REGISTERED CHARITY NUMBER: 1188843
Nottingham Hebrew Congregation
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31st December 2022
Brooks Mayfield Limited Chartered Accountants 12 Bridgford Road West Bridgford Nottinghamshire NG2 6AB
Nottingham Hebrew Congregation
Contents of the Financial Statements for the Year Ended 31st December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
Nottingham Hebrew Congregation
Report of the Trustees for the Year Ended 31st December 2022
The trustees present their report with the financial statements of the charity for the year ended 31st December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The key objective of the Charitable Incorporated Organisation (CIO) continues to perpetuate the existence of the Nottingham Hebrew Congregation as an orthodox Jewish community. The assets and annual revenues are primarily used to cover the cost of running services, communal events,the buildings and the staff and providing pastoral care including births, marriages and deaths. To that end the Trustees and officials give their time voluntarily to ensure that the buildings, cemeteries and artefacts are maintained to a reasonable standard and also to ensure that religious services are held as appropriate.
Public benefit
In setting the objectives of the settlement and planning its activities, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Religious services continue to be held in accordance with the traditions of Orthodox Judaism and on a regular weekly basis. They are held on Shabbat (Saturdays) and Sunday mornings, together with High Holy Days, attended by members, visitors and students. Services are usually followed by a Kiddush (prayer over wine) and refreshments or breakfast. These are sometimes sponsored to celebrate a special occasion. We are indebted to Rabbi Lent and all those who organised and attended the services and those that organise refreshments.
Our grateful thanks also go to Mrs Brocha Lent and all those who generously gave their valuable time to arrange and organise the many social events that took place throughout the year.
The Trustees are especially indebted to Mrs Gail Samson who continues to provide unerring support as Treasurer and advisor to the Trustees and to Joanne Sugarman for her work as Administrator.
We also appreciate the behind the scenes work that continues to be carried out by dedicated members in such matters as bereavement, shul and cemetery maintenance, security and Board of Deputies Representative.
No significant expenditure was incurred on Hatikvah and expenditure on Sherwood St and Hardy St cemeteries was limited to routine maintenance.
FINANCIAL REVIEW
Investment policy and objectives
Our investment advisors remain as Barclays Wealth Management adopting a low-risk strategy. Performance is satisfactory and in line with expectation given financial market performance during the year.
It should be noted that the proceeds of the sale of the house at Mansfield Road have been included in the 2022 accounts.
Reserves policy
The charity holds large reserves due to a number of reasons, including but not limited to;
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A long-term unquantifiable obligation to maintain 3 cemeteries in Nottingham.
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A long-term requirement to maintain facilities for practicing orthodox Jews in the region, as NHC is not underpinned by a central, national or international funding resource.
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A requirement to maintain religious artifacts in good condition, according to the Jewish faith.
It was the declared intention of some benefactors that the capital that they donated should be invested and the income used for operating costs eg Julius Black Fund (now integrated in reserves).
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Nottingham Hebrew Congregation
Report of the Trustees for the Year Ended 31st December 2022
FUTURE PLANS
Membership continues to decline for reasons of age and relocation, although we have been fortunate in having been joined by a few new members, however, in common with other provincial Jewish communities, the impact on income and participation in events will inevitably be felt.
NHC is well funded, so the financial future is secure but the challenges facing a reducing and ageing community remain.
The Trustees and Management Team have benefited from the unerring support of Rabbi and Brocha Lent but the future is dependent on the support of members. As asked in previous years, if any member would like to help maintain an active, enthusiastic and harmonious community, or just have some ideas as to how we can do things better, with the resources we have, we would love to hear from them.
In the meantime, we will continue to provide the facilities necessary to practice orthodox Judaism, with processes that protect the charity's assets and scrutinise best value.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Nottingham Hebrew Congregation is a registered Charity governed by an Association model CIO. It was established to uphold the principles and maintain the facilities for worship and religious observance in accordance with the beliefs of Orthodox Judaism and under the supervision and control of the Court of the Chief Rabbi.
Trustees are appointed by the General Meeting of the Congregation, from amongst its membership and in accordance with the terms of the Constitution. The government and business affairs of the Charity are controlled by a Management Team in accordance with the Constitution.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1188843
Principal address
Hatikvah Synagogue Highurst Street Nottingham Nottinghamshire NG7 3QA
Trustees
C Kofler S Cohen R S Resnick F Miller (appointed 4/9/22)
Independent Examiner
William Oates Brooks Mayfield Limited Chartered Accountants 12 Bridgford Road West Bridgford Nottinghamshire NG2 6AB
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. S Cohen - Trustee
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Independent Examiner's Report to the Trustees of Nottingham Hebrew Congregation
Independent examiner's report to the trustees of Nottingham Hebrew Congregation
I report to the charity trustees on my examination of the accounts of Nottingham Hebrew Congregation (the Trust) for the year ended 31st December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
William Oates
Brooks Mayfield Limited Chartered Accountants 12 Bridgford Road West Bridgford Nottinghamshire NG2 6AB
Date: .............................................
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Nottingham Hebrew Congregation
Statement of Financial Activities for the Year Ended 31st December 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 2 Investment income 3 Other income Total EXPENDITURE ON Charitable activities General Exceptional item Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted Restricted Total fund funds funds £ £ £ 51,092 - 51,092 12,247 3,021 15,268 32,297 - 32,297 80,430 - 80,430 176,066 3,021 179,087 56,826 4,490 61,316 - - - 64,396 - 64,396 121,222 4,490 125,712 (122,964) - (122,964) (68,120) (1,469) (69,589) 1,810,450 2,491 1,812,941 1,742,330 1,022 1,743,352 |
2021 Total funds £ 36,097 24,751 27,205 15,805 103,858 46,643 (1,740,401) 92,229 (1,601,529) 107,554 1,812,941 - 1,812,941 |
|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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Nottingham Hebrew Congregation
Statement of Financial Position 31st December 2022
| Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 202,971 1,230,342 1,433,313 12,480 304,618 317,098 (8,081) 309,017 1,742,330 1,742,330 |
Restricted funds £ - - - - 1,022 1,022 - 1,022 1,022 1,022 |
2022 Total funds £ 202,971 1,230,342 1,433,313 12,480 305,640 318,120 (8,081) 310,039 1,743,352 1,743,352 1,742,330 1,022 1,743,352 |
2021 Total funds £ 654,456 1,104,646 1,759,102 23,880 38,268 62,148 (8,309) 53,839 1,812,941 1,812,941 1,810,450 2,491 1,812,941 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
S Cohen - Trustee
............................................. R S Resnick - Trustee
The notes form part of these financial statements
Page 5
Nottingham Hebrew Congregation
Notes to the Financial Statements for the Year Ended 31st December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided Plant and machinery - 25% on reducing balance
No depreciation charge has been provided in the year on property as the Trustees believe that the carrying value of property is less than the residual value. Freehold property is stated at its current open market valuation.
Donated assets
Land and religious artefacts that have been donated to the congregation do not have a historic cost. As there is no present intention to dispose of these articles and due to the intrinsic difficulty in assigning a market value, no adjustment is made to the balance sheet to reflect their potential value, because of their singular nature and given their true worth would only be realised on sale.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
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Nottingham Hebrew Congregation
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
1. ACCOUNTING POLICIES - continued
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. OTHER TRADING ACTIVITIES
| Funeral charges Board of Deputies income Kol Nidre income Events Stone setting INVESTMENT INCOME Listed investment income |
2022 £ 10,685 1,740 1,281 392 1,170 15,268 2022 £ 32,297 |
2021 £ 21,125 855 821 - 1,950 |
|---|---|---|
| 24,751 | ||
| 2021 £ 27,205 |
3. INVESTMENT INCOME
Investment management charges in the year to 31 December 2022 were £3,313 (2021 - £3,980)
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2022 nor for the year ended 31st December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2022 nor for the year ended 31st December 2021.
5. EXCEPTIONAL ITEMS
Exceptional items in the year ended 31 December 2021 of £1,740,401 is the value of net assets transferred from the predecessor Charity on 1 January 2021, of which £1,735,414 was attributable to unrestricted funds and £4,987 to restricted funds.
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Nottingham Hebrew Congregation
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 36,097 Other trading activities 23,075 Investment income 27,205 Other income 15,805 Total 102,182 EXPENDITURE ON Charitable activities General 42,471 Exceptional item (1,735,414) Other 92,229 Total (1,600,714) Net gains on investments 107,554 NET INCOME 1,810,450 TOTAL FUNDS CARRIED FORWARD 1,810,450 7. TANGIBLE FIXED ASSETS Freehold property £ COST OR VALUATION At 1st January 2022 650,000 Disposals (450,000) At 31st December 2022 200,000 DEPRECIATION At 1st January 2022 - Charge for year - At 31st December 2022 - NET BOOK VALUE At 31st December 2022 200,000 At 31st December 2021 650,000 |
Restricted funds £ - 1,676 - - 1,676 4,172 (4,987) - (815) - 2,491 2,491 Plant and machinery £ 5,941 - 5,941 1,485 1,485 2,970 2,971 4,456 |
Total funds £ 36,097 24,751 27,205 15,805 103,858 46,643 (1,740,401) 92,229 (1,601,529) 107,554 1,812,941 1,812,941 Totals £ 655,941 (450,000) 205,941 1,485 1,485 2,970 202,971 654,456 |
|
|---|---|---|---|
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Nottingham Hebrew Congregation
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
7. TANGIBLE FIXED ASSETS - continued
Cost or valuation at 31st December 2022 is represented by:
| Freehold | Plant and | ||
|---|---|---|---|
| property | machinery | Totals | |
| £ | £ | £ | |
| Cost | 200,000 | 5,941 | 205,941 |
All tangible fixed assets were transferred from the predecessor Charity on 1 January 2021 at their open market value. The trustees do not believe there has been a material movement in the value of freehold property since this date.
All assets are used for charitable purposes and all properties are owen 100% by the charity.
8. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1st January 2022 Additions Disposals Revaluations At 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 |
Listed investments £ 1,104,646 250,000 (1,340) (122,964) 1,230,342 1,230,342 1,104,646 |
|---|---|
There were no investment assets outside the UK.
The Nottingham Hebrew Congregation investment portfolio is held at Barclays via the Barclays Charity Fund R distribution and is stated at market value.
Cost or valuation at 31st December 2022 is represented by:
| Valuation in 2021 Valuation in 2022 Cost |
Listed investments £ 107,554 (122,963) 1,245,751 1,230,342 |
|---|---|
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Nottingham Hebrew Congregation
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 11. MOVEMENT IN FUNDS At 1/1/22 £ Unrestricted funds General fund 1,810,450 Restricted funds Board of deputies - Kol Nidre 2,491 2,491 TOTAL FUNDS 1,812,941 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 176,066 (121,222) Restricted funds Board of deputies 1,740 (1,710) Kol Nidre 1,281 (2,780) 3,021 (4,490) TOTAL FUNDS 179,087 (125,712) |
2022 £ 11,131 1,349 12,480 2022 £ 757 28 7,296 8,081 Net movement in funds £ (68,120) 30 (1,499) (1,469) (69,589) Gains and losses £ (122,964) - - - (122,964) |
2021 £ 22,853 1,027 23,880 2021 £ 1,178 - 7,131 8,309 At 31/12/22 £ 1,742,330 30 992 1,022 1,743,352 Movement in funds £ (68,120) 30 (1,499) (1,469) (69,589) |
|
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Nottingham Hebrew Congregation
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net Transfers movement between At 1/1/21 in funds funds £ £ £ Unrestricted funds General fund - 1,810,450 - Restricted funds Board of deputies - (495) 495 Kol Nidre - 2,986 (495) - 2,491 - TOTAL FUNDS - 1,812,941 - Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 102,182 1,600,714 107,554 Restricted funds Board of deputies 855 (1,350) - Kol Nidre 821 2,165 - 1,676 815 - TOTAL FUNDS 103,858 1,601,529 107,554 A current year 12 months and prior year 12 months combined position is as follows: Net Transfers movement between At 1/1/21 in funds funds £ £ £ Unrestricted funds General fund - 1,742,330 - Restricted funds Board of deputies - (465) 495 Kol Nidre - 1,487 (495) - 1,022 - TOTAL FUNDS - 1,743,352 - |
At 31/12/21 £ 1,810,450 - 2,491 2,491 1,812,941 Movement in funds £ 1,810,450 (495) 2,986 2,491 1,812,941 At 31/12/22 £ 1,742,330 30 992 1,022 1,743,352 |
|---|---|
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Nottingham Hebrew Congregation
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Board of deputies Kol Nidre TOTAL FUNDS |
Incoming Resources resources expended £ £ 278,248 1,479,492 2,595 (3,060) 2,102 (615) 4,697 (3,675) 282,945 1,475,817 |
Gains and Movement losses in funds £ £ (15,410) 1,742,330 - (465) - 1,487 - 1,022 (15,410) 1,743,352 |
|---|---|---|
Purposes of unrestricted funds
Unrestricted funds are used to provide facilities for worship and religious observance in accordance with the principles of Orthodox Judaism.
Purposes of restricted funds
Kol Nidre Appeal - Appeals are made for donations which are subsequently donated to Israeli, National and Local Charities, from time to time part of the monies raised are retained for any significant internal expenditure,
Board of Deputies Fund - A voluntary levy is collected from the congregation members and subsequently donated to the Board of Deputies of British Jews.
12. RELATED PARTY DISCLOSURES
There was no key management personnel remuneration during the year ended 31st December 2022 (2021 - £nil).
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Nottingham Hebrew Congregation
Detailed Statement of Financial Activities for the Year Ended 31st December 2022
| INCOME AND ENDOWMENTS Donations and legacies Subscriptions Donations Gift aid Security grants Other trading activities Funeral charges Board of Deputies income Kol Nidre income Events Stone setting Investment income Listed investment income Other income Gain on sale of property Gain on sale of investments Compensation Total incoming resources EXPENDITURE Charitable activities Rabbinical donations Charitable donations Other Wages Funeral costs Cemetery expenses Light and heat Repairs and restorations Insurance Cleaning Security costs General congregation expenses Carried forward |
2022 £ 30,832 7,062 6,610 6,588 51,092 10,685 1,740 1,281 392 1,170 15,268 32,297 57,500 168 22,762 80,430 179,087 36,477 4,490 40,967 12,013 6,397 8,251 462 8,753 4,126 644 5,261 3,351 49,258 |
2021 £ 14,821 13,003 6,019 2,254 36,097 21,125 855 821 - 1,950 24,751 27,205 - 15,805 - 15,805 103,858 33,093 3,842 36,935 11,358 14,360 26,669 (175) 9,110 4,400 1,103 3,808 5,376 76,009 |
|---|---|---|
This page does not form part of the statutory financial statements
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Nottingham Hebrew Congregation
Detailed Statement of Financial Activities for the Year Ended 31st December 2022
| Detailed Statement of Financial Activities for the Year Ended 31st December 2022 |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Other | ||
| Brought forward | 49,258 | 76,009 |
| 224 Mansfield Road costs | 6,695 | 4,498 |
| Events and kitchen | 5,638 | 7,589 |
| Postage and stationery | 770 | 1,781 |
| Telephone | 550 | 867 |
| Depreciation of tangible fixed assets | 1,485 | 1,485 |
| 64,396 | 92,229 | |
| Support costs | ||
| Governance costs | ||
| Board of deputies | - | 495 |
| Audit and accountancy | 3,465 | 3,240 |
| Investment management charges | 3,313 | 3,980 |
| Legal and professional fees | 13,571 | 1,993 |
| Exceptional items | - | (1,740,401) |
| 20,349 | (1,730,693) | |
| Total resources expended | 125,712 | (1,601,529) |
| Net income before gains and losses | 53,375 | 1,705,387 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | (122,964) | 107,554 |
| Net (expenditure)/income | (69,589) | 1,812,941 |
This page does not form part of the statutory financial statements
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