Charity reglstr&ll¢n number 239096 SOUTHGATE PROGRESSIVE SYNAGOGUE ANNUAL REpoiYfAND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SOUTHGATE PROGRESSIVE SYNAGOGUE LEGAL AND ADMINISTRATIVE INFORMATION Status Soulhgate ProgressNe SynagCUe is a registered tharity Addre8• 75 Chase Road. London, N14 4QY Non-ExeCuve Officers: Hon. Lrfe Presldent.. Hon. Ltfe WJce-Piesident'. Peart Phillips Phyllis Freedman Councll (Board of Tru8t•a81 S. Exgcutiva Offlcors Chair.. Ve ChaSr'. Hon. Secretary.. Hon. Treasurer.. Mark Shw Rachello Ellenby Stephanie Nlwsh Stephen Lesley 11. Momhr4 Norma Ja¢obs Amanda Les Kay Lewis Anthony Marsh Barbara Marbn Jill Newton IC¢>opted 05107r2024 Michele Raab Dawd Shaw IRe8lgned 21h)6r2023) Caro Shotts IReslgned 211CfJ120231 Hrd White IAppoinl¢d 21106r2023) Mlnlsler. Rabbi Danrry Rlch Charlty number Independent examiner Stephen COln ACA Gerald Edelman LLP 73 Cornh1 Lonijon EC3V 3QQ Bankers Bardays Bank pl¢ 20 The T•M Enfield Middlesex EN26LY
SOUTHGATE PROGRESSIVE SYNAGOGUE CONTENTS Page Trustees, report ststement of Trustees. responsibllit Indepèndent ex8mineffs repjrt Stslement of financial acllvllle8 BalanrA she81 Notes lo the financ1 statements 9-19
SOUTHGATE PROGRESSIVE SYNAGOGUE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report financial ststements forthe year ènded 31 December 2023. The financial stslements have been prep8red in accordance with the accounting polia8S set out in note 1 to the flnancial statements and mplY with Ihe charitys goveming docum8nt. the Charities Act 2022 and 'Accounting and Reporting by Charities.. Stalernenl of Recx)mmended Practice 8ppli¢able to charities prtsparing their accounts in accordance with the Financial Reporting Stsndard applicabk in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commtsncing from 1 January 20191. The tharitys power of invèstm8nl is governed by the terns of the Trustee Act 2000. It Is the Councifs polw lo invest only in bank ar buildi society a(Lounts and British government stocks. Objectives and Actlvltl¢$ The Synagogu8 is a congregation Iolknwng tha Jsh rellgion wth the aims of provldlng 8nd m81ntsinlng a plBG9 for the purposa of public wotship and advancing religious, educational and charitsbl8 8clivilies based In tha London Borough of Enfield. The Synègogue is affilialed lo Liberdl Judaism and is iepresented on th8 Board of Depulles of 8rllish J8ws. The Synagogue is a supporter ol the L80 8aock Colloga - Centre for Jewish Education In Flnchley. Specific objectives are Set otrt in our ConstTiub"on as follows.. 8} the Bdvancement of Liberal Judaism. bl lo provide and maintain a pL4ce of WOFshlp. cl lo arrange and conduct religious serViS and religious In8trufAion clag8es. dl lo promote cultur81, educational, social and youth acaivities. el to solemnise arriages. fj lo arrange means ol burial or crematK)n of decaased persons of the JewK%h faith as defined by Liberal Judalsm. g) to arrange and perform other religious riles. charitablo duties and other charitab actswties as the Council from lime lo lime shall detemiine. The Council hav8 paid due regard to guidance issued by the Charlty Commission irb deciding what actlvlll88 the Synagogue Shou undertake. Th8 Synagogue's actNilS durlrYJ lh8 year are included in Ihe separate annual r8POrt sent to mernbets. These Include regLJlar weekly seNices as well as festival seNces throughout the year led by our rabbinlc team headad by Rabbi Danny Rich and 5UPPOrt8d by Student Rabbi D8i8y Bogod 8nd Rabbl Michael Stsndfi8ld, all supported by the Religious Actmlies Committ88. In addition. there are e(lu(slion81 dasses iK)Ih for the youth of tho Synagogue in the fomi of our religlon school (Ruachl as well as for adum mambeTS, organised under tha rernil ol the Educallon Committfje. We have social and cuAural activth.es Ihrcrtjghout Ihe year run by 8 dedicated team as well as a very actlve committee dedlcatgd to the care and wetrare of our members who k88p in touch 1th slck. vulnerable, and elderly members of the o)mmunity. SecJJrfty, site maintenanc4 finance, kiddush abd Inthous eatering are 8L80 run by volunteer members of the synagogue. We also have a dedlcated team vAilch organises 8n annual lecture in memory of Rabbi Harry Jacobi.
SOUTHGATE PROGRESSIVE SYNAGOGUE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevements and Perfomjance A review of the year is included In the AGM agenda bcK)klet sent out to all members. Htghlighls foT the year include.. Adoption of 8 new policies ie Data Protection and Privacy. Anll-Discriminalion and Equal Opportunities. Health & Safety. Environmental and Sustainability, Voluntaors, Code of Conduct & Ethos. Finance, Risk Management. Successful High Holy Day SerV$18d by Rabbi Danny Rith. and our professional and lay c*oir. Raising of £9,503 from our High Hoty Day appeal. Welcoming Student Rabbi Daisy Bogod to our Rabblnlc Team on 1st September 2023 for her fifth-year pkqcemenl. A varSety of sodal and Cltitural events throughout the year. A Remembrance Day Clvlc Service on 11th November 2023 with local dlgnataries. Pr8paraUon of a plannlng applKalion for th8 Improvement and &xtension of the ground floor of The House. The fourth Hary Jacobi Memorfal Lecture tcok aCe on 26 Marth 2023 with speaker Rabbl Rl¢h8rd Jacobl. On-going colkbor8tion wlth neighbjring Synagcgues.
SOUTHGATE PROGRESSIVE SYNAGOGUE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial Review Net 8xpenditure for the year wa5 £1.87012022 - £2.392). Total furK15 held al the end of th8 year were £614.584 12022- £616,454) of whith £12,74512022- £12.)8) were restricted funds not availab for thè general pUOSeS of the Synagogue. Total income was £334,284 compared to £326,661 iri the prevh)u5 year, on increase of 2%. IncK)me trom members subscriptions decreased this year to £225,795 and in(>Jme from hall letlings rose from £49.444 to £59,399. Total expendilLbre was up to £336.154 from £329.053. Th8 slngle membership subsusplion was incleased by £15. less than 2% por m8mber. The number of members who were in r8ceipl of a subsKLy stood al 137. A8 at Ihe 31 December 2023 membarshlp stood al 606 Indudlng chlld membets. Th8 Trustees have a pollcy of selbng subscriptK)n r8tss 8t a level sufflcjenl to moel budgeted expenditure. It18 not the Inténtbn IherefoTe lo build up additsonal free reserves whlch would Invofve 8 substantS8l Incre888 In subscriplions. However the Truslees do hold free reserv8s Ithat Is those funds not tied up in fixèd assets, designaltsd or restricted lundsl of £41,595. The Trustees consider that reserye5 at this lovel will ensure that, In th8 tsvenl of a slgnlficanl drop in fundSng. they will be ab to continue the Synagogue's ¢uThent adivllies whlle conslder81ion 18 givgn to wayB in whlch additKsnal funds may be raised. The free r8gerve8 8t the perfod end arnounl to approximataly the anucipated total of rnonths expendlture of the charity. The follwIng funds were hehJ 0$ deSnated fvnds as a131 December 2023.. The roof repairs fund whh was est8blished in 2016 was once agaln topped up and c#JrrenUy stsnds 81 £80,000. This wlll be lopped up on an annu31 basis In Ilne with the expected remaining lifetime of the roof on the rnaln hous8. The burial, cr8m8tion and fun8ral fund sel up to bear the cost of burial or cremauon and funeral of mernbers Is also lopped up annually and currently stands 81 £245,(W. For further delalls please Teffjr lo note 16 In Iho financk41 statsments. Each year the Coundl assesses the malor rlsks to vthich the Synagoguo 1$ exp)sed, and ar8 sallsflgJ that systems are in place to mitigate exposure to thg majcf risk8. A review has been carried out to identify all risks and a pLqn has been prepared to minimise such risks. Intern81 control rfsks are mSnimised by proc8duT8S for the authorisatron of transactions. Appropriat8 Disdosure & Barrfng SeNic8 IDBS) chocks are made on 811 those who work with thildren or other wlnerablè groups and securlty systems are in place to safeguard the securty of staff and wgrtors to Ihe sO90u8.
SOUTHGATE PROGRESSIVE SYNAGOGUE TRUSTEES. REPORT {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, Govemance and man8rnent The Synagogue was established by a charitsble trust deed datsd on 20 November 1953 subsequent amendments. The Board of Trustses who s8rvwJ during the year and up to the d8te of signatura of the financial statements were.. Rachell& Ellenby Norma Jacobs Amanda Lesley Stephen Lesley Kay Lewls Anthony Marsh Stephanie Marsh 88rbara Martin Jill Newton Mlchele Raab Mark Shaw Howard While The Synagogue is directed by ts Council (Board of Trustee81 eonsisb'ng of up to tre1ve members, includlng three Executive Officers, elecled by the membership at the Annual Genoral Meeb"ng. In the event that places are not filled, Council may C¢0p1 an eligibk8 full member on lo Council. The ele(tsJ members of Coundl together Bre the 'Current Trustees,. The Non-Execulivè Offioers are the Lrfe Pres*Jenl and the Llfo Prashjent. The Council generally makes deci4ons based on the recommendations of appropfiat8 sub commltte88. Day lo day running of tho Synagogue is overseen by the Synagogue Office Managar. All current Trustees are appralsed of new d8v8lopments in charity law and practice. All new Trustees are provided with all relevant information appertaining to its affairs lo ensure that they can understand and meet the r6$ponsibilllle8 the role entslLs. In settSng the remuneTatk)n of Ihe Rabbi the Council takes into a0Unt the Rabbinic S8t8ry Scales prowded by Liberal Judaism. For all olh&r staff the Counal take into consider81ion lh8 ifKIivklual8 perforniance and the r8t8 of Irifl8llon ICPII wh8n Sottlng rates ol pay. though the Synagogua is affibaled to Libèral Judaism thi£ has no Impact on the operational poltle5 adopted. The Tru81eès' report was a ed by th8 Councll {Board of Twstaes) and signed on its behalf by.. Mark Shaw Chair Dated..
SOUTHGATE PROGRESSIVE SYNAGOGUE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Council are responsible for preparing the TTUStees' Report and Ihe financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable lo charrties in England and Wales rtsquires the Council to prepare financial slaten8rits for each financial yeaT which give a true and fair view of the state of affairs of the synagog and of the ncoming resourcos and appliralion of resourc8s of Ihe Synagogue for that year. In preparfng thesé financi81 ststements. the Council 8re required to= - 8elect sultsbla a¢rUntng policles and then apptyl them L))nSIst8nt. - observa the rnelhods and prlnciples in the Charities SORP. make judgements and esttm8les that ar8 reayonable prudent: slate wholher applicable acLounling slandards have been folw, subject lo any material departures dlsclosed and explain8d In the financial ststemonts.. prepare the financlal slalements on the golng concem basls unS rt Is Inappropriats to prasuffe that tho charity wlll conllnue in operation. The Council are reswnsibte for keeplng SuffiCnI accounting records that dlsclos8 reasonabb accuracy al any me the financlal position of the Synaoceuè and enable them lo ensure that the financial slalements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 21)08 and the prowsions of the trust deed. They aro also responsible for safeguarding the assets of the Synagogue and hence for taking r88sonable steps for Ihe provgntion and detection of fraud and other ifregularities.
SOUTHGATE PROGRESSIVE SYNAGOGUE INDEPENDENT EXAMINER'S REPORT TO THE COUNCIL OF SOUTHGATE PROGRESSIVE SYNAGOGUE I report to the CouncAI on my examinallon of Ihe financial ststements of Southgate Progresswa SYgogue (the Synagogue) for the year ended 31 Dernber 2023. ResponslbSlltles and basis of report As the Coun¢il of the Synagogue you are responsib18 for the pre[stiOn of the financial stalernents In accordance with the requirements of the Chariti85 Act 2022 (the 2022 Acll. Having satisfd mysem that the accounts of the charity are not required to b8 aLKlited under the 2022 Act and are eligible for independent examin811on, I rewrt In respect of my examination of the Synagogue's financlal slalements carried out under s8clDn 145 of the 2022 Act. In c8rytng out my examination I have followed all the appllcabb Directions glven by tha Chartty Commisslon under sectlon 14515)Ibl of the 2022 Act Indopend•nt oxamln•V8 ststem•nt Slnce the Synagogue's gross income exceeded £250,000 your 8x8mlner musl be a m8mber of a body listed in section 145 of the 2022 Act. I conflm that l am qualtfied lo undartake the examlnation because l am a momber ofAssocialion of Charterèd Accountsnts, whlch Is one of the Ilsted bodies. Your attenllon is drawn lo the fact thal tha tharity h88 prepared finandbl statements in accordarce wllh Accounllng and Reporting by Charities preparing their accounts in atxordance wlh the Fin8ncial Repting Standard applible In the UK and Republic of IrelarKI (FRS 102) In preference to the Accounllng and Reporting by Charllies.. Statemenl ol Recommended PrnCtI issued on 1 April 2005 whth is releed to in the 8xtarbt regul81ion8 but has now been withdrn. understand that this has been done in order for financial slalements ¢0 provkle a knje and fair vlew in accordance with Generally Accepted Accounting Praclice effedNe for reporling Wods beginnlng on or after 1 January 2015. I h8V8 cornpleled my examlnalK•n. I confimi thal rTro matters have came to my attenlSon in connodon with the examlnalion giving m8 cause lo believe that in any material res1.. accounlng rerdS were not kept In rested of the Synagogue as wuired by seclion 130 of the 2022 Act. or the financial slalements do not accxjrd wlh those recths.. or the financial stal8ments do not compW with Ihe appIlble requiraments conc8ming the fomi and content of accounts set out In the Charities (A¢Unts and Rewrtsl Regulations 2008 other than any requirement that the accounts gtvo a true and falr vbgw which 18 not 8 matter consldered as part of an Independent examlnalion. I hav8 no concems and have come across no other rnatta In connection wth the exarnination to which altenllon should be drawn in this report in order lo enabla a propèr understsnding of the financial stslements trj be reached. stephen Coleman ACA Gerald Edelman LLP Chartered AUntantS 73 Comhill London EC3V 3QQ Oated..
SOUTHGATE PROGRESSIVE SYNAGOGUE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted funds funds 2023 2023 Total Total 2023 2022 Donations and legacies Members, subscriptions Olhar trading activities Investments 6.545 225.795 78.459 13.982 9.503 16,048 225,795 78.469 13.982 13,280 243.700 66,981 2,700 Total Income 324.781 9,503 334,284 326,681 Charitable activities 326.488 9,866 336,154 329,053 N•t oxp8ndituro for the yearl Net mov•mont In lund* {1,707} 11631 {1,870) 12.392) Fund balanGo$ ot 1 January 2023 603.546 12,908 616,454 618,846 Fund balanc•8 at 31 Decomb8r 2023 601.839 12,745 614.584 616,454 The slatefnenl of fln8ncial 8ctfvhias ieS all gains and losw rewnised In the year. All incomg and expendllure derive from continuing actimties.
SOUTHGATE PROGRESSIVE SYNAGOGUE BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Notes Flxed assets Tangible assets 12 249.074 253.291 Current a$s•ts Debtors Cash 8t bank and in hand 13 17,489 364.137 14.445 365.278 381.626 379,723 Credltors.. amounts falllng due wlthln one yaar 14 {16,116) 116.560) Net current astI 365.510 363,163 Totsl as1$ less curr•nt Ilabllltle8 614.584 616.454 Income fund8 Re$lricled lund8 16 12,745 12.908 Designated funds Genergl unrèstrfcted funds 327.285 274,554 312,285 291.281 601.839 603,546 614,584 616,454 Tha financi818latements ware approve(J by the Trust08s on ..... Il¥. 1.20!lthd 8ignad on tehaw of the Trustees by.. Mark Sh8W Chalr Stsphen Lesley Hon. Treasurèr
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity infomiation Soulhgate Progressive Synagogue is an unin¢x)rporaled charity registered with the Charity Commlsslon In England and Wales. The princip¥l address is 75 Chase Road. London N14 4QY. 1.1 Accounllng conventlon The Ilnancial ststemenls hava been prepared In acc£srdanc¥ vrith the Synagogue's govemlng documanl, th8 Chari119s Act 2022. FRS 102 Yhe FinancAal Reporting Standard appli¢abl8 in tha UK and Rapublic ol Iraland. {'FRS 102.1 and the Charities SORP 'Accounting and Rèsxxt'ng by Ch8rities'. Statement ol Recommended Prath'ce applicable lo tharities preparing thelr 8c(y)unts In a(tord8nce wlth the Financial Reporting Standard 8ppllcable In the UK and Republbc of Ireland IFRS 1021. (effective 1 Janu8ry 20191. The Synagogue Is a Public Benefrt Entity as defined by FRS 102. The Synagogue has taken adv8ntsgè of Iha provisbjns in the SORP for ctharilk?s not to prepar8 a Stsl8ment of Cash Fh)ws. The financlal st8tements have departed from the Charit168 (Accounts and R8port8) Regulallons 28 only to Ihe extent required to provide a Inje and fair vlew. This departure has Involvod following the Sial$m8nl of Recommended Practice for charities applying FRS 102 rather Ih8n the version of the Statement of Recommended Practice which is referd to in the Regu181ions but which has since been wlthdrawn. The flnancl81 ststem8ntS 8re prepared in sterting, vthich Is the functional rrencY of the Synagogue. Monetary amounts In these financial statements aro rounded to the ne8resl £. The flnanci818lalements have been prep8red under the hSslodc81 cost wnvenllon, modified lo Indude the revaluation 01 freehold PToperties ond to includè Investment prop8rt188 and certain financSal inslrLm8nts al falr value. The prlnclpal accounting polici06 adoptod arg Sot out 1.2 Golng con¢¢m Al the lime of approving the financial staterrnts, the Countil havo a asonable expeetalion that the Synagogue has adequate resouTces lo continue in operational existence for the foreseeable lutur8. Thus the Council cnntrnue lo adopt the going conGem basis of ac£ounting In preparing the flnandal stslements. 1.3 Charltable funds Unrestricted funds are available for use at the diSCretn of the Council in fijrtherance of their charitable obj198. Restricted ftjnds ore subject lo specAfL ndItiOnS by donorn or gr8ntor8 88 to how they may be used. The purposes and uses ol the restrictsd funds are set out In tha notss lo Ihè financial statemants. 1.4 Income Income is recognised vthen the Synagogue Is alty entitled to it after any perforniance condltlons havè been met, the amounts can be measured Teliabty. and it is PrDbab that income wll be received. Cash donations are recc4Jnised on receipt. Other donations are recognised oncE the Synagogue has been notified of the donation, unless performance condskn"on5 requÈre deferral of the amount. Inwme tax recoverable in re18tion to donalions received under Gift Aid ordeeds of rx)venant is reL*)gni8ed al the lime of the donation. Legaues are recognised on rrteipt or othèrwise rf th8 Synagogue has been notifièd of an impendlng distribution, the amount is known, and receipt is expeded. If the amount is nol knovdn, the legacy is treated as a contingent asset.
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Assets for distribution are r8c(MJnised onty when distributed. Assets gi for us8 by the Synagogue are recognised when receNable. Slocks of undistributed donal&J goods are not valued for balanco sh8el purposes. Subscrfptions are included on the basis of those du8 for the current year after making allowance for any amounts that are Unlike to be collected. Income lax recoverable h88 been inclLKled to the exlent that it arises on covenanted or ald sthscrfptions ané other InM0 received Sn the ye8r excludlng burlal and fijneral scheme contrfbulions. 1.5 Expendlture LiabilleS are recognised as re8ourees expended as soon as there 15 a legal or construclfve oblig8tlon committlng tha Synagogua lo thal expendiiure, it Is probable that settlement wrll be reqLtlrad and the amount of the obllgation can be measured reliably. Expendlture is accountsd for on the accnJal8 basis. The Synagogue 18 not registered for VAT and cOrdInglY expenditure Includes irrecov8rable VAT which is charged against the 8xpendilur8 heoding for which it was Incurred. ChantBble experKlilure relates to costs In lurtheran1 of the choW3 obJ8cls and include both dlrecl costs and support costs. Support costs Include governance costs répresented by audit costs and other professional fees Incurred In connection with the meetsng of the chari$ constitutional and stslutory obligations. 1.6 Tanglbl¢ Ilxed assets Tangbble fixed assets are Inrflally mèèsurgd al cost and subsequenuy measured al cost or v8lualion, nel of d8precialion and 8ny impoimienl l¢xses. Depreualion is recognised so os lo write ¢)ff the cost C valuation crfassets kns thoir r8shJual valu&8 ovar thelr useful INes on the following bases.. Fr8ehokJ land and buildings Pl3nl and equipm8nt Fixtures and fittings 25% Stroight Llne per annum 10% Stralghl Llne par annum The gain or loss arising on the dTrsposal of an asset is datermlned as the dlfference beeen the sale ped8 and th8 Garylng value of the asset, and is Tecognised in Ihe 8tatament of flnanclal actIlIeS. 1.7 Impalrmont of flxed as$ets Al each reporting end dale, the Synagogue rev$8ws the catyng amounts of tangible 855els to delemine whether there is any indicatson that those assets have SLrffered an impairn)enl loss. If any SLth Indcalion exists, the recoverable amounl of the asset is esbmaled in order to detem)irte the extent of the ImpalmnI loss Irf any). 1.8 Cash and cBsh equivaler Cash and cash equivalents include c85h in hand. deposits held 8t call with banks, other short-temi liquid investments with original maturitses of three monlhs or 5, and bank overdrafts. Bank overdrafts are shown within borrowings in Irrent liabilities. 10-
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢counting policies Icontlnued) 1.9 Firhanclal Instruments The Synagogue has elect8d lo appty the provlsions of Section 11 'Ba5ic Financ1 Instruments. and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all of its finanual instruments. Financial Instruments are recognised in the Synagogue% balance sh88t when the Synagogue become8 party lo the contra¢Aual provisions of the inslrumenl. Flnandal 8&881s and liabllilies are offset. wth the net amounts presented kn the flnancial stalaments, when there is a legally enforceab nght to set off the reco3nised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liabllity simultaneousty. Ba51c Ilnan¢lal assets Ba81c flnancial assets. which Indude dèbtors and cash and bank balances, ore inibally measur8d 8t transactlon price including transaction costs and are subsequently carried al amortised cost using the effectlve Interest meth¢xl unless the arrangement constitutes a finanung transaction. where the transaction is measured al the present value of the future receipts discounted at 8 rnaet rale of interest. Fin8ndal assets classified as recefvable wrthin one year are not 8m(wtbed. 8•slc flnanclal Il•bllltles Baslc financlal Ilabilllie8, including creditors and bank loans are initially recy)gnis8d al transaction prfce unles9 the arrangement constitutes 3 financing transactn. where the debt instrument 13 meaSUd at the present value of the future payments discoijnted al a rn8rkel rale of interost. Finan81 li8bilth.es d8ssrfied 8$ payabl8 within one year are nol amorti5ed. Debt In81ruments are sub8equenlty caffied al amrtls&J cosL using the effective interest rate method. Trade creditors are obligallons to pay for goods or serwces that have been acquired in Ihe ordInY cours8 01 operations from suppliers. Amounts payable are dassffiad as current liabilili8s if paym8nl 18 due within ong year or les8. 11 not, they are presented as nonwcurrenl liabililles. Trade creditors are recognisad initially at Irans8clion prlce aThJ subsequenlly measured at amortis8d o)sl using the effectsve ir5ter8st m8thod. Derecognltion of flnanclal liabllitles Flnanclal Ilabllllle8 8r8 derecognlsed vth8n th8 Synagogue's (x)rrtrathal obligath)ns expire or ore dlsch8rged or canc8118d. 1.10 Employee benèflts Tha cost of any unused holiday entiarnet is reeoanwd In the perKd In which the employo8's servlces 8ra recelved. TemiSn8llon benefits are reccgnised immedlately as an expense when th8 Synagogue is demon$lr8bly oommltted to lem)In8t8 the employmenl of an employee or to PfDvKle tem)inatson beneffts. 1.11 Retlrement beneffts Payments to d&fined contribUn tirement benefft schemes are charged as an expense as they fall due. 11
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accoun11ng efjtlmatss and Judgements In the application of the Synagogue's acwuntir¥J policS. Ihe Council are required lo make judgements. estlmates and assumptions 8tK>ut the carrylng amount of assets and liabilities that are not readily apparent from other sources. Th8 estimates and 8550cialed assumptions are based on hlstorical experience and other factors that are considered lo be relevant. Actual results may drff8r from these 8stimate8. The estimates and underfying 85sumpthJns are reviewed on an ongoing basis. Revis)nS to accounting eslimales are recognised in the period in the esbmate is r&sed where the revision affects only that Period, or In the pariod of th8 r8vislon an¢J future periods whera the revision affocts both current and future periods. Income from: Unrnslrlctod Rèstrlcted funds funds Tolal Totsl 2023 2023 2023 2022 Donation8 8nd gffts 6,545 9,503 16,048 13,280 Members, subscrfpllons 225,795 225,795 243,700 other Incom• 8urial and funeral income Other synagoguo acllvllles Religion school Premi88s18tting 8,480 7.771 2,829 59,399 8.460 7.771 2,829 59,399 7,548 8,299 1,690 49,444 Total other Income 78.459 78,459 66,981 InVements 13,982 13.982 2,700 For the year endad 31 Decarnber 2023 324.781 9,503 334,284 For the yoar ended 31 December 2022 315,780 10,881 326,6e1 12-
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charilable activities Unr•strl¢tod Rostrl¢t•d nds funds 2023 2023 2023 2022 Religious actlvities (including Rabbi salary) Burial and funeral costs Rellgion school Othar synagogue aclivSlle8 Prèmi8&s costs Affiliation fees Bnd levy Administration Independent examlnerfs fees for the ex8mlrthn of the accounts Independent examinerfs accountsnty fèes Donations Depr8ciathJn Lo88 on dlspo881 olflxad 8858ts 101.964 43.547 16,119 3,509 101,964 43.547 16,119 3,509 65,644 45,016 100,390 42,050 17,981 1,375 39,898 44,790 54,695 45.016 3,380 4.798 3.380 4.798 9,666 4,364 103 3,200 4.618 12,898 6,258 4.364 103 326.488 9,666 336.154 329,OS3 Don4tlons 2023 2022 Don81ions lo inslilulions". High HO Day appeal dislribulions Other don81ion8 9,503 163 12,652 246 9,666 12,898 Support costs Support Govemanco ¢osts costs 2023 2022 Audit fees Accountancy 3.380 3.380 4,978 3,200 4,618 4.798 4,798 3.380 8,358 7,818 13-
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Net movernent In funds 2023 2022 The nel movement in funds is slale4J after ¢hargingl{L¥edrtÉng)- Depreciation of owned tangible fixed assets 4.364 6.258 Depreclatlon of tanglbles.. Total SOFA charye dlffets fnim BS notss by." 4,364 6,258 Trusteos None of the Trusleas lor any persons connected vAth them) receNed any remL¢neralion or nefItS from the charty durlng tha year. Expenses were paid to tho Truste88 in the year under ravlaw. Employ008 Nurnber of employo The 8v8rage monthly number of employees durfng the ye8r was.. 2023 Number 2022 Numb•r Part tlrne Employment COBts 2023 2022 Rabbls salary Taaehers s81Arlès Bamiltzvah teacheTS' salarfes Caretakars salary AdminlstratoV8 salary Social security costs Other pension costs BenefRs In klnd 60,CQO 13,088 1,1S4 14.747 15,193 3,526 7,252 190 58,063 15.094 2,006 13,733 32,590 5,091 5,618 2,674 115.150 134,869 The equivalent number of fulktime staff in respect of part time staff is 4 {2022- 4). There was 112022- 11 empbyee whose annual remuneration was £60,000 or more. 14-
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Professlonal Indemnlty knsurdnce Trustee indemnity insurance prowdes cover for legal costs and expenses lntxJrd in defending against disqualificallon a8 a trustee, and investigations or extradition proceedings. protecting the truslee's personal wealth. The lirnit of the indemnty cover is £500.[ in the agjregate. 11 Taxatlon The eharlty Ss exempl from tsxallon on tts aCtfvit beuLth all Its Income is 8ppliad for charitable purposes. 12 Tanglble flxed Fr•ehold 18t)d and bulldlngs Plant and FMur•s Jnd •qulpm•nt fittlngi Tot•1 Cost Al 1 January 2023 Additions Dlsposals 234.1S1 9.310 67,516 250 310,977 250 1923) {923) Al 31 December 2023 234,151 8,387 67.788 310.304 Depr8clatlon and Impalm*nl At 1 JanLJary 2023 Depreciation charged in the year Ellmlnalèd In respect of d¢8POS8Is 7,017 1,888 {820) 50,669 2,478 57,686 4,364 1820) Al 31 December 2023 8,085 53,145 61,230 Carylng amount At 31 Oacemb8r 2023 234.151 302 14.621 249,074 Al 31 Docemb8r 2022 234,151 2.292 16,848 253,291 13 Debtors 2023 2022 Amounts falllng due within one ytrar: OlheT debtors Prepayments and accrued iTbcome 4.873 12,616 7,321 7,124 17,489 14,445 15-
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Credltors: amounts falllng due wlthin one year 2023 2022 Other taxation and social security Other credito Accruals 2,173 1,218 12,725 2.916 936 12,708 16,116 16,560 15 Retlrom•nt b•n&llt schemes 2023 2022 Deflned contrlbutlon sch•m Ch8rge lo profft or l¢w In respect of defined conlrfbuoon schemes 2,874 The Synagogue operates 8 deflned conlrfbUorI pension scheme for all qualifying employees. The assets of the scheme are held soparalely from thos8 of the Synagogue in an independenlty administered fund. 16-
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Restrl¢ted funds The r8slricted funds of the charity c£smprise the unexpended balances of donations and grants hald on trust subject to Specif cxJndilk)ns by donors as to how they may be use4J. Movement In funds Balanc• al Incomlng R•Murc•• Balne• t 1 JanLt*ry 2022 rn8ourc•s oxp8nd8d1 January 2023 Movement In funds Jncomlng r•sOur8 R¢sourcas Balanc• ot •xpond•d 31 Docombor 2023 Scholarshbp fund Chadtl88 fund Hilda Schlndler Fund Hary Jacobi Lecture Fund 853 1,771 853 853 10.881 112.6521 9.503 (9,503) 2,511 2.511 2.511 9,790 1246} {1631 9,381 14.925 10.881 (12.898) 12.908 9,503 19,6661 12,745 Tho 8chol8rship fund was sel up to provide educational Scholarships to eliglbl8 mombors. The charlttes fund wa5 sel up to distribute monles to charitsble causes. Funds are prfndpally ralsad from individual donaliorbs through thg High Hoty Day and Seder appeals. The Hllda Schlndltr Fund was estsbllshed from a legacy from the estatè of the latè Hllda Schlndler fomier Llfe Prèsldenl of the Symagogue. The funds are split between the choir, children and youth activiti& bul was left lo the discretion of the Rabbi, Chair and Life President. The Harry Jac4Jbi Annual Memonal Ledure Fund was established from a legacy recaived from tha 8slate of th8 late Rabbi Harry M Jacobi. Emeritus Rabbi of Soulhgale Progressive Synagogue. The fijnds are to bo U58d lo cover the costs invofved in hosting an annual memorial lecture and ensuring It Is av811abl8 to tho widar LiberBI and other Jawish Comrnunlt. 17-
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Analysis of not assets between fund8 Unrestricted funds 2023 R8strlcted fund5 2023 Totsl 2023 Fund balances at 31 Dec8mber 2023 are r¢presontsd by: Tangibl8 assets Current assetsllliabiltli881 249,074 352,765 249.074 365,510 12,745 601,839 12,745 614,584 Unro$trfctsd funds 2022 Restrlctad funds 2022 Total 2022 Fund balancas at 31 D8cember 2022 are repwe8ented by: Tanglble assets CurTenl 8sselsllliabibli88) 253,291 350,255 253,291 363,163 12,908 603.546 12.908 616,454 18 Do8lgnatsd fund• The unrestricted lund$ ol th8 tharity comprise the ungXP8nded b8lance8 of donations and grants whlch are not subject to specjfic cnnditb)n$ by donors and granlors as lo how they may be used. Those includ8 de$KJnaled funds which have Wn set astde out of unrestrided fvnds by the InJste8s for specific purposgs. Movement In fund5 Movemènt In funds Inoorning rn#•LsrcM 31 D¢rnber 2023 l January 2022 r•¥oUrl January 2023 Burfal, cramallon and funeral fund Roof répairs fund Rabbi'$ dtionary fvnd 232.(X 60,000 2.285 8.000 10.000 240.000 70.000 2.285 5,000 10.000 245,000 80,000 2.285 294,285 18.000 312.285 15.thjo 327,285 Tha burial, ¢xem81K>n and fvnéral fvnd was sel up lo bear the (¥Jst of jrial, or L¥emalion. and fwer81 of members of the burial stheme. The roof replacement fund which was e5tsblished in 2016 to prowde for the replac8m8nt of the roof. The Rabbi's discretionary fund was set up for the purpose of making small ch8ritsbl8 donatlons to members al discretion of the Tabbi and executNe. 18-
SOUTHGATE PROGRESSIVE SYNAGOGUE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 19 Operating leasè eomlnitments Al the reporting end date the Synagogue had outstsn¢Jing rnmrtrnets for fLrture minimum lease payments under nonkncancellable operating leases, %thich fall due as folk)ws: 2023 2022 Within one year Be88n tsvo and fv8 years 1,819 6.954 8.773 20 Related party transactlons R•muneratlon of kay managomont pernonnel The remun8rath)n of key management personnel was as follovr6'. 2023 2022 Aggregate comp8n$allon 67.000 65,703 Tran8actlon8 wlth rel•ted partSe8 Durlng the year the Synagogue entered Milo the follcwlng transadions wth related parties.. Total membership subscrlplions and donations made by councl members amount lo £10,086 12022 - £8,540). There were no other related party transact¥)ns during the year nor guarantees given or received. 21 APB Ethlcal standard rolavant clrcum8tanc In common 4wth many entsties of our siz8 we usg our independanl examiners to assist wrth the prèp8rallon of the acLounl5. 19-