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2021-12-31-accounts

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Charity registration number 239096

SOUTHGATE PROGRESSIVE SYNAGOGUE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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SOUTHGATE PROGRESSIVE SYNAGOGUE

LEGAL AND ADMINISTRATIVE INFORMATION

Status Southgate Progressive Synagogue is a
registered charity
Address 75 Chase Road, London, N14 4QY
Custodian Trustees: Mrs S Jessel
Mr H White
Mr D Hockman
Council
i. Non-Executive Officers:
Hon. Life President: Mrs P Phillips
Hon. Life Vice-President: Mrs P A Freedman
ii. Executive Officers
Chairman: Mrs P A Freedman (Resigned 23/06/2021)
Chair: Mr M Shaw (Appointed 23/06/2021)
Vice Chair: Mrs R Ellenby (Appointed 07/07/2021)
Vice Chair: Mr M Shaw (Resigned 23/06/2021)
Hon. Secretary: Mrs B Martin (Resigned 23/06/2021)
Hon. Secretary: Mrs S Marsh (Appointed 23/06/2021)
Hon. Treasurer: Mr S Lesley
Ex Officio: Mrs P A Freedman
iii. Members Mr D Hockman (Appointed 23/06/2021 and
Resigned 03/03/2022)
Mrs N Jacobs
Mrs A Lesley (Appointed 23/06/2021)
Mr A Marsh
Mrs S Marsh
Mrs B Martin (Appointed 23/06/2021)
Mrs M Raab
Mr J Sampson
Mrs C Shotts
Mr P Zeligman (Resigned 23/06/2021)
Minister: Rabbi Yuval Keren
Administrator: Ms L Cannon
Charity number 239096
Independent examiner S Coleman ACA
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ

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SOUTHGATE PROGRESSIVE SYNAGOGUE

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers

Barclays Bank plc 20 The Town Enfield Middlesex EN2 6LY

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SOUTHGATE PROGRESSIVE SYNAGOGUE

CONTENTS

Page
Trustees' report 1 - 3
Statement of Trustees' responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 17

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SOUTHGATE PROGRESSIVE SYNAGOGUE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity's power of investment is governed by the terms of the Trustee Act 2000. It is the Council's policy to invest only in bank and building society accounts and British government stocks.

Objectives and activities

The Synagogue is a congregation following the Jewish religion with the aims of providing and maintaining a place for the purpose of public worship and advancing religious, educational and charitable activities based in the London Borough of Enfield. The Synagogue is affiliated to Liberal Judaism and is represented on the Board of Deputies of British Jews. The Synagogue is a supporter of the Leo Baeck College - Centre for Jewish Education in Finchley.

Specific objectives are set out in our Constitution as follows:

a) the advancement of Liberal Judaism.

b) to provide and maintain a place of worship.

c) to arrange and conduct religious services and religious instruction classes.

d) to promote cultural, educational, social and youth activities.

e) to solemnise marriages.

f) to arrange means of burial or cremation of deceased persons of the Jewish faith as defined by Liberal Judaism.

g) to arrange and perform other religious rites, charitable duties and other charitable activities as the Council from time to time shall determine.

The Council have paid due regard to guidance issued by the Charity Commission in deciding what activities the Synagogue should undertake.

The Synagogue's activities during the year are included in the separate annual report sent to members. These include regular weekly services as well as festival services throughout the year led by Rabbi Yuval Keren and supported by the the Religious Activities Committee. In addition, there are educational classes both for the youth of the Synagogue in the form of our religion school (Ruach) as well as for adult members, organised under the remit of the Education Committee. We have social and cultural activities throughout the year run by a dedicated team as well as a very active committee dedicated to the care and welfare of our members who keep in touch with sick, vulnerable, and elderly members of the community. Security, site maintenance and finance are also run by volunteer members of the synagogue.

Achievements and performance

A review of the year is included in the AGM agenda booklet sent out to all members. Highlights for the year include:

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TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

Total income was £316,442 compared to £309,699 in the previous year, an increase of 2%. Income from members subscriptions increased this year to £236,508 and income from hall lettings rose from £35,078 to £46,296. Total expenditure was down to £302,114 from £312,760.

The single membership subscription was increased by £6, less than 1.5% per member. The number of members who were in receipt of a subsidy stood at 137.

As at the 31 December 2021 membership stood at 666 including child members.

The Trustees have a policy of setting subscription rates at a level sufficient to meet budgeted expenditure. It is not the intention therefore to build up additional free reserves which would involve a substantial increase in subscriptions. However the Trustees do hold free reserves (that is those funds not tied up in fixed assets, designated or restricted funds) of £56,438. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Synagogue's current activities while consideration is given to ways in which additional funds may be raised. The free reserves at the period end amount to approximately the anticipated total of two months expenditure of the charity.

The following funds were held as designated funds as at 31 December 2021:

The roof repairs fund which was established in 2016 was once again topped up and currently stands at £60,000. This will be topped up on an annual basis in line with the expected remaining lifetime of the roof on the main house.

The burial, cremation and funeral fund set up to bear the cost of burial or cremation and funeral of members is also topped up annually and currently stands at £232,000.

For further details please refer to note 13 in the financial statements.

Each year the Council assesses the major risks to which the Synagogue is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

A review has been carried out to identify all risks and a plan has been prepared to minimise such risks. Internal control risks are minimised by procedures for the authorisation of transactions. Appropriate Criminal Records Bureau (CRB) checks are made on all those who work with children or other vulnerable groups and security systems are in place to safeguard the security of staff and visitors to the Synagogue.

Structure, governance and management

The Synagogue was established by a charitable trust deed dated on 20 November 1953 and last amended on 26 June 2008.

The Trustees and other officials who served during the year are detailed on the Legal and Administrative information page.

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SOUTHGATE PROGRESSIVE SYNAGOGUE

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

The power of appointment of new Custodian Trustees is vested in the Board. In selecting individuals for appointment, regard will be given to their skills, knowledge and experience needed for the effective administration of the charity.

The Synagogue is directed by its Council consisting of up to thirteen members, including four Executive Officers, elected by the membership at the annual general meeting. In addition the elected members may coopt up to two further members of Council. There is also an elected Life President and an elected Life Vice President. The elected members of Council together are the 'Current Trustees', in addition to the Custodian Trustees.

The Council generally makes decisions based on the recommendations of appropriate sub committees. Day to day running of the Synagogue is overseen by the Synagogue administrator.

All Current Trustees are appraised of new developments in charity law and practice. All new Trustees are provided with all relevant information appertaining to its affairs to ensure that they can understand and meet the responsibilities the role entails.

In setting the remuneration of the Rabbi the Council considers the Rabbi's pay scales provided by Liberal Judaism but the Rabbi’s pay is not currently directly linked to the scale. For all other staff the Council take into consideration the individuals performance and the rate of inflation (CPI) when setting rates of pay.

Although the Synagogue is affiliated to Liberal Judaism this has no impact on the operational policies adopted.

The Trustees' report was approved by the Council (Board of Trustees) and signed on its behalf by:

.............................. Mr Mark H. Shaw Chair 12/05/2022

Dated: .........................

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SOUTHGATE PROGRESSIVE SYNAGOGUE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

The Council 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 and Wales requires the Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Synagogue and of the incoming resources and application of resources of the Synagogue for that year.

In preparing these financial statements, the Council are required to:

The Council are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Synagogue 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 Synagogue and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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SOUTHGATE PROGRESSIVE SYNAGOGUE

INDEPENDENT EXAMINER'S REPORT

TO THE COUNCIL OF SOUTHGATE PROGRESSIVE SYNAGOGUE

I report to the Council on my examination of the financial statements of Southgate Progressive Synagogue (the Synagogue) for the year ended 31 December 2021.

Responsibilities and basis of report

As the Council of the Synagogue you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

Having satisfied myself that the accounts of the charity are not required to be audited under the 2011 Act and are eligible for independent examination, I report in respect of my examination of the Synagogue’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Synagogue’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 Association of Chartered Accountants, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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 financial statements to be reached.

Stephen Coleman ACA Gerald Edelman LLP Chartered Accountants 73 Cornhill London EC3V 3QQ 12/05/2022

Dated: .........................

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SOUTHGATE PROGRESSIVE SYNAGOGUE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income and endowments from:
3
Donations and legacies
3,354
11,009
Members' subscriptions
236,508
Other trading activities
61,486
-
Investments
4,085
-
Other income
4
-
-
Total income
305,433
11,009
Expenditure on:
Charitable activities
5
292,666
9,448
Net income/(expenditure) for the year/
Net movement in funds
12,767
1,561
Fund balances at 1 January 2021
591,154
13,364
Fund balances at 31 December 2021
603,921
14,925		 Total
2021
£
14,363
236,508
61,486
4,085
-
316,442
302,114
14,328
604,518
618,846		 Total
2020
£
28,497
230,279
40,580
5,993
4,350
309,699
312,760
(3,061)
607,579
604,518

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

All income and expenditure derive from continuing activities.

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SOUTHGATE PROGRESSIVE SYNAGOGUE

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
12
Unrestricted funds
Designated funds
13
General unrestricted funds		 2021
£
£
253,198
35,138
374,405
409,543
(43,895)
365,648
618,846
14,925
294,285
309,636
603,921
618,846
12/05/2022		 2020
£
1,281
372,330
373,611
(26,820)
277,285
313,869		 £
257,727
346,791
604,518
13,364
591,154
604,518

The financial statements were approved by the Trustees on ......................... and signed on behalf of the Trustees by:

----- Start of picture text -----
..............................
----- End of picture text -----

.............................. .............................. Mr M Shaw Mr S Lesley Chair Hon. Treasurer

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SOUTHGATE PROGRESSIVE SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Southgate Progressive Synagogue is an unincorporated charity registered with the Charity Commission in England and Wales. The principal address is 75 Chase Road, London N14 4QY.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Synagogue's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Synagogue is a Public Benefit Entity as defined by FRS 102.

The Synagogue has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Synagogue. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Council have a reasonable expectation that the Synagogue has adequate resources to continue in operational existence for the foreseeable future. Thus the Council continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Council in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Synagogue is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Synagogue has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Synagogue has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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SOUTHGATE PROGRESSIVE SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Assets for distribution are recognised only when distributed. Assets given for use by the Synagogue are recognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purposes.

Subscriptions are included on the basis of those due for the current year after making allowance for amounts that are unlikely to be collected.

Income tax recoverable has been included to the extent that it arises on covenanted or gift aid subscriptions and other income received in the year excluding burial and funeral scheme contributions.

1.5 Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Synagogue to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is accounted for on the accruals basis. The Synagogue is not registered for VAT and accordingly expenditure includes irrecoverable VAT which is charged against the expenditure heading for which it was incurred.

Charitable expenditure relates to costs in furtherance of the charity's objects and include both direct costs and support costs. Support costs include governance costs represented by audit costs and other professional fees incurred in connection with the meeting of the charity's constitutional and statutory obligations.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Nil Plant and equipment 25% Straight Line per annum Fixtures and fittings 10% Straight Line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the Synagogue reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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SOUTHGATE PROGRESSIVE SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.9 Financial instruments

The Synagogue has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Synagogue's balance sheet when the Synagogue becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Synagogue’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Synagogue is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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SOUTHGATE PROGRESSIVE SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

2 Critical accounting estimates and judgements

In the application of the Synagogue’s accounting policies, the Council are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from:

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
3,354
11,009
Members' subscriptions
236,508
-
Other income
Burial and funeral income
7,895
-
Other synagogue activities
6,118
-
Religion school
1,177
-
Rabbi's discretionary fund Donations
-
-
Premises letting
46,296
-
Total other income
61,486
-
Investments
4,085
-
For the year ended 31 December 2021
305,433
11,009
For the year ended 31 December 2020
291,746
17,953
Other income
Other income		 Total
2021
£
14,363
236,508
7,895
6,118
1,177
-
46,296
61,486
4,085
316,442
Total
2021
£
-		 Total
2020
£
28,497
230,279
1,588
3,131
783
-
35,078
40,580
5,993
309,699
309,699
Total
2020
£
4,350

4 Other income

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SOUTHGATE PROGRESSIVE SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

5 Charitable activities

Unrestricted
funds
Restricted
funds
2021
2021
£
£
Religious activities (including Rabbi salary)
84,076
-
Burial and funeral costs
45,250
-
Religion school
18,113
-
Other synagogue activities
1,158
-
Premises costs
46,897
-
Affiliation fees and levy
31,813
-
Administration
50,557
-
Independent examiner's fees for the examination of
the accounts
3,200
-
Independent examiner's accountancy fees
4,618
-
Other accountancy fees
-
-
Donations
-
9,448
Depreciation
6,984
-
292,666
9,448		 2021
£
84,076
45,250
18,113
1,158
46,897
31,813
50,557
3,200
4,618
-
9,448
6,984
302,114		 2020
£
83,630
42,658
14,378
1,750
48,805
43,575
54,331
3,200
4,618
891
8,260
6,664
312,760

6 Donations

Donations to institutions:
High holy day appeal distributions
Other donations		 2021
£
11,009
210
11,219		 2020
£
7,953
307
8,260

7 Trustees

During the year, Mrs P A Freedman was paid the sum of £225 (2020: £540) for duties relating to administering the direct debits, before stepping down as Chairman.

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SOUTHGATE PROGRESSIVE SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

8 Employees

Number of employees

The average monthly number of employees during the year was:

Full time
Part time
Employment costs
Wages and salaries
Social security costs
Other pension costs
Benefits in kind		 2021
Number
1
6
7
2021
£
110,100
5,703
6,269
3,257
125,329		 2020
Number
1
8
9
2020
£
117,229
6,509
6,274
3,323
133,335

The equivalent number of full time staff in respect of part time staff is 3 (2020 - 3).

There was 1 (2020 - 1) employee whose annual remuneration was £60,000 or more.

9 Tangible fixed assets

Freehold land
and buildings
Plant and
equipment
Fixtures and
fittings
£
£
£
Cost
At 1 January 2021
234,151
8,458
59,561
Additions
-
500
1,955
At 31 December 2021
234,151
8,958
61,516
Depreciation and impairment
At 1 January 2021
-
3,122
41,321
Depreciation charged in the year
-
2,131
4,853
At 31 December 2021
-
5,253
46,174
Carrying amount
At 31 December 2021
234,151
3,705
15,342
At 31 December 2020
234,151
5,336
18,240		 Total
£
302,170
2,455
304,625
44,443
6,984
51,427
253,198
257,727

Freehold land and buildings have not been valued and are used solely for charitable purposes.

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SOUTHGATE PROGRESSIVE SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

10 Debtors

Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2021
£
33,988
1,150
35,138		 2020
£
322
959
1,281

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Deferred income
Accruals		 2021
£
3,684
2,317
37,894
43,895		 2020
£
2,626
1,296
22,898
26,820

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SOUTHGATE PROGRESSIVE SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

12 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 January 2020 resources expended 1 January 2021 resources expended 31 December
2021
£ £ £ £ £ £ £
Scholarship
fund 853 - - 853 - - 853
Charities
fund - - - - 11,009 (9,238) 1,771
Hilda
Schindler
Fund 2,818 - (307) 2,511 - - 2,511
Harry Jacobi
Lecture Fund - 10,000 - 10,000 - (210) 9,790
3,671 10,000 (307) 13,364 11,009 (9,448) 14,925

The scholarship fund was set up to provide educational scholarships to eligible members.

The charities fund was set up to distribute monies to charitable causes. Funds are principally raised from individual donations through the High Holy Day and Seder appeals.

The Hilda Schindler fund was established from a legacy from the estate of the late Hilda Schindler former Life President of the Synagogue. The funds are split between the choir, children and youth activities but was left at the discretion of the Rabbi, Chairman and President.

The Harry Jacobi Annual Memorial Lecture Fund was established from a legacy received from the estate of the late Rabbi Harry M Jacobi, Emeritus Rabbi of Southgate Progressive Synagogue. The funds are to be used to cover the costs involved in hosting an annual memorial lecture and ensuring it is available to the wider Liberal and other Jewish communities.

DocuSign Envelope ID: 31787B6D-1D0F-46A6-B8C0-8F3B53489217

SOUTHGATE PROGRESSIVE SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

13 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 January 2020

£
Burial,
cremation
and funeral
fund
225,058
Roof repairs
fund
41,769
Rabbi's
discretionary
fund
2,285
269,112		 Movement in funds
Incoming
resources
Resources
expended
£
£
1,588
(42,658)
-
-
-
-
1,588
(42,658)		 Transfers
Balance at
1 January 2021
£
£
41,012
225,000
8,231
50,000
-
2,285
49,243
277,285		 Transfers
Balance at
31 December
2021
£
£
7,000
232,000
10,000
60,000
-
2,285
17,000
294,285		 Transfers
Balance at
31 December
2021
£
£
7,000
232,000
10,000
60,000
-
2,285
17,000
294,285
294,285

The burial, cremation and funeral fund was set up to bear the cost of burial, or cremation, and funeral of members of the burial scheme.

The roof replacement fund which was established in 2016 to provide for the replacement of the roof.

The Rabbi's discretionary fund was set up for the purpose of making small charitable donations to members at discretion of the rabbi and executive.

14
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31
December 2021 are
represented by:
Tangible assets
253,198
-
Current assets/
(liabilities)
350,723
14,925
603,921
14,925		 Total
Unrestricted
funds
Restricted
funds
2021
2020
2020
£
£
£
253,198
257,727
-
365,648
333,427
13,364
618,846
591,154
13,364		 Total
2020
£
257,727
346,791
604,518

DocuSign Envelope ID: 31787B6D-1D0F-46A6-B8C0-8F3B53489217

SOUTHGATE PROGRESSIVE SYNAGOGUE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

15 Operating lease commitments

At the reporting end date the Synagogue had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
2,092
-
2,092		 2020
£
2,789
1,994
4,783

16 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2021 2020
£ £
Aggregate compensation 65,452 66,389

Transactions with related parties

During the year the Synagogue entered into the following transactions with related parties:

Total membership subscriptions and donations made by council members amount to £7,229 (2020 - £9,084). There were no other related party transactions during the year nor guarantees given or received.