of 35 and a third in-between. At the end of August 2021 Alyth had a membership of 3,196 members, of

which 2,215 are adults, 886 children (under 18) and 95 have Associate Membership status.

Covid: the last 18 months:

As the virus changed, so did our lives. From the first shutdown in March 2020 to the end of Summer 2021, life and community were forever changed. The challenges were numerous, and with them came opportunities to care more, to reach out more and to find new ways to bring the community together, online and in-person.

The long established lay-professional partnership that is at the heart of Alyth leadership, provided stability, wisdom and guidance in the most challenging days of the pandemic. The Trustees prioritised the safety and wellbeing of the staff team who continued to deliver services and care for the community in unprecedented ways. Financial probity, mitigation of risk, caring for one another and the health and safety of our members were additional priorities that underpinned all that we did, and continue to do.

Summer 2021:

As the Summer approached, we held our collective breath that the end of the pandemic may be in sight. The Trustees and Professional team grappled with the difficult decisions of how to bring the community back into the building, following Government regulations and guided by the Jewish values of the sanctity of life and caring for one another. In the spirit of mutual support and love of community, we came together online and in small groups to create connections and build community.

The Trustees are grateful to our members who support the community through their contributions and so much more. We are blessed with outstanding Clergy, Professionals and support staff who have inspired us with their professionalism, and commitment, holding the community through the challenges of the pandemic. We are grateful to them for enabling all who are part of Alyth, and our friends and neighbours in the wider world, to find in us a community of care for us all.

Trustees’ Report and Financial Statements 1 January - 31 August 2021

Coming together over the Summer of 2021:

June:

There was cautious hope that the pandemic was receding and we turned our focus to prioritising commune prayer, bringing our young people back together after fifteen months apart and doing as much as we could outside in the newly tented Sukkah area.

Our children and teens were able to come into Alyth for their weekly learning and activities, with some delivery remaining online. In-person Sensory Shabbat, Baby Den, Big Bang and other services for young families were a welcome opportunity to see much missed friends, the Clergy Team and members of the community.

We were saddened and concerned by the attacks on Israel from Gaza and the unrest in the mixed cities. Unable to travel to Israel, we were joined on a Shabbat morning, by our friend Rabbi Galit Cohen-Kedem, who delivered a sermon from a bunker in her house where she was taking shelter.

July:

New Trustees were co-opted and appointed to fill vacancies on the Board in July 2021. Having prioritised the renewal of our leadership, it was a privilege to welcome seven new Trustees on to the Board. They have agreed to stand for election at the Annual Meeting of Congregants in January 2022.

The Summer holiday period gave us the perfect opportunity to offer a range of options for socially distanced services, both outside and in

the Youth Hall and Beit Tefillah. With limited spaces available, congregants came together, delighted to see one another again and to share the joy of praying and singing together with our Clergy and service leaders.

Recognising that many of our members were still unable or not yet ready to return to in-person activities, the substantial investment that we have made in technology ensured that online services were (and remain) of the highest quality.

Having worked hard to remain open and Covid-free, our Kindergarten came to the end of a successful academic year in which the teachers, children and parents came together to support their little ones on their school and Jewish journeys.

August:

Once again our Youth and Education Team created an unforgettable Summer for our children and teens. They supported the Youth Movement (RSY) by running 2SY, a day camp, with Finchley Reform Synagogue and at the end of August, ran the best ever (until next time) SWAY Away, Alyth’s annual residential camp for 8-18 year olds.

The Refugee Drop-In and Senior Club returned to Alyth in August. For the Clergy and Professional Team, preparation for the earliest, most challenging High Holy Days was well under way. The month of Ellul was filled with learning, prayer and logistical planning for the upcoming festivals.

Our Lay Leadership

Board of Trustees President & Vice Presidents
Noeleen Cohen Co-Chair Jon Epstein President
Russell Baum Co-Chair Robert Jackman Vice President
Caronne Graham Vice Chair Ruth Smilg Vice President
David Brown Vice Chair Robert Weiner Vice President
Arieh Miller Trustee
Nicholas Minter-Green Trustee
Julia Simmonds Trustee
Michael Simon Trustee
Justin Wise Trustee*
Terry Heymann Trustee*
Corinna Hyman Trustee*
David Bloom Trustee*
Jeremy Baum Trustee*
Daniel Salem Trustee*
Simone Proskewitz Trustee*

*Trustee co-opted or appointed to fill a vacancy - 4 July 2021

Trustees’ Report and Financial Statements 1 January- 31 August 2021

Our Clergy and Professional Team

Clergy

Rabbi Josh Levy Principal Rabbi Rabbi Hannah Kingston Rabbi Rabbi Colin Eimer Rabbi Cantor Tamara Wolfson Cantor (from April 2020) Rabbi Elliott Karstadt Rabbi (from August 2020) Senior Staf Adam Martin Community Director Lynette Sunderland Head of Community Care and Lifecycle Samantha Heller Head of Programming Tor Alter Head of Kindergarten Katie Hainbach Head of Music and Arts Mike Mendoza Head of Family Programming Sarah Langsford Fundraising & Development Coordinator

Our Representatives on External Organisations

Alyth D eputies on the Board of Deputies of British Jews Annabelle Daiches Joseph Grabiner Jack Lubner (from: February 2021) Danny Allen (from: February 2021) Sophie Hassenson (from: February 2021) Reform Judaism (RJ) Board Members Paul Langsford

Jewish Joint Burial Society (JJBS) Governor Hilary Roer

Organisations to which Alyth is affiliated: EUPJ – European Union for Progressive Judaism WUPJ – World Union for Progressive Judaism IMPJ – Israel Movement for Reform & Progressive Judaism

Board of Deputies of British Jews Pro Zion (Progressive Judaism Israel) /ArzenuUK Zionist Federation of Great Britain

Financial & Legal

Auditors: Nyman Libson Paul LLP. Regina House. 124 Finchley Road. London. NW3 5JS Accountants: HW Fisher. Acre House. 11-13 William Rd. London. NW1 3ER

Bankers: Natwest Bank PLC. 45 Tottenham Court Rd. London. W1T 2EA

Honorary Solicitor: Lawrence Radley LLB. Reed Smith LLP. Broadgate Tower. London. EC2A 2RS Investment Advisors: Investec Wealth Management. 30 Gresham Street. London. EC2V 7QW

The title of the synagogue building in Alyth Gardens is held by the Trustees of North Western Reform Synagogue.

OUR FINANCES

A note about the Financial Statements:

The Financial Statements for January-August 2021 have been prepared to reflect the change of date of the financial year end and the transfer of the assets and liabilities of NWRS the Unincorporated Charity, to an Incorporated Charitable Company of the same name. From September 2021 Alyth’s financial year will run concurrent with the academic and Jewish year.

The Trustees’ Report and Financial Statements for the period from 1 January to 31 August 2021 reflect the activities of the synagogue over a summer of uncertainty and global hope that vaccines and a better understanding of the effects of Covid-19 would move us form pandemic to endemic. The Trustees and Senior Professionals continued to manage the operation of the synagogue with care and consideration for the diversity of financial, emotional and communal needs of our over 3,000 members. The Trustees are grateful to our members who continue to support the community through their annual contributions and in the many other ways that they do.

The accounts for January - August 2021 have been updated to reflect how the Synagogue operates on a day to day basis and show reporting under new headings. Pray with us, Learn with us, Live with us, Be with us, reflect how our Clergy and Professional Team work across a number of areas of synagogue life at any one time, ensuring that delivery of services and programmes, member support and engagement and the day-to-day operation of the synagogue function in a holistic and collaborative way.

Financial Highlights

Key financial indicators:

The transfer of the assets and liabilities of the Unincorporated Charity to the Incorporated Charitable Company (No.12336110) took place on 1 June 2021, as reflected in Notes 7 and 25 in the Financial Statements.

The income for the period relates to the ongoing collection of subscriptions income and the support of our members in making these annual contributions. As in the previous period there is no expenditure in regard to the the High Holy Days. This expenditure is incurred annually in September/October. The book value of the net assets transferred on 1 June 2021 from the unincorporated entity to the incorporated charitable company is included in ‘Other Income’.

Income:

Breakdown of Expenditure 2021-2022

Expenditure:

Going into 2021 the focus was on ensuring that our building and support services were set up to deliver outstanding online and in-person services and activities, ensure that the technology we had met the demands of our online offerings and to continue to run a Covid-safe, fully operational Kindergarten. The Trustees and Professionals responsible for the financial management of the synagogue continue to focus on ensuring financial monitoring and control.

Provisions:

The defined contribution pension set aside reduced by £2k over the period to £55k reflecting 8 months’ worth of payments towards the actuarially calculated technical deficit. The contingent liability remains fully covered.

Jewish Joint Burial Society (JJBS):

The Synagogue is a member of the Jewish Joint Burial Society (JJBS). It is a requirement that every member of the Synagogue contributes to the JJBS. The annual payment of £52p.a (2020: £51) entitles every member and Associates to a burial at Cheshunt Cemetery or a cremation, normally held at Golders Green Crematorium. During the period, £29k was collected from the members and transferred to the JJBS. The Trustees wish to draw attention to a designated funeral assistance fund, which is set aside to help with any shortfall required to pay for a funeral for any member who is not fully covered under the scheme.

Risk management:

The Trustees of the Synagogue are responsible for financial oversight and the management of risk. The Trustees review the principal risks and uncertainties facing the Synagogue on an ongoing basis; particularly in the context of the global pandemic, and are satisfied that the major risks identified have been adequately mitigated where possible. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately identified.

2021 and going into 2022.

Covid remained a part of our lives as we moved out of the Summer. The impact of the roll-out of the vaccination programme was felt as much in our community as it was across the country. The Trustees and Professionals remain aware of the complexity of responding to the ongoing effects of Covid-19, dealing with a wide range of personal and collective views and doing so in the context of Government regulations and our Jewish values.

On this basis the Trustees, in consultation with the Senior Professionals, continue to stay informed through access to public health and Local Government information, and continue to closely monitor the impact on the Staff Team who are delivering services and programmes, and on members of the community who have a range of health needs, personal circumstances and the ability and desire to return to in-person community life.

With the High Holy Days falling at the beginning of September, the Trustees took the difficult decision in April to have the marquee at the Sternberg Centre, with the associated costs. This decision turned out to be prescient, helped by late summer weather and a low level of Covid infections ahead of the start of the academic year. The majority of High Holy Days services and learning was done online with services for different praying communities delivered (and live streamed) from the marquee. This enabled members of the community to come together in higher numbers for a range of service offerings in a large, open sided marquee, socially distanced and delivered under tested Covid protocols.

The Synagogue operates in a stable financial environment, guided by a judicious approach to the management of the resources of the Synagogue, and through the generous and ongoing support of members making their annual contribution, and from donations to fund projects, the development of the building and support for those affected by the pandemic.

The ongoing Coronavirus pandemic remains a factor in considering future priorities. The Trustees and Senior Professionals will continue to monitor and manage the impact of the ever changing Covid situation, and focus on continued delivery of high-quality services and programmes. Care for one another and the world around us is central to all that we do, and will continue to do as we move into a new year of both promise and uncertainty, and when community matters more than ever.

RESERVES & INVESTMENTS

Reserves Policy

The Trustees aim to maintain sufficient general and contingency reserves so as to be able to meet unexpected operating costs of the Synagogue and to contribute to such contingencies as the maintenance of the building.

The free reserves at 31 August 2021 amounted to £1.06m. The total unrestricted expenditure for the period, on charitable activities excluding JJBS contributions, inclusive of staff costs, was £426k. The free reserves include £217k that has been allocated to various projects and worthy causes which are regarded as part of normal charitable activities and these allocations are internal and can be amended by the Trustees if required.

Current free reserves represent just under seven months’ cover over normal charitable activity expenditure. The Trustees monitor this KPI keenly and note that the Synagogue is currently operating within its target range. Particular attention is given to monitoring the likely trend over the foreseeable future in order to set an appropriate budget strategy especially whilst we are concentrating efforts on fundraising for the building project.

The investment manager is responsible for asset allocation and for making investments through a carefully selected group of both internal and external fund managers, in accordance with a number of restrictions set out in the policy, including those that avoid excessive portfolio concentration; alternative investments such as hedge funds are not permitted, and foreign exchange transactions are only permitted for hedging currency risk and not for speculation.

The investment performance was considered by the Trustees. A future review will be the responsibility of the Advisory Group on Financial Matters. The Trustees consider social, environmental and ethical areas in which the Synagogue should not invest. However, as they have selected an investment manager that invests in a broad range of funds together with identifiable individual equities, only an immaterial percentage of the funds might be invested indirectly in a company which might conflict with the Synagogue’s principles. It has therefore been agreed that imposing additional ethical restrictions is not necessary.

Performance:

The Restricted Funds of £2.92m predominantly comprise the value of the land on which the building sits. There are additional reserves of £1.56m the use of which is mandated by trust deeds, the largest fund of which being £1m set aside for the redevelopment of the building.

Investments

Policy: The investment policy was last reviewed in 2017. The Trustees expect to review it in the 2022 financial year. The Synagogue invests funds so as to generate reasonable long-term capital and income growth commensurate with the need to finance its long-term expenditure requirements and to protect the Synagogue’s capital against the risk of inflation. The overall objective is a balanced investment strategy, agreed with the investment manager, to invest so as to generate long term capital appreciation over the full investment cycle, typically five years, with a spread of asset classes to ensure adequate diversification on a medium risk profile.

The investment portfolio held by Investec on Alyth’s behalf was valued at £1,04m on 1 January 2021. At the date of reporting, the value of the portfolio was £1.12m.

The investment managers will continue to review the Synagogue’s circumstances to ensure their mandate remains suitable. They have reiterated that they are comfortable maintaining a medium-term investment horizon of up to 5 years and that the balanced investment objective suits our circumstances.

GOVERNANCE

Governance & Purpose

The transfer of the assets from NWRS, the unincorporated charity (No.247081) to NWRS the incorporated entity (Company No.12336110) and (Charity No.1186738) took place on 1 June 2021.

Alyth is a constituent member of the Movement for Reform Judaism (registered Charitable Company no. 07431950). Alyth exists in order to sustain and develop a Jewish centre for its members based on Progressive Jewish values and ethics, to meet its members' religious and communal needs, and to contribute to the wider Jewish and non-Jewish communities.

The purpose of Alyth as set out in the Constitution and in the Articles of Association of the incorporated company, is the development of Reform Judaism in the spheres of public worship and religious education, cultural, social and charitable activities.

In April 2015 a framework was adopted to achieve a shared set of values that underpin all that we do. Alyth is a vibrant and welcoming community where we embrace prayer and learning. We practice a shared Judaism, that is innovative and inclusive and that engages with the world around us.

Structure & Management

At the Annual General Meeting in May 2018, the membership approved a resolution that Alyth move from being an unincorporated charity to become a Charitable Company Limited by Guarantee (incorporated). The Articles of Association in which the legal requirements of the charitable company are set out, were adopted by the membership at the AGM in May 2019.

The governance structure and operational framework that guide the activities of the charity are set out in the accompanying Rules.

The change in the governance structure to a single-tier Board required no change to the obligations of the Trustees who are responsible for the financial oversight of the community, for implementing policies and setting the strategic direction of the Synagogue. The Trustees are aware of their obligation to act in the best interests of the Community, and in line with the recommended guidelines of the Charity Commission.

2021 Operation

The Trustee Board continued to meet monthly and at other times during the month when required. The ongoing impact of the pandemic has required probity and oversight by the Trustees and outstanding senior Professionals who lead the organisation.

The Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’. They aim to engage with the outside world, both within the Jewish people and in the wider community. To this end the Synagogue engages in a wide range of activities with other faith groups and communitybased organisations.

The most senior employee is the Principal Rabbi who leads the Professional Team and whose remuneration is set with reference to the Rabbinic Scales set out by Reform Judaism. Salaries in general are reviewed with reference to RPI and changes in average earnings.

The Co-Chairs would like to acknowledge the thoughtful and courageous leadership of the Board of Trustees and Principal Rabbi Josh Levy, during this challenging time. Leading a community through a global pandemic is uncharted territory. The dedication, wisdom and professionalism of our longstanding lay-professional partnership allows us to look ahead to 2022 with a sense of optimism and excitement for the future of Alyth.

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Alyth Membership :
Age Profile
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Looking Ahead: 2021 -2022

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Multi-access Services Building renewal
Community engagement Leadership development
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As the world continues to navigate the impact of Covid-19 and respond to an ever-changing landscape, we too must continue to adapt and innovate. Ever more thoughtful planning and consideration of how to meet the diversity of needs of the community will ensure that our members and staff remain safe and able to come together in community, both in-person and online.

Our is to focus on the delivery of excellence in prayer and learning; continued delivery of inspiring programmes and activities for our diverse membership; and being able to always care for one another in the best way we can.

As we move forward and begin the redevelopment of our building our priorities are:

Today’s actions lay the foundation for tomorrow’s success.

TRUSTEE STATEMENTS

BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS:

The Trustees present their annual report together with the audited financial statements of North Western Reform Synagogue (the charity) for the period 1 January- 31 August 2021. The Trustees confirm that the Trustees’ Report and Financial Statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102) (effective 1 January 2015).

FUNDRAISING COMPLIANCE STATEMENT:

The charity is committed to best practice, as outlined by the Fundraising Regulator, in its approach to fundraising and closely monitors its activities in this area, ensuring that vulnerable members are protected. No professional fundraisers are used by the charity. Fundraising for the building project continued in 2021 in a more limited way due to the pandemic and will resume in 2021-22..

Trustees are required:

TRUSTEE RESPONSIBILITY STATEMENT:

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed.

They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on 19 December 2021 and signed on their behalf by:

Noeleen Cohen (Co-Chair). Russell Baum (Co-Chair)

North Western Reform Synagogue

Financial Statements for the period: 1 January - 31 August 2021

Alyth Gardens London NW11 7EN

Charity No. 1186738 Company No. 12336110

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH WESTERN REFORM SYNAGOGUE

Opinion

We have audited the financial statements of North Western Reform Synagogue (the 'charity') for the 8 month period ended 31 August 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 11

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH WESTERN REFORM SYNAGOGUE (CONTINUED)

Other information

The other information comprises the information included in the Trustees' report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Trustees' report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

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NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH WESTERN REFORM SYNAGOGUE (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (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 Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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NORTH WESTERN REFORM SYNAGOGUE (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH WESTERN REFORM SYNAGOGUE (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011 and Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to 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 to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

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NORTH WESTERN REFORM SYNAGOGUE IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORTH WESTERN REFORM SYNAGOGUE ICONTINUEDI LL,- LLP Jennlfer Pope Isenior statutory audltorl for and on behElf ol Nyman Llbson Paul LLP Chartered Accountants Registered Auditors 124 Finchley Road London NW3 5JS Date.. lik Page 15

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 31 AUGUST 2021

Income from:
Voluntary income
4
Charitable activities
5
Investments
6
Other income - transfer in of assets
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
10
Other expenditure
9
Total expenditure
Net income before net gains on investments
Net gains on investments
Net income
Net movement in funds
Reconciliation of funds:
Net movement in funds
Total funds carried forward		 Restricted
funds
2021
£
15,121
360
566
3,029,684
3,045,731
-
26,355
101,083
127,438
2,918,293
5,566
2,923,859
2,923,859
2,923,859
2,923,859		 Unrestricted
funds
2021
£
421,179
24,177
4,276
996,578
1,446,210
2,613
417,408
-
420,021
1,026,189
42,080
1,068,269
1,068,269
1,068,269
1,068,269		 Total
funds
2021
£
436,300
24,537
4,842
4,026,262
4,491,941
2,613
443,763
101,083
547,459
3,944,482
47,646
3,992,128
3,992,128
3,992,128
3,992,128

The notes on pages 19 to 35 form part of these financial statements.

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NORTH WESTERN REFORM SYNAGOGUE (A company limited by guarantee) REGISTERED NUMBER: 12336110

BALANCE SHEET AS AT 31 AUGUST 2021

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net current assets
Provisions for liabilities
18
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 223,516
1,323,802
1,547,318
(206,764)		 31 August
2021
£
1,586,776
1,120,016
2,706,792
1,340,554
(55,218)
3,992,128
2,923,859
1,068,269
3,992,128

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 on �����������������___ and signed on their behalf by:

N Cohen Co-Chair

R Baum Co-Chair

The notes on pages 19 to 35 form part of these financial statements.

Page 17

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 AUGUST 2021		 2021
£
(27,964)
1,351,766
1,323,802
Cash flows from operating activities
Net cash used in operating activities
Cash flows from other activities
Cash transferred in from unincorporated charity on 1 June 2021
Cash and cash equivalents at the end of the period
The notes on pages 19 to 35 form part of these financial statements

Page 18

NORTH WESTERN REFORM SYNAGOGUE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

1. General information

North Western Reform Synagogue is private company limited by guarantee, registered in England and Wales. The address of its registered office is listed on page 1 of these financial statements. The charity's purpose is the pursuance of Reform Judaism in the spheres of public worship, and religious, educational, cultural, social and charitable activities.

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.

North Western 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 Going concern

At the reporting date the charity held £1.3m in cash, had net current assets of £1.3m and unrestricted funds of over £1m. The projected expenditure for the next 12 months is £1.6m, which means current reserves would cover 7 months of operations if no income were available. This is in line with the charity’s reserve policy of holding no less than 4 months expenditure.

The Trustees have reviewed the circumstances of the charity. Whilst some uncertainty remains due to the the ongoing impact of the Coronavirus pandemic on the economy, the Trustees consider that sufficient resources remain available to fund the activities of the charity for the foreseeable future.

Financial predictions for 2021-22 are based on a similar level of contributions. To mitigate the risks associated with the ongoing impact of Covid-19, the Trustees will closely monitor the financial performance of the charity, prioritising collection of membership contributions and reviewing nonessential expenditure.

In line with the change of the financial year end to August (from December) the Trustees will review the financial position of the charity at the close of 2021. This will afford them the opportunity to review income and expenditure prior to the commencement of the building development project, scheduled for Q1 2022.

The charity's renovation works at the synagogue are currently in progress. The community has previously given approval to secure a loan of up to £3m which, in addition to pledges of £3.2m received, will ensure that the project is fully funded. Fundraising will continue into 2021-22 both to reduce our borrowing and to secure funds for items not included in the main contract (eg: furniture). Enabling works started in October 2021, with the main construction scheduled to commence in April 2022. The work is expected to last 14 months with completion scheduled for May 2023.

Page 19

NORTH WESTERN REFORM SYNAGOGUE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

2. Accounting policies (continued)

2.3 Income

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

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Subscription income is recognised over the membership year, starting from the date of receipt.

Kindergarten fees and education income are deferred as necessary to recognise them over the period to which they relate.

Rental income is recognised over the period in which it is earned.

Included in other income is the book value of net assets transferred to the charitable company from the unincorporated charity of the same name, registered on the Charity Commission with the number 247081. This transfer took place on 1 June 2021. These assets have been transferred over at the closing net book value as per the unincorporated charity's closing accounts as at 31 May 2021.

2.4 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.

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

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

All expenditure is inclusive of irrecoverable VAT.

Page 20

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

2. Accounting policies (continued)

2.5 Government grants

Government grants are credited to the Statement of financial activities as the related expenditure is incurred.

2.6 Tangible fixed assets and depreciation

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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property - 2%
Fixtures and fittings - 15%
Computer equipment - 25%
New Bimah - 4%

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.8 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.

2.9 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.

Page 21

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

2. Accounting policies (continued)

2.10 Liabilities

Liabilities and provisions 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 charity 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.

2.11 Financial instruments

The charity 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.

2.12 Pensions

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

2.13 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 charity and which have not been designated for other purposes.

bDesignated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity 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.

2.14 Comparative financial statements

The charity was dormant in the prior period, being its first financial period since incorporation. It did not have any income, expenditure, assets, liabilities or funds. Thus, no comparative figures are shown in these financial statements.

Page 22

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

2. Accounting policies (continued)

2.15 Accounting reporting dates

The company's current financial period is from 1 January 2021 to 31 August 2021. However, it was dormant until the transfer of assets and liabilities which took place 1 June 2021.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

Tangible assets

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Accruals

An estimate of accruals at the year end are made based on invoices received after the after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.

4. Voluntary income

Subscriptions
Donations and Legacies
Income tax recoverable
Government grants
Burial Society fees		 Restricted
funds
2021
£
-
15,121
-
-
-
15,121		 Unrestricted
funds
2021
£
192,443
76,768
67,804
55,040
29,124
421,179		 Total
funds
2021
£
192,443
91,889
67,804
55,040
29,124
436,300

Page 23

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

5. Income from charitable activities

Pray with us
Live with us
Act with us
Youth & education
Kindergarten
Office		 Restricted
funds
2021
£
360
-
-
-
-
-
360		 Unrestricted
funds
2021
£
38
183
251
3,778
19,807
120
24,177		 Total
funds
2021
£
398
183
251
3,778
19,807
120
24,537

6. Investment income

Restricted Unrestricted Total
funds funds funds
2021 2021 2021
£ £ £
Dividends receivable 566 4,276 4,842

7. Other incoming resources

Restricted Unrestricted Total
funds funds funds
2021 2021 2021
£ £ £
Transfer of assets 3,029,684 996,578 4,026,262

Included in other income is the book value of net assets transferred to the charitable company from the unincorporated charity of the same name, registered on the Charity Commission with the number 247081. This transfer took place on 1 June 2021.

Page 24

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

8. Investment management costs

Unrestricted Total
funds funds
2021 2021
£ £
Investment management fees 2,613 2,613

9. Other expenditure

Restricted Total
funds funds
2021 2021
£ £
Other resources expended 101,083 101,083

Page 25

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

10. Analysis of expenditure by activities

Pray with us
Live with us
Be with us
Act with us
Youth & education
Adult education
Kindergarten
Premises
Music
Reform movement affiliation
Burial Scheme
Office & miscellaneous		 Activities
undertaken
directly
2021
£
14,685
5,198
1,480
2,500
4,009
471
1,772
3,140
588
32,250
33,550
-
99,643		 Support
costs
2021
£
74,534
26,564
7,563
12,776
20,487
2,407
69,847
94,809
3,005
-
-
32,128
344,120		 Total
funds
2021
£
89,219
31,762
9,043
15,276
24,496
2,878
71,619
97,949
3,593
32,250
33,550
32,128
443,763

Page 26

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Printing, postage and stationery
Cleaning
Lighting, heating and rates
Repairs and maintenance
Insurances
Security
Computer and IT costs
Telephone
Depreciation - fixtures and fittings
Bank charges
Accountancy fees
Legal and professional
Sundry costs
Other memberships		 Total
funds
2021
£
245,055
14,344
987
3,976
4,919
5,198
9,949
5,015
1,800
17,852
1,177
13,612
7,960
9,808
2,468
344,120

Page 27

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

11. Auditors' remuneration

2021
£
Fees payable to the charity's auditor for the audit of the charity's annual accounts 8,500
Fees payable to the charity's auditor in respect of:
All non-audit services not included above 4,500

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
215,542
19,662
13,754
248,958

The average number of persons employed by the charity during the period was as follows:

Clergy
Kindergarten
Music
Welfare
Office
Caretaking		 2021
No.
4
21
1
1
4
3
34

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

2021
No.
In the band £120,001 - £130,000 1
The above figure for the current period is pro rated over 12 months.

Key management includes the core management team. The total amount payable to key management for employee services during the period was £77,303.

Page 28

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

13. Trustees' remuneration and expenses

During the period, no Trustees received any remuneration or other benefits (2020 - £NIL).

During the period ended 31 August 2021, no Trustee expenses have been incurred (2020 - NIL).

14. Tangible fixed assets

Cost or valuation
Transfer from unincorporated charity
At 31 August 2021
Depreciation
Charge for the period
Transfer from unincorporated charity
At 31 August 2021
Net book value
At 31 August 2021
At 31 December 2020		 Freehold
property
£
2,402,902
2,402,902
12,717
840,340
853,057
1,549,845
-		 Fixtures and
fittings
£
99,281
99,281
1,193
92,558
93,751
5,530
-		 Computer
equipment
£
79,449
79,449
3,941
44,107
48,048
31,401
-		 Total
£
2,581,632
2,581,632
17,851
977,005
994,856
1,586,776
-

Page 29

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

15. Fixed asset investments

Cost or valuation
Additions
Disposals
Revaluations
Dividends reinvested
Transfer in of investment holding
Management fees paid from capital
At 31 August 2021		 Listed
investments
£
8,648
(9,095)
47,646
-
993,178
-
1,040,377		 Capital
account
£
(8,648)
9,095
-
4,842
76,963
(2,613)
79,639		 Total
£
-
-
47,646
4,842
1,070,141
(2,613)
1,120,016

Page 30

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

16. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 31 August
2021
£
2,481
221,035
223,516

17. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 31 August
2021
£
9,261
21,845
9,622
166,036
206,764
18.
Provisions
Transfer in
Amounts used		 Pension
deficit
£
57,288
(2,070)
55,218

Page 31

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

19. Statement of funds

Statement of funds - current period

Unrestricted funds
Designated funds
Access fund
Alyth Drama Funds
Alyth Youth Singers
Bar Mitzvah Trip
Burial fund
Community Welfare Fund
Contingency Fund
Covid Response Fund
Education Fund
Kerch Funds
Legacy Fund
Monday Club
Outreach Fund
Refugee project
Social Action Fund
Social Justice Development
Fund
Welfare Assistance
Youth Schemes and Events
Other funds
General funds
General Funds		 Transferred
in at 1 June
2021
£
3,580
8,957
3,498
1,022
13,090
28,349
400,000
9,825
47,923
11,218
2,000
7,030
6,186
7,746
10,448
27,168
3,187
8,664
17,274
379,413
617,165
379,413		 Income
£
-
450
-
250
-
-
-
-
-
251
-
-
-
-
-
-
-
-
6,389
�����
442,292
�������		 Expenditure
£
-
-
-
(1,420)
-
(5,184)
-
-
-
-
-
-
-
(2,500)
-
-
-
-
(2,589)
(11,693)
(408,328)
(408,328)		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
42,080
42,080		 Balance at
31 August
2021
£
3,580
9,407
3,498
(148)
13,090
23,165
400,000
9,825
47,923
11,469
2,000
7,030
6,186
5,246
10,448
27,168
3,187
8,664
21,074
-
612,812
455,457
455,457

Page 32

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

19. Statement of funds (continued)

Restricted funds
Gladys Gebbie Fund
Jubilee Fund
NWRS Charitable Fund
Alyth Youth Fund
Rabbi's Charitable Fund
Freehold land and buildings
High Holy Day Appeal
Tekiyah
Other restricted funds
Total of funds		 46,861
83,984
15,372
60,801
109,883
1,560,171
-
1,145,069
7,543
���������
3,029,684		 203
363
-
-
1,100
-
360
14,021
-
������
4��,���		 -
-
-
-
(1,200)
(12,717)
(12,438)
(101,083)
-
(127,438)
(547,459)		 1,993
3,573
-
-
-
-
-
-
-
5,566
47,646		 49,057
87,920
15,372
60,801
109,783
1,547,454
(12,078)
1,058,007
7,543
2,923,859
3,992,128

Gladys Gebbie fund represents investments of the late Gladys Gebbie and the outgoing amount is used to fund part of the Director of Welfare & Lifecycle's salarys.

Jubilee fund relates to a fund set up to provide grants out of capital for major work to the Synagogue and grants out of income to fund education activities. It originally had its own trustees and constitution.

Alyth Youth fund provides grants to the youth department and direct to individuals to assist with specific activities and purchases. It originally had its own trustees and constitution.

Rabbi's Jewish Participation Fund is an account set up by the Rabbinic Team, which is now part of the Synagogues restricted funds. Income is obtained from donations from members and confidential payments are made to members of the Synagogue in extreme financial need at the discretion of the Rabbi and the President who are trustees of this account.

The High Holyday Appeal fund represents amounts collected by the High Holyday Appeal of the Synagogue and other collections which have been or will be paid to earmarked charities or to designated funds held by the synagogue used for specified charitable purposes.

The Tekiyah fund represents monies allocated to be spent in the future by the Synagogue in relation to improvements to its buildings.

Page 33

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

20. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Restricted
funds
31 August
2021
£
1,549,845
549,023
824,991
-
-
2,923,859		 Unrestricted
funds
31 August
2021
£
36,931
570,993
722,327
(206,764)
(55,218)
1,068,269		 Total
funds
31 August
2021
£
1,586,776
1,120,016
1,547,318
(206,764)
(55,218)
3,992,128

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

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains/(losses) on investments
Dividends, interests and rents from investments
Investment management fees deducted from capital
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Increase in provisions
Transfer of assets from unincorporated charity
Net cash provided by/(used in) operating activities		 31 August
2021
£
3,992,128
17,852
(47,646)
(4,842)
2,613
(1,699)
(8,038)
(2,070)
(3,976,262)
(27,964)

Page 34

NORTH WESTERN REFORM SYNAGOGUE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2021

22. Analysis of cash and cash equivalents

31 August
2021
£
Cash at bank and in hand 1,323,802

23. Analysis of changes in net debt

At 31 August
Cash flows 2021
£ £
Cash at bank and in hand 1,323,802 1,323,802

24. 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 £13,754. At the reporting date, amounts payable to the fund outstanding were £5,135.

25. Related party transactions

On 1 June 2021 the charity was transferred the assets and liabilities of the unincorporated charity with the same name and registered number 247081, as per note 7. This transfer was made on the book value of the assets and liabilities. Both charities are under the control of the same group of trustees.

26. Post balance sheet events

The charity plans to undertake major building works on the synagogue that it currently resides in. As at the reporting date, the trustees have been approved to obtain loan finance of £3m, and have £3.2m committed donations from their members and other supporters. Although prelimary building work started towards the end of 2021, after the reporting date, the loan has yet to be formally agreed and no major work has been formally committed to. Thus there is no disclosure for contractual commitments.

Page 35