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2021-08-31-accounts

Alyth ALYTH TRUSTEES, REPORT 2021 For the period: 1 Januaryto 31 May 2021 Charity No. 247081

2021 - The first five months

Three important events occurred which give rise to these financial statements for the 5-month period January - May 2021: (i) the unincorporated charity ‘NWRS’ was incorporated, (ii) the transfer of the assets and liabilities of ‘old’ NWRS were transferred to the Incorporated Charitable Company ‘new’ NWRS and (iii) the financial year end was changed from December to August. In order to reflect these three events the Trustees Report and Statutory Accounts show the operation of the Synagogue for the period 1 January - 31 May 2021. These accounts are for the charity NWRS (No. 247081). They reflect the financial position prior to the transfer of the assets and liabilities of the Unincorporated Charity to the Incorporated Charitable Company No. (12336110) on 1 June 2021.

Navigating an ever changing Covid world…

The new year started with a resurgence of Covid infections, notably in London. Guided by the values that have accompanied us throughout the pandemic - care for one another, a commitment to pikuach nefesh (the sanctity of human life) and adherence to government regulations - all prayer and programming returned to being online.

The Clergy and Professional Team were swift to respond and hold the community; continuing to lead innovative online services and deliver regular activities for every age group. As the country began to open up again in April and May, the focus turned once again to updated Covid protocols, risk assessments and ensuring the safety of our Clergy and Staff Team and our members; and a slow, measured reopening for limited numbers of people. We continued to care for one another, reaching out and reaching in when we came back together.

Many of our B’nei Mitzvah read from the Torah for their community for first time online, while others had a small in-person service in the Youth Hall or tented Sukkah area. Our young people showed their love and commitment, joining Sunday Morning Galim, Ruach and Hadracha training online and our youngest members and their parents (and grandparents too) enjoyed preShabbat story time, Sensory Shabbat and Baby Den online.

Being able to explore our Judaism and study together are central to who we are as a community. Chavruta is an opportunity for text study in pairs, analysing and debating the text together. Forty members came together for weekly study, reflection and learning in the Chevruta Project, which was launched in January. Regular learning opportunities were also available through shiurim, the Essentials class and Pardes sessions led by members of the Clergy Team.

Our relationship with our neighbours remains a core part of our Judaism and our place in the community. In February, Alyth members stood together (virtually) to support the Markaz El Tathgheef El Eslami Community who were embroiled in a bitter battle with the local authority to remain in their spiritual home in Golders Green. In April we held our 7th Iftar. As much as we missed breaking the fast and sharing a meal with our friends from neighbouring Muslim communities, we were delighted to come together online to study and share our stories and hopes for our communities.

Lord John Mann, Her Majesty’s Advisor on Antisemitism and Dr Jonathan Boyd, Executive Director of the Jewish Institute for Policy Research joined us for online lectures and Q&A sessions. Lord Mann spoke painfully about the ongoing challenge of Antisemitism in our political, cultural and social spheres; and Dr Boyd drew our attention to the relevance of the 2021 census to the Jewish community.

We celebrated Tu’bishvat, Purim, Pesach and Shavuot online. Highlights included the virtual Purim Spiel, and a Tu’bishvat seder, recognising the plight of our planet. During Pesach there was a very special Disney Heroes Seder and we led the way in baking with The Great Alyth Matza Bake-off. Once again held a joint Tikkun Leyl Shavout with Finchley Reform Synagogue.

As the year unfolded, the community continued to care for one another, finding hope when it felt out of reach; always looking for opportunities to engage and connect. The love and care we have for one another is at the very heart of the strength of our community, tested as it has been over the past twenty months.

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

Board of Trustees President & Vice Presidents
Noeleen Cohen Co-Chair Jon Epstein President
Russell Baum Co-Chair Robert Jackman Vice President
Caronne Graham Vice Chair Ruth Smilg Vice President
David Brown Vice Chair Robert Weiner Vice President
Arieh Miller Trustee
Nicholas Minter-Green Trustee
Julia Simmonds Trustee
Michael Simon Trustee

Clergy Rabbi Josh Levy Rabbi Hannah Kingston Rabbi Colin Eimer Cantor Tamara Wolfson Rabbi Elliott Karstadt

Principal Rabbi Rabbi Rabbi Cantor (from April 2020) Rabbi (from August 2020)

Senior Staf

Adam Martin Community Director Lynette Sunderland Head of Community Care and Lifecycle Samantha Heller Head of Programming Tor Alter Head of Kindergarten Katie Hainbach Head of Music and Arts Mike Mendoza Head of Family Programming Sarah Langsford Fundraising & Development Coordinator

Alyth D eputies on the Board of Deputies of British Jews

Annabelle Daiches Joseph Grabiner Jack Lubner (from: February 2021) Danny Allen (from: February 2021) Sophie Hassenson (from: February 2021)

Reform Judaism (RJ) Board Members

Paul Langsford

Jewish Joint Burial Society (JJBS) Governor Hilary Roer

Organisations to which Alyth is affiliated:

EUPJ – European Union for Progressive Judaism WUPJ – World Union for Progressive Judaism IMPJ – Israel Movement for Reform & Progressive Judaism

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

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

Bankers: Natwest Bank PLC. 45 Tottenham Court Rd. London. W1T 2EA Honorary Solicitor: Lawrence Radley LLB. Reed Smith LLP. Broadgate Tower. London. EC2A 2RS Investment Advisors: Investec Wealth Management. 30 Gresham Street. London. EC2V 7QW

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

OUR FINANCES

In 2020 the Trustees made a decision to change the year-end from December, to August. From 2021, Alyth’s financial year runs concurrent with the academic year and follows the cycle of the Jewish year. The five-month Financial Statements for January-May 2021 reflect the activities of the synagogue during a period of ongoing challenge as Covid once again put pressure on every aspect of synagogue life. The Trustees are grateful to our members who continue to support the community through their annual contributions and for the unstinting commitment, planning and outstanding delivery of programmes and services by our Clergy and Professional team.

Please click here to access the Charity Commission website to see financial reports for the Charity for previous years

Financial Highlights

Key financial indicators:

As prayer, programming and regular activities returned to being delivered mostly online, the Trustees continued to monitor member contributions, management of operating costs and investment in the technology required to continue to deliver quality online provision across the community.

In February the community approved a revised scheme for the development of the building and gave the go-ahead for the Trustees to proceed with the project and to put in place the financial arrangements required to fund the £6million project, including securing a loan with CAF Bank.

The surplus of £129k (before investment gains) is attributable to a sustained level of subscription income and no expenditure in regard to the High Holy Days in the period. These expenditure is incurred annually in September/October. The cost of delivering the High Holy Days and the annual subscription paid by the Synagogue to the Movement for Reform Judaism are our largest items of expenditure.

Income:

Expenditure 2021-2022

Expenditure:

Going into 2021 the focus was on ensuring that the building and support services were set up to deliver both online and in-person services and activities in a Covid-safe environment, to continue to deliver quality online services, and run a Covid-safe, fully operational Kindergarten. The Trustees and Professionals responsible for the financial management of the synagogue continue to focus on ensuring financial monitoring and control. Expenditure for the 5-month period to May 2021 was £741k.

Provisions:

The defined contribution pension set aside reduced by £3.3k to £57k at 31 May 2021, reflecting 5 month’s worth of payments towards the actuarially calculated technical deficit. The contingent liability remains fully covered.

Jewish Joint Burial Society (JJBS):

The Synagogue is a member of the Jewish Joint Burial Society (JJBS). It is a requirement that every member of the Synagogue contributes to the JJBS. The annual payment of £52p.a (2020: £51) entitles every Member and Associate to a burial at Cheshunt Cemetery or a cremation, normally held at Golders Green Crematorium. During the period, £68.3k was collected from the members and transferred to the JJBS. The Trustees wish to draw attention to a designated funeral assistance fund, which is set aside to help with any shortfall required to pay for a funeral for any member who is not fully covered under the scheme.

Risk management:

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

Review of January - May 2021:

Rather than easing off, a third wave of the pandemic continued to impact on the economic and social wellbeing of people around the world. The resurgence of high levels of Covid in London at the beginning of 2021 required Trustees and the Senior Professionals to focus on close monitoring of both the people and financial operation of the synagogue. The synagogue continued to operate in a stable environment thanks to a judicious approach to the management of the resources of the Synagogue and the generous support of members through payment of voluntary contributions and donations to fund projects, the development of the building and support for those affected by the pandemic.

Preparatory work on the building will begin in late 2021. This works will ensure that the community is able to remain in the building during the main works that are due to commence in April 2022. Expenditure on professional fees (£49.3k) relates to the design and cost plan for the preparatory work and the main contract.

The ongoing Coronavirus pandemic remains a factor in considering priorities for the remainder of 2021 and 2022. The Trustees and Senior Professionals will continue to monitor and as best they can, manage the impact of Covid-19 on the community, focus on judicious management of the Synagogue’s finances, the continued delivery of high-quality services and programmes, both online and in person and on caring for one another at a time when our community is able to provide the love and support that we all need to thrive.

Alyth Membership : Age Profile

RESERVES & INVESTMENTS

Reserves Policy:

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

The free reserves at 31 May 2021 amounted to £997k (2020 full year: £836k). The total unrestricted expenditure on charitable activities excluding JJBS contributions, inclusive of staff costs, was £727k.

The free reserves at the end of the 5-month period include £217k that has been allocated to various projects and worthy causes which are regarded as part of normal charitable activities and these allocations are internal and can be amended by the Trustees if required.

Free reserves at the time of reporting, represent just under 7-months’ cover over normal charitable activity expenditure. The Trustees monitor this KPI and note that the Synagogue is currently operating within its target range. Particular attention is given to monitoring the likely trend over the foreseeable future in order to set an appropriate budget strategy especially whilst we are concentrating raising funds for the building project.

The Restricted Funds of £3.03m predominantly comprise the value of the land on which the building sits. There are additional reserves of £1.56m the use of which is mandated by trust deeds, the largest fund of which being £1,14m set aside for the redevelopment of the building.

Investments

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

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

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

Performance:

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

On 1 January 2021, the value of the Synagogue’s portfolio was £1.04m. The global impact of the pandemic on investments is well documented. The value of the portfolio at 31 May 2021 was £1.07m with net income from the portfolio of £9.7k.

OUR GOVERNANCE

Governance & Purpose

The transfer of the assets from the unincorporated entity to the incorporated entity was implemented on 1 June 2021. The five-month accounts in this report refer to the old charity, being the charity registered with the Charity Commission under charity number 247081.

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

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

strategic direction of the Synagogue. The Trustees are aware of their obligation to act in the best interests of the Community, and in line with the recommended guidelines of the Charity Commission.

2021 Operation

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

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

Structure & Management

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

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

The change in the governance structure to a single-tier Board required no change to the obligations of the Trustees who are responsible for the financial oversight of the community, for implementing policies and setting the

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

Our long standing, lay-professional partnership ensures that the Trustees and Senior Professionals work collaboratively, bringing the requisite skills and shared experience to the operation and management of the Synagogue. The Co-Chairs would like to acknowledge the wise and courageous leadership of the Board of Trustees and Principal Rabbi, Josh Levy, during the long months of the pandemic.

Looking Ahead: 2021-2022

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Multi-access Services Building renewal
Community engagement Leadership development
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As the world, communities and individuals transition out of the pandemic into a new normal and contemplate the impact of Covid-19 on our communal life, we must continue to adapt and innovate. Ever more thoughtful planning and consideration of how to meet the needs of the community will ensure that our members and staff remain safe and able to come together both in-person and online.

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

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

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

TRUSTEE STATEMENTS

BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS:

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

FUNDRAISING COMPLIANCE STATEMENT:

The charity is committed to best practice, as outlined by the Fundraising Regulator, in its approach to fundraising and closely monitors its activities in this area, ensuring that vulnerable members are protected. No professional fundraisers are used by the charity. Fundraising for the new building project was limited in 2020 and 2021. Fundraising activities will resume in 2021-22.

Trustees are required:

TRUSTEE RESPONSIBILITY STATEMENT:

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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

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

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

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

North Western Reform Synagogue

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

Alyth Gardens London NW11 7EN

Charity No. 247081

NORTH WESTERN REFORM SYNAGOGUE

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

Opinion

We have audited the financial statements of North Western Reform Synagogue (the 'charity') for the 5 month period ended 31 May 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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 been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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NORTH WESTERN REFORM SYNAGOGUE

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

Other information

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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NORTH WESTERN REFORM SYNAGOGUE

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

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

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

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

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

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

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NORTH WESTERN REFORM SYNAGOGUE INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORTH WESTERN REFORM SYNAGOGUE {CONTINUEDI LL,- P I LLP Nyman Llbson Paul LLP Chartered Accountants 124 Finchley Road London NW3 5JS 14 J ZULL Dale.. Nyman Libson Paul LLP are eligible lo act as auditors in lenns of section 1212 of the Companies Ad 2006. Page 14

NORTH WESTERN REFORM SYNAGOGUE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MAY 2021

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
Other expenditure
8
Total expenditure
Net (expenditure)/income before net
gains/(losses) on investments
Net gains/(losses) on investments
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
5 month
period to 31
May 2021
£
44,365
-
1,200
45,565
-
29,710
50,530
80,240
(34,675)
3,422
(31,253)
3,060,937
(31,253)
3,029,684		 Unrestricted
funds
5 month
period to 31
May 2021
£
616,920
171,605
8,493
797,018
5,152
655,416
-
660,568
136,450
24,223
160,673
835,905
160,673
996,578		 Total
funds
5 month
period to 31
May 2021
£
661,285
171,605
9,693
842,583
5,152
685,126
50,530
740,808
101,775
27,645
129,420
3,896,842
129,420
4,026,262		 Total
funds
year to 31
December
2020
£
1,786,358
368,848
20,915
2,176,121
15,365
1,719,572
124,249
1,859,186
316,935
(2,759)
314,176
3,582,666
314,176
3,896,842

The notes on pages 18 to 42 form part of these financial statements.

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NORTH WESTERN REFORM SYNAGOGUE

BALANCE SHEET AS AT 31 MAY 2021

31 May
2021
Note
£
Fixed assets
Tangible assets
14
1,604,627
Investments
15
1,070,141
2,674,768
Current assets
Debtors
16
271,817
Cash at bank and in hand
1,351,766
1,623,583
Creditors: amounts falling due within one
year
17
(214,801)
Net current assets
1,408,782
Total assets less current liabilities
4,083,550
Provisions for liabilities
(57,288)
Total net assets
4,026,262
Charity funds
Restricted funds
19
3,029,684
Unrestricted funds
19
996,578
Total funds
4,026,262
The
financial
statements
were
approved
and
authorised
for
issue
_____and signed on their behalf by:
��������������		 31
December
2020
£
1,621,500
1,037,775
2,659,275
386,650
1,092,799
1,479,449
(181,222)
1,298,227
3,957,502
(60,660)
3,896,842
3,060,937
835,905
3,896,842

by
the
Trustees
on

N Cohen Co-Chair

R Baum Co-Chair

The notes on pages 18 to 42 form part of these financial statements.

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NORTH WESTERN REFORM SYNAGOGUE

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MAY 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
The notes on pages 18 to 42 form part of these financial statements		 2021
£
270,132
(11,165)
(11,165)
258,967
1,092,799
1,351,766		 2020
£
198,437
(35,263)
(35,263)
163,174
929,625
1,092,799

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NORTH WESTERN REFORM SYNAGOGUE

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

1. General information

North Western Reform Synagogue is a charity registered in England and Wales. The address of its registered office and place of business is Alyth Gardens, London, NW11 7EN. The charity's purpose is the pursuance of Reform Judaism in the spheres of public worship, and religious, educational, cultural, social and charitable activities.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

North Western Reform Synagogue meets the definition of a public benefit entity under FRS 102.

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NORTH WESTERN REFORM SYNAGOGUE

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

2. Accounting policies (continued)

2.2 Going concern

At the reporting date the charity held £1.35m in cash, had net current assets of £1.4m and unrestricted funds totalling £997k. The projected expenditure for the next 12 months is £1.6m, which means current reserves would cover 7 months of operations if no income were available. This is in line with the charity’s reserve policy of holding not less than 4 months expenditure.

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

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

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

Following approval at a Special Meeting of Congregants in February 2021, the Trustees consider it appropriate to proceed with the building development project that the community has been working towards for a number of years. The community has previously given approval to secure a loan of up to £3m which, in addition to pledges of £3.2m received, will ensure that the project is fully funded prior to commencement. Fundraising will continue into 2021-22 both to reduce our borrowing and to secure funds for items not included in the main contract (eg: furniture). Enabling works are scheduled to start in October 2021, with the main construction commencing in April 2022. The work is expected to last 14 months with completion scheduled for May 2023.

The transfer of assets, liabilities and activities from the unincorporated entity (Charity no. 247081) to the Charitable Company Limited by Guarantee (1236110) took place on 1 June 2021.

The charitable activities of the unincorporated entity will continue seamlessly within the new incorporated charity and accordingly the trustees consider it appropriate to continue to adopt the going concern basis in preparing its financial statements.

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NORTH WESTERN REFORM SYNAGOGUE

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

2. Accounting policies (continued)

2.3 Income

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

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

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

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

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

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

2.4 Expenditure

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

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. They comprise central costs, including salaries and other expenses, related to the running of the synagogue. These costs have been allocated to charitable activities on a basis consistent with the use of resources.

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

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

2.5 Government grants

Government grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

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NORTH WESTERN REFORM SYNAGOGUE

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

2. Accounting policies (continued)

2.6 Taxation

As a charity the synagogue is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

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

Depreciation is provided on the following basis:

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

2.8 Investments

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

2.9 Debtors

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

2.10 Cash at bank and in hand

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

2.11 Liabilities

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

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

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

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NORTH WESTERN REFORM SYNAGOGUE

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

2. Accounting policies (continued)

2.12 Financial instruments

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

2.13 Pensions

The charity pays contributions into certain employees' own personal private pension schemes. Contributions into these pension schemes are charged to the statement of financial activities for the year in which they are incurred.

2.14 Fund accounting

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

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

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

3. Critical accounting estimates and areas of judgment

The preparation of the financial statements requires the use of judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Critical accounting estimates and assumptions:

Tangible assets

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

Accruals

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

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NORTH WESTERN REFORM SYNAGOGUE

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

4. Income from donations and legacies

Subscriptions
Donations and Legacies
Income tax recoverable
Burial Society fees
Government grants		 Restricted
funds
2021
£
-
44,365
-
-
-
44,365		 Unrestricted
funds
2021
£
318,828
114,855
91,743
42,363
49,131
616,920		 Total
funds
2021
£
318,828
159,220
91,743
42,363
49,131
661,285

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NORTH WESTERN REFORM SYNAGOGUE

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

4. Income from donations and legacies (continued)

Subscriptions
Donations and Legacies
Income tax recoverable
Burial Society fees
Government grants		 Restricted
funds
2020
£
-
311,028
33,000
-
-
344,028		 Unrestricted
funds
2020
£
779,810
270,716
192,677
102,765
96,362
1,442,330		 Total
funds
2020
£
779,810
581,744
225,677
102,765
96,362
1,786,358

5. Income from charitable activities

Services and festivals
Education
Youth
Kindergarten
Lettings
Other income		 Unrestricted
funds
2021
£
9,493
-
14,788
146,143
90
1,091
171,605		 Total
funds
2021
£
9,493
-
14,788
146,143
90
1,091
171,605

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NORTH WESTERN REFORM SYNAGOGUE

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

5. Income from charitable activities (continued)

Services and festivals
Education
Youth
Kindergarten
Lettings
Other income		 Restricted
funds
2020
£
16,744
-
-
-
-
-
16,744		 Unrestricted
funds
2020
£
31,184
290
28,954
272,515
4,836
14,325
352,104		 Total
funds
2020
£
47,928
290
28,954
272,515
4,836
14,325
368,848

6. Investment income

Dividends receivable
Dividends receivable
Interest receivable		 Restricted
funds
2021
£
1,200
Restricted
funds
2020
£
2,637
-
2,637		 Unrestricted
funds
2021
£
8,493
Unrestricted
funds
2020
£
18,017
261
18,278		 Total
funds
2021
£
9,693
Total
funds
2020
£
20,654
261
20,915

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NORTH WESTERN REFORM SYNAGOGUE

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

7. Expenditure on raising funds

Costs of raising voluntary income

Fundraising costs
Investment management costs
Fundraising costs
Investment management costs		 Unrestricted
funds
2021
£
180
4,972
5,152
Unrestricted
funds
2020
£
6,096
9,269
15,365		 Total
funds
2021
£
180
4,972
5,152
Total
funds
2020
£
6,096
9,269
15,365

8. Other expenditure

Restricted Total
funds funds
2021 2021
£ £
Legal, professional and other fees relating to the Tekiyah new building fund 50,530 50,530

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NORTH WESTERN REFORM SYNAGOGUE

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

8. Other expenditure (continued)

Restricted Total
funds funds
2020 2020
£ £
Legal, professional and other fees relating to the Tekiyah new building fund 124,249 124,249

9. Analysis of expenditure by activities

Services and festivals
Education
Youth
Kindergarten
Reform Movement affiliation
Board of Deputies
Burial Scheme
Music department
Welfare and other charitable expenses		 Direct costs
2021
£
125,693
15,092
14,328
106,853
54,698
1,918
55,616
4,050
6,026
384,274		 Support
costs
2021
£
142,779
47,375
10,853
46,018
-
-
-
16,669
37,158
300,852		 Total
funds
2021
£
268,472
62,467
25,181
152,871
54,698
1,918
55,616
20,719
43,184
685,126

Page 27

NORTH WESTERN REFORM SYNAGOGUE

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

Services and festivals
Education
Youth
Kindergarten
Reform Movement affiliation
Board of Deputies
Burial Scheme
Music department
Welfare and other charitable expenses		 Direct costs
2020
£
362,704
9,052
166,628
284,063
122,885
2,230
132,659
15,789
94,975
1,190,985		 Support
costs
2020
£
233,265
77,399
17,731
76,331
-
-
-
27,232
96,629
528,587		 Total
funds
2020
£
595,969
86,451
184,359
360,394
122,885
2,230
132,659
43,021
191,604
1,719,572

10. Analysis of support costs

Staff costs including NI and pension contributions
Printing, postage and stationary
Cleaning materials and services
Lighting, heating and rates
Repairs and maintenance
Insurances
Security
Computer and IT costs
Telephone
Depreciation - Fixtures and fittings
Amortisation - Land and buildings
Depreciation - Computer systems
Bank charges
Audit
Legal and professional fees
Accountancy
Other items		 Support
costs
2021
£
147,202
2,413
2,212
10,618
3,355
11,758
14,799
10,482
2,710
1,851
21,195
4,992
1,692
8,500
2,720
6,150
48,203
300,852		 Total
funds
2021
£
147,202
2,413
2,212
10,618
3,355
11,758
14,799
10,482
2,710
1,851
21,195
4,992
1,692
8,500
2,720
6,150
48,203
300,852

Page 28

NORTH WESTERN REFORM SYNAGOGUE

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

Staff costs including NI and pension contributions
Printing, postage and stationary
Cleaning materials and services
Lighting, heating and rates
Repairs and maintenance
Insurances
Security
Computer and IT costs
Telephone
Depreciation - Fixtures and fittings
Amortisation - Land and buildings
Depreciation - Computer systems
Bank charges
Equipment repairs
Audit
Legal and professional fees
Accountancy
Other items		 Support
costs
2020
£
244,025
12,107
5,320
31,833
3,975
19,883
5,487
44,095
7,164
4,447
50,869
11,132
4,698
135
8,500
19,765
23,623
31,529
528,587		 Total
funds
2020
£
244,025
12,107
5,320
31,833
3,975
19,883
5,487
44,095
7,164
4,447
50,869
11,132
4,698
135
8,500
19,765
23,623
31,529
528,587

Basis of allocation of support costs

Printing, postage and stationery Usage
Cleaning materials and services Floor area
Lighting, heating and rates Floor area
Repairs and maintenance Floor area
Insurances Per capita
Security Per capita
Computer and IT costs Usage
Telephone Usage
Depreciation - fixtures and fittings Usage
Depreciation - land and buildings Usage
Depreciation - computer equipment Usage
Bank charges Transactions incurred
Equipment repairs Usage
Audit fees Governance
Functions Usage
Recruitment costs Time
Other expenses Floor area
Wages and salaries Time
National insurance Time
Pension costs Time

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NORTH WESTERN REFORM SYNAGOGUE

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

11. Auditors' remuneration

2021 2020
£ £
Fees payable to the charity's auditor for the audit of the charity's annual
accounts 8,500 8,500
Fees payable to the charity's auditor in respect of:
All non-audit services not included above 4,500 4,500

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
360,985
29,340
23,019
413,344		 2020
£
818,693
62,978
45,450
927,121

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

Clergy and religious services
Kindergarten
Music
Welfare
Administration
Education		 2021
No.
5
21
1
1
5
4
37		 2020
No.
3
21
1
1
6
5
37

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NORTH WESTERN REFORM SYNAGOGUE

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

12. Staff costs (continued)

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

2021 2020 No. No. In the band £120,001 - £130,000 1 1

The above figure for the current period is pro rated over 12 months.

Key management includes the core management team. The total amount payable to key management for employee services was £128,863 (2020: £291,470).

13. Trustees' remuneration and expenses

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

During the period ended 31 May 2021, expenses totalling £NIL were reimbursed or paid directly to Trustees.

During the year Trustees and connected companies made donations to the charity totalling £3,333.

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NORTH WESTERN REFORM SYNAGOGUE

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

14. Tangible fixed assets

Cost or valuation
At 1 January 2021
Additions
At 31 May 2021
Depreciation
At 1 January 2021
Charge for the period
At 31 May 2021
Net book value
At 31 May 2021
At 31 December 2020		 Freehold
property
£
2,402,902
-
2,402,902
819,145
21,195
840,340
1,562,562
1,583,757		 Fixtures and
fittings
£
98,439
842
99,281
90,707
1,851
92,558
6,723
7,732		 Computer
equipment
£
69,126
10,323
79,449
39,115
4,992
44,107
35,342
30,011		 Total
£
2,570,467
11,165
2,581,632
948,967
28,038
977,005
1,604,627
1,621,500

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NORTH WESTERN REFORM SYNAGOGUE

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

15. Fixed asset investments

Cost or valuation
At 1 January 2021
Additions
Disposals
Revaluations
Dividends reinvested
Management fees paid from capital
At 31 May 2021
Net book value
At 31 May 2021
At 31 December 2020		 Listed
investments
£
967,532
108,632
(110,631)
27,645
-
-
993,178
993,178
967,532		 Capital
account
£
70,243
(108,632)
110,631
-
9,693
(4,972)
76,963
76,963
70,243		 Total
£
1,037,775
-
-
27,645
9,693
(4,972)
1,070,141
1,070,141
1,037,775

16. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 31 May
2021
£
3,509
268,308
271,817		 31
December
2020
£
5,100
381,550
386,650

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NORTH WESTERN REFORM SYNAGOGUE

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

17. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 31 May
2021
£
26,027
28,921
159,853
214,801		 31
December
2020
£
50,370
34,150
96,702
181,222

18. Provisions

At 1 January 2021
Amounts used		 Pension
liability
£
60,660
(3,372)
57,288

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NORTH WESTERN REFORM SYNAGOGUE

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

19. Statement of funds

Statement of funds - current period

Unrestricted funds
Designated funds
Access Fund
Alyth Drama Funds
Community Welfare Fund
Kerch Funds
Bar Mitzvah Trip
Outreach Fund
Education Fund
Alyth Youth Singers
Monday Club
Social Justice Fund
Refugee Project
Social Action Fund
Contingency Fund
Welfare Assistance
Youth Schemes and Events
Burial Fund
Covid Response Fund
Legacy Fund
Other designated funds
General funds
General Funds - all funds
Total Unrestricted funds		 Balance at 1
January
2021
£
3,580
8,957
34,104
9,213
-
6,186
47,923
3,498
7,030
27,168
4,496
10,448
400,000
2,264
8,664
12,997
9,825
2,000
12,578
610,931
224,974
835,905		 Income
£
-
-
-
2,005
6,566
-
-
-
-
-
10,000
-
-
923
-
93
-
-
12,956
32,543
764,475
797,018		 Expenditure
£
-
-
(5,755)
-
(5,544)
-
-
-
-
-
(6,750)
-
-
-
-
-
-
-
(8,260)
(26,309)
(634,259)
(660,568)		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
24,223
24,223		 Balance at
31 May 2021
£
3,580
8,957
28,349
11,218
1,022
6,186
47,923
3,498
7,030
27,168
7,746
10,448
400,000
3,187
8,664
13,090
9,825
2,000
17,274
617,165
379,413
996,578

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NORTH WESTERN REFORM SYNAGOGUE

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

19. Statement of funds (continued)

Restricted funds
Gladys Gebbie Fund
Jubilee Fund
NWRS Charitable Fund
Alyth Youth Fund
Rabbis Jewish Participation
Fund
Freehold land & buildings
Tekiyah
Other restricted funds
Total of funds		 51,300
81,152
15,372
60,801
112,169
1,581,366
1,151,234
7,543
3,060,937
3,896,842		 465
735
-
-
-
-
44,365
-
45,565
842,583		 (6,229)
-
-
-
(2,286)
(21,195)
(50,530)
-
(80,240)
(740,808)		 1,325
2,097
-
-
-
-
-
-
3,422
27,645		 46,861
83,984
15,372
60,801
109,883
1,560,171
1,145,069
7,543
3,029,684
4,026,262

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NORTH WESTERN REFORM SYNAGOGUE

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

19. Statement of funds (continued)

Statement of funds - prior period

Unrestricted
funds
Designated
funds
Access Fund
Alyth Drama
Funds
Community
Welfare Fund
Kerch Funds
Outreach Fund
Education Fund
Alyth Youth
Singers
Monday Club
Social Justice
Fund
Refugee
Project
Social Action
Fund
Weekend Away
Contingency
Fund
Welfare
Assistance
Youth Schemes
and Events
Burial Fund
Covid
Response Fund
Legacy Fund
Other
designated
funds		 Balance at
1 January
2020
£
3,580
6,513
26,512
22,329
6,186
47,923
3,498
-
23,558
12,562
10,448
-
400,000
2,264
(600)
11,455
-
-
11,828
588,056		 Income
£
-
2,444
15,045
2,252
-
-
-
8,000
-
12,250
-
7,010
-
-
6,333
1,542
9,825
2,000
2,810
69,511		 Expenditure
£
-
-
(13,206)
-
-
-
-
(970)
-
(20,316)
-
(5,639)
-
-
-
-
-
-
(2,376)
(42,507)		 Transfers
in/out
£
-
-
5,753
(15,368)
-
-
-
-
3,610
-
-
(1,371)
-
-
2,931
-
-
-
316
(4,129)		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31
December
2020
£
3,580
8,957
34,104
9,213
6,186
47,923
3,498
7,030
27,168
4,496
10,448
-
400,000
2,264
8,664
12,997
9,825
2,000
12,578
610,931

Page 37

NORTH WESTERN REFORM SYNAGOGUE

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

19. Statement of funds (continued)

General funds

General Funds
- all funds
Total
Unrestricted
funds
Restricted
funds
Gladys Gebbie
Fund
Jubilee Fund
NWRS
Charitable Fund
Alyth Youth
Fund
Rabbis Jewish
Participation
Fund
High Holy Day
Appeal
Freehold land &
buildings
Tekiyah
Other restricted
funds
Total of funds		 72,103
660,159
65,272
79,893
11,880
60,801
122,207
-
1,634,626
940,285
7,543
2,922,507
3,582,666		 1,743,201
-
1,186
1,451
-
-
8,830
16,744
-
335,198
-
363,409
363,409		 (1,601,411)
(1,643,918)
(15,002)
-
-
-
(22,757)
-
(53,260)
(124,249)
-
(215,268)
(1,859,186)		 13,492
9,363
-
-
3,492
-
3,889
(16,744)
-
-
-
(9,363)
-		 (2,411)
(2,411)
(156)
(192)
-
-
-
-
-
-
-
(348)
(2,759)		 224,974
835,905
51,300
81,152
15,372
60,801
112,169
-
1,581,366
1,151,234
7,543
3,060,937
3,896,842

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NORTH WESTERN REFORM SYNAGOGUE

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

20. Material restricted funds

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

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

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

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

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

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

21. Summary of funds

Summary of funds - current period

Designated funds
General funds
Restricted funds		 Balance at 1
January
2021
£
610,931
224,974
3,060,937
3,896,842		 Income
£
32,543
764,475
45,565
842,583		 Expenditure
£
(26,309)
(634,259)
(80,240)
(740,808)		 Gains/
(Losses)
£
-
24,223
3,422
27,645		 Balance at
31 May 2021
£
617,165
379,413
3,029,684
4,026,262

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NORTH WESTERN REFORM SYNAGOGUE

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

21. Summary of funds (continued)

Summary of funds - prior period

Designated
funds
General funds
Restricted
funds		 Balance at
1 January
2020
£
588,056
72,103
2,922,507
3,582,666		 Income
£
69,511
1,743,201
363,409
2,176,121		 Expenditure
£
(42,507)
(1,601,411)
(215,268)
(1,859,186)		 Transfers
in/out
£
(4,129)
13,492
(9,363)
-		 Gains/
(Losses)
£
-
(2,411)
(348)
(2,759)		 Balance at
31
December
2020
£
610,931
224,974
3,060,937
3,896,842

22. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Restricted
funds
31 May
2021
£
1,562,562
517,627
949,495
-
-
3,029,684		 Unrestricted
funds
31 May
2021
£
42,065
552,514
674,088
(214,801)
(57,288)
996,578		 Total
funds
31 May
2021
£
1,604,627
1,070,141
1,623,583
(214,801)
(57,288)
4,026,262

Page 40

NORTH WESTERN REFORM SYNAGOGUE

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

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Restricted
funds
31
December
2020
£
1,583,757
561,759
915,421
-
-
3,060,937		 Unrestricted
funds
31
December
2020
£
37,743
476,016
564,028
(181,222)
(60,660)
835,905		 Total
funds
31
December
2020
£
1,621,500
1,037,775
1,479,449
(181,222)
(60,660)
3,896,842

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

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains/(losses) on investments
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase in creditors
(Decrease) in provisions
Net cash provided by operating activities		 31 May
2021
£
129,420
28,038
(22,673)
(9,693)
114,833
33,579
(3,372)
270,132		 31
December
2020
£
314,176
66,448
12,028
(20,915)
(184,980)
19,002
(7,322)
198,437

Page 41

NORTH WESTERN REFORM SYNAGOGUE

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

24. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 31 May
2021
£
1,351,766
1,351,766		 31
December
2020
£
1,092,799
1,092,799

25. Analysis of changes in net debt

At 1 January At 31 May
2021 Cash flows 2021
£ £ £
Cash at bank and in hand 1,092,799 258,967 1,351,766

26. Pension commitments

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £23,019 (2020 - £45,450). At the reporting date, amounts payable to the fund outstanding were £4,667 (2020: £6,037)

27. Non-adjusting post balance sheet event

The transfer of the activities, funds, assets and liabilities of the Charity (no: 247081) to the incorporated company (no.12336110) /charity no. (1186738) took place on 1 June 2021.

This transfer represents a non-adjusting subsequent event and, at the date of signing, there have been no material impacts on the values of assets or liabilities recognised in these financial statements.

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

Page 42